In fiscal 2025, RYVYL Inc. experienced an over 80% year-over-year revenue drop to $11.1 million, reflecting significant operational challenges despite narrowing operating and net losses. The company leverages an integrated ISO-like payment services model targeting complex, underserved merchant verticals, differentiating through underwriting, onboarding, risk monitoring, and support. Its recently launched NEMS Core disbursement platform remains in early stages amid cautious strategic evaluation. The merger with RTB Digital introduces a SaaS-based digital media platform and crypto liquidity mechanisms, aiming to diversify revenue streams but raising integration risks. RYVYL faces liquidity pressures with negative free cash flow and minimal equity, underscoring the importance of merger execution and operational improvements for its future trajectory.