olivLaw · US equity research
RTB Digital, Inc. RTB
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
RTB Digital, Inc. operates a SaaS platform hosting an exclusive coalition of professionally managed online media channels, sharing revenue with its publishing partners. The company is in a merger with Ryvyl, and its quarterly revenue rose noticeably after the fintech segment was acquired, while losses remain significant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, RTB Digital, Inc. (RTB) stock was 6.61 USD (−6.64% on the day), with market capitalisation 92.6 m USD, beta 1.59, 52-week range 3.35–19.28 USD. Latest reported quarter (Q2 2026): revenue of 2.3 m USD (+350.3% YoY), net income of -9.6 m USD, diluted EPS -1.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.6
- weak (30–45)
- Bollinger (20, 2)
- 6.82 – 8.63
- below the lower band · %B -0.12 · band width 23.4%
- SMA 50 / 200
- 8.93 / 8.79
- mixed trend
- MACD (12, 26, 9)
- -0.57 / -0.56
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −25.6% | −1.1% | −24.5 pp | — |
| 3 months | −60.9% | −0.5% | −60.4 pp | — |
| 6 months | −6.1% | +4.4% | −10.5 pp | — |
| Year to date | +18.0% | +12.3% | +5.7 pp | — |
| 1 year | −42.8% | +13.5% | −56.3 pp | −20.9% |
| 3 years | −89.4% | +76.4% | −165.8 pp | −26.6% |
| 5 years | −99.8% | +63.7% | −163.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 m | 2.7 m | 2.8 m | 517.0 k | 2.8 m | 2.8 m | 2.5 m | 2.3 m |
| Cost of revenue | 1.8 m | 1.6 m | 1.4 m | 229.0 k | 1.4 m | 1.5 m | 1.4 m | 1.5 m |
| Gross profit | 1.1 m | 1.0 m | 1.4 m | 288.0 k | 1.4 m | 1.3 m | 1.1 m | 871.0 k |
| Research & development | 815.0 k | 821.0 k | 448.0 k | 117.0 k | -216.0 k | 197.0 k | 75.0 k | 262.0 k |
| Operating income | -3.7 m | -6.8 m | -4.4 m | -623.0 k | -1.8 m | -3.7 m | -3.0 m | -8.9 m |
| Depreciation & amortisation | 505.0 k | 438.0 k | 133.0 k | 159.0 k | -12.0 k | 168.0 k | 33.0 k | 402.0 k ≈ |
| Interest expense | — | — | 1.1 m | — | — | — | — | — |
| Pre-tax income | -5.8 m | -8.3 m | -5.7 m | -118.0 k | -2.0 m | -4.4 m | -3.3 m | -9.6 m |
| Income tax | 450.0 k | -226.0 k | 141.0 k | 0 | 0 | 13.0 k | 4.0 k | 13.0 k |
| Net income | -5.2 m | -6.9 m | -591.0 k | -118.0 k | -2.0 m | -4.4 m | -4.8 m | -9.6 m |
| Diluted EPS | -0.76 | — | -11.67 | -0.04 | -0.07 | — | -2.67 | -1.24 |
| Operating cash flow | 16.4 m ≈ | 2.1 m | -15.6 m | 14.9 m ≈ | -5.6 m ≈ | -16.8 m | -2.1 m | -3.1 m ≈ |
| Capex | 27.0 k ≈ | 13.0 k | 8.0 k | -3.0 k ≈ | 71.0 k ≈ | 3.0 k | 0 | 0 ≈ |
| Share repurchases | 4.0 k ≈ | — | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ⚠ 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 910.8 k | 10.0 m | 8.5 m | 26.3 m | 32.9 m | 65.9 m | 18.2 m | 11.1 m |
| Revenue YoY | unavailable | +998.2% | −14.8% | +208.6% | +25.1% | +100.2% | — | −38.7% |
| Net income | -1.9 m | -4.7 m | -5.0 m | -35.3 m | -49.2 m | -53.1 m | -26.8 m | -17.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | -10.11 | -140.25 | -29.33 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| net % | -207.9% | -46.8% | -58.7% | -134.1% | -149.6% | -80.6% | -147.7% | -157.5% |
| Free cash flow | -1.6 m | -206.5 k | -4.2 m | -23.2 m | -9.5 m | 33.1 m | 21.1 m | -23.1 m |
The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 534.0 k USD
- Financial debt
- 0 USD
- Net debt
- -534.0 k USD
- Equity
- 26.6 m USD
- Total assets
- 28.5 m USD
- Debt / equity
- 0.00x
- Current ratio
- 6.13x
- ROE
- unavailable
- ROA
- -23.2%
- FCF margin
- -207.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.5 m | 26.3 m | 32.9 m | 65.9 m | 18.2 m | 11.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | 4.8 m | 10.1 m | 16.8 m | 40.2 m | 10.8 m | 5.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Gross profit | 3.7 m | 16.2 m | 16.1 m | 25.7 m | 7.4 m | 5.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Research & development | 1.4 m | 3.9 m | 6.3 m | 5.8 m | 3.8 m | 559.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | -5.1 m | -29.2 m | -37.8 m | -12.3 m | -27.2 m | -13.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 15.9 k | 912.7 k | 20.9 m | 2.6 m | 2.3 m | 493.0 k | SEC (XBRL)· 15 Apr 2026verified |
