Research Reports

Prepared Highlights

Q2 2025 revenue was $411.9M, up 34% YoY; adjusted EBITDA was $64M (16% margin), beating guidance midpoints by $28M and $18M respectively (prepared).
Send volume grew 40% to $18.5B; quarterly active customers increased 24% YoY to over 8.5M (CFO).
Take rate was 2.23%, in line with expectations; RLTE grew 35% to $268.1M (65.1% of revenue) (CFO).
Marketing spend per quarterly active customer was $9.38, an 11% YoY decline; LTV to CAC was ~6x and payback period under 12 months in Q2 (CFO).
Remitly Business launched formally in the US in Q2: onboarded "thousands of businesses," average transaction sizes nearly 2x consumer, business customer lifetime value ~6x higher than consumer (CEO).
Remitly One membership program to launch in September, anchored by Remitly Wallet and Remitly Flex; Wallet offers multicurrency store of value (fiat + stablecoins), Flex offers "send now, pay later" with no interest or late fees (CEO).
Stablecoin initiatives in beta: partnerships with Circle (Wallet storage) and Bridge/Stripe (disbursement) targeting September launch; internal treasury operations now use USDC for instant settlement (CEO).
Agentic AI handles "nearly 2 million" real-time customer interactions; Remitly on WhatsApp available to US/Spanish customers sending to 11 countries, shows highest conversion among formerly offline transactors (CEO).
Transaction expenses ex. losses were 34.9% of revenue (28.1% excluding provision); provision for transaction losses was $28M (15.2 bps of send volume), includes a discrete $3.8M fraud incident loss (CFO).
Q2 GAAP net income was $6.5M (second consecutive positive quarter), vs. $12.1M loss in Q2 2024 (CFO).
Closed a new $550M secured revolving credit facility (upsized from $325M) in late June 2025; authorized a $200M share repurchase program (CFO).

Official Guidance

Q3 2025: Revenue $411M–$413M (22%–23% YoY growth); adjusted EBITDA $53M–$55M (13% margin) (CFO).
Full Year 2025: Revenue $1.61B–$1.62B (27%–28% YoY growth); adjusted EBITDA $225M–$230M (14% margin) (CFO).
Expect positive GAAP net income for Q3 and full year 2025 (CFO).

Mgmt Quotes

"Q2 was a defining quarter for Remitly. Not only did we deliver exceptional financial performance, but we also achieved breakthrough product innovation." (CEO)
"We are becoming the modern financial platform for globally connected people and businesses." (CEO)
"Send volume per active customer increased a record 12% year-over-year." (CFO)
"The one big beautiful bill...exams digital cross-border transfers...We expect this tax to further accelerate the shift from off-line to online, benefiting Remitly when it's implemented on January 1, 2026." (CFO)
"We delivered Rule of 50 for the second consecutive quarter with 34% revenue growth and 16% adjusted EBITDA margins while also investing in innovation." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Revenue	$411.9M (+34% YoY)	CFO, Q2 2025 result
Send Volume	$18.5B (+40% YoY)	CFO, Q2 2025 result
Quarterly Active Customers	>8.5M (+24% YoY)	CFO, Q2 2025 result
Take Rate	2.23%	CFO, Q2 2025 result
Adjusted EBITDA	$64M (16% margin)	CFO, Q2 2025 result
GAAP Net Income	$6.5M	CFO, Q2 2025 result vs. ($12.1M) in Q2 2024
RLTE	$268.1M (+35% YoY)	CFO, Q2 2025 result
Marketing per QAU	$9.38 (-11% YoY)	CFO, Q2 2025 result
Transaction Expenses (% rev)	34.9%	CFO, Q2 2025 result
Provision for Transaction Losses	$28M (15.2 bps of send vol.)	CFO, Q2 2025 result; includes $3.8M discrete fraud loss

Q&A Batch (1-5 of 8)

