RYVYL appoints Brett Moyer to board as David Montoya steps down

SAN DIEGO - RYVYL Inc. (NASDAQ:RVYL), a payment transaction solutions provider with a market capitalization of $5.65 million and annual revenue of $54.36 million, has appointed Brett Moyer as an independent member of its board of directors, effective immediately, according to a press release statement issued Monday. According to InvestingPro data, the company faces significant financial challenges, with its stock down over 57% in the past year.

Moyer currently serves as chief financial officer of Datavault AI, a company focused on AI-driven data experience and monetization. He previously founded WiSA Technologies, where he served as president, CEO, and director from August 2010 until December 2024. His appointment comes at a crucial time for RYVYL, as InvestingPro analysis indicates the company is quickly burning through cash with short-term obligations exceeding liquid assets. Get access to 11 more exclusive ProTips and comprehensive financial analysis with InvestingPro.

RYVYL Co-founder and Chairman Ben Errez said Moyer’s "experience in building companies and proven expertise in scaling and licensing technology platforms will be instrumental" as the company focuses on its next growth phase.

The appointment follows the June 10 resignation of David Montoya from the board. The total number of directors remains at five.

Moyer expressed interest in helping the company pursue "multiple growth opportunities," including "a legacy vertical market in North America and expanding its blockchain applications and crypto capabilities."

Prior to his role at WiSA Technologies, Moyer served as president and CEO of Focus Enhancements and held leadership positions at Zenith Electronics. He has board experience with Alliant International University, HotChalk, Inc., and NeoMagic Corporation.

Moyer holds a BA in Economics from Beloit College and an MBA from Thunderbird School of Global Management.

RYVYL, formerly known as GreenBox POS, was founded in 2017 and develops payment transaction solutions with enhanced security features and identity theft protection. The company currently maintains a gross profit margin of 40.68%, though analysts do not anticipate profitability this year. For detailed insights into RYVYL’s financial health and growth prospects, access the comprehensive Pro Research Report available exclusively on InvestingPro, part of our coverage of over 1,400 US equities.

In other recent news, RYVYL Inc. has made significant strides in its financial restructuring efforts by converting its remaining 8% Senior Convertible Note into common stock. This conversion involved the issuance of 7.1 million shares, addressing a $4.0 million principal balance and $136,000 in accrued interest. Additionally, RYVYL has been involved in negotiations concerning the sale of its European subsidiary, Ryvyl (EU) EAD, for $15 million. Despite having the option to terminate the stock purchase agreement, the company did not exercise this right by the deadline, leading to ongoing discussions with the purchaser.

The company has also entered a standstill agreement regarding the potential restructuring of this asset sale, with provisions to extend the standstill period. On the operational front, RYVYL has reported progress in onboarding new clients through its European subsidiary, securing contracts with two digital banking platforms. These partnerships have led to the onboarding of over 10,000 accounts and processing of more than €10 million in transactions.

The company aims to onboard nearly 1 million new customer accounts over the next year, highlighting the scalability and compliance capabilities of its Payments-as-a-Service platform. RYVYL’s recent financial and operational activities underscore its ongoing efforts to maintain a strong balance sheet and expand its market presence.

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