UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2025
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices and Zip Code)
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s): | Name of each exchange on which registered: | ||||||||||||
| | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 Results of Operations and Financial Condition.
On August 6, 2025, Remitly Global, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
On August 6, 2025, the Company provided an investor presentation that will be made available on the investor relations section of the Company’s website at https://ir.remitly.com/. The investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in Items 2.02 and 7.01 of this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in Items 2.02 and 7.01 of this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | ||||
| 99.1 | |||||
| 99.2 | |||||
| 104 | Cover page interactive data file (embedded with the inline XBRL document) | ||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Remitly Global, Inc. | |||||||||||
Date: August 6, 2025 | By: | /s/ Vikas Mehta | |||||||||
| Vikas Mehta | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial Officer) | |||||||||||
Date: August 6, 2025 | By: | /s/ Luke Tavis | |||||||||
Luke Tavis | |||||||||||
| Chief Accounting Officer | |||||||||||
| (Principal Accounting Officer) | |||||||||||
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Remitly Reports Second Quarter 2025 Results Above Outlook and Raises Full Year 2025 Outlook
Second quarter send volume up 40% and revenue up 34% year over year
Second quarter net income was $6.5 million and Adjusted EBITDA was $64.0 million
Board of Directors authorizes $200 million share repurchase program
SEATTLE, WA / August 6, 2025 / GlobeNewswire / - Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the second quarter ended June 30, 2025.
“Q2 was a defining quarter for Remitly—we delivered exceptional financial performance, and achieved breakthrough innovation that positions us to shape the future of global financial services,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “We delivered Rule of 50 performance again along with GAAP profitability. We expect to close 2025 strong and are raising our full year revenue and Adjusted EBITDA outlook.”
Second Quarter 2025 Highlights and Key Operating Data
(All comparisons relative to the second quarter of 2024)
•Active customers increased to 8.5 million, from 6.9 million, up 24%.
•Send volume increased to $18.5 billion, from $13.2 billion, up 40%.
•Revenue totaled $411.9 million, compared to $306.4 million, up 34%.
•Net income was $6.5 million, compared to a net loss of $12.1 million.
•Adjusted EBITDA was $64.0 million, compared to $26.2 million, up 144%.
2025 Financial Outlook
For fiscal year 2025, Remitly currently expects:
•Total revenue in the range of $1.61 billion to $1.62 billion, representing a growth rate of 27% to 28% year over year. This outlook reflects an increase from our prior revenue outlook in the range of $1.574 billion to $1.587 billion.
•GAAP net income to be positive for 2025 and for Adjusted EBITDA to be in the range of $225 million to $230 million. This outlook reflects an increase from our prior Adjusted EBITDA outlook in the range of $195 million to $210 million.
For the third quarter of 2025, Remitly currently expects:
•Total revenue in the range of $411 million to $413 million, representing a growth rate of 22% to 23% year over year.
•A modest GAAP net income for the third quarter of 2025 and for Adjusted EBITDA to be in the range of $53 million to $55 million.
Share Repurchase Program
Remitly announced today that its Board of Directors has approved a share repurchase program, pursuant to which Remitly may repurchase up to an aggregate of $200 million of its outstanding common stock. Remitly intends to opportunistically repurchase shares based on market conditions, providing a way to return capital to stockholders and offset a portion of dilution associated with our employee equity compensation, consistent with our disciplined capital allocation approach.
Remitly may repurchase shares from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of share repurchases will be determined by Remitly in its discretion and will depend on a variety of factors, including business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, alternative investment opportunities, and other considerations. The share repurchase program does not expire and may be suspended, discontinued, or modified at any time without notice at Remitly's discretion. The share repurchase program does not obligate Remitly to acquire any amount of common stock.
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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.
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Webcast Information
Remitly will host a webcast at 5:00 p.m. Eastern time on Wednesday, August 6, 2025 to discuss its second 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. Remitly believes that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing Remitly’s financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Remitly’s 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 Remitly’s 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.
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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 third quarter 2025 financial outlook, including forecasted fiscal year and third 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, our share repurchase program, 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 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; and our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions. 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 June 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.
