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Sep 30, 2024
Remit Global Q3 2024 Earnings Report
Remitly's financial performance exceeded expectations, achieving GAAP net income profitability and record Adjusted EBITDA.
Key Takeaways
Remitly reported a strong third quarter in 2024, with revenue up 39% year over year and active customers increasing by 35%. The company achieved GAAP net income profitability and raised its full-year 2024 outlook for both revenue and Adjusted EBITDA.
Active customers increased to 7.3 million, up 35% year over year.
Send volume increased to $14.5 billion, up 42% year over year.
Revenue totaled $336.5 million, up 39% year over year.
Net income was $1.9 million, compared to a net loss of $35.7 million in the same quarter last year.
Remit Global
Remit Global
Forward Guidance
For the fourth quarter of 2024, Remitly expects total revenue in the range of $338 million to $342 million, representing a growth rate of 28% to 29% year over year. The company anticipates a GAAP net loss position and Adjusted EBITDA to be in the range of $17 million to $21 million.
Positive Outlook
- Total revenue in the range of $338 million to $342 million, representing a growth rate of 28% to 29% year over year.
- Growth opportunities in 2025 and beyond
- Executing on vision of transforming lives with trusted financial services
- Increased 2024 outlook for both revenue and Adjusted EBITDA
- Full year 2024 revenue expected to be in the range of $1.250 billion to $1.254 billion, representing a growth rate of 32% to 33% year over year.
Challenges Ahead
- A GAAP net loss position for the fourth quarter of 2024
- Adjusted EBITDA to be in the range of $17 million to $21 million.
- To remain in a GAAP net loss position for 2024
- Cannot calculate certain reconciling items with confidence due to variability
- Limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA