Marqeta Reports 53% YoY Jump in Net Revenue in Q2 2022
Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the second quarter ended June 30, 2022.
Total processing volume (TPV) was $40 billion for the quarter, with net revenue of $187 million. Both figures represent an increase of 53% from the same quarter of 2021. Gross profit was $78 million during the quarter, an increase of 66% year over year, resulting in a gross margin of 42%. GAAP net loss was $45 million and Adjusted EBITDA loss was $10 million for the quarter ended June 30, 2022.
Second Quarter 2022 Financial Results:
Net revenue increased by $64 million, or 53% year-over-year, rising to $187 million from $122 million in the second quarter of 2021 resulting from a 53% increase in TPV year-over-year.
Gross profit increased by 66% year-over-year, rising to $78 million, from $47 million in the second quarter of 2021 primarily due to our TPV growth. Gross margin was 42% in the second quarter of 2022.
Net loss decreased by $24 million to $45 million in the quarter. The company's increase in gross profit was offset in part by increases in compensation, benefits and technology expenses as we continued our investment in our people and platform.
Total Processing Volume increased by 53% year-over-year, rising to $40 billion from $27 billion in the second quarter of 2021.
Adjusted EBITDA in the second quarter of 2022 was ($10) million, remained flat year-over-year. Adjusted EBITDA margin was (5%) in the second quarter of 2022.
"Marqeta's platform continues to enable customers across many different verticals to build products on the cutting edge of payments, and serve as an accelerator for their growth. Our second quarter results are testament to that breadth and depth, as we again launched new products and bought on major new customers globally," said Jason Gardner, Founder and CEO of Marqeta.
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