Business
Remitly Reports First Quarter 2025 Results Above Outlook and Raises Full Year 2025 Outlook
First quarter send volume up 41% and revenue up 34% year over yearFirst quarter net income was $11.4 million and Adjusted EBITDA was $58.4 million SEATTLE,
About this update from Remitly Global, Inc.
[{"type":"text","content":"First quarter send volume up 41% and revenue up 34% year over yearFirst quarter net income was $11.4 million and Adjusted EBITDA was $58.4 million SEATTLE, May 07, 2025 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the first quarter ended March 31, 2025. “We delivered an outstanding start to the year, significantly exceeding our expectations for the first quarter,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “This performance was driven by the deep and growing trust our customers place in us to deliver a fast, reliable, and secure experience. As that trust continues to grow, so does our ability to scale efficiently and profitably. Based on these strong results, we are raising our full year 2025 outlook for both revenue and Adjusted EBITDA.” First Quarter 2025 Highlights and Key Operating Data(All comparisons relative to the first quarter of 2024) Active customers increased to 8.0 million, from 6.2 million, up 29%.Send volume increased to $16.2 billion, from $11.5 billion, up 41%.Revenue totaled $361.6 million, compared to $269.1 million, up 34%.Net income was $11.4 million, compared to a net loss of $21.1 million.Adjusted EBITDA was $58.4 million, compared to $22.8 million, up 157%. 2025 Financial OutlookFor fiscal year 2025, Remitly currently expects: Total revenue in the range of $1.574 billion to $1.587 billion, representing a growth rate of 25% to 26% year over year. This outlook reflects an increase from our prior revenue outlook in the range of $1.565 billion to $1.580 billion.GAAP net income to be positive for 2025 and for Adjusted EBITDA to be in the range of $195 million to $210 million. This outlook reflects an increase from our prior Adjusted EBITDA outlook in the range of $180 million to $200 million. For the second quarter of 2025, Remitly currently expects: Total revenue in the range of $383 million to $385 million, representing a growth rate of 25% to 26% year over year.A GAAP net loss position for the second quarter of 2025 and for Adjusted EBITDA to be in the range of $45 million to $47 million. As previously announced on February 19, 2025, the Company's non-GAAP financial measures have been updated to exclude the impact of payroll taxes related to stock-based compensation expense,...