Remitly Q1 revenue rises, beats estimates

Remitly Global

06/05/2026 21:39

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

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)