Business
Marqeta First Quarter Net Revenue Jumps 54 Percent Year Over Year, Highlighting Strong, Continued Growth
The global modern card issuing platform generated net revenue of $166 million in the first quarter of 2022, up 54 percent year-over-year, with a 53 percent
About this update from Marqeta, Inc.
[{"type":"text","content":"\nThe global modern card issuing platform generated net revenue of $166 million in the first quarter of 2022, up 54 percent year-over-year, with a 53 percent growth in first quarter total processing volume and a 50 percent increase in gross profit\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the first quarter ended March 31, 2022.\n\nTotal processing volume (TPV) was $37 billion for the quarter, with net revenue of $166 million. This represented an increase of 53% and 54%, respectively, from the same quarter of 2021. Gross profit of $75 million during the quarter grew 50% year over year, resulting in a margin of 45%. GAAP net loss was $61 million and Adjusted EBITDA loss was $10 million for the quarter ended March 31, 2022.\n\n“Our results for the first quarter of 2022 put the fundamentals of Marqeta’s modern card issuing platform on strong display, as we powered our customers to new milestones of scale and enabled their global expansion, while launching new products and partners that further enrich the value we provide them,” said Jason Gardner, Founder and CEO of Marqeta.\n\nOperating Highlights\n\n\n\nIn thousands, except percentages and per share data. % change is\n\n\ncalculated over the comparable prior-year period (unaudited)\n\n\n\nThree Months Ended\nMarch 31, 2022\n\n\n\n\n\n \n\n\n\nUSD\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nFinancial metrics:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet revenue\n\n\n\n$\n\n\n\n166,102\n\n\n\n \n\n\n\n \n\n\n\n54\n\n\n\n%\n\n\n\n\n\nGross profit\n\n\n\n$\n\n\n\n74,726\n\n\n\n \n\n\n\n \n\n\n\n50\n\n\n\n%\n\n\n\n\n\nGross margin\n\n\n\n \n\n\n\n45\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet loss\n\n\n\n$\n\n\n\n(60,598\n\n\n\n)\n\n\n\n \n\n\n\n372\n\n\n\n%\n\n\n\n\n\nNet loss margin\n\n\n\n \n\n\n\n(36\n\n\n\n) %\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet loss per share - basic and diluted\n\n\n\n$\n\n\n\n(0.11\n\n\n\n)\n\n\n\n \n\n\n\n10\n\n\n\n%\n\n\n\n\n\nKey operating metric and Non-GAAP financial measures:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nTotal Processing Volume (TPV) (in millions) 1\n\n\n\n$\n\n\n\n36,626\n\n\n\n \n\n\n\n \n\n\n\n53\n\n\n\n%\n\n\n\n\n\nAdjusted EBITDA 2\n\n\n\n$\n\n\n\n(10,453\n\n\n\n)\n\n\n\n \n\n\n\n(735\n\n\n\n)%\n\n\n\n\n\nAdjusted EBITDA margin 2\n\n\n\n \n\n\n\n(6\n\n\n\...