rely-20260630

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, 2026

☐ 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 3, 2026, the registrant had 211,684,054 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, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025	2
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025	3
	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025	4
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosure s About Market Risk	33
Item 4.	Controls and Procedures	34

Part II	Other Information	35
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibit s	36

Signatures		37

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 continue to develop new products and services in a timely manner;

•our ability to 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 effectively integrate and leverage artificial intelligence (“AI”) and machine learning technologies;

•our ability to attract, integrate, and retain qualified employees, including key members of our management team;

•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;

•our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions; and

•our stock repurchase program, the timing and number of shares of our common stock to be repurchased, and the potential benefits thereof.

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 per share data)

(unaudited)


	June 30,		December 31,
	2026		2025
Assets
Current assets
Cash and cash equivalents	$	676,394	$	542,426
Disbursement prefunding	234,640		441,335
Customer funds receivable, net	322,019		286,455

Prepaid expenses and other current assets	52,894		45,735
Total current assets	1,285,947		1,315,951

Property and equipment, net	60,097		61,521
Operating lease right-of-use assets	9,898		12,452
Goodwill	54,940		54,940
Intangible assets, net	1,063		2,125
Other noncurrent assets, net	155,510		11,724
Total assets	$	1,567,455	$	1,458,713
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	39,893	$	28,450

Customer liabilities	195,521		219,667
Short-term debt	3,022		2,821
Accrued expenses and other current liabilities	158,072		141,948
Operating lease liabilities	7,806		6,166
Total current liabilities	404,314		399,052
Operating lease liabilities, noncurrent	27,436		28,135

Long-term debt	—		155,000
Other noncurrent liabilities	8,857		7,737
Total liabilities	440,607		589,924
Commitments and contingencies (Note 15)

Stockholders’ equity
Common stock, $0.0001 par value; 725,000 shares authorized as of both June 30, 2026 and December 31, 2025; 211,671 and 210,626 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	21		21
Additional paid-in capital	1,329,975		1,325,520
Accumulated other comprehensive income	2,239		3,596
Accumulated deficit	(205,387)		(460,348)
Total stockholders’ equity	1,126,848		868,789
Total liabilities and stockholders’ equity	$	1,567,455	$	1,458,713

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 per share data)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	495,156	$	411,852	$	947,958	$	773,476
Costs and expenses
Transaction expenses(1)	161,174		143,756		306,114		265,149
Customer support and operations(1)	26,639		25,074		53,450		47,647
Marketing(1)	104,388		84,976		190,750		158,325
Technology and development(1)	74,049		77,496		153,652		151,347
General and administrative(1)	55,918		59,581		111,065		112,410
Depreciation and amortization	6,307		6,326		12,506		11,722
Total costs and expenses	428,475		397,209		827,537		746,600
Income from operations	66,681		14,643		120,421		26,876
Interest income	1,485		2,061		3,138		3,848
Interest expense	(3,152)		(1,650)		(5,589)		(2,949)
Other expense, net	(370)		(6,940)		(1,251)		(4,719)
Income before (benefit from) provision for income taxes	64,644		8,114		116,719		23,056
(Benefit from) provision for income taxes	(141,264)		1,578		(138,242)		5,168


Net income	$	205,908	$	6,536	$	254,961	$	17,888
Net income per share attributable to common stockholders:
Basic	$	0.98	$	0.03	$	1.21	$	0.09
Diluted	$	0.93	$	0.03	$	1.16	$	0.08
Weighted-average shares used in computing net income per share attributable to common stockholders:
Basic	210,839		204,693		210,936		203,227
Diluted	221,049		218,97