Flywire reported a loss per share of USD 0.05 for Q1 2024, compared to a loss per share of USD 0.03 recorded in Q1 2023, and overshooting analyst-estimated loss per share of USD 0.02 for Q1 2024. The company reported a 21% YoY increase in total revenue to USD 114.1 million for Q1 2024, from USD 94.4 million recorded in Q1 2023 and exceeding analyst-estimated revenue of USD 109.9 million for the quarter.

The growth in total revenue was supported by an increase in total payment volume by 23% YoY to USD 7.0 billion in Q1 2024, compared to USD 5.7 billion in Q1 2023. The company reported an adjusted EBITDA of USD 13.2 million for Q2 FY2024, compared to an adjusted EBITDA of USD 7.0 million recorded a year ago. Flywire reported that it had signed more than 200 new clients in Q1 2024, the highest it had signed within a quarter, and the company now services more than 4,000 clients globally. It also reported historically high signings within the travel vertical in a single quarter.

During the quarter, Flywire partnered with the State Bank of India to expand product reach in India by facilitating digital cross-border payments between Indian students paying international education fees in INR and foreign higher educational institutions. The company also formed a partnership with VTEX , a digital commerce platform, to offer an integrated digital payment experience to higher education institutions across Latin America.

Flywire expects to generate total revenue for Q2 FY2024 in the range of USD 99 million and USD 108 million (implying a YoY growth of 16.7%–27.3%) and revises down full-year FY2024 total revenue expectation to the range of USD 491 million to USD 519 million (implying a YoY growth of 21.8%–46.6%). The company expects to generate adjusted EBITDA for Q2 FY2024 in the range of USD 1 million to USD 4 million (compared to an adjusted EBITDA loss of USD 0.1 million) and for full-year FY2024 in the range of USD 64 million to USD 75 million (implying a YoY growth of 52.4%–78.6%).