On July 31, 2024, Remitly Global Inc (RELY, Financial) released its 8-K filing for the second quarter of 2024, showcasing notable improvements in key financial metrics. Remitly Global Inc provides integrated financial services to immigrants, enabling quick, reliable, and cost-effective international money transfers through digital channels.
Performance Overview
Remitly Global Inc (RELY, Financial) reported a revenue of $306.4 million for Q2 2024, surpassing the analyst estimate of $302.04 million. This represents a 31% increase from the $234.0 million reported in the same quarter last year. The company also reported a net loss of $12.1 million, an improvement of 36% compared to the $18.9 million net loss in Q2 2023.
Key Financial Achievements
Active customers increased by 36% year-over-year, reaching 6.9 million. Send volume also saw a significant rise, increasing by 38% to $13.2 billion. Adjusted EBITDA was reported at $25.1 million, up 23% from $20.4 million in the same period last year.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $306.4 million | $234.0 million |
| Net Loss | $12.1 million | $18.9 million |
| Adjusted EBITDA | $25.1 million | $20.4 million |
Balance Sheet and Cash Flow
As of June 30, 2024, Remitly Global Inc (RELY, Financial) reported total assets of $950.2 million, compared to $1,036.3 million at the end of 2023. Cash and cash equivalents stood at $185.2 million, down from $323.7 million. The company’s total liabilities decreased to $371.3 million from $507.0 million at the end of 2023.
Commentary and Future Outlook
“We are pleased with our second quarter performance as our product experience delights both new and existing customers,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “Our differentiated positioning, focus on building long-term customer trust, and our increasing global scale enabled these strong results. Looking ahead, we are pleased to raise our 2024 outlook for revenue and Adjusted EBITDA.”
Analysis
Remitly Global Inc (RELY, Financial) has demonstrated robust growth in revenue and customer base, reflecting the effectiveness of its digital financial services. The improvement in net loss and the increase in Adjusted EBITDA indicate better operational efficiency and cost management. However, the decline in cash and cash equivalents warrants close monitoring, as it could impact the company’s liquidity position.
For more detailed insights and to access the full earnings report, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from Remitly Global Inc for further details.
