Remitly Global (RELY) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered record results with revenue up 39% year-over-year to $336.5 million, Adjusted EBITDA at $46.7 million, and GAAP net income of $1.9 million, reversing a prior net loss.

• Active customers increased 35% year-over-year to 7.3 million, with send volume up 42% to $14.5 billion and strong retention.

• The company continues to expand its global footprint, diversify revenue streams, and leverage digital-first advantages for scale and efficiency.

• Majority of revenue is generated from customers acquired in prior periods, reflecting durable customer behavior.

• Investments in technology, marketing, and new geographies are driving long-term growth.

Financial highlights

• Q3 2024 revenue: $336.5 million, up 39% year-over-year; Adjusted EBITDA: $46.7 million, margin near 14%; net income: $1.9 million, compared to a net loss of $35.7 million in Q3 2023.

• Send volume: $14.5 billion, up 42% year-over-year; active customers: 7.3 million, up 35%.

• Gross margin improved to 65.7% as transaction expenses fell to 34% of revenue.

• EPS: $0.01 basic and diluted, compared to $(0.20) in Q3 2023.

• Nine-month revenue: $912.1 million, up from $679.5 million year-over-year.

Outlook and guidance

• FY 2024 revenue guidance raised to $1.25–$1.254 billion; Adjusted EBITDA expected between $108–$112 million.

• Q4 2024 revenue projected at $338–$342 million, with Adjusted EBITDA of $17–$21 million.

• Early 2025 outlook: low to mid-20s revenue growth rate, not assuming FX tailwinds.

• Company expects to remain in a GAAP net loss position for Q4 and full year 2024.