| EBITDA | -5.1 m ≈ | -28.3 m ≈ | -16.9 m ≈ | -9.7 m ≈ | -25.0 m ≈ | -12.7 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Interest expense | 1.1 m | 3.0 m | 15.1 m | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| Pre-tax income | -5.0 m | -35.3 m | -49.2 m | -52.8 m | -32.7 m | -15.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | 0 | 4.9 k | -8.0 k | 289.0 k | 390.0 k | 318.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -5.0 m | -35.3 m | -49.2 m | -53.1 m | -26.8 m | -17.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | — | — | — | -10.11 | -140.25 | -29.33 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | — | — | — | 5.3 m | 191.3 k | 597.5 k | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 0 | 89.0 m | 14.0 m | 12.2 m | 2.6 m | 534.0 k | SEC (XBRL)· 14 Aug 2026verified |
| Receivables | 10.0 k | 481.7 k | 1.2 m | 859.0 k | 1.1 m | 147.0 k | SEC (XBRL)· 14 Aug 2026verified |
| Inventories | 0 | 286.4 k | 302.0 k | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| Current assets | 12.0 m | 96.6 m | 59.2 m | 89.9 m | 95.4 m | 11.7 m | SEC (XBRL)· 14 Aug 2026verified |
| Property, plant & equipment, net | 57.3 k | 1.7 m | 1.7 m | 306.0 k | 165.0 k | 67.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Goodwill | 0 | 6.5 m | 26.8 m | 18.9 m | 18.9 m | 0 | SEC (XBRL)· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 0 | 7.6 m | 6.7 m | 5.1 m | 1.8 m | 825.0 k | SEC (XBRL)· 14 Aug 2026verified |
| Total assets | 12.3 m | 114.0 m | 97.7 m | 128.7 m | 122.3 m | 28.5 m | SEC (XBRL)· 14 Aug 2026verified |
| Accounts payable | 210.1 k | 469.0 k | 1.6 m | 1.8 m | 3.5 m | 1.8 m | SEC (XBRL)· 14 Aug 2026verified |
| Short-term debt | 0 | 0 | 14.0 k | 15.0 k | 12.0 k | 0 | SEC (XBRL)· 14 Aug 2026verified |
| Long-term debt | 149.9 k | 59.3 m | 61.7 m | 15.9 m | 17.4 m | 0 | SEC (XBRL)· 14 Aug 2026verified |
| Current liabilities | 11.7 m | 24.2 m | 36.7 m | 85.5 m | 103.5 m | 1.9 m | SEC (XBRL)· 14 Aug 2026verified |
| Total liabilities | 11.9 m | 84.6 m | 99.6 m | 105.2 m | 123.8 m | 1.9 m | SEC (XBRL)· 14 Aug 2026verified |
| Equity | -2.7 m † | 29.5 m † | -1.9 m † | 23.5 m † | -587.0 k † | 26.6 m † | SEC (XBRL)· 14 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.2 m | -23.0 m | -9.3 m | 33.2 m | 21.2 m | -23.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 6.6 k | 158.9 k | 162.0 k | 108.0 k | 47.0 k | 79.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | -4.2 m ≈ | -23.2 m ≈ | -9.5 m ≈ | 33.1 m ≈ | 21.1 m ≈ | -23.1 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | -6.6 k | -2.7 m | -46.4 m | 2.3 m | -1.8 m | -76.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 5.2 m | 111.9 m | -10.0 m | -3.0 m | -241.0 k | 13.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Share repurchases | 0 | 0 | 0 | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 92.6 m USD
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -48.1% | 17 (vs peers) | 28% |
| Net margin · Quality | -198.5% | 18 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -30.3% | 0 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 48 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -29.8% | 0 (on a fixed band) | 22% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial48/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RTB Digital, INC. (RTB). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 11.1 m USD in 2025; YoY growth -38.7%; net margin -198.5%; ROE -141.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -48.1%
- Net margin: -198.5%
- Revenue CAGR 3Y: -30.3%
- FCF yield: -29.8%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −43% / −89% |
| MHHMastech Digital, Inc. | 74.9 m | 71.0 | 1.3% | 0.7% | −3.8% | −21% / −27% |
| EGGEnigmatig Ltd | 64.8 m | 268.0 | 6.3% | 12.6% | +12.2% | +40% / unavailable |
| CTMCastellum, Inc. | 46.4 m | — | -6.8% | -4.1% | +18.1% | −53% / +123% |
| ACCLAcco Group Holdings Limited | 34.9 m | 119.0 | 7.0% | 5.6% | +5.8% | −38% / unavailable |
| INTJIntelligent Group Limited | 33.5 m | — | -23.5% | -98.3% | −9.0% | −72% / unavailable |
