RELY · Remitly Global, Inc.

Remitly Global delivered exceptional Q1 2026 results, with revenue of $452.8 million up 25% year-over-year, driven by 37% growth in send volume to $22.1 billion and 20% increase in active customers to 9.6 million. Net income surged 332% to $49.1 million, reflecting strong operating leverage from disciplined cost management, scale benefits, and AI-driven efficiencies, as highlighted by CEO Sebastian Gunningham. Key expense categories showed improvement: transaction expenses as a percentage of revenue declined 156 basis points due to better network economics and lower losses; non-GAAP operating expenses improved across marketing (67 bps), customer support (69 bps), technology & development (127 bps), and G&A (209 bps). Growth accelerators like high-value senders (73% YoY volume growth, 220 bps mix increase) and business receivers (>20K active, 30% QoQ volume growth) scaled effectively. The company raised its full-year 2026 outlook to $1.960-$1.975 billion in revenue (20-21% YoY growth) and $370-$385 million in Adjusted EBITDA, with Q2 guidance at $483-$485 million revenue and $86-$88 million Adjusted EBITDA. Balance sheet strengthened with cash at $649 million and long-term debt reduced to zero from $155 million at year-end 2025. Management emphasized product innovation pace, AI integration (e.g., ChatGPT, pricing automation), and expansions in send now/pay later, debit cards, and stablecoin wallets as momentum drivers.