As an early team member of Remitly, I'm proud to see the company hit GAAP profitability for the first time ever
On the last earnings call, Remitly announced a tiny sliver of net income just $1.9 million - but it represents a watershed moment for the company. The hard work is paying off!
Beyond achieving its first GAAP profitability, Remitly demonstrated exceptional growth with revenue up 39% to $336.5 million and adjusted EBITDA of $46.7 million. Operating in the vast $1.8 trillion cross-border payments market, the company shows strong geographic diversification with Rest of World revenue growing 58%, while operational excellence is evident in improved unit economics and robust infrastructure supporting billions of transactions with over 90% completion within an hour.
Now, there are certainly some areas to watch out for. The company is expecting growth to moderate to the low to mid-20s in 2025, down from the current 39%. They're also guiding for Q4 adjusted EBITDA of $17-21 million, lower than Q3's $46.7 million. And 2024 is going to be a net loss in aggregate.
But I'd argue these are normal growing pains for a company scaling as rapidly as Remitly.
Will they maintain this momentum? I certainly hope so! The company's core metrics are trending in the right direction - customer acquisition costs are decreasing, retention rates are improving, and the technology platform is scaling efficiently. It's a great team, and there's lots to look forward to in the future.
Remitly is proud to share our strong third quarter 2024 financial results and our increased 2024 outlook, which we reported on October 30, 2024. These results demonstrate our unique and sustainable growth strategy is delivering for both customers and shareholders.
Key year-over-year highlights from the third quarter include 35% growth in quarterly active customers to 7.3 million and 39% growth in revenue to $336.5 million. We also delivered $1.9 million of net income and $46.7 million of Adjusted EBITDA in the third quarter.
Our co-founder and CEO, Matt Oppenheimer, said:
“I am grateful to our customers and global teams for the exceptional third quarter results. As our performance in the third quarter exceeded expectations, we are pleased to increase our 2024 outlook for both revenue and Adjusted EBITDA. We are excited about growth opportunities in 2025 and beyond as we execute on our vision of transforming lives with trusted financial services that transcend borders.”
We’re just getting started!
For full results visit 👉 https://ir.remitly.com/
#remitly #wjgs #financialresults #customercentricity #growth
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Sales Manager at Harbar Global de Panama (S.A.)
2moMacy’s second quarter 2024 results great numbers. You have position to the end the year with strong performances.