Business
Marqeta Second Quarter Earnings Report Shows 76 Percent Jump in Net Revenue, Driven by Customer Growth
The global modern card issuing platform issued its first earnings report as a public company, showing net revenue of $122 million, up 76 percent
About this update from Marqeta, Inc.
[{"type":"text","content":"\nThe global modern card issuing platform issued its first earnings report as a public company, showing net revenue of $122 million, up 76 percent year-over-year, with 76 percent growth in total processing volume and a 70 percent increase in gross profit. \n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta, Inc. (NASDAQ: MQ), a leading modern card issuing platform, today reported financial results for the second quarter ended June 30, 2021.\n\nMarqeta reported net revenue was $122 million, with total processing volume (TPV) of $26.5 billion, both increases of 76% from the same quarter of 2020. The company saw gross profit of $47 million during the quarter, up 70% from the same quarter of 2020. Marqeta reported a GAAP net loss of $68.6 million and Adjusted EBITDA of $(10.6) million for the quarter ended June 30, 2021.\n\n“Our earnings demonstrate an enormous appetite for modern card issuing, demand across diverse industries and rapid growth with our customers,” said Jason Gardner, Founder and CEO of Marqeta.\n\nMarqeta’s second quarter earnings growth was underscored by several key business updates:\n\n\nMarqeta announced that it had been chosen by Google to power the launch of a digital card for Google Pay balance users.\n\n\nMarqeta continues to see strong growth from the Buy Now, Pay Later vertical, where it supports the majority of the leading innovators. During the quarter ended June 30, 2021, net revenue for this vertical increased 350% compared to the same quarter in 2020.\n\n\nIn July, Marqeta extended its agreement with Affirm, a Buy Now, Pay Later category leader, through January 2024, showing the long term commitment its customers are making to build and scale on its platform.\n\n\nMarqeta added two key leaders with deep experience to drive the next chapter of Marqeta’s growth: Darren Mowry, formerly leading AWS’s business in EMEA, joined as CRO, while Randy Kern, a technology leader with Salesforce, joined as CTO.\n\n\nFinancial and Operating Highlights\n\n\n\n(Dollars in thousands except per share amounts or as noted) (unaudited)\n\n\n\nThree Months Ended\nJune 30,\n\n\n\n \n\n\n\n%\n\n\nChange\n\n\n\n \n\n\n\nSix Months Ended\nJune 30,\n\n\n\n \n\n\n\n%\n\n\nChange\n\n\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n\n\nFinancial metrics:\n\n\n\n \n\n\n\n \n\...