Remitly Global (RELY) Q1 2025 earnings summary

Executive summary

• Revenue grew 34% year-over-year to $361.6 million in Q1 2025, with adjusted EBITDA margin surpassing 16% and net income reaching $11.4 million, reversing a prior net loss.

• Active customers increased 29% year-over-year to over 8 million, with send volume per customer up 9% and total send volume rising 41% to $16.2 billion.

• The business demonstrated resilience amid macroeconomic and geopolitical uncertainty, supported by a strong balance sheet and global diversification.

• Continued investment in technology, product innovation, and global network expansion to drive long-term growth and operational efficiency.

• Trust, compliance, and customer experience remain central, with over 93% of transactions disbursed in under an hour and 95% completed without customer support contact.

Financial highlights

• Q1 2025 revenue: $361.6 million, up 34% year-over-year; send volume: $16.2 billion, up 41%.

• Adjusted EBITDA: $58.4 million (16% margin), up from $22.8 million in Q1 2024.

• GAAP Net Income: $11.4 million, a turnaround from a $21.1 million net loss in Q1 2024.

• Active customers: 8.0 million, up 29% year-over-year.

• Cash and cash equivalents: $493.9 million as of March 31, 2025.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $1.574–$1.587 billion (25–26% growth); adjusted EBITDA $195–$210 million (12–13% margin); positive GAAP net income expected.

• Q2 2025 revenue expected at $383–$385 million; adjusted EBITDA $45–$47 million; GAAP net loss anticipated.

• Guidance assumes no material macroeconomic, geopolitical, or regulatory changes.

• Ongoing investments in technology and marketing to support long-term growth, with some impact on short-term profitability.