RELY

Remitly just crossed the durable-profitability threshold that bears spent years saying it couldn't. FY2025 delivered $1.64B revenue (+29.4%), the first meaningful GAAP net income at $67.9M (vs. -$37M prior year), operating income of $77.5M (+298%), and — most importantly — operating cash flow of $325M (+191%). The four-year revenue arc ($459M → $654M → $944M → $1.26B → $1.64B) is a textbook scale story, and the loss progression (-$38M → -$114M → -$118M → -$37M → +$68M) shows the marketing/R&D investments are finally being absorbed by gross profit. Management's disclosed KPIs corroborate the financials: active customers grew 19% YoY to 9.28M and send volume grew 37% to $74.9B, meaning revenue is growing slower than volume (take-rate compression is real and worth watching) but customer engagement is intensifying.

The balance sheet supports the call. $542M cash against just $158M total debt, $869M equity, and a 0.68x liabilities/equity ratio give the company room to keep investing without dilution stress (share count only +5% YoY despite continued SBC). $325M of operating cash against $29M capex means free cash flow of roughly $295M — on a $4.52B market cap that's a ~6.5% FCF yield, which makes the headline 69x P/E far less alarming. The accumulated deficit (-$460M) is shrinking, and a $24M buyback signals the board now views the equity as worth defending.