Remitly Global (RELY) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue grew 31% year-over-year to $306.4 million, driven by a 36% increase in active customers to 6.9 million and a 38% rise in send volume to $13.2 billion.

• Net loss narrowed to $12.1 million from $18.9 million in Q2 2023, reflecting improved operating leverage despite higher marketing and technology investments.

• Adjusted EBITDA rose to $25.1 million from $20.4 million in Q2 2023, with margin at 8.2%.

• Continued investment in technology, marketing, and customer experience, including AI-powered virtual assistant and tailored products like Remitly for Seafarers.

• Announced CFO transition, with Vikas Mehta succeeding Hemant Munipalli effective August 19.

Financial highlights

• Q2 2024 revenue: $306.4 million, up 31% year-over-year; send volume: $13.2 billion, up 38%; active customers: 6.9 million, up 36%.

• Adjusted EBITDA: $25.1 million, up from $20.4 million year-over-year; GAAP net loss: $12.1 million, improved from $18.9 million.

• Marketing expense was $73 million, with strong returns and global payback under 12 months.

• Technology and development expenses totaled $47 million, supporting operational efficiencies and product innovation.

• Cash and cash equivalents at June 30, 2024: $185.2 million; unused borrowing capacity: $262.1 million.

Outlook and guidance

• 2024 revenue guidance raised to $1.23–$1.25 billion, representing 30%–32% year-over-year growth.

• Adjusted EBITDA guidance increased to $90–$100 million for the year.

• Q3 2024 revenue growth expected at ~32% year-over-year; company expects to remain in a GAAP net loss position for 2024.