Remitly Reports Third Quarter 2025 Results Above Outlook and Raises Full Year 2025 Outlook

Rhea-AI Summary

Remitly (NASDAQ: RELY) reported third quarter 2025 results on November 5, 2025, with Q3 revenue $419.5M (+25% YoY), send volume $19.5B (+35% YoY), and active customers 8.9M (+21% YoY).

Q3 profit metrics included net income $8.8M (vs. $1.9M) and Adjusted EBITDA $61.2M (+29% YoY). The company raised its full‑year 2025 outlook to $1.619–$1.621B revenue (+28% YoY) and Adjusted EBITDA $234–$236M, up from prior ranges. Q4 2025 revenue is guided to $426–$428M (≈21–22% YoY) with positive GAAP net income and Adjusted EBITDA $50–$52M.

Positive

• Revenue +25% YoY to $419.5M
• Send volume +35% YoY to $19.5B
• Active customers +21% YoY to 8.9M
• Adjusted EBITDA +29% YoY to $61.2M
• Raised FY2025 revenue outlook to $1.619–$1.621B and Adjusted EBITDA to $234–$236M

Negative

• Company did not provide quantitative reconciliation of forecasted Adjusted EBITDA to GAAP due to variability in items including income taxes and stock‑based compensation
• Reliance on non‑GAAP measures could obscure GAAP volatility from stock‑based compensation and tax swings

Insights

Senior Financial Results Analyst

Remitly delivered accelerating growth and profitability, and raised full‑year revenue and Adjusted EBITDA outlook.

Remitly reported revenue of $419.5 million, up 25% year‑over‑year, send volume of $19.5 billion (+35%), active customers rising to 8.9 million (+21%), net income of $8.8 million, and Adjusted EBITDA of $61.2 million (+29%). These are point‑in‑time operating and profitability metrics that show growth at scale and a positive shift to GAAP net income in the quarter.

Risks and dependencies include the company’s use of non‑GAAP measures and the stated inability to reconcile forecasted Adjusted EBITDA to GAAP net income due to variable items such as stock‑based compensation and taxes; this introduces uncertainty when comparing the raised Adjusted EBITDA outlook of $234 million–$236 million to eventual GAAP results. The outlook also includes a full‑year revenue range of $1.619 billion–$1.621 billion (+28% year over year) and Q4 revenue guidance of $426 million–$428 million, which provide near‑term milestones to verify execution.

Monitor the upcoming webcast on November 5, 2025 and the company’s Form 10‑Q for the quarter ended September 30, 2025 for reconciliations, tax and stock‑based compensation assumptions, and fourth‑quarter execution against the $426m–$428m revenue range over the next quarter.

Third quarter send volume up 35% and revenue up 25% year over year
Third quarter net income was $8.8 million and Adjusted EBITDA was $61.2 million

SEATTLE, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the third quarter ended September 30, 2025.

“In Q3, we built on the momentum from last quarter, delivering innovation across the product portfolio,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “The financial results reflect our focus on sustainable, profitable growth and efficient execution even as we continue to invest in innovation. We expect to close 2025 strong and are raising our full year revenue and Adjusted EBITDA outlook.”

Third Quarter 2025 Highlights and Key Operating Data
(All comparisons relative to the third quarter of 2024)

• Active customers increased to 8.9 million, from 7.3 million, up 21%.
• Send volume increased to $19.5 billion, from $14.5 billion, up 35%.
• Revenue totaled $419.5 million, compared to $336.5 million, up 25%.
• Net income was $8.8 million, compared to $1.9 million, up 361%.
• Adjusted EBITDA was $61.2 million, compared to $47.4 million, up 29%.

2025 Financial Outlook
For fiscal year 2025, Remitly currently expects:

• Total revenue in the range of $1.619 billion to $1.621 billion, representing a growth rate of 28% year over year. This outlook reflects an increase from our prior revenue outlook in the range of $1.610 billion to $1.620 billion.
• GAAP net income to be positive for 2025 and for Adjusted EBITDA to be in the range of $234 million to $236 million. This outlook reflects an increase from our prior Adjusted EBITDA outlook in the range of $225 million to $230 million.

For the fourth quarter of 2025, Remitly currently expects:

• Total revenue in the range of $426 million to $428 million, representing a growth rate of 21% to 22% year over year.
• GAAP net income to be positive for the fourth quarter of 2025 and for Adjusted EBITDA to be in the range of $50 million to $52 million.

