rely-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-40822

Remitly Global, Inc.

(Exact name of registrant as specified in its charter)

Delaware

7372

83-2301143

(State or other jurisdiction of

incorporation or organization)

(Primary Standard Industrial

Classification Code Number)

(I.R.S. Employer

Identification Number)

401 Union Street,

Suite 1000

Seattle,

98101

(Address of Principal Executive Offices)

(Zip Code)

(888) 736-4859

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value

RELY

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 4, 2025, the registrant had 206,193,217 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents


TABLE OF CONTENTS		Page(s)
Special Note Regarding Forward-Looking Statements		ii

Part I	Financial Information
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets as o f June 30, 2025 and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024	2
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024	3
	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosure s About Market Risk	30
Item 4.	Controls and Procedures	31

Part II	Other Information	32
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibit s	33

Signatures		34

Table of Con t ents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding future events or our future results of operations, financial condition, business, strategies, financial needs, and the plans and objectives of management, are forward-looking statements. In some cases you can identify forward-looking statements because they contain 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. These forward-looking statements include, but are not limited to, statements concerning the following:

• 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 and tax policy, foreign trade, or foreign investment), regional and global conflicts or related government sanctions, or legislative or regulatory developments;

• our ability to maintain the security and availability of our solutions;

• our ability to maintain our money transmission licenses and other regulatory clearances or obtain new licenses and 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.

You should not place undue reliance on our forward-looking statements and you should not rely on forward-looking statements as predictions of future events. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date of this report. We undertake no obligation to update any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in “Risk Factors” in this Quarterly Report on Form 10-Q. New risks emerge from time to time. It is not possible for us 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.

Unless the context otherwise requires, the terms “Remitly Global,” “Remitly,” “the Company,” “we,” “us,” and “our” in this Quarterly Report on Form 10-Q refer to Remitly Global, Inc. and our consolidated subsidiaries, taken as a whole.

Table of Contents

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

REMITLY GLOBAL, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(unaudited)


	June 30,		December 31,
	2025		2024
Assets
Current assets
Cash and cash equivalents	$	515,896	$	368,097
Disbursement prefunding	196,291		288,934
Customer funds receivable, net	257,394		193,965

Prepaid expenses and other current assets	67,450		46,518
Total current assets	1,037,031		897,514

Property and equipment, net	47,263		31,566
Operating lease right-of-use assets	12,865		13,002
Goodwill	54,940		54,940
Intangible assets, net	6,294		10,463
Other noncurrent assets, net	7,778		5,386
Total assets	$	1,166,171	$	1,012,871
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	18,860	$	16,159

Customer liabilities	187,398		188,984
Short-term debt	2,669		2,468
Accrued expenses and other current liabilities	150,986		116,652
Operating lease liabilities	3,836		4,745
Total current liabilities	363,749		329,008
Operating lease liabilities, noncurrent	25,860		9,073


Other noncurrent liabilities	11,640		9,319
Total liabilities	401,249		347,400
Commitments and contingencies (Note 14)

Stockholders’ equity
Common stock, $0.0001 par value; 725,000,000 shares authorized as of both June 30, 2025 and December 31, 2024; 206,091,275 and 200,534,626 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	21		20
Additional paid-in capital	1,271,110		1,195,390
Accumulated other comprehensive income (loss)	4,184		(1,658)
Accumulated deficit	(510,393)		(528,281)
Total stockholders’ equity	764,922		665,471
Total liabilities and stockholders’ equity	$	1,166,171	$	1,012,871

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

REMITLY GLOBAL, INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue	$	411,852	$	306,423	$	773,476	$	575,541
Costs and expenses
Transaction expenses(1)	143,756		107,780		265,149		197,661
Customer support and operations(1)	25,074		19,999		47,647		40,118
Marketing(1)	84,976		77,056		158,325		145,070
Technology and development(1)	77,496		67,554		151,347		130,760
General and administrative(1)	59,581		45,889		112,410		90,062
Depreciation and amortization	6,326		3,907		11,722		7,585
Total costs and expenses	397,209		322,185		746,600		611,256
Income (loss) from operations	14,643		(15,762)		26,876		(35,715)
Interest income	2,061		1,942		3,848		4,168
Interest expense	(1,650)		(745)		(2,949)		(1,514)
Other (expense) income, net	(6,940)		5,764		(4,719)		4,178
Income (loss) before provision for income taxes	8,114		(8,801)		23,056		(28,883)
Provision for income taxes	1,578		3,290		5,168		4,288


Net income (loss)	$	6,536	$	(12,091)	$	17,888	$	(33,171)
Net income (loss) per share attributable to common stockholders:
Basic	$	0.03	$	(0.06)	$	0.09	$	(0.17)
Diluted	$	0.03	$	(0.06)	$	0.08	$	(0.17)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic	204,693,035		193,452,628		203,226,963		191,650,713
Diluted	218,977,561		193,452,628		218,704,338		191,650,713

__________________

(1) Exclusive of depreciation and amortization, shown separately.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

REMITLY GLOBAL, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income (loss)	$	6,536	$	(12,091)	$	17,888	$	(33,171)
Other comprehensive income (loss):
Foreign currency translation adjustments	4,109		(97)		5,842		(739)
Comprehensive income (loss)	$	10,645	$	(12,188)	$	23,730	$	(33,910)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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REMITLY GLOBAL, INC.

Condensed Consolidated Statements of Stockholders’ Equity

For the Three and Six Months Ended June 30, 2025

(In thousands, except share data)

(unaudited)



	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance as of January 1, 2025	200,534,626	$	20	$	1,195,390	$	(1,658)	$	(528,281)	$	665,471


Issuance of common stock in connection with ESPP	497,130