1- and 3-year price returns: for RTB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 10-Q/A (16 Sept 2026).
In brief
RTB Digital, Inc. operates a SaaS platform hosting an exclusive coalition of professionally managed online media channels, sharing revenue with its publishing partners. The company is in a merger with Ryvyl, and its quarterly revenue rose noticeably after the fintech segment was acquired, while losses remain significant 12.
SWOT
Strengths
- The company has its own technology platform, a model of partnerships with well-known publishers, and a revenue-sharing structure that reduces its content production costs 1.
- The acquisition of the fintech segment brought a new revenue stream that visibly increased quarterly revenue 2.
- The platform covers several monetization types, including advertising, subscriptions and syndication, which can diversify income sources 1.
Weaknesses
- The company reported significant net losses and a large accumulated deficit, which limits internal funding capacity 1.
- Management concluded that cash was not sufficient for the next 12 months, and continuity depends on the merger and new financing 1.
- General expenses rose sharply in one quarter, pushing the operating loss lower 2.
Opportunities
- If the platform attracts more publishing partners and grows its unique audience, it could obtain better advertising terms 1.
- Instant cryptocurrency payouts to publishers, if launched, could become a competitive advantage, according to the company's description 1.
- Integrating the fintech segment could open combined services for merchants and publishers 2.
Threats
- Larger competitors may offer payment services at lower prices or take over the functions of intermediaries 1.
- If financing is not available on acceptable terms, activity could be reduced or interrupted 1.
- Banking regulations and anti-money-laundering requirements may limit the processing of certain payments for merchants in sensitive industries 3.
Risks
- Going concernhigh
The company has stated there is substantial doubt about its ability to continue operating if the merger is not completed, which could seriously affect operations 1.
- Completing the mergerhigh
The merger with Ryvyl is subject to conditions and uncertainties, and if it is not completed the company could be left without a clear funding plan 12.
- Operating lossesmedium
Net and operating losses in the second quarter of 2026 suggest margins remain under pressure, mainly because of general expenses 2.
- Concentration on cryptocurrencymedium
The plan to use bitcoin and stablecoins as collateral for revenue guarantees carries volatility and regulatory risks 1.
- Information securitylow
The company depends on IT systems and secure data transmission, and a cyberattack could have material effects on operations 1.
Investment thesis
What would need to be true (bull case)
- If the platform continues to attract programmatic advertising and syndication, revenue could grow faster than costs, and fintech integration could add recurring income 2.
- The revenue-sharing model with partners reduces the capital needed for content production, which could make the company more cost-efficient 1.
- If publishers adopt instant cryptocurrency payouts, the company could gain a distinctive advantage over traditional competitors 1.
What would break the thesis
- The company has reported large net losses and a substantial doubt about its ability to continue as a going concern, and without the merger or new financing the situation could become critical 1.
- General expenses rose sharply in one quarter, which could extend losses until new revenue offsets costs 2.
- Competition from firms with far larger financial resources could compress margins or limit growth in the payments market 1.
What to watch
- Completion of the merger with Ryvyl and the final shareholder structure2026
- Revenue trajectory of the Fintech Operations segment after integrationQ3 2026
- Whether general and administrative expenses stabilize after the second quarterQ3 2026
- Funding plan and any new share issuances or debt financingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 10-Q/A (16 Sept 2026).
