Washington, D.C. 20549
Date of Report (Date of earliest event reported): August 11, 2021

(Exact name of registrant as specified in its charter)
(State or other jurisdiction
of incorporation)
File Number)
 (IRS Employer
Identification No.)
180 Grand Avenue, 6th Floor
Oakland, California 94612
(Address of principal executive offices, including zip code) 
Registrant’s telephone number, including area code: (888) 462-7738 
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A common stock, $0.0001 par value per share MQ The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02    Results of Operations and Financial Condition.

On August 11, 2021, Marqeta, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2021. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit Number Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 11, 2021
/s/ Philip (Tripp) Faix
 Philip (Tripp) Faix
 Chief Financial Officer

The global modern card issuing platform issued its first earnings report as a public company, showing net revenue of $122 million, up 76 percent year-over-year, with 76 percent growth in total processing volume and a 70 percent increase in gross profit.

Oakland, California – August 11, 2021 - Marqeta, Inc. (NASDAQ: MQ), a leading modern card issuing platform, today reported financial results for the second quarter ended June 30, 2021.
Marqeta reported net revenue was $122 million, with total processing volume (TPV) of $26.5 billion, both increases of 76% from the same quarter of 2020. The company saw gross profit of $47 million during the quarter, up 70% from the same quarter of 2020. Marqeta reported a GAAP net loss of $68.6 million and Adjusted EBITDA of $(10.6) million for the quarter ended June 30, 2021.
“Our earnings demonstrate an enormous appetite for modern card issuing, demand across diverse industries and rapid growth with our customers,” said Jason Gardner, Founder and CEO of Marqeta.
Marqeta’s second quarter earnings growth was underscored by several key business updates:
Marqeta announced that it had been chosen by Google to power the launch of a digital card for Google Pay balance users.
Marqeta continues to see strong growth from the Buy Now, Pay Later vertical, where it supports the majority of the leading innovators. During the quarter ended June 30, 2021, net revenue for this vertical increased 350% compared to the same quarter in 2020.
In July, Marqeta extended its agreement with Affirm, a Buy Now, Pay Later category leader, through January 2024, showing the long term commitment its customers are making to build and scale on its platform.
Marqeta added two key leaders with deep experience to drive the next chapter of Marqeta’s growth: Darren Mowry, formerly leading AWS’s business in EMEA, joined as CRO, while Randy Kern, a technology leader with Salesforce, joined as CTO.


Financial and Operating Highlights
(Dollars in thousands except per share amounts or as noted) (unaudited)Three Months Ended
June 30,
Six Months Ended
June 30,
Financial metrics:
Net revenue$122,266 $69,402 76%$230,249 $117,790 95%
Gross profit$46,975 $27,617 70%$96,832 $46,179 110%
Gross profit margin38 %40 %(2) pps42 %39 %3 pps
Net loss$(68,554)$(7,107)865%$(81,392)$(21,637)276%
Net loss margin(56)%(10)%(46) pps(35)%(18)%(17) pps
Net loss per share - basic and diluted 1
Key operating metric and Non-GAAP financial measures 2:
Total Processing Volume (TPV) (in millions)$26,520 $15,082 76%$50,518 $24,077 110%
Adjusted EBITDA 3
Adjusted EBITDA margin 3
(9)%(4)%(5) pps(4)%(11)%(7) pps
1 Net loss per share is computed by dividing net loss by the weighted average of common shares and dilutive common shares outstanding during the period.
2 We track a number of operating and financial metrics, including the key metric set forth in this table (Total Processing Volume), to help evaluate our business and growth trends, establish budgets, evaluate the effectiveness of our investments, and assess operational efficiencies. Total Processing Volume (TPV) represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business.
3 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA and Adjusted EBITDA margin and a reconciliation of the net loss to Adjusted EBITDA.

Net Revenue: Net revenue increased by $52.9 million, or 76% year-over-year, driven by higher TPV from existing large customers and continued growth in processing volume from both our Digital Banking and Buy-Now-Pay-Later customers.
Gross Profit: Gross profit increased by 70% year-over-year to $47.0 million. Gross margin decreased from 40% during the quarter ended June 30, 2020, to 38% during the quarter ended June 30, 2021 due to increased card networks fees.
Net Loss: Net loss increased by $61.4 million, or 865%, year-over-year to $68.6 million as a significant increase in gross profit was offset by increases in employee-related costs.
Total Processing Volume: TPV increased by 76% year-over-year.
Adjusted EBITDA: Adjusted EBITDA in the second quarter of 2021 was $(10.6) million, a decrease of $(7.6) million year-over-year.
Financial Guidance
The following summarizes Marqeta's guidance for the third quarter of 2021:
Third Quarter 2021
Net revenue$114 - $119 million
Adjusted EBITDA (1)
$(16) - $(13) million
(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA.


