Remitly Reports First Quarter 2025 Results Above Outlook and Raises Full Year 2025 Outlook First quarter send volume up 41% and revenue up 34% year over year First quarter net income was $11.4 million and Adjusted EBITDA was $58.4 million SEATTLE, WA / May 7, 2025 / GlobeNewswire / - Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the first quarter ended March 31, 2025. “We delivered an outstanding start to the year, significantly exceeding our expectations for the first quarter,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “This performance was driven by the deep and growing trust our customers place in us to deliver a fast, reliable, and secure experience. As that trust continues to grow, so does our ability to scale efficiently and profitably. Based on these strong results, we are raising our full year 2025 outlook for both revenue and Adjusted EBITDA.” First Quarter 2025 Highlights and Key Operating Data (All comparisons relative to the first quarter of 2024) • Active customers increased to 8.0 million, from 6.2 million, up 29%. • Send volume increased to $16.2 billion, from $11.5 billion, up 41%. • Revenue totaled $361.6 million, compared to $269.1 million, up 34%. • Net income was $11.4 million, compared to a net loss of $21.1 million. • Adjusted EBITDA was $58.4 million, compared to $22.8 million, up 157%. 2025 Financial Outlook For fiscal year 2025, Remitly currently expects: • Total revenue in the range of $1.574 billion to $1.587 billion, representing a growth rate of 25% to 26% year over year. This outlook reflects an increase from our prior revenue outlook in the range of $1.565 billion to $1.580 billion. • GAAP net income to be positive for 2025 and for Adjusted EBITDA to be in the range of $195 million to $210 million. This outlook reflects an increase from our prior Adjusted EBITDA outlook in the range of $180 million to $200 million. For the second quarter of 2025, Remitly currently expects: • Total revenue in the range of $383 million to $385 million, representing a growth rate of 25% to 26% year over year. • A GAAP net loss position for the second quarter of 2025 and for Adjusted EBITDA to be in the range of $45 million to $47 million. As previously announced on February 19, 2025, the Company's non-GAAP financial measures have been updated to exclude the impact of payroll taxes related to stock-based compensation expense, net. The Company considers this adjustment to improve the usefulness of its non-GAAP financial measures in evaluating underlying operating performance by more completely reflecting the extent of stock-based compensation expense, net, and related impacts. This update has no effect on any of the Company's previously reported GAAP results for any period. Non-GAAP financial measures for 2024 and 2023 have been recast to reflect this change, and the financial outlook guidance previously provided on February 19, 2025, was in accordance with this updated presentation. See historical non-GAAP reconciliations included below. 1 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. 2 Webcast Information Remitly will host a webcast at 5:00 p.m. Eastern time on Wednesday, May 7, 2025 to discuss its first 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. 3 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 our future results of operations and financial position, including our fiscal year and second quarter 2025 financial outlook, including forecasted fiscal year and second 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 policy, foreign trade, or foreign investment), or regional and global conflicts or related government sanctions; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission licenses and other 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 March 31, 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. 