# EDGAR Filing Document

**Accession Number:** 0001522540
**File Stem:** 0001522540-25-000020
**Filing Date:** 2025-8
**Character Count:** 36422
**Document Hash:** 6d33f9d27306e16755f077e051efc960
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001522540-25-000020.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001522540-25-000020

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Marqeta, Inc.
- **CENTRAL INDEX KEY:** 0001522540
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 274306690
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40465
- **FILM NUMBER:** 251189667

**BUSINESS ADDRESS:**
- **STREET 1:** 180 GRAND AVENUE
- **STREET 2:** 6TH FLOOR
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 1-510-671-5437

**MAIL ADDRESS:**
- **STREET 1:** 180 GRAND AVENUE
- **STREET 2:** 6TH FLOOR
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

?xml version='1.0' encoding='ASCII'? mq-20250806

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934** 

Date of Report (Date of earliest event reported): August 6, 2025

 

**MARQETA, INC.**

(Exact name of registrant as specified in its charter)

 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40465** | **27-4306690** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>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: **(510) 671-5437** 

**N/A**

(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&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On August 6, 2025, Marqeta, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2025. 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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[Press release issued by Marqeta, Inc., dated](mqearningsrelease-q2x2025.htm)[Aug](mqearningsrelease-q2x2025.htm)[6](mqearningsrelease-q2x2025.htm)[, 2025](mqearningsrelease-q2x2025.htm)[.](mqearningsrelease-q2x2025.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

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.

---

| | |
|:---|:---|
| | **MARQETA, INC.** |
| Date: August 6, 2025 | /s/ Michael (Mike) Milotich |
| | Michael (Mike) Milotich |
| | Interim Chief Executive Officer & Chief Financial Officer |

---

## Exhibit 99.1

![mqearningsreleasetemp_imag.gif](mqearningsreleasetemp_imag.gif)

**MARQETA REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS** 

*The global modern card issuer reported Total Processing Volume growth of 29%* 

*and Gross Profit growth of 31% in the second quarter of 2025.*

**OAKLAND, Calif. – August 6, 2025** - **Marqeta, Inc. (NASDAQ: MQ**), the global modern card issuing platform, today reported financial results for the second quarter ended June 30, 2025. <br>The Company reported Total Processing Volume (TPV) of $91 billion, representing a year-over-year increase of 29%. The Company reported Net Revenue of $150 million and Gross Profit of $104 million, representing increases of 20% and 31%, respectively, year-over-year. The increase in Gross Profit growth was partly driven by a revised accounting policy for estimating and recognizing Card Network Incentives effective Q2'25, which contributed 8.6 percentage points to the Gross Profit growth. GAAP Net Loss for the quarter was $0.6 million and Adjusted EBITDA was $29 million.

"Our Q2 results demonstrate our ability to deliver strong growth while also making great progress towards our profitability objectives," said Mike Milotich, Interim CEO and CFO of Marqeta. "We continue to deepen our customer relationships and enable their growth through innovative card programs, seamless geographic expansion and value-added services."

Marqeta highlighted several recent business updates that demonstrate its current business momentum, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marqeta enabled the KlarnaOne Card, a new debit card which allows consumers to choose to pay later for any purchase where the card is accepted. This makes Klarna the second provider to offer consumers a card enabled with Visa Flexible Credential (VFC) to seamlessly deliver the option to toggle between payment methods. The card, which builds on years of collaboration with Klarna, is currently in a trial phase with a broader rollout in the U.S. expected later this year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marqeta announced the July 31st close of the TransactPay acquisition, which will strengthen Marqeta's program management capabilities in Europe. This acquisition will provide BIN sponsorship and card issuance in the United Kingdom (UK) and the European Union (EU) through electronic money institution (EMI) licenses. With the combined capabilities of Marqeta and TransactPay, customers will be able to take advantage of card program management features in the UK and EU, and avoid the added complexity associated with engaging multiple partners. This acquisition will allow for greater control of the offering and will support the delivery of a comparable solution in Europe to that in the U.S. and Canada.