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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:
Luv Sodha
ir@remitly.com
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REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Operations
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Revenue | $ | 411,852 | $ | 306,423 | $ | 773,476 | $ | 575,541 | |||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
Transaction expenses(1) | 143,756 | 107,780 | 265,149 | 197,661 | |||||||||||||||||||
Customer support and operations(1) | 25,074 | 19,999 | 47,647 | 40,118 | |||||||||||||||||||
Marketing(1) | 84,976 | 77,056 | 158,325 | 145,070 | |||||||||||||||||||
Technology and development(1) | 77,496 | 67,554 | 151,347 | 130,760 | |||||||||||||||||||
General and administrative(1) | 59,581 | 45,889 | 112,410 | 90,062 | |||||||||||||||||||
| Depreciation and amortization | 6,326 | 3,907 | 11,722 | 7,585 | |||||||||||||||||||
| Total costs and expenses | 397,209 | 322,185 | 746,600 | 611,256 | |||||||||||||||||||
| Income (loss) from operations | 14,643 | (15,762) | 26,876 | (35,715) | |||||||||||||||||||
| Interest income | 2,061 | 1,942 | 3,848 | 4,168 | |||||||||||||||||||
| Interest expense | (1,650) | (745) | (2,949) | (1,514) | |||||||||||||||||||
| Other (expense) income, net | (6,940) | 5,764 | (4,719) | 4,178 | |||||||||||||||||||
| Income (loss) before provision for income taxes | 8,114 | (8,801) | 23,056 | (28,883) | |||||||||||||||||||
Provision for income taxes | 1,578 | 3,290 | 5,168 | 4,288 | |||||||||||||||||||
| Net income (loss) | $ | 6,536 | $ | (12,091) | $ | 17,888 | $ | (33,171) | |||||||||||||||
| Net income (loss) per share attributable to common stockholders: | |||||||||||||||||||||||
Basic | $ | 0.03 | $ | (0.06) | $ | 0.09 | $ | (0.17) | |||||||||||||||
| Diluted | $ | 0.03 | $ | (0.06) | $ | 0.08 | $ | (0.17) | |||||||||||||||
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||||||||||||||||||||
Basic | 204,693,035 | 193,452,628 | 203,226,963 | 191,650,713 | |||||||||||||||||||
| Diluted | 218,977,561 | 193,452,628 | 218,704,338 | 191,650,713 | |||||||||||||||||||
(1) Exclusive of depreciation and amortization, shown separately.
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REMITLY GLOBAL, INC.
Condensed Consolidated Balance Sheets
(unaudited)
| June 30, | December 31, | ||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 515,896 | $ | 368,097 | |||||||
| Disbursement prefunding | 196,291 | 288,934 | |||||||||
| Customer funds receivable, net | 257,394 | 193,965 | |||||||||
| Prepaid expenses and other current assets | 67,450 | 46,518 | |||||||||
| Total current assets | 1,037,031 | 897,514 | |||||||||
| Property and equipment, net | 47,263 | 31,566 | |||||||||
| Operating lease right-of-use assets | 12,865 | 13,002 | |||||||||
| Goodwill | 54,940 | 54,940 | |||||||||
| Intangible assets, net | 6,294 | 10,463 | |||||||||
| Other noncurrent assets, net | 7,778 | 5,386 | |||||||||
| Total assets | $ | 1,166,171 | $ | 1,012,871 | |||||||
Liabilities and stockholders’ equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 18,860 | $ | 16,159 | |||||||
| Customer liabilities | 187,398 | 188,984 | |||||||||
| Short-term debt | 2,669 | 2,468 | |||||||||
| Accrued expenses and other current liabilities | 150,986 | 116,652 | |||||||||
| Operating lease liabilities | 3,836 | 4,745 | |||||||||
| Total current liabilities | 363,749 | 329,008 | |||||||||
| Operating lease liabilities, noncurrent | 25,860 | 9,073 | |||||||||
| Other noncurrent liabilities | 11,640 | 9,319 | |||||||||
| Total liabilities | 401,249 | 347,400 | |||||||||
| Commitments and contingencies | |||||||||||
Stockholders’ equity | |||||||||||
| Common stock | 21 | 20 | |||||||||
| Additional paid-in capital | 1,271,110 | 1,195,390 | |||||||||
| Accumulated other comprehensive income (loss) | 4,184 | (1,658) | |||||||||
| Accumulated deficit | (510,393) | (528,281) | |||||||||
| Total stockholders’ equity | 764,922 | 665,471 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,166,171 | $ | 1,012,871 | |||||||
