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Dec 31, 2023
Remit Global Q4 2023 Earnings Report
Remitly's Q4 2023 performance was marked by significant growth in active customers, send volume, and revenue, despite a net loss.
Key Takeaways
Remitly Global, Inc. reported a strong fourth quarter with a 41% increase in active customers, a 38% increase in send volume, and a 39% increase in revenue. The company saw a net loss of $35.0 million, but adjusted EBITDA was $8.2 million.
Active customers increased by 41% year over year, reaching 5.9 million.
Send volume grew by 38% year over year, totaling $11.1 billion.
Revenue increased by 39% year over year, amounting to $264.8 million.
Net loss was $35.0 million, compared to a net loss of $19.4 million in the same quarter last year.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2024, Remitly expects 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 for Adjusted EBITDA to be in the range of $75 million to $90 million.
Positive Outlook
- Total revenue in the range of $1,225 million to $1,250 million, representing a growth rate of 30% to 32% year over year.
- Focus on driving strong customer growth.
- Sustainably improving profitability.
- Expects Adjusted EBITDA to be in the range of $75 million to $90 million.
- Continued delighting customers with a reliable and fast cross-border payments experience.
Challenges Ahead
- To remain in a GAAP net loss position for 2024.
- Variability of income taxes.
- Variability of stock-based compensation expense.
- Impacted by unpredictable fluctuations in the market price of our common stock.
- Variability of these items could have a significant impact on our future GAAP financial results.