Remitly Reports Third Quarter 2024 Results and Raises Full Year 2024 Outlook

Core Insights - Remitly Global, Inc. reported a strong performance in Q3 2024, with active customers increasing by 35% year-over-year to 7.3 million and revenue rising by 39% to $336.5 million [1][2][3] - The company achieved GAAP net income profitability of $1.9 million, a significant turnaround from a net loss of $35.7 million in the same quarter last year [2][3][4] - Adjusted EBITDA surged by 345% to $46.7 million, reflecting the company's operational efficiency and growth strategy [2][3] Financial Performance - Active customers rose to 7.3 million from 5.4 million, marking a 35% increase [2] - Send volume increased to $14.5 billion, up 42% from $10.2 billion [2] - Revenue for Q3 2024 was $336.5 million, compared to $241.6 million in Q3 2023, representing a 39% growth [2] - Net income was $1.9 million, a recovery from a net loss of $35.7 million [2][3] - Adjusted EBITDA reached $46.7 million, compared to $10.5 million in the previous year [2][3] 2024 Financial Outlook - For fiscal year 2024, Remitly expects total revenue between $1.250 billion and $1.254 billion, indicating a growth rate of 32% to 33% year-over-year [3] - The company anticipates remaining in a GAAP net loss position for 2024, with Adjusted EBITDA projected to be between $108 million and $112 million [3] - For Q4 2024, total revenue is expected to be in the range of $338 million to $342 million, reflecting a growth rate of 28% to 29% year-over-year [4] Operational Highlights - The company expressed optimism about growth opportunities in 2025 and beyond, as it aims to transform lives with its financial services [2] - Remitly's digital financial services are designed to provide a fast, reliable, and transparent money movement experience across more than 170 countries [13]