Washington, D.C. 20549
Date of Report (Date of earliest event reported): November 9, 2022

(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)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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 November 9, 2022, Marqeta, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2022. 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: November 9, 2022
/s/ Michael (Mike) Milotich
 Michael (Mike) Milotich
 Chief Financial Officer


The global modern card issuer generated net revenue of $192 million in the third quarter of 2022, up 46 percent year-over-year, and 54 percent growth in third quarter total processing volume.
OAKLAND, Calif. – November 9, 2022 - Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the third quarter ended September 30, 2022. Total processing volume (TPV) was $42 billion, with net revenue of $192 million. Gross profit was $80 million, an increase of 36% year over year, resulting in a gross margin of 42%. GAAP net loss was $53 million and Adjusted EBITDA loss was $14 million.
"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.
Recent Business Updates:
Marqeta highlighted several recent business updates that demonstrate its current business momentum:
Marqeta announced the launch of Marqeta for Banking, a portfolio of seven banking products, continuing the expansion of its modern card issuing platform. Marqeta for Banking provides customers with a full set of account, ACH, instant funding and direct deposit products offered through Marqeta’s bank partners, enabling its customers to build complete banking products for their end users on the company's platform.
Marqeta announced its new data residency offering in Europe, providing additional safeguards to store the most sensitive elements of its European customers' personal data on European data servers.
Marqeta announced a new partnership with Raiffeisen Centrobank, to power its Raiffeisen Digital Bank, enabling customers in Poland and Romania to leverage a modern, comprehensive banking experience with streamlined digital accounts and debit cards.
Marqeta continued to be the card platform of choice for innovators looking to launch new card programs at scale, including the new Visa card where user’s utilize available cryptocurrency balance to fund purchases in fiat currency, the new Uber Pro card, alongside Branch, and part of an ecosystem of partners working with Stash on its Stash Core banking system and upgraded Stock-Back® Debit Mastercard®.


Operating Highlights
In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited)Three Months Ended September 30,%
Nine Months Ended September 30,%
Financial metrics:
Net revenue$191,621 $131,512 46%$544,401 $361,761 50%
Gross profit$80,102 $59,074 36%$232,877 $155,906 49%
Gross margin42 %45 %43 %43 %
Total operating expenses$139,598 $104,712 33%$388,362 $280,181 49%
Net loss($53,168)($45,730)(16)%($158,454)($127,122)(25)%
Net loss margin(28)%(35)%(29)%(35)%
Net loss per share - basic and diluted($0.10)($0.08)(25)%($0.29)($0.42)31%
Key operating metric and Non-GAAP financial measures:
Total Processing Volume (TPV) (in millions) 1
$42,473 $27,569 54%$119,556 $78,087 53%
Adjusted EBITDA 2
Adjusted EBITDA margin 2
Non-GAAP operating expenses 2
$93,733 $64,013 46%$267,185 $169,834 49%
1 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.
2 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Non-GAAP operating expenses and the reconciliations of the net loss to Adjusted EBITDA, and of the total operating expenses to Non-GAAP operating expenses.

Third Quarter 2022 Financial Results:
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 TPV year-over-year, partially offset by unfavorable changes in our card programs mix.
Gross profit increased by 36% year-over-year, rising to $80 million from $59 million in the third quarter of 2021 primarily due to our TPV growth. Gross margin was 42% in the third quarter of 2022.
Net loss increased by $7 million to $53 million in the quarter. Our increase in gross profit was offset by increases in compensation, benefits and technology expenses as we continued our investment in our people and platform.
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.
Financial Guidance
The following summarizes Marqeta's guidance for the fourth quarter of 2022:
Fourth Quarter 2022
Net Revenue Growth29 - 31%
Gross Profit Margin42 - 43%
Adjusted EBITDA Margin (1)
Negative 5 - 6%
(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA and for information regarding non-availability of a forward reconciliation.