Reconciliation of GAAP to Non-GAAP Financial Measures
A reconciliation of accounting principles generally accepted in the United States of America (“GAAP”) to non-GAAP financial measures has been provided in the financial statement tables included in this earnings release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this earnings release because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include, but are not limited to, income taxes, stock-based compensation expense, and payroll taxes related to stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock. The variability of these items could have a significant impact on our future GAAP financial results.

Note: All percentage changes described within this press release are calculated using amounts in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), for which revenue and active customers are presented in thousands and send volume is presented in millions. Rounding differences may occur when individually calculating percentages or totals from rounded amounts included within the press release body as compared to the amounts included within the Company’s SEC filings.

Webcast Information
Remitly will host a webcast at 5:00 p.m. Eastern time on Wednesday, November 5, 2025, to discuss its third quarter 2025 financial results. The live webcast and investor presentation will be accessible on Remitly’s website at https://ir.remitly.com. A webcast replay will be available on our website at https://ir.remitly.com following the live event.

We have used, and intend to continue to use, the Investor Relations section of our website at https://ir.remitly.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Non-GAAP Financial Measures
Some of the financial information and data contained in this earnings release, such as Adjusted EBITDA and non-GAAP operating expenses, have not been prepared in accordance with GAAP.

We regularly review our key business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. We believe that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing our financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Our non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with our financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.

We calculate Adjusted EBITDA as net income (loss) adjusted by (i) interest (income) expense, net; (ii) provision for income taxes; (iii) noncash charges of depreciation and amortization; (iv) other income (expense), net; (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; (vi) noncash stock-based compensation expense, net; (vii) payroll taxes related to stock-based compensation expense, net; and (viii) certain integration, restructuring, and other costs. We calculate non-GAAP operating expenses as our GAAP operating expenses adjusted by (i) noncash stock-based compensation expense, net; (ii) payroll taxes related to stock-based compensation expense, net; (iii) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; as well as (iv) certain integration, restructuring, and other costs.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding future events or our future results of operations and financial position, including our fiscal year and fourth quarter 2025 financial outlook, including forecasted fiscal year and fourth quarter 2025 revenue, net income (loss), and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, our growth, our position and potential opportunities, and our objectives for future operations. The words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to our expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to continue to develop new products and services in a timely manner; our ability to achieve or sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; anticipated trends, growth rates, and challenges in our business and in the market segments in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of geopolitical and macroeconomic conditions, including currency fluctuations, inflation, regulatory changes (including as may be related to immigration, fiscal and tax policy, foreign trade, or foreign investment), regional and global conflicts or related government sanctions, or legislative or regulatory developments; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission licenses and other regulatory clearances or obtain new licenses and regulatory clearances; our ability to maintain and expand international operations; our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions; and our stock repurchase program, the timing and number of shares of our common stock to be repurchased, and the potential benefits thereof. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results is included in our quarterly report on Form 10-Q for the quarter ended September 30, 2025, to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC, which are or will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

About Remitly
Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.

Contacts

Media Inquiries:
press@remitly.com

Investor Relations:
ir@remitly.com

REMITLY GLOBAL, INC. Condensed Consolidated Statements of Operations (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except share and per share data)		2025				2024				2025				2024
Revenue	$	419,494			$	336,527			$	1,192,970			$	912,068
Costs and expenses
Transaction expenses(1)		146,725				115,554				411,874				313,215
Customer support and operations(1)		26,386				21,792				74,033				61,910
Marketing(1)		91,778				74,792				250,103				219,862
Technology and development(1)		80,421				68,446				231,768				199,206
General and administrative(1)		55,973				50,920				168,383				140,982
Depreciation and amortization		6,434				4,655				18,156				12,240
Total costs and expenses		407,717				336,159				1,154,317				947,415
Income (loss) from operations		11,777				368				38,653				(35,347	)
Interest income		2,066				2,065				5,914				6,233
Interest expense		(2,116	)			(760	)			(5,065	)			(2,274	)
Other income (expense), net		696				2,094				(4,023	)			6,272
Income (loss) before provision for income taxes		12,423				3,767				35,479				(25,116	)
Provision for income taxes		3,594				1,850				8,762				6,138
Net income (loss)	$	8,829			$	1,917			$	26,717			$	(31,254	)
Net income (loss) per share attributable to common stockholders:
Basic	$	0.04			$	0.01			$	0.13			$	(0.16	)
Diluted	$	0.04			$	0.01			$	0.12			$	(0.16	)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic		207,150,067				196,169,417				204,549,044				193,167,942
Diluted		217,231,102				205,251,546				218,227,638				193,167,942

⁽¹⁾ Exclusive of depreciation and amortization, shown separately.