Conference Call
Marqeta will host a live conference call today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or direct at 1-201-689-8471. The conference call will also be available live via webcast online at
The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until November 9, 2021, 5:00 p.m. Pacific time (8:00 p.m. Eastern time). The confirmation code for the replay is 13721145.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s guidance for the quarter ending September 30, 2021; statements regarding Marqeta’s business plans, business strategy and the continued success and growth of our customers; expectations regarding Marqeta’s ability to address significant global opportunities; and statements made by Marqeta’ Founder and CEO. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the effect of uncertainties related to the global COVID-19 pandemic on U.S. and global economies, our business, results of operations, financial condition, demand for our platform, sales cycles and customer retention; the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased TPV on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products as Marqeta expects; the risk that Marqeta's technology platform, including hosted solutions, do not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solution will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services; the risk that changes in the regulatory landscape adversely affects the gross interchange or other revenue Marqeta earns or adversely affects the bank and network costs Marqeta incurs; and the risk that Marqeta may be subject to additional risks such as currency fluctuations due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” disclosed in Marqeta's prospectus filed with the Securities and Exchange Commission (the “SEC”) on June 9, 2021 and in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at and Marqeta’s website at
The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
Disclosure Information
Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta Twitter Feed and the Marqeta LinkedIn Feed. These social media channels may be updated from time to time.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".


About Marqeta, Inc.
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology. Marqeta’s open APIs provide instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle payment transactions. Marqeta is headquartered in Oakland, California and is certified to operate in 36 countries globally.

Marqeta® is a registered trademark of Marqeta, Inc.
IR Contact: Marqeta Investor Relations,

Marqeta, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
Net revenue$122,266 $69,402 $230,249 $117,790 
Costs of revenue75,291 41,785 133,417 71,611 
Gross profit46,975 27,617 96,832 46,179 
Operating expenses:
Compensation and benefits95,204 25,901 140,043 50,883 
Professional services6,382 2,479 12,643 4,825 
Technology7,569 2,660 13,195 5,099 
Occupancy907 1,080 1,993 2,167 
Depreciation and amortization874 850 1,781 1,707 
Marketing and advertising495 343 990 681 
Other operating expenses3,530 1,101 4,825 2,627 
Total operating expenses114,961 34,414 175,470 67,989 
Loss from operations(67,986)(6,797)(78,638)(21,810)
Other income (expense), net(481)(295)(2,648)200 
Loss before income tax expense(68,467)(7,092)(81,286)(21,610)
Income tax expense(87)(15)(106)(27)
Net loss$(68,554)$(7,107)$(81,392)$(21,637)
Net loss per share attributable to common stockholders, basic and diluted$(0.29)$(0.06)$(0.44)$(0.18)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted234,669,664 120,051,635 183,784,697 119,265,816 


Marqeta, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30,
December 31,
Current assets:
Cash and cash equivalents$1,579,287 $220,433 
Restricted cash7,800 7,800 
Marketable securities105,053 149,903 
Accounts receivable, net5,931 8,420 
Settlements receivable, net9,598 12,867 
Network incentives receivable37,437 20,022 
Prepaid expenses and other current assets11,179 11,461 
Total current assets1,756,285 430,906 
Property and equipment, net10,104 9,477 
Operating lease right-of-use assets, net12,353 13,411 
Other assets1,582 3,886 
Total assets$1,780,324 $457,680 
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)
Current liabilities
Accounts payable$2,301 $2,362 
Revenue share payable82,015 78,191 
Accrued expenses and other current liabilities87,323 60,545 
Total current liabilities171,639 141,098 
Redeemable convertible preferred stock warrant liabilities— 2,517 
Operating lease liabilities, net of current portion13,984 15,449 
Other liabilities8,715 10,452 
Total liabilities194,338 169,516 
Redeemable convertible preferred stock— 501,881 
Stockholders' equity (deficit):
Preferred stock— — 
Common stock54 13 
Additional paid-in capital1,920,936 39,769 
Accumulated other comprehensive income (loss)(88)25 
Accumulated deficit(334,916)(253,524)
Total stockholders’ equity (deficit)1,585,986 (213,717)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)$1,780,324 $457,680 


Marqeta, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended June 30,
Cash flows from operating activities:
Net loss$(81,392)$(21,637)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization1,781 1,707 
Share-based compensation expense66,928 6,663 
Non-cash operating leases expense1,058 1,010 
Amortization of premium on marketable securities716 87 
Provision for doubtful accounts73 23 
Other2,901 601 
Changes in operating assets and liabilities:
Accounts receivable2,416 (1,918)
Settlements receivable3,269 135 
Network incentives receivable(17,415)(1,718)
Prepaid expenses and other assets354 612 
Accounts payable(18)(534)
Revenue share payable3,824 22,580 
Accrued expenses and other liabilities22,738 7,947 
Operating lease liabilities(1,420)(848)
Net cash provided by operating activities5,813 14,710 
Cash flows from investing activities:
Purchases of property and equipment(1,096)(1,501)
Purchases of marketable securities(13,145)(63,033)
Maturities of marketable securities57,188 61,720 
Net cash provided by (used in) investing activities42,947 (2,814)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriters' discounts and commissions1,319,809 — 
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs— 143,109 
Proceeds from exercise of stock options, including early exercised stock options2,571 561 
Payments for net settlement of restricted stock units(10,273)— 
Payment of deferred offering costs(1,981)(511)
Repurchase of early exercised unvested options(32)(65)
Net cash provided by financing activities1,310,094 143,094 
Net increase in cash, cash equivalents, and restricted cash1,358,854 154,990 
Cash, cash equivalents, and restricted cash- Beginning of period228,233 68,144 
Cash, cash equivalents, and restricted cash - End of period$1,587,087 $223,134 


