Ryvyl Inc.

Good afternoon, everyone, and welcome to Rival Inc's third quarter 2023 conference call. At this time, participants are in listen-only mode. A question and answer session will follow management's remarks. This conference call is being recorded. A replay of the call will be available through January 13, 2024. by calling 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally and entering access ID 101-83517. An archived version of the webcast will also be available for 90 days on the IR section of the Rival website. Before we begin, I would like to remind you that today's call contains certain forward-looking statements from our management made within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, concerning future events. These forward-looking statements are based on the company's current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the company. Such forward-looking statements include statements regarding the timing of the filing of periodic reports with the SEC and are characterized by future or conditional words such as may, will, expect, intend, anticipate, believe, estimate, and continue, or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the completion and filing of the aforementioned periodic reports will take longer than expected and that additional information may become known prior to the expected filing and the aforementioned periodic reports with the SEC. Other risk factors affecting the company are discussed in detail in the company's filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable laws. I will now hand the call over to Ben Erez, Chairman of Rival. Please go ahead.

Thank you, Sarah. Good afternoon, everyone, and thank you for joining us today. During the third quarter of 2023, once again, Rival delivered record financial results, the fourth consecutive quarter. Q3 top-line revenues increased nearly 64% year-over-year to $17.5 million. This also reflects an 18% sequential increase from 14.9 million in the second quarter of 2023. Revenue came in the upper end of our Q3 target range of 16 to 18 million. Our Q3 revenue was derived from transactions processing volume, which totaled 861 million and represents an increase of 28% from the second quarter of 2023. Strong growth in our international business, Rival EU, as well as growth in our North America business, resulting from the establishment of additional processing channels in the U.S. for retail and online businesses, paved the way for the record results. Rival's Chief Operating Officer, Min Wei, will provide a full breakdown of the various processing channels' performance later. Overall, we're very pleased with the steady growth trajectory and our improved margin profile.

Moving on to some key initiatives. First, for an update on Rival EU.