***1***

------

**Operating Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited)*** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **%<br>Change** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **%<br>Change** |
| ***In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited)*** | **2025** | **2024** | **%<br>Change** | **2025** | **2024** | **%<br>Change** |
| **Financial metrics:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net revenue | $150392 | $125270 | 20% | $289465 | $243237 | 19% |
| &nbsp;&nbsp;&nbsp;Gross profit | $104061 | $79353 | 31% | $202740 | $163512 | 24% |
| &nbsp;&nbsp;&nbsp;*Gross margin* | *69 %* | *63 %* | *6 ppts* | *70 %* | *67 %* | *3 ppts* |
| &nbsp;&nbsp;Total operating expenses (benefit) | $113289 | ($25689) | 541% | $230506 | $108323 | 113% |
| &nbsp;&nbsp;Net (loss) income | ($647) | $119108 | (101%) | ($8907) | $83048 | (111%) |
| &nbsp;&nbsp;*Net (loss) income margin* | *— %* | *95 %* | *(95 ppts)* | *(3 %)* | *34 %* | *(37 ppts)* |
| &nbsp;&nbsp;Net (loss) income per share - basic and diluted | $— | $0.23 | (100%) | ($0.02) | $0.16 | (113%) |
| **Key operating metric and Non-GAAP financial measures:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Total Processing Volume (TPV) <br>(in millions) <sup>1</sup> | $91386 | $70627 | 29% | $175857 | $137294 | 28% |
| &nbsp;&nbsp;Adjusted EBITDA <sup>2</sup> | $28509 | ($1817) | 1,669% | $48590 | $7409 | 556% |
| &nbsp;&nbsp;*Adjusted EBITDA margin* <sup>2</sup> | *19 %* | *(1 %)* | *20 ppts* | *17 %* | *3 %* | *14 ppts* |
| &nbsp;&nbsp;Adjusted operating expenses <sup>2</sup> | $75552 | $81170 | (7%) | $154150 | $156103 | (1%) |

---

<sup>1</sup> 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.

<sup>2</sup> See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted operating expenses and the reconciliations of the net loss to Adjusted EBITDA, and of the total operating expenses to Adjusted operating expenses.

**<u>Second Quarter 2025 Financial Results:</u>**

**Total Processing Volume** increased by 29% year-over-year, rising to $91 billion from $71 billion in the second quarter of 2024.

**Net Revenue** of $150 million increased by $25 million, or 20%, year-over-year, primarily driven by increased volumes, partially offset by unfavorable mix due to faster growth of card programs where we provide processing services with minimal or no program management.

**Gross Profit** increased by 31% year-over-year to $104 million from $79 million in the second quarter of 2024. The increase was partly driven by a revised accounting policy for estimating and recognizing Card Network incentives, effective Q2'25, which contributed 8.6 percentage points to the Gross Profit growth. The remaining growth in Gross Profit was driven by our TPV growth. Gross Margin was 69% in the second quarter of 2025.

**Net Loss** of $0.6 million in the quarter, compared to net income of $119.1 million in the same period in the prior year, resulted in a year-over-year decline of $120 million. This year-over-year change was primarily due to a one-time reversal of $158 million in share-based compensation in the second quarter of 2024, stemming from the forfeiture of the Executive Chairman Long-Term Performance Award. The net loss margin was 0% in the second quarter of 2025.

**Adjusted EBITDA** was $29 million in the second quarter of 2025, increasing by $30 million year-over year. Adjusted EBITDA margin was 19% in the second quarter of 2025, an increase of 20 percentage points versus last year.

***2***

------

**<u>Financial Guidance</u>**

The following summarizes Marqeta's guidance for the third quarter and fiscal 2025:

---

| | | |
|:---|:---|:---|
| | **Third Quarter 2025** | **Fiscal Year 2025** |
| **Net Revenue Growth** | 15 - 17% | 17 - 18% |
| **Gross Profit Growth** | 15 - 17% | 18 - 19% |
| **Adjusted EBITDA Margin** <sup>(1)</sup> | 12 - 13% | 14 - 15% |
| <sup>(1)</sup> **See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA Margin and for information regarding non-availability of a forward reconciliation.**  | <sup>(1)</sup> **See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA Margin and for information regarding non-availability of a forward reconciliation.**  | <sup>(1)</sup> **See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA Margin 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 http://investors.marqeta.com.