Marqeta, Inc.
Financial and Operating Highlights
(in thousands, except per share data or as noted)
20212020Year over Year Change - Q2'21 vs Q2'20
Second QuarterFirst QuarterFourth QuarterThird QuarterSecond Quarter
Operating performance:
Net revenue$122,266 $107,983 $88,196 $84,306 $69,402 76 %
Costs of revenue75,291 58,126 51,750 49,024 41,785 80 %
Gross profit46,975 49,857 36,446 35,282 27,617 70 %
Gross profit margin38 %46 %41 %42 %40 %(2) pps
Operating expenses:
Compensation and benefits95,204 44,839 37,747 38,231 25,901 268 %
Professional services6,382 6,261 3,172 2,132 2,479 157 %
Technology7,569 5,626 4,708 3,432 2,660 185 %
Occupancy and equipment907 1,086 1,070 1,100 1,080 (16)%
Depreciation and amortization874 907 890 901 850 %
Marketing and advertising495 495 618 371 343 44 %
Other operating expenses3,530 1,295 1,346 1,287 1,101 221 %
Total operating expenses114,961 60,509 49,551 47,454 34,414 234 %
Loss from operations(67,986)(10,652)(13,105)(12,172)(6,797)900 %
Other income (expense), net(481)(2,167)(638)(83)(295)63 %
Loss before income tax expense(68,467)(12,819)(13,743)(12,255)(7,092)865 %
income tax expense(87)(19)(17)(43)(15)480 %
  Net loss$(68,554)$(12,838)$(13,760)$(12,298)$(7,107)865 %
Loss per share - basic and diluted$(0.29)$(0.10)$(0.11)$(0.10)$(0.06)383 %
TPV (in millions)$26,520 $23,998 $18,748 $17,250 $15,082 76 %
Adjusted EBITDA$(10,637)$1,647 $(2,624)$686 $(3,029)251 %
Adjusted EBITDA margin(9)%%(3)%%(4)%(5) pps
Financial condition:
Cash and cash equivalents$1,579,287 $247,630 $220,433 $214,960 $215,334 633 %
Restricted cash$7,800 $7,800 $7,800 $7,800 $7,800 — %
Marketable securities$105,053 $140,145 $149,903 $134,328 $96,730 %
Total assets$1,780,324 $481,803 $457,680 $424,661 $382,260 366 %
Total liabilities$194,338 $193,497 $169,516 $133,922 $115,901 68 %
Redeemable preferred stock$— $501,881 $501,881 $501,881 $478,857 (100)%
Stockholders' equity (deficit)$1,585,986 $(213,575)$(213,717)$(211,142)$(212,498)(846)%
pps = percentage points

Marqeta, Inc.
Reconciliation of GAAP to NON-GAAP Measures
(in thousands)

Information Regarding Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA and Adjusted EBITDA Margin as supplemental measures of the company’s performance that are not required by, nor presented in accordance with GAAP.
We define Adjusted EBITDA as net income (loss) adjusted to exclude share-based compensation expense; payroll tax related to share-based compensation; depreciation and amortization; income tax expense; and other income (expense) net, which consists of changes in the fair value of redeemable convertible preferred stock warrant liabilities (for periods prior to the IPO), realized foreign currency gains and losses, and interest income from our marketable securities. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of certain annual employee bonus plans.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue. This measure is used by management and our board of directors to evaluate our operating efficiency.
Adjusted EBITDA and Adjusted EBITDA Margin should not be considered in isolation, or construed as an alternative to net loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta’s financial results with those of other companies.
The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:
Three Months Ended June 30,Six Months Ended June 30,
GAAP net revenue$122,266 $69,402 $230,249 $117,790 
GAAP net loss$(68,554)$(7,107)$(81,392)$(21,637)
GAAP net loss margin(56)%(10)%(35)%(18)%
GAAP net loss$(68,554)$(7,107)$(81,392)$(21,637)
Depreciation and amortization expense874 850 1,781 1,707 
Share-based compensation expense55,536 2,918 66,928 6,663 
Payroll tax expense related to share-based compensation939 — 939 — 
Other income (expense), net481 295 2,648 (200)
Income tax expense87 15 106 27 
Adjusted EBITDA$(10,637)$(3,029)$(8,990)$(13,440)
Adjusted EBITDA Margin(9)%(4)%(4)%(11)%
A reconciliation of Adjusted EBITDA to the comparable GAAP measure is not available due to the challenges and impracticability with estimating some of the items as such items cannot be reasonably predicted. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.