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Mar 31, 2024
Remit Global Q1 2024 Earnings Report
Remitly Global's Q1 2024 financial performance was reported.
Key Takeaways
Remitly Global reported a strong start to 2024, with a 32% increase in revenue year-over-year, reaching $269.1 million. Active customers grew by 36% to 6.2 million, and send volume increased by 34% to $11.5 billion. The company's profitability also improved, with an adjusted EBITDA of $19.3 million compared to $5.4 million in the same quarter last year. However, the company reported a net loss of $21.1 million.
Active customers increased by 36% year-over-year, reaching 6.2 million.
Send volume grew by 34% year-over-year, totaling $11.5 billion.
Revenue increased by 32% year-over-year, amounting to $269.1 million.
Adjusted EBITDA improved to $19.3 million, compared to $5.4 million in the previous year.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2024, Remitly expects total revenue in the range of $1,225 million to $1,250 million, representing a growth rate of 30% to 32% year over year. The company anticipates remaining in a GAAP net loss position for 2024 and expects Adjusted EBITDA to be in the range of $85 million to $95 million, an increase from the prior outlook of $75 million to $90 million.
Positive Outlook
- Total revenue is expected to be between $1,225 million and $1,250 million, indicating a 30-32% year-over-year growth.
- Adjusted EBITDA is projected to be in the range of $85 million to $95 million.
- The Adjusted EBITDA outlook has been raised from the previous range of $75 million to $90 million.
- Company expects revenue growth.
- Company expects adjusted EBITDA growth.
Challenges Ahead
- The company anticipates remaining in a GAAP net loss position for 2024.
- Company expects net loss.
- Company faces risks related to executing its business and growth strategy.
- Macroeconomic conditions and geopolitical forces could negatively impact the company's business operations.
- The company's ability to achieve and maintain future profitability is uncertain.