The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until August 13, 2025, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13754201.

**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 and annual guidance; statements regarding Marqeta's business plans, business strategy and the continued success and growth of our customers; statements regarding Marqeta's partnerships, new product introductions, and product capabilities, including credit card issuing; and statements made by Marqeta's interim CEO and CFO. 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 our business, results of operations, financial condition, and demand for our platform; the risk that Marqeta's anticipated accounting treatment may be subject to further changes or developments; 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 profitable transactions on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta's products, including credit card issuing; the risk that Marqeta's platform does 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, including credit card issuing; the risk that changes in the regulatory landscape could adversely affect Marqeta's operations and revenues, including heightened scrutiny of the banking environment and specific customer program changes; the risk that Marqeta may be unable to maintain relationships with issuing banks and card networks; the risk that Marqeta is not able to identify and recognize the anticipated benefits of any acquisition; the risk that Marqeta is unable to successfully integrate any acquisition; the risk of financial services and banking sector instability and follow on effects to fintech companies; the impact of macroeconomic factors, including various geopolitical conflicts, uncertainty related to global elections, changes in inflation and interest rates, and uncertainty in global economic conditions; and the risk that Marqeta may be subject to additional risks 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 or incorporated by reference in the "Risk Factors" disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q, as such risk factors may be updated from time to time in Marqeta's periodic filings with the SEC, available at *www.sec.gov* and Marqeta's website at *http://investors.marqeta.com.*

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*.*

***3***

------

**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 X 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 makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta's platform has been proven at scale, processing nearly $300 billion in annual payments volume in 2024. Marqeta is certified to operate in more than 40 countries worldwide and counting. Visit www.marqeta.com to learn more.

Marqeta® is a registered trademark of Marqeta, Inc.

IR Contact: Marqeta Investor Relations, <u>IR@marqeta.com</u>

***4***

------

**Marqeta, Inc.**

**Condensed Consolidated Statements of Operations**

**(in thousands, except per share amounts)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net revenue | $150392 | $125270 | $289465 | $243237 |
| Costs of revenue | 46331 | 45917 | 86725 | 79725 |
| Gross profit | 104061 | 79353 | 202740 | 163512 |
| Operating expenses (benefit): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 81409 | 103166 | 167459 | 198156 |
| &nbsp;&nbsp;&nbsp;Technology | 16102 | 14769 | 30913 | 27887 |
| &nbsp;&nbsp;&nbsp;Professional services | 4219 | 4808 | 9914 | 8678 |
| &nbsp;&nbsp;&nbsp;Occupancy | 843 | 1204 | 1760 | 2298 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6653 | 3956 | 11984 | 7493 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 711 | 728 | 1180 | 1106 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 3352 | 3418 | 7296 | 7322 |
| &nbsp;&nbsp;&nbsp;Executive chairman long-term performance award |  | (157738) |  | (144617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses (benefit) | 113289 | (25689) | 230506 | 108323 |
| (Loss) income from operations | (9228) | 105042 | (27766) | 55189 |
| Other income, net | 8787 | 14216 | 19300 | 28143 |
| (Loss) income before income tax expense | (441) | 119258 | (8466) | 83332 |
| Income tax expense | 206 | 150 | 441 | 284 |
| Net (loss) income | $(647) | $119108 | $(8907) | $83048 |
| **Net (loss) income per share attributable to Class A and Class B common stockholders** |  |  |  |  |
| Basic | $(0.00) | $0.23 | $(0.02) | $0.16 |
| Diluted | $(0.00) | $0.23 | $(0.02) | $0.16 |
| **Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders** |  |  |  |  |
| Basic | 461517 | 515959 | 481260 | 516973 |
| Diluted | 461517 | 524401 | 481260 | 525415 |