REMITLY GLOBAL, INC. Condensed Consolidated Balance Sheets (unaudited)
	September 30,				December 31,
(in thousands)		2025				2024
Assets
Current assets
Cash and cash equivalents	$	476,896			$	368,097
Disbursement prefunding		245,840				288,934
Customer funds receivable, net		307,512				193,965
Prepaid expenses and other current assets		51,174				46,518
Total current assets		1,081,422				897,514
Property and equipment, net		52,272				31,566
Operating lease right-of-use assets		13,752				13,002
Goodwill		54,940				54,940
Intangible assets, net		4,210				10,463
Other noncurrent assets, net		7,088				5,386
Total assets	$	1,213,684			$	1,012,871
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	32,185			$	16,159
Customer liabilities		213,375				188,984
Short-term debt		2,722				2,468
Accrued expenses and other current liabilities		123,256				116,652
Operating lease liabilities		4,519				4,745
Total current liabilities		376,057				329,008
Operating lease liabilities, noncurrent		28,250				9,073
Other noncurrent liabilities		12,210				9,319
Total liabilities		416,517				347,400
Commitments and contingencies
Stockholders’ equity
Common stock		21				20
Additional paid-in capital		1,295,011				1,195,390
Accumulated other comprehensive income (loss)		3,699				(1,658	)
Accumulated deficit		(501,564	)			(528,281	)
Total stockholders’ equity		797,167				665,471
Total liabilities and stockholders’ equity	$	1,213,684			$	1,012,871

REMITLY GLOBAL, INC. Condensed Consolidated Statements of Cash Flows (unaudited)
	Nine Months Ended September 30,
(in thousands)		2025				2024
Cash flows from operating activities
Net income (loss)	$	26,717			$	(31,254	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization, and other		25,415				12,539
Stock-based compensation expense, net		113,832				110,523
Donation of common stock		2,724				2,587
Changes in operating assets and liabilities:
Disbursement prefunding		43,094				(23,795	)
Customer funds receivable		(100,656	)			100,539
Prepaid expenses and other assets		(2,962	)			(6,787	)
Operating lease right-of-use assets		4,810				4,475
Accounts payable		16,156				(18,285	)
Customer liabilities		21,721				16,811
Accrued expenses and other liabilities		11,249				(23,521	)
Operating lease liabilities		13,364				(4,982	)
Net cash provided by operating activities		175,464				138,850
Cash flows from investing activities
Purchases of property and equipment		(23,070	)			(3,192	)
Capitalized internal-use software costs		(9,338	)			(9,288	)
Net collections (originations) from consumer receivables		(19,174	)			—
Net cash used in investing activities		(51,582	)			(12,480	)
Cash flows from financing activities
Proceeds from exercise of stock options		6,215				5,754
Proceeds from issuance of common stock in connection with ESPP		11,147				9,382
Cash paid for repurchase of common stock		(11,876	)			—
Proceeds from revolving credit facility borrowings		4,104,000				863,000
Repayments of revolving credit facility borrowings		(4,104,000	)			(993,000	)
Taxes paid related to net share settlement of equity awards		(26,111	)			(3,774	)
Cash paid for settlement of amounts previously held back for acquisition consideration		—				(10,261	)
Payment of debt issuance costs		(3,078	)			—
Net cash used in financing activities		(23,703	)			(128,899	)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash		8,467				3,941
Net increase in cash, cash equivalents, and restricted cash		108,646				1,412
Cash, cash equivalents, and restricted cash at beginning of period		369,817				325,029
Cash, cash equivalents, and restricted cash at end of period	$	478,463			$	326,441
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	476,896			$	324,434
Restricted cash included in prepaid expenses and other current assets		584				1,034
Restricted cash included in other noncurrent assets, net		983				973
Total cash, cash equivalents, and restricted cash	$	478,463			$	326,441

