Remitly Global (NASDAQ:RELY) Releases Quarterly Earnings Results

Remitly Global (NASDAQ:RELY) announced its earnings results on Wednesday. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81, FiscalAI reports. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year.

Here are the key takeaways from Remitly Global’s conference call:

• Record Q2 results exceeded guidance: Revenue rose 20% year over year to $495 million, adjusted EBITDA reached a record $115 million with a 23% margin, and quarterly active users surpassed 10 million.
• Core momentum remained strong, with send volume up 27% to $23.5 billion, U.S. revenue up 24%, and transaction margin improving 235 basis points to 67%. Management raised its full-year revenue outlook to $1.978-$1.988 billion and expects more than 20% growth in the second half.
• Growth accelerators are gaining traction, including High-Value Senders, Remitly Business, receivers, and the newly launched Remitly Global Card. These initiatives are expected to contribute about 5% of 2026 revenue and exceed 10% by 2028, although management emphasized that the longer-term opportunity could be substantially larger.
• AI-driven productivity and operating discipline supported substantial leverage across technology, customer support, fraud prevention, and G&A. Free cash flow nearly tripled year over year to more than $130 million, while the company repurchased $21 million of stock in Q2 and expects full-year adjusted EBITDA of $410-$415 million.
• Management expects transaction-loss rates to normalize in the second half after better-than-expected Q2 performance, contributing to a sequential decline in Q3 adjusted EBITDA margin to approximately 18%-19%. High-Value Sender growth also softened in June because of foreign-exchange volatility and temporary measures affecting Indian corridors.

Remitly Global Stock Performance

NASDAQ RELY traded down $0.56 on Wednesday, reaching $24.07. 2,786,951 shares of the stock traded hands, compared to its average volume of 2,618,342. Remitly Global has a 12 month low of $12.08 and a 12 month high of $25.75. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 49.12 and a beta of 0.34. The company has a fifty day moving average price of $22.03 and a 200-day moving average price of $18.96.

Insider Buying and Selling at Remitly Global

In related news, Director Joshua Hug sold 34,383 shares of Remitly Global stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the sale, the director directly owned 3,482,320 shares in the company, valued at $86,674,944.80. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ankur Sinha sold 7,596 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $160,047.72. Following the completion of the sale, the insider directly owned 1,222,718 shares of the company’s stock, valued at approximately $25,762,668.26. This trade represents a 0.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 170,388 shares of company stock worth $3,725,510. Insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC increased its holdings in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after buying an additional 124,798 shares during the period. Caxton Associates LLP purchased a new position in Remitly Global during the first quarter valued at approximately $218,000. Focus Partners Wealth purchased a new position in Remitly Global during the first quarter valued at approximately $1,458,000. Finally, Cetera Investment Advisers raised its stake in Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after buying an additional 1,286 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on RELY. Citizens Jmp upped their price objective on Remitly Global from $26.00 to $30.00 and gave the company a “market outperform” rating in a research report on Thursday, July 16th. Monness Crespi & Hardt upped their price target on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. KeyCorp raised their price target on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Finally, Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $25.50.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.