Overview

• Cross-border payments firm's Q1 revenue rose 25%, beating analyst expectations

• Q1 adjusted EBITDA increased 74% and beat analyst expectations

• Company cited growth in active customers and AI-driven efficiencies for strong results

Outlook

• Remitly expects 2026 revenue between $1.960 bln and $1.975 bln, up 20-21% yr over yr

• Company sees 2026 Adjusted EBITDA between $370 mln and $385 mln

• Remitly forecasts Q2 2026 revenue between $483 mln and $485 mln, up 17-18% yr over yr

Result Drivers

• ACTIVE CUSTOMER GROWTH - Co said accelerated growth in quarterly active users supported revenue and send volume increases

• KEY CORRIDOR PERFORMANCE - Outperformance across key corridors contributed to strong business momentum, per CEO Sebastian Gunningham

• COST MANAGEMENT & AI EFFICIENCIES - Disciplined cost management, scale benefits, and AI-driven efficiencies delivered strong operating leverage, per management

Company press release: ID:nGNX4PSnPr

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$452.80 mln	$438.04 mln (10 Analysts)
Q1 Net Income		$49.05 mln
Q1 Adjusted EBITDA	Beat	$101.60 mln	$83.49 mln (10 Analysts)
Q1 Operating Income		$53.74 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the business support services peer group is "buy"

• Wall Street's median 12-month price target for Remitly Global Inc is $23.00, about 3.1% below its May 5 closing price of $23.74

• The stock recently traded at 40 times the next 12-month earnings vs. a P/E of 27 three months ago

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