Q1 — Tien-Tsin Huang

Topic: 新产品（Remitly Business、Remitly One、Wallet、稳定币汇款）的时间线、地理分布及利润影响
Key points:
- Remitly Business 于 Q1 推出，Q2 持续增长；Remitly One 包含 Flex 和 Wallet，可存储法币及稳定币。
- 公司已给出 Q3 及全年详细指引，覆盖所有新产品，无额外利润承诺调整。
- SMB 客户早期成功，交易规模更大，留存率更优。
- 下半年将针对新领域开展定向营销，相关投资已纳入原有指引。
Mgmt stance: 乐观（已有明确规划且指引覆盖所有新品，不会改变利润承诺）

Q2 — William Alfred Nance

Topic: Remitly Wallet 的目标客户画像、交叉销售潜力及单位经济学
Key points:
- 现有 850 万季度活跃用户有储存多币种的需求。
- 新移民在到达新国家后，除汇款外还有开设银行账户的需求，构成潜在交叉销售机会。
- 未提供 Wallet 具体的单位经济学或定价细节。
Mgmt stance: 乐观（认为现有客户及新移民均有广泛需求，机会广阔）

Q3 — Ramsey Clark El-Assal

Topic: 客户对稳定币的实际需求信号 vs 公司提前布局
Key points:
- 稳定币可解决新兴市场客户持有低波动货币的需求（如通胀对冲）。
- 与 Stripe 旗下 Bridge 合作，客户可通过 Remitly 向全球稳定币钱包发送资金。
- 公司内部财务团队已利用稳定币改善 FX、 treasury 及现金管理。
- 目前稳定币使用量温和，但公司认为这是未来方向，提前投资。
Mgmt stance: 乐观（定位为未来投资，认为自己处于领先位置）

Q4 — Cristopher David Kennedy

Topic: Wallet 余额的使用方式、消费场景及浮存金机会
Key points:
- 客户可持有多种法币或稳定币余额。
- Remitly One 会员可赚取利息奖励，增加余额价值。
- 更多细节将在 9 月产品发布活动（Remitly Reimagine）中公布。
Mgmt stance: 中性偏乐观（尚未给出浮存金具体财务

Q&A Batch (6-8 of 8)

Q6 — Alexander Wexler Markgraff

Topic: Remitly Business 的竞争、定价及增长路径
Key points:
- Remitly Business 源于客户主动使用消费平台进行商务汇款，说明该细分市场（小微企业对自由职业者汇款，单笔金额低）未被充分服务。
- 该类客户不需要额外功能，但需要可靠、快速且价格合理的服务，这与消费端优化的单位经济模型高度匹配。
- 通过优化面向小微企业的产品，未来可向中端市场迁移；长期 TAM 为 220 亿美元（是消费端的 10 倍）。
Mgmt stance: 看好（强调“才刚开始”，产品已优化，有信心持续扩展）

Q7 — Gustavo Andre Gala

Topic: 下半年营销支出与指引上调的驱动力
Key points:
- 指引上调主要来自核心业务，新举措（如 Remitly One 9 月上线）尚处于早期，贡献有限。
- 营销效率持续强劲：CAC 与 LTV 比大于 6 倍，回收期低于 12 个月。
- 下半年营销支出（每季度活跃用户获客成本）将因去年同期高基数效应及对新产品的定向支持而上升。
Mgmt stance: 中性偏积极（营销仍是重要杠杆，效率保持高位，支出增加源于策略性投入）

Q8 — Zachary G. Gunn

Topic: 稳定币交易的相对经济性及潜在上行
Key points:
- 当前交易费用中，支付端与收款端各占整体交易量的约 30 个基点。
- 将稳定币作为收款选项时，成本与现有方式相当。
- 若通过 Remitly Wallet 存储稳定币，可赚取净利息收入或其他收益，存在额外上行空间。
Mgmt stance: 看好（认为随着稳定币采用，经济模型可以运作得非常良好）