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Mar 31, 2022
Remit Global Q1 2022 Earnings Report
Remitly's Q1 2022 earnings were reported, showing significant growth in active customers, send volume, and revenue.
Key Takeaways
Remitly reported a strong start to 2022 with a 49% increase in revenue, driven by a 42% increase in active customers and a 43% increase in send volume. The company is raising its 2022 revenue outlook and continuing to invest in its services and global expansion.
Active customers increased by 42% year-over-year, reaching 3.0 million.
Send volume grew by 43% year-over-year, totaling $6.1 billion.
Revenue increased by 49% year-over-year, reaching $136.0 million.
The company raised its 2022 revenue outlook to a range of $610 million to $620 million.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2022, Remitly currently expects total revenue in the range of $610 million to $620 million, representing a growth rate of 33% to 35% year over year and Adjusted EBITDA in the range of $(40) million to $(30) million.
Positive Outlook
- Total revenue in the range of $610 million to $620 million
- Representing a growth rate of 33% to 35% year over year
- Strong repeat usage
- New customer growth
- Highly attractive unit economics
Challenges Ahead
- Adjusted EBITDA in the range of $(40) million to $(30) million.
- Chief Financial Officer Susanna Morgan has decided to leave the Company later this year.
- Unpredictable fluctuations in the market price of our common stock.
- Macroeconomic conditions
- Geopolitical forces on our customers and business operations.