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Dec 31, 2024
Remit Global Q4 2024 Earnings Report
Remitly reported strong growth in Q4 2024, with a 33% year-over-year revenue increase and a significant improvement in adjusted EBITDA.
Key Takeaways
Remitly Global, Inc. delivered a strong Q4 2024 performance, with revenue growing by 33% year-over-year to $351.9 million. The company reported a net loss of $5.7 million, significantly reduced from the $35.0 million loss in the same period last year. Adjusted EBITDA surged to $43.7 million, up 434% from Q4 2023, reflecting improved operational efficiency. Active customers increased by 32%, and send volume grew by 39%, demonstrating strong customer engagement.
Revenue grew 33% year-over-year to $351.9 million.
Net loss improved to $5.7 million from $35.0 million in Q4 2023.
Adjusted EBITDA increased 434% to $43.7 million.
Active customers and send volume grew by 32% and 39%, respectively.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2025, Remitly expects revenue growth of 24-25%, with total revenue projected between $1.565 billion and $1.580 billion. The company anticipates achieving GAAP profitability and improving Adjusted EBITDA to a range of $180 million to $200 million.
Positive Outlook
- Projected revenue growth of 24-25% in FY 2025.
- First quarter revenue expected to reach $345M-$348M, growing 28-29% YoY.
- Adjusted EBITDA guidance for FY 2025 set at $180M-$200M.
- Expecting GAAP profitability in 2025.
- Strong customer growth trend continuing into 2025.
Challenges Ahead
- GAAP net loss expected for Q1 2025.
- Increased expenses related to customer acquisition and marketing.
- Potential foreign exchange volatility impacting financial performance.
- Regulatory challenges in certain international markets.
- Competitive pressures from fintech and traditional banking institutions.