rely-20260331

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 March 31, 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 May 4, 2026, the registrant had 210,561,079 shares of common stock, $0.0001 par value per share, outstanding.

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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 March 31, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025	2
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025	3
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025	4
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	5
	Notes to Condensed Consolidated Financial Statements	6
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 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.

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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)


	March 31,		December 31,
	2026		2025
Assets
Current assets
Cash and cash equivalents	$	649,062	$	542,426
Disbursement prefunding	244,506		441,335
Customer funds receivable, net	295,792		286,455

Prepaid expenses and other current assets	58,325		45,735
Total current assets	1,247,685		1,315,951

Property and equipment, net	60,162		61,521
Operating lease right-of-use assets	9,954		12,452
Goodwill	54,940		54,940
Intangible assets, net	1,594		2,125
Other noncurrent assets, net	11,448		11,724
Total assets	$	1,385,783	$	1,458,713
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	28,784	$	28,450

Customer liabilities	264,768		219,667
Short-term debt	2,844		2,821
Accrued expenses and other current liabilities	136,285		141,948
Operating lease liabilities	6,686		6,166
Total current liabilities	439,367		399,052
Operating lease liabilities, noncurrent	29,769		28,135

Long-term debt	—		155,000
Other noncurrent liabilities	9,207		7,737
Total liabilities	478,343		589,924
Commitments and contingencies (Note 15)

Stockholders’ equity
Common stock, $0.0001 par value; 725,000,000 shares authorized as of both March 31, 2026 and December 31, 2025; 210,332,998 and 210,625,519 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	21		21
Additional paid-in capital	1,316,280		1,325,520
Accumulated other comprehensive income	2,434		3,596
Accumulated deficit	(411,295)		(460,348)
Total stockholders’ equity	907,440		868,789
Total liabilities and stockholders’ equity	$	1,385,783	$	1,458,713

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

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REMITLY GLOBAL, INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Revenue	$	452,802	$	361,624
Costs and expenses
Transaction expenses(1)	144,940		121,393
Customer support and operations(1)	26,811		22,573
Marketing(1)	86,362		73,349
Technology and development(1)	79,603		73,851
General and administrative(1)	55,147		52,829
Depreciation and amortization	6,199		5,396
Total costs and expenses	399,062		349,391
Income from operations	53,740		12,233
Interest income	1,653		1,787
Interest expense	(2,437)		(1,299)
Other (expense) income, net	(881)		2,221
Income before provision for income taxes	52,075		14,942
Provision for income taxes	3,022		3,590


Net income	$	49,053	$	11,352
Net income per share attributable to common stockholders:
Basic	$	0.23	$	0.06
Diluted	$	0.23	$	0.05
Weighted-average shares used in computing net income per share attributable to common stockholders:
Basic	211,032,788		201,744,601
Diluted	217,047,399		218,414,823

__________________

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

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

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REMITLY GLOBAL, INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	49,053	$	11,352
Other comprehensive (loss) income:
Foreign currency translation adjustments	(1,162)		1,733
Comprehensive income	$	47,891	$	13,085

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

(In thousands, except share data)

(unaudited)


	Three Months Ended March 31, 2026
		Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ Equity
		Shares	Amount
Balance as of January 1, 2026		210,625,519	$	21	$	1,325,520	$	3,596	$	(460,348)	$	868,789


Issuance of common stock in connection with ESPP		513,444	—		6,340		—		—		6,340
Issuance of common stock upon exercise of stock options and vesting of restricted stock units		1,977,796	—		417		—		—		417
Donation of common stock		45,490	—		765		—		—		765
Taxes paid related to net shares settlement of equity awards		(58,823)	—		(952)		—		—		(952)
Common stock repurchased		(2,770,428)	—		(44,249)		—		—		(44,249)
Stock-based compensation expense		—	—		28,439		—		—		28,439
Other comprehensive loss		—	—		—		(1,162)		—		(1,162)
Net income		—	—		—		—		49,053		49,053
Balance as of March 31, 2026		210,332,998	$	21	$	1,316,280	$	2,434	$	(411,295)	$	907,440


