Remitly Reports First Quarter 2025 Results Above Outlook and Raises Full Year 2025 Outlook

Core Insights - Remitly Global, Inc. reported strong financial results for Q1 2025, significantly exceeding expectations and raising its full-year outlook for revenue and Adjusted EBITDA [2][11]. Financial Performance - Active customers increased to 8.0 million, up 29% from 6.2 million in Q1 2024 [11]. - Send volume rose to $16.2 billion, a 41$11.5 billion [11]. - Revenue for Q1 2025 totaled $361.6 million, compared to$269.1 million in Q1 2024, reflecting a 34% growth [11]. - Net income was $11.4 million, a turnaround from a net loss of$21.1 million in the previous year [11]. - Adjusted EBITDA reached $58.4 million, up 157$22.8 million in Q1 2024 [11]. Financial Outlook - For fiscal year 2025, total revenue is expected to be in the range of $1.574 billion to$1.587 billion, representing a year-over-year growth rate of 25% to 26% [11]. - The company anticipates a positive GAAP net income for 2025 and Adjusted EBITDA in the range of $195 million to$210 million, an increase from the prior outlook of $180 million to$200 million [11]. - For Q2 2025, total revenue is projected to be between $383 million and$385 million, also indicating a growth rate of 25% to 26% year over year [11]. Operational Metrics - The company updated its non-GAAP financial measures to exclude payroll taxes related to stock-based compensation, enhancing the evaluation of underlying operating performance [3][24]. - Remitly's total costs and expenses for Q1 2025 were $349.4 million, compared to$289.1 million in Q1 2024 [15].