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 23, 2022, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13733567.
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 quarterly guidance; statements regarding Marqeta’s business plans, business strategy and the continued success and growth of our customers; statements and expectations regarding Marqeta's partnerships, new product introductions, and product capabilities; 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 and other public health emergencies 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; the risk that Marqeta may be unable to maintain relationships with Issuing Banks and Card Networks; general economic conditions in either domestic or international markets, including inflation and recessionary fears, conditions resulting from geopolitical uncertainty and instability or war, including, the direct and indirect effects of the significant military action against Ukraine launched by Russia on U.S. and global economies, our business, results of operations, financial condition, and demand for our platform; and the risk that Marqeta may be subject to additional risks such as inflation or 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 Annual Report on Form 10-K for the year ended December 31, 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 (@Marqeta), the Marqeta Instagram page (@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta LinkedIn page. 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 40 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 September 30,Nine Months Ended September 30,
Net revenue$191,621 $131,512 $544,401 $361,761 
Costs of revenue111,519 72,438 311,524 205,855 
Gross profit80,102 59,074 232,877 155,906 
Operating expenses:
Compensation and benefits105,887 84,462 304,103 229,121 
Technology13,422 9,299 37,960 22,494 
Professional services6,620 4,704 17,184 12,731 
Occupancy1,125 1,091 3,388 3,083 
Depreciation and amortization935 786 2,834 2,567 
Marketing and advertising688 490 2,133 1,480 
Other operating expenses10,921 3,880 20,760 8,705 
Total operating expenses139,598 104,712 388,362 280,181 
Loss from operations(59,496)(45,638)(155,485)(124,275)
Other income (expense), net6,333 (57)(3,542)(2,706)
Loss before income tax expense(53,163)(45,695)(159,027)(126,981)
Income tax expense (benefit)35 (573)141 
Net loss$(53,168)$(45,730)$(158,454)$(127,122)
Net loss per share attributable to common stockholders, basic and diluted$(0.10)$(0.08)$(0.29)$(0.42)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted548,990,212 538,896,513 545,614,599 302,967,155 


Marqeta, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
September 30,
December 31,
Current assets:
Cash and cash equivalents$1,204,857 $1,247,581 
Restricted cash7,800 7,800 
Marketable securities441,132 452,875 
Accounts receivable, net12,800 13,187 
Settlements receivable, net10,350 11,266 
Network incentives receivable27,063 30,399 
Prepaid expenses and other current assets38,930 35,617 
Total current assets1,742,932 1,798,725 
Property and equipment, net8,030 9,687 
Operating lease right-of-use assets, net9,607 11,296 
Equity method investment7,843 8,384 
Other assets6,043 2,286 
Total assets$1,774,455 $1,830,378 
Liabilities and stockholders' equity
Current liabilities
Accounts payable$2,741 $2,693 
Revenue share payable116,095 121,179 
Accrued expenses and other current liabilities131,398 114,096 
Total current liabilities250,234 237,968 
Operating lease liabilities, net of current portion9,928 12,427 
Other liabilities1,955 6,557 
Total liabilities262,117 256,952 
Stockholders' equity :
Preferred stock— — 
Common stock54 54 
Additional paid-in capital2,098,764 1,993,055 
Accumulated other comprehensive loss(10,573)(2,230)
Accumulated deficit(575,907)(417,453)
Total stockholders’ equity1,512,338 1,573,426 
Total liabilities and stockholders' equity$1,774,455 $1,830,378 


Marqeta, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Nine Months Ended September 30,
Cash flows from operating activities:
Net loss$(158,454)$(127,122)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization2,834 2,567 
Share-based compensation expense115,662 105,893 
Non-cash operating leases expense1,689 1,579 
Amortization of premium on marketable securities449 974 
Impairment of other financial instruments11,616 — 
Other445 2,999 
Changes in operating assets and liabilities:
Accounts receivable271 974 
Settlements receivable916 (2,584)
Network incentives receivable3,336 (20,002)
Prepaid expenses and other assets(11,596)(6,089)
Accounts payable(891)282 
Revenue share payable(5,084)9,992 
Accrued expenses and other liabilities13,144 34,037 
Operating lease liabilities(2,231)(2,147)
Net cash (used in) provided by operating activities(27,894)1,353 
Cash flows from investing activities:
Purchases of property and equipment(1,700)(2,251)
Purchases of patents(600)— 
Purchases of marketable securities(21,660)(375,089)
Maturities of marketable securities24,900 114,688 
Net cash (used in) provided by investing activities940 (262,652)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriters’ discounts and commissions— 1,319,809 
Proceeds from exercise of stock options, including early exercised stock options5,733 2,799 
Proceeds from exercise of warrants— 60 
Proceeds from shares issued in connection with employee stock purchase plan2,775 — 
Taxes paid related to net share settlement of restricted stock units(11,576)(18,448)
Repurchases of common stock(12,702)— 
Payment of deferred offering costs— (3,134)
Net cash (used in) provided by financing activities(15,770)1,301,086 
Net (decrease) increase in cash, cash equivalents, and restricted cash(42,724)1,039,787 
Cash, cash equivalents, and restricted cash- Beginning of period1,255,381 228,233 
Cash, cash equivalents, and restricted cash - End of period$1,212,657 $1,268,020 