	Three Months Ended March 31, 2025
		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	—		5,768		—		—		5,768
Issuance of common stock upon exercise of stock options and vesting of restricted stock units		2,792,726	—		2,392		—		—		2,392
Donation of common stock		45,490	—		959		—		—		959
Taxes paid related to net shares settlement of equity awards		(44,052)	—		(1,089)		—		—		(1,089)
Stock-based compensation expense		—	—		36,890		—		—		36,890
Other comprehensive income		—	—		—		1,733		—		1,733
Net income		—	—		—		—		11,352		11,352
Balance as of March 31, 2025		203,825,920	$	20	$	1,240,310	$	75	$	(516,929)	$	723,476

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

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REMITLY GLOBAL, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income	$	49,053	$	11,352
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other	14,123		7,863
Stock-based compensation expense, net	27,536		35,792
Donation of common stock	765		959
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(12,723)		(6,272)
Operating lease right-of-use assets	1,134		2,041
Accounts payable	4,772		22,182
Accrued expenses and other liabilities	(4,896)		2,800
Operating lease liabilities	2,128		4,066
Net cash provided by operating activities	81,892		80,783
Cash flows from investing activities
Purchases of property and equipment	(5,987)		(10,615)
Capitalized internal-use software costs	(3,199)		(2,949)
Net collections (originations) from consumer receivables	(4,559)		(3,348)
Net cash used in investing activities	(13,745)		(16,912)
Cash flows from financing activities
Proceeds from exercise of stock options	417		2,392
Proceeds from issuance of common stock in connection with ESPP	6,340		5,768
Cash paid for repurchase of common stock	(42,499)		—
Proceeds from revolving credit facility borrowings	2,363,000		1,059,000
Repayments of revolving credit facility borrowings	(2,518,000)		(1,059,000)
Net change in customer funds assets and liabilities	230,803		52,120
Taxes paid related to net share settlement of equity awards	(952)		(1,089)

Net cash provided by financing activities	39,109		59,191
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(809)		2,728
Net increase in cash, cash equivalents, and restricted cash	106,447		125,790
Cash, cash equivalents, and restricted cash at beginning of period	544,299		369,817
Cash, cash equivalents, and restricted cash at end of period	$	650,746	$	495,607















Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	649,062	$	493,905
Restricted cash included in prepaid expenses and other current assets	694		632
Restricted cash included in other noncurrent assets, net	990		1,070
Total cash, cash equivalents, and restricted cash	$	650,746	$	495,607

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

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REMITLY GLOBAL, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Organization and Description of Business

Description of Business

Remitly Global, Inc. (the “Company” or “Remitly”) was incorporated in the State of Delaware in October 2018 and is headquartered in Seattle, Washington, with various other global office locations. Remitly was founded and incorporated in the State of Delaware in 2011 under the name of Remitly, Inc., which is now a wholly-owned subsidiary of Remitly Global, Inc.

Remitly is a trusted provider of financial services that transcend borders. With a footprint spanning more than 175 countries, Remitly has built one of the world’s leading global money movement platforms, trusted by millions of customers. Remitly continues to evolve beyond a remittance company into a diversified, cross-border financial services provider, serving both consumers and businesses across a growing set of use cases.

Unless otherwise expressly stated or the context otherwise requires, the terms “Remitly” and the “Company” within these notes to the condensed consolidated financial statements refer to Remitly Global, Inc. and its wholly-owned subsidiaries.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The year-end data within the Condensed Consolidated Balance Sheets was derived from audited financial statements, but does not include all disclosures required by GAAP and therefore the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the historical audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s consolidated financial position, results of operations, comprehensive income, and cash flows for the interim periods. The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or for any other future annual or interim period.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Remitly Global, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Reclassification

The condensed consolidated financial statements and notes have been prepared consistently, with the exception of the reclassification of certain prior year amounts within the Company’s Condensed Consolidated Statements of Cash Flows. Reclassifications include a change in presentation of certain cash activity related to customer funds assets and liabilities, which is comprised of disbursement prefunding, customer funds receivable, customer liabilities, and trade settlement liability included within the line item ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. Certain components of this activity were reclassified from cash flows from operating activities to cash flows from financing activities, reflected within the line item ‘Net change in customer funds assets and liabilities’ on the Condensed Consolidated Statements of Cash Flows. This change resulted in a decrease in cash flows from operating activities of $52.1 million for the three months ended March 31, 2025, offset by a corresponding change in cash flows from financing activities. In addition, certain other immaterial amounts in the prior period Condensed Consolidated Statements of Cash Flows were reclassified. The Company has conformed the prior period Condensed Consolidated Statements of Cash Flows to the current period presentation to enhance transparency and provide comparability. These reclassifications did not affect the Company’s Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets, or Condensed Consolidated Statements of Stockholders’ Equity.

