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Mar 31, 2023
Remit Global Q1 2023 Earnings Report
Achieved strong results driven by customer-centric investments and increasing scale.
Key Takeaways
Remitly reported a strong first quarter of 2023, with revenue up 50% year-over-year, driven by a 50% increase in active customers and a 40% increase in send volume. The company remains focused on delivering a superior and trusted experience for its customers.
Active customers increased by 50% year-over-year, reaching 4.6 million.
Send volume increased by 40% year-over-year, totaling $8.5 billion.
Revenue increased by 50% year-over-year, reaching $203.9 million.
Adjusted EBITDA was $5.4 million, compared to $(12.1) million.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2023, Remitly expects total revenue in the range of $875 million to $895 million, representing a growth rate of 34% to 37% year-over-year. The company also expects Adjusted EBITDA to be in the range of $5 million and $15 million.
Positive Outlook
- Total revenue in the range of $875 million to $895 million, representing a growth rate of 34% to 37% year-over-year.
- Revenue outlook reflects an increase from prior outlook of $860 million to $880 million.
- Adjusted EBITDA to be in the range of $5 million and $15 million.
- Adjusted EBITDA outlook reflects an increase from prior Adjusted EBITDA outlook of between breakeven and $10 million.
- To remain in a GAAP net loss position for 2023
Challenges Ahead
- To remain in a GAAP net loss position for 2023
- Unpredictable fluctuations in the market price of our common stock.
- Variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA.
- These items include, but are not limited to, income taxes and stock-based compensation expense
- The variability of these items could have a significant impact on our future GAAP financial results.