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REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| Six Months Ended June 30, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) | $ | 17,888 | $ | (33,171) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 11,722 | 7,585 | |||||||||
| Stock-based compensation expense, net | 73,858 | 71,245 | |||||||||
| Donation of common stock | 1,866 | — | |||||||||
| Other | 479 | 195 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Disbursement prefunding | 92,643 | 45,138 | |||||||||
| Customer funds receivable | (55,878) | (82,079) | |||||||||
| Prepaid expenses and other assets | (19,614) | (7,237) | |||||||||
| Operating lease right-of-use assets | 3,700 | 2,895 | |||||||||
| Accounts payable | 4,443 | (14,041) | |||||||||
| Customer liabilities | (5,146) | (10,701) | |||||||||
| Accrued expenses and other liabilities | 35,840 | 15,621 | |||||||||
| Operating lease liabilities | 12,293 | (3,359) | |||||||||
| Net cash provided by (used in) operating activities | 174,094 | (7,909) | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property and equipment, and other | (26,553) | (2,076) | |||||||||
| Capitalized internal-use software costs | (6,012) | (6,494) | |||||||||
| Net cash used in investing activities | (32,565) | (8,570) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from exercise of stock options | 4,578 | 4,194 | |||||||||
Proceeds from issuance of common stock in connection with ESPP | 5,768 | 5,004 | |||||||||
| Proceeds from revolving credit facility borrowings | 2,493,000 | 570,000 | |||||||||
| Repayments of revolving credit facility borrowings | (2,493,000) | (685,000) | |||||||||
| Taxes paid related to net share settlement of equity awards | (11,617) | (2,568) | |||||||||
Cash paid for settlement of amounts previously held back for acquisition consideration | — | (10,261) | |||||||||
| Payment of debt issuance costs | (2,628) | — | |||||||||
| Net cash used in financing activities | (3,899) | (118,631) | |||||||||
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 10,182 | (1,229) | |||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 147,812 | (136,339) | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 369,817 | 325,029 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 517,629 | $ | 188,690 | |||||||
| Reconciliation of cash, cash equivalents, and restricted cash | |||||||||||
| Cash and cash equivalents | $ | 515,896 | $ | 185,187 | |||||||
| Restricted cash included in prepaid expenses and other current assets | 664 | 2,693 | |||||||||
| Restricted cash included in other noncurrent assets, net | 1,069 | 810 | |||||||||
| Total cash, cash equivalents, and restricted cash | $ | 517,629 | $ | 188,690 | |||||||
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REMITLY GLOBAL, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
Reconciliation of net income (loss) to Adjusted EBITDA: | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in thousands) | 2025 | 2024(2) | 2025 | 2024(2) | |||||||||||||||||||
| Net income (loss) | $ | 6,536 | $ | (12,091) | $ | 17,888 | $ | (33,171) | |||||||||||||||
| Add: | |||||||||||||||||||||||
Interest income, net | (411) | (1,197) | (899) | (2,654) | |||||||||||||||||||
Provision for income taxes | 1,578 | 3,290 | 5,168 | 4,288 | |||||||||||||||||||
| Depreciation and amortization | 6,326 | 3,907 | 11,722 | 7,585 | |||||||||||||||||||
Other (income) expense, net | 6,940 | (5,962) | 4,719 | (4,393) | |||||||||||||||||||
| Donation of common stock | 907 | — | 1,866 | — | |||||||||||||||||||
| Stock-based compensation expense, net | 38,066 | 37,157 | 73,858 | 71,245 | |||||||||||||||||||
| Payroll taxes related to stock-based compensation expense, net | 1,519 | 1,144 | 4,659 | 4,659 | |||||||||||||||||||
Integration, restructuring, and other costs(1) | 2,536 | — | 3,444 | 1,468 | |||||||||||||||||||
| Adjusted EBITDA | $ | 63,997 | $ | 26,248 | $ | 122,425 | $ | 49,027 | |||||||||||||||
__________
(1) Integration, restructuring, and other costs for the three and six months ended June 30, 2025 consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the six months ended June 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.