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Use of Estimates

The preparation of the accompanying condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported and disclosed within the condensed consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to, revenue recognition including the treatment of sales incentive programs, reserves for transaction losses, allowance for credit losses, stock-based compensation expense, the carrying value of operating lease right-of-use assets and operating lease liabilities, the recoverability of deferred tax assets, capitalization of software development costs, goodwill, and intangible assets. The key assumptions applied for the value of the intangible assets include revenue growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ from these estimates and assumptions, and these differences could be material to the condensed consolidated financial statements.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Mexico, and the Philippines. The Company has not experienced any significant losses on its deposits of cash and cash equivalents, disbursement prefunding, restricted cash, or customer funds receivable in the three months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026 and 2025, no individual customer represented 10% or more of total revenues or customer funds receivable.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to these policies during the three months ended March 31, 2026.

Advertising

Advertising expenses are charged to operations as incurred and are included as a component of ‘Marketing expenses’ within the Condensed Consolidated Statements of Operations. Advertising expenses are used primarily to attract new customers. Advertising expenses totaled $69.2 million and $53.5 million during the three months ended March 31, 2026 and 2025, respectively.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

None.

Accounting Pronouncements Not Yet Adopted

There have been no changes to the Company’s new accounting pronouncements not yet adopted as discussed in Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

There are other new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) that the Company has adopted or will adopt, as applicable. The Company does not believe any of these accounting pronouncements have had, or will have, a material impact on the condensed consolidated financial statements or disclosures.

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3. Revenue

The Company’s primary source of revenue is generated from its global money movement product. Revenue is earned from transaction fees charged to customers and the foreign exchange spreads earned between the foreign exchange rate offered to customers and the foreign exchange rate on the Company’s currency purchases. Revenue is recognized, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services provided, when control of these services is transferred to the Company’s customers, which is the time the funds have been delivered to the intended recipient. The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which includes the following steps:

(1)identification of the contract with a customer;

(2)identification of the performance obligations in the contract;

(3)determination of the transaction price;

(4)allocation of the transaction price to the performance obligations in the contract; and

(5)recognition of revenue when, or as, the Company satisfies a performance obligation.

For the Company’s global money movement product, customers engage the Company to perform one integrated service—collect the customer’s money and deliver funds to the intended recipient in the currency requested. Payment is generally due from the customer upfront upon initiation of a transaction, when the customer simultaneously agrees to the Company’s terms and conditions.

Revenue is derived from each transaction and varies based on the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was purchased, the disbursement method chosen by the customer, and the country to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided.

The Company’s global money movement product comprises of a single performance obligation to complete transactions for the Company’s customers. Using compliance and risk assessment tools, the Company performs a transaction risk assessment on individual transactions to determine whether a transaction should be accepted. When the Company accepts a transaction and processes the designated payment method of the customer, the Company becomes obligated to its customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of the Company’s contracts contain a significant financing component.

The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments for its customers. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as ‘Transaction expenses’ within the Condensed Consolidated Statements of Operations. The Company does not have any capitalized contract acquisition costs.

Sales Incentives

The Company provides sales incentives to customers in a variety of forms, including promotions, discounts, and other sales incentives. Evaluating whether a sales incentive is a payment to a customer requires judgment. Sales incentives determined to be consideration payable to a customer or paid on behalf of a customer are accounted for as reductions to revenue, up to the point where net historical cumulative revenue, at the customer level, is reduced to zero. Those additional incentive costs that would have caused the customer level revenue to be negative are classified as advertising expenses and are included as a component of ‘Marketing expenses’ within the Condensed Consolidated Statements of Operations. In addition, referral credits given to a referrer are classified as ‘Marketing expenses,’ as these incentives are paid in exchange for a distinct service.

The following table presents the Company’s sales incentives for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Reduction to revenue	$	13,203	$	9,763
Marketing expenses(1)	7,885		4,452
Total sales incentives	$	21,088	$	14,215

__________________

(1) Sales incentives that are charged to marketing expenses are included in Advertising expenses as disclosed in Note 2. Basis of Presentation and Summary of Significant Accounting Policies.