4 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: Stephen Shulstein stephens@remitly.com 5 REMITLY GLOBAL, INC. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended March 31, (in thousands, except share and per share data) 2025 2024 Revenue $ 361,624 $ 269,118 Costs and expenses Transaction expenses (1) 121,393 89,881 Customer support and operations (1) 22,573 20,119 Marketing (1) 73,349 68,014 Technology and development (1) 73,851 63,206 General and administrative (1) 52,829 44,173 Depreciation and amortization 5,396 3,678 Total costs and expenses 349,391 289,071 Income (loss) from operations 12,233 (19,953) Interest income 1,787 2,226 Interest expense (1,299) (769) Other income (expense), net 2,221 (1,586) Income (loss) before provision for income taxes 14,942 (20,082) Provision for income taxes 3,590 998 Net income (loss) $ 11,352 $ (21,080) Net income (loss) per share attributable to common stockholders: Basic $ 0.06 $ (0.11) Diluted $ 0.05 $ (0.11) Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: Basic 201,744,601 189,848,799 Diluted 218,414,823 189,848,799 (1) Exclusive of depreciation and amortization, shown separately. 6 REMITLY GLOBAL, INC. Condensed Consolidated Balance Sheets (unaudited) March 31, December 31, (in thousands) 2025 2024 Assets Current assets Cash and cash equivalents $ 493,905 $ 368,097 Disbursement prefunding 217,549 288,934 Customer funds receivable, net 213,554 193,965 Prepaid expenses and other current assets 53,710 46,518 Total current assets 978,718 897,514 Property and equipment, net 41,456 31,566 Operating lease right-of-use assets 11,896 13,002 Goodwill 54,940 54,940 Intangible assets, net 8,379 10,463 Other noncurrent assets, net 5,197 5,386 Total assets $ 1,100,586 $ 1,012,871 Liabilities and stockholders’ equity Current liabilities Accounts payable $ 38,907 $ 16,159 Customer liabilities 192,186 188,984 Short-term debt 2,421 2,468 Accrued expenses and other current liabilities 114,545 116,652 Operating lease liabilities 4,098 4,745 Total current liabilities 352,157 329,008 Operating lease liabilities, noncurrent 14,728 9,073 Other noncurrent liabilities 10,225 9,319 Total liabilities 377,110 347,400 Commitments and contingencies Stockholders’ equity Common stock 20 20 Additional paid-in capital 1,240,310 1,195,390 Accumulated other comprehensive income (loss) 75 (1,658) Accumulated deficit (516,929) (528,281) Total stockholders’ equity 723,476 665,471 Total liabilities and stockholders’ equity $ 1,100,586 $ 1,012,871 7 REMITLY GLOBAL, INC. Condensed Consolidated Statements of Cash Flows (unaudited) Three Months Ended March 31, (in thousands) 2025 2024 Cash flows from operating activities Net income (loss) $ 11,352 $ (21,080) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 5,396 3,678 Stock-based compensation expense, net 35,792 34,088 Donation of common stock 959 — Other (4) 249 Changes in operating assets and liabilities: Disbursement prefunding 71,385 (6,194) Customer funds receivable (16,283) (59,432) Prepaid expenses and other assets (6,272) (10,377) Operating lease right-of-use assets 2,041 1,392 Accounts payable 22,182 (22,707) Customer liabilities 2,487 14,744 Accrued expenses and other liabilities (198) 10,429 Operating lease liabilities 4,066 (1,598) Net cash provided by (used in) operating activities 132,903 (56,808) Cash flows from investing activities Purchases of property and equipment, and other (13,963) (945) Capitalized internal-use software costs (2,949) (3,369) Net cash used in investing activities (16,912) (4,314) Cash flows from financing activities Proceeds from exercise of stock options 2,392 2,483 Proceeds from issuance of common stock in connection with ESPP 5,768 5,004 Proceeds from revolving credit facility borrowings 1,059,000 275,000 Repayments of revolving credit facility borrowings (1,059,000) (255,000) Taxes paid related to net share settlement of equity awards (1,089) (1,366) Net cash provided