Earnings

RTB Digital's September Loss Narrows After Ryvyl Close

The Tip Desk · November 14, 2026 · 3 min read

Revenue reached $3.4 million in the three months ended September 30, 2026, as Fintech Operations contributed $2.8 million.

RTB Digital Inc. (RTB), a Nevada digital-media company, reported revenue of $3.4 million for the three months ended September 30, 2026, up 608.9% from $0.5 million a year earlier. The increase was concentrated in Fintech Operations, a segment acquired effective May 12, 2026 in the merger with Ryvyl Inc., which contributed $2.8 million of the $2.9 million year-over-year revenue increase. Platform Operations revenue was $562 thousand, up 16.8% from $481 thousand a year earlier. The company said the Platform increase was driven by programmatic ads and syndication, partially offset by lower direct ads and sponsorship.

Gross profit was $1.28 million, a 37.6% gross margin. Cost of revenue was $2.1 million. The company said Fintech cost of revenue was consistent with the segment’s revenue and expected gross-margin profile. Platform cost of revenue rose on a higher revenue guarantee to a key programmatic ads partner and higher content personnel costs.

Loss from operations was $5.8 million, narrower than the $9.0 million operating loss in the three months ended June 30, 2026. Total operating expenses were $7.1 million. Selling and marketing expense was $2.4 million. The company attributed $1.0 million of the year-over-year increase to more than 150 sports reporters and team publishers joining in 2026 and about $0.5 million to Fintech Operations. General and administrative expense was $4.5 million. The company said $2.6 million of the September G&A increase related to Fintech Operations, including about $0.9 million of non-recurring legal expenses tied to pre-merger matters and the settlement of warrants issued to Ryvyl investors in 2025, and $1.1 million related to Platform Operations.

Net loss was $5.1 million, versus $9.6 million in the June quarter. Other income, net was $0.7 million, after a $0.6 million other-expense net in the June quarter. The company said the year-over-year swing in other income was driven by favorable changes in the fair values of crypto assets of $1.0 million and the March 2026 convertible note and related instruments of $0.4 million, partially offset by a $0.7 million loss on the sale of crypto assets during the quarter.

Working capital was approximately $8.0 million as of September 30, 2026, including cash of $3.5 million, versus approximately $4.1 million of working capital and $0.5 million of cash as of June 30, 2026. Bitcoin holdings fell to 8.39 bitcoins with a fair value of about $0.7 million from 35.37 bitcoins valued at about $2.1 million at June 30. The company said it believes existing cash and other liquidity will be sufficient to meet working capital needs for at least the next 12 months.

For the nine months ended September 30, 2026, consolidated revenue was $6.3 million, up 336.0% from $1.4 million a year earlier. Fintech Operations contributed $4.5 million of that increase; Platform Operations contributed $302 thousand. Net loss for the nine months was $19.4 million. Net cash used in operating activities was $8.5 million. Financing provided $8.5 million, including $5.1 million from a PIPE in the third quarter, $1.4 million from warrant settlements, and $2.0 million from a first-quarter convertible note. Investing activities provided $3.3 million, including $11.0 million from crypto-asset sales and $4.7 million of cash acquired in the Ryvyl merger, offset in part by a $10.0 million nonrefundable deposit on a digital media investment.