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| Reconciliation of operating expenses to non-GAAP operating expenses: | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in thousands) | 2025 | 2024(1) | 2025 | 2024(1) | |||||||||||||||||||
| Customer support and operations | $ | 25,074 | $ | 19,999 | $ | 47,647 | $ | 40,118 | |||||||||||||||
| Excluding: Stock-based compensation expense, net | 453 | 259 | 709 | 612 | |||||||||||||||||||
Excluding: Payroll taxes related to stock-based compensation expense, net | 8 | 4 | 16 | 14 | |||||||||||||||||||
Excluding: Integration, restructuring, and other costs | — | — | — | 758 | |||||||||||||||||||
| Non-GAAP customer support and operations | $ | 24,613 | $ | 19,736 | $ | 46,922 | $ | 38,734 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024(1) | 2025 | 2024(1) | ||||||||||||||||||||
| Marketing | $ | 84,976 | $ | 77,056 | $ | 158,325 | $ | 145,070 | |||||||||||||||
| Excluding: Stock-based compensation expense, net | 4,747 | 4,521 | 8,874 | 8,500 | |||||||||||||||||||
Excluding: Payroll taxes related to stock-based compensation expense, net | 258 | 236 | 714 | 729 | |||||||||||||||||||
Excluding: Integration, restructuring, and other costs | 175 | — | 665 | — | |||||||||||||||||||
| Non-GAAP marketing | $ | 79,796 | $ | 72,299 | $ | 148,072 | $ | 135,841 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024(1) | 2025 | 2024(1) | ||||||||||||||||||||
| Technology and development | $ | 77,496 | $ | 67,554 | $ | 151,347 | $ | 130,760 | |||||||||||||||
| Excluding: Stock-based compensation expense, net | 21,873 | 20,354 | 43,110 | 39,981 | |||||||||||||||||||
Excluding: Payroll taxes related to stock-based compensation expense, net | 885 | 620 | 2,866 | 2,632 | |||||||||||||||||||
Excluding: Integration, restructuring, and other costs | 1,382 | — | 1,382 | — | |||||||||||||||||||
| Non-GAAP technology and development | $ | 53,356 | $ | 46,580 | $ | 103,989 | $ | 88,147 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024(1) | 2025 | 2024(1) | ||||||||||||||||||||
| General and administrative | $ | 59,581 | $ | 45,889 | $ | 112,410 | $ | 90,062 | |||||||||||||||
| Excluding: Stock-based compensation expense, net | 10,993 | 12,023 | 21,165 | 22,152 | |||||||||||||||||||
Excluding: Payroll taxes related to stock-based compensation expense, net | 368 | 284 | 1,063 | 1,284 | |||||||||||||||||||
| Excluding: Donation of common stock | 907 | — | 1,866 | — | |||||||||||||||||||
Excluding: Integration, restructuring, and other costs | 979 | — | 1,397 | 710 | |||||||||||||||||||
| Non-GAAP general and administrative | $ | 46,334 | $ | 33,582 | $ | 86,919 | $ | 65,916 | |||||||||||||||
__________
(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.
10
August 2025 / © 2025 Remitly Inc. Investor Presentation Second Quarter 2025 Earnings August 6, 2025
August 2025 / © 2025 Remitly Inc. 2 Forward-Looking Statements This presentation 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 our future events or our future results of operations and financial position, including our fiscal year and third quarter 2025 financial outlook, including forecasted fiscal year and third 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 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), or 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; and our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions. 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 June 30, 2025, to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2025 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. The forward-looking statements in this presentation speak only as of the date of this presentation and 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. The guidance in this presentation is only effective as of the date given, August 6, 2025, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution of or reference to this deck following August 6, 2025 does not constitute re-affirming guidance by Remitly. Non-GAAP Financial Measure A reconciliation of GAAP to non-GAAP financial measures has been provided in the Appendix included in this presentation. An explanation of these measures is also included in the Appendix within this presentation 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 presentation 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, net, and payroll taxes related to stock-based compensation expense, net, 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. Disclosures
2Q Strategic Overview Matt Oppenheimer Co-Founder & CEO 3 August 2025 / © 2025 Remitly Inc.
August 2025 / © 2025 Remitly Inc. 2Q25 Revenue Exceptional Financial Performance — GAAP Profitability and Rule of 50 2Q25 Profitability *Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. $412m up 34% Y/Y $6.5m GAAP Net Income $64m Adjusted EBITDA* 16% Adjusted EBITDA Margin*4
August 2025 / © 2025 Remitly Inc. 5 Remitly One Remitly Business Agentic AI Stablecoins Breakthrough innovation Note: Mobile screenshot is a preliminary design and is subject to change before launch.
