Marqeta Q3 2023 Earnings Report
Key Takeaways
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.
Marqeta
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Marqeta Revenue by Segment
Forward Guidance
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.