Remitly Global (RELY) FY2024 results: revenue $1.3 billion, up 33.9% on the year

Remitly Global, Inc. (RELY) reported revenue of $1.3 billion for fiscal 2024, the year ended 31 December 2024, up 33.9% on the year before. Net income was -$37 million, and diluted earnings per share $-0.19. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$1.3 billion

+33.9% on the year

FY2019FY2024

Operating margin

-3.1%

-12.1% a year earlier

FY2019FY2024

Net income

-$37 million

FY2019FY2024

Diluted EPS

-$0.19

FY2019FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,264	944	654	+33.9%
Research and development	270	220	139	+22.7%
Operating income	-39.1	-114	-121
Operating margin	-3.1%	-12.1%	-18.5%
Interest expense	3.2	2.4	1.3	+37.8%
Pre-tax income	-30.3	-112	-113
Income tax	6.7	5.9	1.0	+14.0%
Net income	-37.0	-118	-114
Net margin	-2.9%	-12.5%	-17.4%
Diluted EPS	-$0.19	-$0.65	-$0.68

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	112	66.8	-109	+67.0%
Capital expenditure	6.0	2.9	3.7	+109.9%
Free cash flow	106	63.9	-112	+65.1%
Free cash flow margin	8.4%	6.8%	-17.2%
Cash from investing	-19.9	-50.0	-7.3
Cash from financing	-42.4	6.3	14.6
Depreciation and amortisation	18.1	13.1	6.7	+37.6%
Share-based compensation	152	137	95.3	+11.1%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	195m	181m	168m	+7.6%
Shares outstanding at period end	201m	188m	173m	+6.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	665	529	480	+25.7%
Redeemable equity	n/a	0.0	0.0
Short-term borrowings	n/a	n/a	0.0
Debt	2.5	132	0.0	-98.1%
Operating lease liabilities	9.1	4.5	5.7	+102.7%
Other liabilities	336	370	210	-9.2%
Total liabilities and equity	1,013	1,036	696	-2.3%
Fixed assets	31.6	16.0	11.5	+97.2%
Goodwill	54.9	54.9	0.0	0.0%
Intangible assets	10.5	16.6	0.0	-37.1%
Cash and equivalents	368	324	301	+13.7%
Other assets	548	625	384	-12.4%
Total assets	1,013	1,036	696	-2.3%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.