August 2025 / © 2025 Remitly Inc. 6 Remitly Business Supercharging businesses ● Fast, Global Onboarding Automated eKYB and global reach ● Competitive Price and High Trust Transparent pricing with strong security ● Advanced Business Tools Bulk payouts, payment requests, and reconciliation support Large TAM, High LTV & High Retention ● Expanding TAM from 2T to 22T1 ● Nearly 2x average transaction size ● 6x higher lifetime value* ● Strong early retention trends 1. FXC Intelligence Data: 2024 Market Size of non-wholesale cross-border payments: SMB Goods $10.6T, C2B $4.5T, SMB Services $3.3T, B2C $1.9T *Based on early business customer cohorts
August 2025 / © 2025 Remitly Inc. Remitly One 7 Remitly Flex “Send now, pay later” liquidity for cross-border needs Remitly One Unified membership experience for storing, payments, and liquidity Product Launch event in September Remitly Wallet Multi-currency wallet for secure storage of fiat and stablecoins Benefits Free instant funding, flexible repayment terms Benefits Earn rewards to grow funds Additional Services Announcing Soon! Benefits Cashback for using wallet or membership features Note: Mobile screenshot is a preliminary design and is subject to change before launch.
August 2025 / © 2025 Remitly Inc. Stablecoins 8 Customer Value Proposition ● Store and manage stablecoin balances in Wallet launching USDC with Circle Internet Financial ● Receive payments in stablecoin wallets launching with Bridge, a Stripe company ● Internal Treasury efficiencies to fund liquidity across global markets Agility & Efficiency ● Near-instant settlement across time zones and weekends ● Agility and efficiency in volatile and underbanked FX markets ● Increasing adoption & regulatory clarity for Stablecoins Note: Mobile screenshot is a preliminary design and is subject to change before launch.
August 2025 / © 2025 Remitly Inc. 9 Agentic AI Customer Value Proposition ● Powerful lever for customer acquisition and onboarding ● Remitly on WhatsApp experience drives offline to online use through simple, chat-based flows to send money ● Better customer engagement and higher conversion rates for offline customers so far! Innovation & Optimization ● Enabling intelligent & conversational experiences for cross-border payments ● Agentic AI support experience handles millions of interactions - reducing cost-to-serve and increasing satisfaction ● Agentic AI approach allows us to reach customers where they are
August 2025 / © 2025 Remitly Inc. Our Vision Transform lives with trusted financial services that transcend borders 10
2Q Financial Results Vikas Mehta CFO 11 August 2025 / © 2025 Remitly Inc.
Revenue ProfitabilityScale 2Q — Strong execution *Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. 12 August 2025 / © 2025 Remitly Inc. 8.5m 24% growth in quarterly active customers over 2Q 2024 $18.5b 40% growth in send volume over 2Q 2024 $411.9m 34% growth in revenue over 2Q 2024 $64m Adjusted EBITDA* $6.5m GAAP Net Income 16% Adjusted EBITDA Margin*
Four key focus areas to drive sustainable, long-term returns Note: $ in millions. 1. Adjusted EBITDA and Adjusted EBITDA margin are non- GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. 13 August 2025 / © 2025 Remitly Inc. Quarterly Active Customers (in thousands) Revenue Revenue less Transaction Expense Adjusted EBITDA1 YoY % Growth 36% 35% 32% 29% 24% YoY % Growth 29% 42% 33% 34% 35% YoY % Growth 31% 39% 33% 34% 34% Adj. EBITDA Margin 9% 14% 13% 16% 16% Net Income (Loss) ($12) $2 ($6) $11 $7
August 2025 / © 2025 Remitly Inc. 14 Delivering operating efficiencies 2Q 25 Year-over-Year Change Performance Drivers Non-GAAP Operating Expenses as a % of Revenue1 Marketing 422 bps ● Efficiencies in digital and brand marketing along with word of mouth ● Continue to invest behind paid channels with increasing use of AI tools CS 46 bps ● Product improvements driving lower contact rates ● Increasing automation including AI-driven virtual assistant T&D 225 bps ● Efficient spend while delivering innovation goals G&A 29bps ● Higher provisions related to collectability of amounts due from certain processing partners ● Rigorous discipline on hiring and non-headcount spend 1. Operating expenses are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix.
Note: We expect to deliver modest GAAP net income in 3Q 2025. We also expect positive GAAP net income for the full year 2025. This guidance is only effective as of the date given, August 6, 2025, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following August 6, 2025 does not constitute re-affirming guidance. We cannot, without unreasonable effort, provide a quantitative reconciliation of forecasted adjusted EBITDA to forecasted GAAP net income due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted adjusted EBITDA. 15 August 2025 / © 2025 Remitly Inc. 2025 and 3Q 2025 Outlook 2025 $1.610b - $1.620b 2025 Revenue, 27% to 28% YoY growth $225m - $230m 2025 Adjusted EBITDA 3Q 2025 $411m - $413m 3Q 2025 Revenue, 22% to 23% YoY growth $53m - $55m 3Q 2025 Adjusted EBITDA
Q & A 16 August 2025 / © 2025 Remitly Inc.
