Remitly Global (RELY) investor relations material

Executive summary

• Achieved record Q1 revenue of $453 million, up 25% year-over-year, and net income of $49.1 million, up over 300%, with adjusted EBITDA rising to $102 million, all above guidance.

• Growth driven by strong customer acquisition, 20% increase in active customers to 9.6 million, and 37% rise in send volume to $22.1 billion.

• AI integration, operational discipline, and product innovation led to significant cost efficiencies and organizational streamlining.

• Accelerated share repurchases, with $44 million in buybacks, reflecting confidence in long-term growth.

• Outperformance attributed to key corridor growth, high-value senders, business segment expansion, and enhanced digital experiences.

Financial highlights

• Send volume rose 37% to $22.1 billion; send volume per active customer increased 14% to nearly $2,300.

• RLTE (Revenue Less Transaction Expenses) grew 28% to $308 million, with RLTE margin improving 156 basis points year-over-year.

• Transaction expenses were $145 million (32% of revenue); provision for transaction losses was $21 million, aided by AI-driven fraud prevention.

• Marketing expense was $82 million (18.2% of revenue), with improved efficiency and strong customer acquisition metrics.

• Free cash flow for Q1 was $73 million, with a margin of 16%.

Outlook and guidance

• FY2026 revenue expected at $1.96–$1.975 billion (20–21% growth); Q2 2026 revenue guidance: $483–$485 million (17–18% growth).

• Adjusted EBITDA for FY2026 projected at $370–$385 million; Q2 2026 adjusted EBITDA expected at $86–$88 million.

• Anticipates continued positive GAAP net income and strong free cash flow each quarter.

• Growth to accelerate in the second half, driven by core business and scaling of growth accelerators.

• Management expects further investment in technology, AI, and marketing to drive long-term growth and efficiency.