REMITLY GLOBAL, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
Reconciliation of net income (loss) to Adjusted EBITDA:
	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)		2025			2024(2)					2025			2024(2)
Net income (loss)	$	8,829			$	1,917			$	26,717			$	(31,254	)
Add:
Interest (income) expense, net		50				(1,305	)			(849	)			(3,959	)
Provision for income taxes		3,594				1,850				8,762				6,138
Depreciation and amortization		6,434				4,655				18,156				12,240
Other (income) expense, net		(696	)			(2,274	)			4,023				(6,667	)
Donation of common stock		858				2,587				2,724				2,587
Stock-based compensation expense, net		39,974				39,278				113,832				110,523
Payroll taxes related to stock-based compensation expense, net		1,642				733				6,301				5,392
Integration, restructuring, and other costs(1)		496				—				3,940				1,468
Adjusted EBITDA	$	61,181			$	47,441			$	183,606			$	96,468

__________
⁽¹⁾ Integration, restructuring, and other costs for the three and nine months ended September 30, 2025 consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the nine months ended September 30, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire (O.S.G.) Research and Development Ltd.

⁽²⁾ As previously announced on February 19, 2025, the Company's presentation of Adjusted EBITDA now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period Adjusted EBITDA has been recast to reflect this change.

Reconciliation of operating expenses to non-GAAP operating expenses:
	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2025			2024(1)			2025			2024(1)
Customer support and operations	$	26,386		$	21,792		$	74,033		$	61,910
Excluding: Stock-based compensation expense, net		455			278			1,164			890
Excluding: Payroll taxes related to stock-based compensation expense, net		5			5			21			19
Excluding: Integration, restructuring, and other costs		—			—			—			758
Non-GAAP customer support and operations	$	25,926		$	21,509		$	72,848		$	60,243
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024(1)			2025			2024(1)
Marketing	$	91,778		$	74,792		$	250,103		$	219,862
Excluding: Stock-based compensation expense, net		4,010			4,514			12,884			13,014
Excluding: Payroll taxes related to stock-based compensation expense, net		271			179			985			908
Excluding: Integration, restructuring, and other costs		35			—			700			—
Non-GAAP marketing	$	87,462		$	70,099		$	235,534		$	205,940
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024(1)			2025			2024(1)
Technology and development	$	80,421		$	68,446		$	231,768		$	199,206
Excluding: Stock-based compensation expense, net		24,392			21,873			67,502			61,854
Excluding: Payroll taxes related to stock-based compensation expense, net		475			351			3,341			2,983
Excluding: Integration, restructuring, and other costs		171			—			1,553			—
Non-GAAP technology and development	$	55,383		$	46,222		$	159,372		$	134,369
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024(1)			2025			2024(1)
General and administrative	$	55,973		$	50,920		$	168,383		$	140,982
Excluding: Stock-based compensation expense, net		11,117			12,613			32,282			34,765
Excluding: Payroll taxes related to stock-based compensation expense, net		891			198			1,954			1,482
Excluding: Donation of common stock		858			2,587			2,724			2,587
Excluding: Integration, restructuring, and other costs		290			—			1,687			710
Non-GAAP general and administrative	$	42,817		$	35,522		$	129,736		$	101,438

__________
⁽¹⁾ As previously announced on February 19, 2025, the Company's presentation of non-GAAP operating expenses now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period non-GAAP operating expenses have been recast to reflect this change.

FAQ

What were Remitly's Q3 2025 revenue and year‑over‑year growth (RELY)?

Remitly reported Q3 2025 revenue of $419.5M, a 25% increase year over year.

How much did Remitly's send volume grow in Q3 2025 (RELY)?

Q3 2025 send volume rose to $19.5B, up 35% YoY.

What full‑year 2025 guidance did Remitly (RELY) raise on November 5, 2025?

Remitly raised FY2025 revenue guidance to $1.619–$1.621B and Adjusted EBITDA to $234–$236M.

Did Remitly report GAAP profitability for 2025 (RELY)?

The company expects positive GAAP net income for 2025 and positive GAAP net income for Q4 2025.

What Q4 2025 revenue and Adjusted EBITDA does Remitly (RELY) expect?

Remitly expects Q4 2025 revenue of $426–$428M (≈21–22% YoY) and Adjusted EBITDA of $50–$52M.

Why didn't Remitly (RELY) reconcile forecasted Adjusted EBITDA to GAAP net income?

The company said it could not reliably quantify reconciling items due to variability in income taxes, stock‑based compensation, and related payroll taxes.