Marqeta, Inc.
Financial and Operating Highlights
(in thousands, except per share data or as noted)
20222021Year over Year Change Q3'22 vs Q3'21
Third QuarterSecond QuarterFirst QuarterFourth QuarterThird Quarter
Operating performance:
Net revenue$191,621 $186,678 $166,102 $155,414 $131,512 46 %
Costs of revenue111,519 108,629 91,376 79,615 72,438 54 %
Gross profit80,102 78,049 74,726 75,799 59,074 36 %
Gross margin42 %42 %45 %49 %45 %(3) pps
Operating expenses:
Compensation and benefits105,887 97,868 100,348 88,995 84,462 25 %
Technology13,422 13,154 11,384 11,143 9,299 44 %
Professional services6,620 5,794 4,770 5,712 4,704 41 %
Occupancy and equipment1,125 1,148 1,115 1,097 1,091 %
Depreciation and amortization935 921 979 967 786 19 %
Marketing and advertising688 886 559 804 490 40 %
Other operating expenses10,921 4,995 4,843 4,811 3,880 181 %
Total operating expenses139,598 124,766 123,998 113,529 104,712 33 %
Loss from operations(59,496)(46,717)(49,272)(37,730)(45,638)30 %
Other income (expense), net6,333 1,802 (11,677)142 (57)n/m
Loss before income tax expense(53,163)(44,915)(60,949)(37,588)(45,695)16 %
Income tax expense (benefit)(227)(351)(781)35 (86)%
  Net loss$(53,168)$(44,688)$(60,598)$(36,807)$(45,730)16 %
Loss per share - basic and diluted$(0.10)$(0.08)$(0.11)$(0.07)$(0.08)25 %
TPV (in millions)$42,473 $40,457 $36,626 $33,046 $27,569 54 %
Adjusted EBITDA$(13,631)$(10,225)$(10,453)$1,162 $(4,939)176 %
Adjusted EBITDA margin(7)%(5)%(6)%%(4)%(3) pps
Financial condition:
Cash and cash equivalents$1,204,857 $1,220,273 $1,197,257 $1,247,581 $1,260,220 (4)%
Restricted cash$7,800$7,800$7,800$7,800$7,800— %
Marketable securities$441,132$444,873$447,046$452,875$408,954%
Total assets$1,774,455 $1,776,930 $1,793,483 $1,830,378 $1,783,142 — %
Total liabilities$262,117$242,373$249,851$256,952$209,80225 %
Stockholders' equity$1,512,338 $1,534,557 $1,543,632 $1,573,426 $1,573,340 (4)%
pps = percentage points
n/m = not meaningful


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, Adjusted EBITDA Margin, and Non-GAAP operating expenses 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 depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; legal, financial, and tax due diligence costs related to potential acquisitions; income tax expense (benefit); and other expense (income) 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, interest income from our marketable securities, our share of equity method investments’ profit or loss, and impairment of equity method investments or other financial instruments. 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.
We define Non-GAAP operating expenses as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; and legal, financial, and tax due diligence costs related to potential acquisitions.
Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP operating expenses 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 September 30,Nine Months Ended September 30,
GAAP net revenue$191,621 $131,512 $544,401 $361,761 
GAAP net loss$(53,168)$(45,730)$(158,454)$(127,122)
GAAP net loss margin(28)%(35)%(29)%(35)%
GAAP total operating expenses$139,598 $104,712 $388,362 $280,181 
GAAP net loss$(53,168)$(45,730)$(158,454)$(127,122)
Depreciation and amortization expense935 786 2,834 2,567 
Share-based compensation expense43,509 38,965 115,662 105,893 
Payroll tax expense related to share-based compensation508 614 1,768 1,553 
Due diligence costs related to potential acquisitions913 334 913 334 
Other expense (income), net(6,333)57 3,542 2,706 
Income tax expense (benefit)35 (573)141 
Adjusted EBITDA$(13,631)$(4,939)$(34,308)$(13,928)
Adjusted EBITDA Margin(7)%(4)%(6)%(4)%
GAAP Total operating expenses$139,598 $104,712 $388,362 $280,181 
Depreciation and amortization expense(935)(786)(2,834)(2,567)
Share-based compensation expense(43,509)(38,965)(115,662)(105,893)
Payroll tax expense related to share-based compensation(508)(614)(1,768)(1,553)
Due diligence costs related to potential acquisitions(913)(334)(913)(334)
Non-GAAP operating expenses$93,733 $64,013 $267,185 $169,834 

A reconciliation of Adjusted EBITDA to the comparable GAAP measure for the fourth quarter of 2022 is not available due to the challenges and impracticability with estimating some of the items as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.