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Revenue by Geography

The following table presents the Company’s revenue disaggregated by primary geographical location for the three months ended March 31, 2026 and 2025, attributed to the country in which the sending customer is located:


	Three Months Ended March 31,
(in thousands)	2026		2025
United States	$	297,785	$	237,300
Canada	42,914		38,646
Rest of world	112,103		85,678
Total revenue	$	452,802	$	361,624

4. Consumer Receivables

Consumer receivables represent outstanding amounts advanced to customers for cross-border payments processed through Remitly Flex. These receivables are interest free and are generally due in full within 30 days of the transaction in order to retain eligibility for future advances, or up to 90 days if customers enroll in a monthly subscription fee program.

The following table presents an aging analysis of the amortized cost of consumer receivables by delinquency status as of March 31, 2026 and December 31, 2025:


	March 31,		December 31,
(in thousands)	2026		2025
Current	$	24,041	$	25,288
1 - 30 days past due	1,666		1,932
31 - 60 days past due	1,022		1,111
61 - 90 days past due	831		723
91+ days past due	1,037		552

Total amortized cost	$	28,597	$	29,606

Consumer receivables are charged off when they are over 120 days past due and the Company has no reasonable expectation of recovery. When consumer receivables are charged off, the Company reduces the related allowance for credit losses. While the Company expects collections at that point to be unlikely, the Company may recover amounts from the respective consumers. Any subsequent recoveries following charge-off are credited to ‘General and administrative expenses’ on the Condensed Consolidated Statements of Operations in the period they were recovered.

The allowance for credit losses, charge-offs, and recoveries related to consumer receivables, as well as for other components of customer funds assets, were each not material for the three months ended March 31, 2026 and 2025.

5. Prepaid Expenses & Other Current Assets

Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025:


	March 31,		December 31,
(in thousands)	2026		2025
Prepaid expenses	$	23,511	$	17,229
Payment card receivable	15,842		14,755
Tax receivable	4,219		5,202
Other	14,753		8,549
Prepaid expenses and other current assets	$	58,325	$	45,735

Table of Contents

6. Property and Equipment

Property and equipment, net consisted of the following as of March 31, 2026 and December 31, 2025:


	March 31,		December 31,
(in thousands)	2026		2025
Capitalized internal-use software	$	60,792	$	56,690
Computer and office equipment	11,433		11,929
Furniture and fixtures	8,036		7,510
Leasehold improvements	30,053		29,597
Projects in process	339		731
Total gross property and equipment	110,653		106,457
Less: Accumulated depreciation and amortization	(50,491)		(44,936)
Property and equipment, net	$	60,162	$	61,521

Depreciation and amortization expense related to property and equipment was $5.7 million and $3.3 million for the three months ended March 31, 2026 and 2025, respectively.

Capitalized Internal-Use Software Costs

The following table presents the Company’s capitalized internal-use software, including amortization expense recognized, for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Total capitalized internal-use software costs(1)	$	4,102	$	4,047
Stock-based compensation costs capitalized to internal-use software	903		1,098
Amortization expense(2)	3,448		2,406

__________

(1) Amounts are inclusive of stock-based compensation costs capitalized to internal-use software as denoted within the table.

(2) Amounts are included within ‘Depreciation and amortization’ on the Condensed Consolidated Statements of Operations.

Geographical Information

The following table presents the Company’s long-lived assets based on geography, which consist of property and equipment, net and operating lease right-of-use assets as of March 31, 2026 and December 31, 2025:


	March 31,		December 31,
(in thousands)	2026		2025
United States	$	53,412	$	53,816
Poland	6,302		6,793
Rest of world	10,402		13,364
Total long-lived assets	$	70,116	$	73,973

7. Intangible Assets

The components of identifiable intangible assets as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026						December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Estimated Remaining Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Estimated Remaining Useful Life (in years)
Trade name	$	1,000	$	(1,000)	$	—	0.0	$	1,000	$	(1,000)	$	—	0.0
Customer relationships	8,500		(6,906)		1,594		0.8	8,500		(6,375)		2,125		1.0
Developed technology	12,000		(12,000)		—		0.0	12,000		(

SEC Form 10-Q filed by Remitly Global Inc.