Marqeta Inc. · Q3 2023 earnings

Briefing

The global modern card issuer reported $57 billion in total processing volume with net revenue of $109 million in the third quarter of 2023.

Marqeta reported Q3 2023 financial results, with a total processing volume (TPV) of $57 billion, a 33% year-over-year increase. Net revenue was $109 million, a 43% decrease year-over-year, impacted by a change in revenue presentation due to the new Cash App contract. The company's gross profit was $73 million, with a gross margin of 67%. GAAP operating expenses were $142 million, and the net loss was $55 million.

• Total Processing Volume (TPV) increased by 33% year-over-year, reaching $57 billion.
• Net revenue decreased by 43% year-over-year to $109 million, impacted by Cash App contract renewal.
• Gross profit decreased by 9% year-over-year to $73 million, with a gross margin of 67%.
• Adjusted EBITDA loss decreased by $12 million year-over year, declining to a loss of $2 million.

Headline financials

Revenue & EPS history

Marqeta is in a good position to return to strong growth by Q3 2024 as it laps the Cash App contract and expects to accelerate that growth in future years as the market for embedded finance continues to materialize.