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Mar 31, 2024
Marqeta Q1 2024 Earnings Report
The global modern card issuer reported $67 billion in Total Processing Volume with Net Revenue of $118 million.
Key Takeaways
Marqeta's first quarter of 2024 showed a solid trajectory with a 33% year-over-year increase in Total Processing Volume (TPV) to $67 billion. Net Revenue was $118 million, a decrease of 46% year-over-year, impacted by a change in revenue presentation due to the new Cash App contract. Gross Profit decreased by 6% year-over-year to $84 million. GAAP Net Loss was $36 million, while Adjusted EBITDA was positive at $9 million, representing an Adjusted EBITDA margin of 8%.
Total Processing Volume (TPV) increased by 33% year-over-year, reaching $67 billion.
Net Revenue decreased by 46% year-over-year to $118 million, influenced by a contract renewal with Cash App.
Gross Profit decreased by 6% year-over-year to $84 million, primarily due to reduced pricing from the Cash App renewal.
Adjusted EBITDA was $9 million with an Adjusted EBITDA margin of 8%.
Forward Guidance
This press release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995.
Historical Earnings Impact
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