by financing activities 7,071 26,121 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 2,728 (1,099) Net increase (decrease) in cash, cash equivalents, and restricted cash 125,790 (36,100) Cash, cash equivalents, and restricted cash at beginning of period 369,817 325,029 Cash, cash equivalents, and restricted cash at end of period $ 495,607 $ 288,929 Reconciliation of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 493,905 $ 285,997 Restricted cash included in prepaid expenses and other current assets 632 2,190 Restricted cash included in other noncurrent assets, net 1,070 742 Total cash, cash equivalents, and restricted cash $ 495,607 $ 288,929 8 REMITLY GLOBAL, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) Reconciliation of net income (loss) to Adjusted EBITDA: Three Months Ended March 31, (in thousands) 2025 2024 (2) Net income (loss) $ 11,352 $ (21,080) Add: Interest income, net (488) (1,457) Provision for income taxes 3,590 998 Depreciation and amortization 5,396 3,678 Other (income) expense, net (2,221) 1,569 Donation of common stock 959 — Stock-based compensation expense, net 35,792 34,088 Payroll taxes related to stock-based compensation expense, net 3,140 3,515 Integration, restructuring, and other costs (1) 908 1,468 Adjusted EBITDA $ 58,428 $ 22,779 __________ (1) Integration, restructuring, and other costs for the three months ended March 31, 2025 consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the three months ended March 31, 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. 9 Reconciliation of operating expenses to non-GAAP operating expenses: Three Months Ended March 31, (in thousands) 2025 2024 (1) Customer support and operations $ 22,573 $ 20,119 Excluding: Stock-based compensation expense, net 256 353 Excluding: Payroll taxes related to stock-based compensation expense, net 8 10 Excluding: Integration, restructuring, and other costs — 758 Non-GAAP customer support and operations $ 22,309 $ 18,998 Three Months Ended March 31, 2025 2024 (1) Marketing $ 73,349 $ 68,014 Excluding: Stock-based compensation expense, net 4,127 3,979 Excluding: Payroll taxes related to stock-based compensation expense, net 456 493 Excluding: Integration, restructuring, and other costs 490 — Non-GAAP marketing $ 68,276 $ 63,542 Three Months Ended March 31, 2025 2024 (1) Technology and development $ 73,851 $ 63,206 Excluding: Stock-based compensation expense, net 21,237 19,627 Excluding: Payroll taxes related to stock-based compensation expense, net 1,981 2,012 Non-GAAP technology and development $ 50,633 $ 41,567 Three Months Ended March 31, 2025 2024 (1) General and administrative $ 52,829 $ 44,173 Excluding: Stock-based compensation expense, net 10,172 10,129 Excluding: Payroll taxes related to stock-based compensation expense, net 695 1,000 Excluding: Donation of common stock 959 — Excluding: Integration, restructuring, and other costs 418 710 Non-GAAP general and administrative $ 40,585 $ 32,334 __________ (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 As previously announced on February 19, 2025, the Company's non-GAAP financial measures have been updated to exclude the impact of payroll taxes related to stock-based compensation expense, net. The below reconciliations show the 2024 and 2023 non-GAAP financial measures under the new presentation, which excludes the impact of payroll taxes related to stock-based compensation expense, net. In future periods, the Company expects to exclude the impact of payroll taxes related to stock-based compensation expense, net, from the Company's non-GAAP financial measures and will not include the 2024 and 2023 recast reconciliations for this update in future filings. Reconciliation of net income (loss) to Adjusted EBITDA (New Presentation): Three Months Ended Years Ended December 31, (in thousands) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2023 