The business
RTB Digital (d/b/a 'Roundtable') develops and operates a professional SaaS platform that hosts a select group of online media channels, each organized around a topic and run by an invite-only Platform Partner, typically a major media company 1. Partners bear the cost of content and receive a share of the revenue generated, typically 50% after certain direct costs are deducted 1. The company describes a strategy of acquiring online media, publishing and technology businesses to expand its unique user base and obtain better advertising terms 1.
The revenue structure has been changed by the merger with Ryvyl, announced in September 2025, under which RTB will become a wholly owned subsidiary of Ryvyl 1. In the quarter ended June 30, 2026, the company reported a new Fintech Operations segment, acquired effective May 12, 2026, alongside Platform Operations 2. Ryvyl reported lower revenue and net losses in 2025, and management concluded that its cash would not be sufficient for the next 12 months, which raised substantial doubt about its ability to continue as a going concern 1.
The company carried out a reverse stock split on January 2, 2026, at a ratio of 35 to 1, applied retroactively in the annual report 1. A distinctive element is the plan to use bitcoin and stablecoins in a liquidity pool, but the company states that it does not issue, mine or lend cryptocurrency 1.
Segments
Platform Operations
The core segment is the publishing and community platform, which generates revenue from programmatic advertising, content syndication and direct sponsorships 2. Revenue of this segment grew in the quarter ended June 30, 2026 compared with the same period of 2025, driven mainly by programmatic advertising 2.
Market context
The company operates in digital advertising and media platforms, where revenue depends on audience size and contract terms with partners 1. Ryvyl, which is merging with RTB, is active in credit card payment processing, where it acts as an intermediary between merchants and processors 1. The decline in Ryvyl's revenue in 2025 compared with 2024 points to a competitive market that is sensitive to changes in products 1.
The payments technology market is described by the parent as highly competitive and innovative, with competition from larger firms that have greater financial resources 1. Competitive pressure shows up in pricing and margins, and competitors with strong networks could reduce the role of traditional intermediaries 1.
Trends
- Programmatic advertising and syndicationtailwind
Growth in programmatic advertising and content syndication revenue in the second quarter of 2026 points to sustained demand for managed channels 2. If this demand holds, it could support the platform's revenue.
- Fintech integration and the mergermixed
The acquisition of the Fintech Operations segment brought new revenue but also integration costs and risks, especially since its margin differs from that of the platform 2. The final outcome depends on how the integration is executed.
- Pressure on general expensesheadwind
General and administrative expenses rose substantially in the quarter ended June 30, 2026, from a very small base in the same period of the prior year 2. If this trend continues, it could deepen operating losses.
- Dependence on financingheadwind
Ryvyl's management concluded that its cash was not sufficient for the next 12 months and made continuity conditional on the merger and other financing measures 1. If financing is not available on acceptable terms, operations could be limited.
Competitive position
In the advertising and content platform space, the company does not name specific competitors in its sources, but the risks described point to intense competition in the payments technology market, where Ryvyl competes with processors, financial institutions and payment facilitators 1. Larger companies with superior financial resources can offer services at low margins or develop their own solutions 1.
Ryvyl describes its advantage as an integrated model covering application processing, underwriting, risk monitoring and customer service, which differs from traditional ISOs 1. In payments, the company cites PayPal, Stripe and Square as examples of competitors, all larger than Ryvyl 1.
- PayPalPYPL
Named in the source as a major competitor among payment facilitators, with considerably greater resources than Ryvyl 1.
- Stripe
Named in the source as a major competitor among payment facilitators, with greater financial resources 1.
- SquareXYZ
Named in the source as a major competitor among payment facilitators, with greater resources than Ryvyl 1.
- Processors and financial institutions
The source mentions payment processors, card processing firms and banks, which can offer their own services or lower-margin pricing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement04 Nov 2026
- Current report06 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report02 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report22 Sept 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report22 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report18 Sept 2026Material agreement · Financial statements and exhibits
- Current report18 Sept 2026Regulation FD disclosure · Other events
- Quarterly report (amendment)16 Sept 2026
- Current report (amendment)16 Sept 2026Financial statements and exhibits
- Current report16 Sept 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / RTB Digital, Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / RTB Digital, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / RTB Digital, Inc. · 28 Feb 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.