17 August 2025 / © 2025 Remitly Inc. The first transaction was flawless and it was convenient and it was fast. So I’ve been hooked ever since. Tony, a Business customer Sends money from USA to DOM “
Appendix 18 August 2025 / © 2025 Remitly Inc.
August 2025 / © 2025 Remitly Inc. 19 Some of the financial information and data contained in this presentation, such as Adjusted EBITDA and non-GAAP operating expenses, have not been prepared in accordance with accounting principles generally accepted in the United States of America ("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. Remitly believes that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing Remitly’s financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Remitly’s 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 Remitly’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this presentation 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. We calculate revenue growth on a constant currency basis by translating current period GAAP revenue from foreign currency denominated subsidiary revenue at an exchange rate consistent with the prior period's average monthly rates, and then comparing it to the prior period reported GAAP revenue. Fluctuations in the United States Dollar compared to foreign currency resulted in an increase to revenue of approximately $3.5 million for the three months ended June 30, 2025, when compared to foreign currency rates in the prior period. On a constant currency basis, revenue would have been up 33% as compared to the same quarter in the prior year. Non-GAAP Financial Measures
August 2025 / © 2025 Remitly Inc. Reconciliation of operating expenses to non-GAAP operating expenses (in thousands) 2Q 2025 1Q 2025 4Q 20241 3Q 20241 2Q 20241 Customer support and operations $25,074 $22,573 $22,008 $21,792 $19,999 Excluding: Stock-based compensation expense, net 453 256 268 278 259 Excluding: Payroll taxes related to stock-based compensation expense, net 8 8 3 5 4 Non-GAAP customer support and operations $24,613 $22,309 $21,737 $21,509 $19,736 Marketing $84,976 $73,349 $83,937 $74,792 $77,056 Excluding: Stock-based compensation expense, net 4,747 4,127 4,595 4,514 4,521 Excluding: Payroll taxes related to stock-based compensation expense, net 258 456 352 179 236 Excluding: Integration, restructuring, and other costs 175 490 - - - Non-GAAP marketing $79,796 $68,276 $78,990 $70,099 $72,299 Technology and development $77,496 $73,851 $70,611 $68,446 $67,554 Excluding: Stock-based compensation expense, net 21,873 21,237 22,527 21,873 20,354 Excluding: Payroll taxes related to stock-based compensation expense, net 885 1,981 428 351 620 Excluding: Integration, restructuring, and other costs 1,382 - - - - Non-GAAP technology and development $53,356 $50,633 $47,656 $46,222 $46,580 General and administrative $59,581 $52,829 $54,875 $50,920 $45,889 Excluding: Stock-based compensation expense, net 10,993 10,172 14,224 12,613 12,023 Excluding: Payroll taxes related to stock-based compensation expense, net 368 695 264 198 284 Excluding: Donation of common stock 907 959 - 2,587 - Excluding: Integration, restructuring, and other costs 979 418 - - - Non-GAAP general and administrative $46,334 $40,585 $40,387 $35,522 $33,582 20 Non-GAAP Reconciliation 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.
August 2025 / © 2025 Remitly Inc. Reconciliation of net income (loss) to Adjusted EBITDA and calculation of Adjusted EBITDA Margin (in thousands, except for percentages) 2Q 2025 1Q 2025 4Q 20241 3Q 20241 2Q 20241 21 Non-GAAP Reconciliation Net income (loss) $6,536 $11,352 ($5,724) $1,917 ($12,091) Add: Interest income, net (411) (488) (877) (1,305) (1,197) Provision for income taxes 1,578 3,590 589 1,850 3,290 Depreciation and amortization 6,326 5,396 5,814 4,655 3,907 Other (income) expense, net 6,940 (2,221) 2,273 (2,274) (5,962) Donation of common stock 907 959 - 2,587 - Stock-based compensation expense, net 38,066 35,792 41,614 39,278 37,157 Payroll taxes related to stock-based compensation expense, net 1,519 3,140 1,047 733 1,144 Integration, restructuring, and other costs 2,536 908 - - - Adjusted EBITDA $63,997 $58,428 $44,736 $47,441 $26,248 Revenue $411,852 $361,624 $351,895 $336,527 $306,423 Adjusted EBITDA margin 15.5% 16.2% 12.7% 14.1% 8.6% Note: Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. 1. 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.
Thank you.