Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B+ | B |
| Q2'25 → | B+ | B |
| Q3'25 → | B | B+ |
| Q4'25 → | B- | B |
| Q1'26 → | A- | B+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ✅ | Increased quarterly pacing of share buybacks Nearly 4x increase to $44M in Q1 vs $23.9M for all of 2025 | exceeded |
| Q1'26 | ✅ | Positive GAAP net income each quarter in 2026 $49M net income in Q1, massive improvement from $11M in Q1 2025 | delivered |
| Q1'26 | ✅ | AI to drive operational efficiencies and cost savings 250+ headcount reductions while revenue accelerated, fraud losses managed well | exceeded |
| Q1'26 | ✅ | Continued marketing efficiencies in 2026 Marketing as % revenue improved 67 bps YoY in Q1 to 18.2% | delivered |
| Q1'26 | ✅ | Geographic expansion to UAE, Japan, Saudi Arabia, Brazil Japan launched Q1, UAE growing 150%+ YoY, Saudi/Brazil still subject to regulatory approval | delivered |
| Q1'26 | ⏳ | New products revenue to more than double in 2026 Reiterated from Q4 guidance, still on track with Q1 momentum | pending |
| Q4'25 | ⏳ | New product revenue to be meaningful contributor Still only 1%+ of revenue, doubling gets to ~2% | pending |
| Q4'25 | ✅ | Expanding margins while investing in growth 20% Q4 margin vs 15% Q3, but guides down to 18% for 2026 | exceeded |
| Q4'25 | ✅ | 2026 revenue growth in high-teens range Guided 19-20%, at high end of expectation | delivered |
| Q4'25 | ✅ | Business send volume momentum to continue Grew from 10K to 15K+ customers, but language softened | delivered |
| Q4'25 | ⏳ | Flex revenue nearly doubling sequentially continuing Stopped giving sequential growth rates entirely | pending |
| Q4'25 | ❌ | High amount sender volumes to show continued strong growth Decelerated from +40% to +14% YoY without explanation | missed |
| Q3'25 | ❌ | Rule of 50 performance continuation (Q2 implied) Q3 delivered Rule of 40 (25% revenue growth + 15% EBITDA margin = 40) | missed |
| Q3'25 | ✅ | Continue to invest in AI across organization (Q2 call) Highlighted AI investments from code writing to internal operations | delivered |
| Q3'25 | ⏳ | Positive GAAP net income for full year 2025 (Q2 call) Generated $8.8M GAAP net income in Q3, tracking toward full-year positive | pending |
| Q3'25 | ❌ | Marketing per QAU efficiencies to continue (Q2 call implied) Marketing spend per customer increased 3% YoY vs 11% decline in Q2 | missed |
| Q3'25 | ❌ | Expanding Remitly Business to U.K., Canada, Australia and EU (Q2 call) Only expanded to U.K. and Canada - quietly dropped Australia and EU references | missed |
| Q3'25 | ✅ | Stablecoin initiatives in beta with September launch (Q2 call) Launched stablecoin disbursements in Nigeria and Argentina via Bridge partnership | delivered |
| Q3'25 | ✅ | Remitly One will launch in September (Q2 call) Introduced at Reimagine event in September, though language suggests limited rollout vs full launch | delivered |
| Q2'25 | ✅ | Continue building Circle sandbox innovations Moved from sandbox to September stablecoin wallet launch | exceeded |
| Q2'25 | ✅ | Geographic expansion including Africa launches Launched Nigeria, Burkina Faso, Mali with Orange Money in Q2 | delivered |
| Q2'25 | ⏳ | Volume growth to outpace revenue growth for both Q3 and FY 2025 Consistent messaging about take rate pressure from mix shift | pending |
| Q2'25 | ⏳ | Marketing per QAU to be stable year-over-year in second half Reiterated this guidance-tough comps from 2024 efficiency gains | pending |
| Q2'25 | ✅ | Continue to deliver positive GAAP net income for full year Q2 GAAP income $6.5M, second consecutive positive quarter | delivered |
| Q2'25 | ⏳ | Expected to generate positive GAAP net income in Q3 2025 Made same commitment this quarter, now expected Q3-maintaining timeline | pending |
| Q1'25 | ⏳ | GAAP profitability starting Q3 2025 Maintained guidance despite Q1 GAAP profit - being conservative | pending |
| Q1'25 | ✅ | Send volume growth to outpace revenue growth 41% send volume growth vs 34% revenue growth in Q1 | delivered |
| Q1'25 | ✅ | Marketing per QAU to decline modestly YoY in Q2 Q1 showed 17% decline, guidance maintained for Q2 | delivered |
| Q1'25 | ✅ | Q1 revenue $345-348M Delivered $361.6M, beating by $15M+ above midpoint | exceeded |
| Q1'25 | ✅ | Q1 adjusted EBITDA $36-40M Delivered $58.4M, beating by $20M+ above midpoint | exceeded |
| Q1'25 | ✅ | Full-year revenue $1.565-1.58B (24-25% growth) Raised to $1.574-1.587B but only marginally despite strong Q1 beat | exceeded |
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