2024 Net income (loss) $ (28,314) $ (18,850) $ (35,655) $ (35,021) $ (21,080) $ (12,091) $ 1,917 $ (5,724) $ (117,840) $ (36,978) Add: Interest income, net (1,635) (776) (1,223) (1,461) (1,457) (1,197) (1,305) (877) (5,095) (4,836) Provision (benefit) for income taxes 370 (143) 258 5,417 998 3,290 1,850 589 5,902 6,727 Depreciation and amortization 3,029 3,187 3,418 3,484 3,678 3,907 4,655 5,814 13,118 18,054 Other (income) expense, net 1,505 1,482 (376) (8) 1,569 (5,962) (2,274) 2,273 2,603 (4,394) Donation of common stock — — 4,600 — — — 2,587 — 4,600 2,587 Stock-based compensation expense, net 29,234 35,200 36,573 35,960 34,088 37,157 39,278 41,614 136,967 152,137 Payroll taxes related to stock-based compensation expense, net 1,901 1,432 1,355 1,058 3,515 1,144 733 1,047 5,746 6,439 Acquisition, integration, restructuring, and other costs 1,173 316 2,901 (193) 1,468 — — — 4,197 1,468 Adjusted EBITDA $ 7,263 $ 21,848 $ 11,851 $ 9,236 $ 22,779 $ 26,248 $ 47,441 $ 44,736 $ 50,198 $ 141,204 11 Reconciliation of operating expenses to non-GAAP operating expenses (New Presentation): Three Months Ended Years Ended December 31, (in thousands) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2023 2024 Customer support and operations $ 19,931 $ 21,483 $ 21,190 $ 19,917 $ 20,119 $ 19,999 $ 21,792 $ 22,008 $ 82,521 $ 83,918 Excluding: Stock-based compensation expense, net 205 419 386 394 353 259 278 268 1,404 1,158 Excluding: Payroll taxes related to stock-based compensation expense, net 31 14 15 11 10 4 5 3 71 22 Excluding: Acquisition, integration, restructuring, and other costs — — 739 — 758 — — — 739 758 Non-GAAP customer support and operations $ 19,695 $ 21,050 $ 20,050 $ 19,512 $ 18,998 $ 19,736 $ 21,509 $ 21,737 $ 80,307 $ 81,980 Three Months Ended Years Ended December 31, Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2023 2024 Marketing $ 44,123 $ 53,600 $ 61,351 $ 75,343 $ 68,014 $ 77,056 $ 74,792 $ 83,937 $ 234,417 $ 303,799 Excluding: Stock-based compensation expense, net 2,983 4,727 4,525 3,930 3,979 4,521 4,514 4,595 16,165 17,609 Excluding: Payroll taxes related to stock-based compensation expense, net 186 229 217 157 493 236 179 352 789 1,260 Non-GAAP marketing $ 40,954 $ 48,644 $ 56,609 $ 71,256 $ 63,542 $ 72,299 $ 70,099 $ 78,990 $ 217,463 $ 284,930 Three Months Ended Years Ended December 31, Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2023 2024 Technology and development $ 49,376 $ 54,309 $ 57,014 $ 59,240 $ 63,206 $ 67,554 $ 68,446 $ 70,611 $ 219,939 $ 269,817 Excluding: Stock-based compensation expense, net 16,631 18,588 19,828 19,920 19,627 20,354 21,873 22,527 74,967 84,381 Excluding: Payroll taxes related to stock-based compensation expense, net 1,010 745 651 532 2,012 620 351 428 2,938 3,411 Excluding: Acquisition, integration, restructuring, and other costs — — 524 700 — — — — 1,224 — Non-GAAP technology and development $ 31,735 $ 34,976 $ 36,011 $ 38,088 $ 41,567 $ 46,580 $ 46,222 $ 47,656 $ 140,810 $ 182,025 Three Months Ended Years Ended December 31, Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2023 2024 General and administrative $ 41,408 $ 39,490 $ 49,817 $ 48,657 $ 44,173 $ 45,889 $ 50,920 $ 54,875 $ 179,372 $ 195,857 Excluding: Stock-based compensation expense, net 9,415 11,466 11,834 11,716 10,129 12,023 12,613 14,224 44,431 48,989 Excluding: Payroll taxes related to stock-based compensation expense, net 674 444 472 358 1,000 284 198 264 1,948 1,746 Excluding: Donation of common stock — — 4,600 — — — 2,587 — 4,600 2,587 Excluding: Acquisition, integration, restructuring, and other costs 1,173 316 1,638 (893) 710 — — — 2,234 710 Non-GAAP general and administrative $ 30,146 $ 27,264 $ 31,273 $ 37,476 $ 32,334 $ 33,582 $ 35,522 $ 40,387 $ 126,159 $ 141,825 12

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other guidance in this release

Text is the filed exhibit, verbatim.