Marqeta(MQ) - 2025 Q2 - Quarterly Results

Financial Performance - Total Processing Volume (TPV) reached $91 billion, a year-over-year increase of 29% from $71 billion[2] - Net Revenue for Q2 2025 was $150 million, reflecting a 20% increase year-over-year, driven by higher volumes[7] - Gross Profit increased by 31% year-over-year to $104 million, with a Gross Margin of 69%[8] - Adjusted EBITDA was $29 million, representing a significant increase of 1,669% year-over-year, with an Adjusted EBITDA margin of 19%[10] - Net revenue for Q2 2025 reached $150,392 thousand, a 20.1% increase from $125,270 thousand in Q2 2024[21] - Gross profit for the first half of 2025 was $202,740 thousand, up 24% from $163,512 thousand in the same period of 2024[21] - Adjusted EBITDA for Q2 2025 was $28,509 million, a significant increase from a loss of $1,817 million in Q2 2024[36] - Adjusted EBITDA margin for Q2 2025 improved to 19%, up from -1% in Q2 2024, indicating enhanced operational efficiency[36] Profitability and Loss - The company reported a Net Loss of $0.6 million, a decline of $120 million compared to a Net Income of $119.1 million in the prior year[9] - The net loss for the first half of 2025 was $(8,907) thousand, a significant decrease from net income of $83,048 thousand in the same period of 2024[21] - Net loss for Q2 2025 was $647 million, a substantial improvement from a net income of $119,108 million in Q2 2024[36] Expenses and Liabilities - Total operating expenses increased significantly by 541% year-over-year to $113.3 million, impacting overall profitability[6] - Total operating expenses for Q2 2025 were $113,289 thousand, compared to a benefit of $(25,689) thousand in Q2 2024[21] - Total liabilities increased to $371,157 million, a 7% rise from $345,908 million in Q2 2024[28] Cash Flow and Assets - Cash and cash equivalents decreased to $732,722 thousand as of June 30, 2025, down from $923,016 thousand at the end of 2024[24] - Total assets decreased to $1,214,590 thousand as of June 30, 2025, compared to $1,463,204 thousand at the end of 2024[24] - Net cash provided by operating activities for the first half of 2025 was $22,534 thousand, down from $26,134 thousand in the same period of 2024[26] - The company reported a net cash used in financing activities of $(288,546) thousand for the first half of 2025, compared to $(109,712) thousand in 2024[26] Strategic Initiatives - The acquisition of TransactPay was completed on July 31, 2025, enhancing Marqeta's program management capabilities in Europe[5] - The KlarnaOne Card, a new debit card allowing consumers to pay later, is currently in trial with a broader rollout expected later this year[5] Accounting and Policy Changes - The increase in Gross Profit was partly due to a revised accounting policy for Card Network incentives, contributing 8.6 percentage points to the growth[8] - The company capitalized $13,598 thousand in internal-use software during the first half of 2025, compared to $10,471 thousand in the same period of 2024[26] Shareholder Information - The weighted-average shares used in computing net loss per share for Q2 2025 were 461,517 thousand, compared to 515,959 thousand in Q2 2024[21] - Stockholders' equity fell to $843,433 million, a 26% decrease from $1,142,375 million in Q2 2024[28]