Marqeta Posts 46% Jump in Net Revenue During Q3 2022

Marqeta, Inc., the global modern card issuing platform, today reported financial results for the third quarter ended September 30, 2022.

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Net revenue increased by $60 million, or 46% year-over-year, rising to $192 million from $132 million in the third quarter of 2021 resulting from a 54% increase in Total processing volume (TPV) year-over-year.

Gross profit increased by 36% year-over-year, rising to $80 million from $59 million in the third quarter of 2021 primarily due to TPV growth. Gross margin was 42% in the third quarter of 2022. Net loss increased by $7 million to $53 million in the quarter.

Total Processing Volume increased by 54% year-over-year, rising to $42 billion from $28 billion in the third quarter of 2021. Adjusted EBITDA in the third quarter of 2022 was $14 million. Adjusted EBITDA margin was 7% in the third quarter of 2022.

"This recent quarter serves as a great example of our continued success and the tremendous market opportunity in front of Marqeta. We signed innovative new customers in both the United States and Europe, we expanded our platform with the launch of new banking capabilities to complement our leadership in modern card issuing, and increased the global utility of our platform with our European data residency program," said Jason Gardner, Founder and CEO of Marqeta.