---

***5***

------

**Marqeta, Inc.** 

**Condensed Consolidated Balance Sheets**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | **(unaudited)** | |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $732722 | $923016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 7606 | 8500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 88865 | 179409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 37182 | 29988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements receivable, net | 14973 | 16203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Network incentives receivable | 85085 | 66776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 23800 | 25405 |
| Total current assets | 990233 | 1249297 |
| Operating lease right-of-use assets, net | 5154 | 2712 |
| Property and equipment, net | 50238 | 37523 |
| Intangible assets, net | 26845 | 29774 |
| Goodwill | 123523 | 123523 |
| Other assets | 18597 | 20375 |
| **Total assets** | $1214590 | $1463204 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $3440 | $527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue share payable | 199640 | 193399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 158216 | 177059 |
| Total current liabilities | 361296 | 370985 |
| Operating lease liabilities, net of current portion | 2976 | 870 |
| Other liabilities | 6885 | 6331 |
| Total liabilities | 371157 | 378186 |
| Stockholders' equity : |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 45 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1650305 | 1883190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (102) | (314) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (806815) | (797908) |
| Total stockholders' equity | 843433 | 1085018 |
| **Total liabilities and stockholders' equity** | $1214590 | $1463204 |

---

***6***

------

**Marqeta, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net (loss) income | $(8907) | $83048 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |
| Depreciation and amortization | 11984 | 7493 |
| Share-based compensation expense | 52985 | 67604 |
| Executive chairman long-term performance award |  | (144617) |
| Non-cash operating leases expense | 1021 | 258 |
| Accretion of discount on short-term investments | (612) | (1823) |
| Other | 898 | (45) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (7642) | (6692) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements receivable | 1230 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Network incentives receivable | (18309) | 19639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 4278 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 2913 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue share payable | 6241 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (21323) | (6484) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (2223) | (1075) |
| Net cash provided by operating activities | 22534 | 26134 |
| **Cash flows from investing activities:** |  |  |
| Purchases of property and equipment | (1601) | (2193) |
| Capitalization of internal-use software | (13598) | (10471) |
| Maturities of short-term investments | 90918 | 40000 |
| Net cash provided by investing activities | 75719 | 27336 |
| **Cash flows from financing activities:** |  |  |
| Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options | 1580 | 108 |
| Proceeds from shares issued in connection with employee stock purchase plan | 994 | 1629 |
| Taxes paid related to net share settlement of restricted stock units | (15887) | (20287) |
| Repurchase of common stock | (275233) | (91162) |
| Net cash used in financing activities | (288546) | (109712) |
| Net decrease in cash, cash equivalents, and restricted cash | (190293) | (56242) |
| Cash, cash equivalents, and restricted cash- Beginning of period | 931516 | 989472 |
| Cash, cash equivalents, and restricted cash - End of period | $741223 | $933230 |

---

***7***

------

**Marqeta, Inc.**

**Financial and Operating Highlights** 

**(in thousands, except per share data or as noted)**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** | **2024** | **Year over Year Change Q2'25 vs Q2'24** | **Year over Year Change Q2'25 vs Q2'24** |
| | **Second Quarter 2025** | **First Quarter 2025** | **Fourth Quarter 2024** | **Third Quarter 2024** | **Second Quarter 2024** | **Year over Year Change Q2'25 vs Q2'24** | **Year over Year Change Q2'25 vs Q2'24** |
| **Operating performance:** |  |  |  |  |  |  |  |
| Net revenue | $150392 | $139073 | $135790 | $127967 | $125270 | 20 | % |
| Costs of revenue | 46331 | 40394 | 37588 | 37835 | 45917 | 1 | % |
| Gross profit | 104061 | 98679 | 98202 | 90132 | 79353 | 31 | % |
| *Gross margin* | 69% | 71% | 72% | 70% | 63% | 6 | ppts |
| &nbsp;&nbsp;&nbsp;Operating expenses (benefit): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 81409 | 86050 | 98475 | 100964 | 103166 | (21 | %) |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 16102 | 14811 | 15855 | 16317 | 14769 | 9 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 4219 | 5695 | 6620 | 4759 | 4808 | (12 | %) |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy | 843 | 917 | 2519 | 1178 | 1204 | (30 | %) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6653 | 5331 | 5519 | 4448 | 3956 | 68 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and advertising | 711 | 469 | 1298 | 582 | 728 | (2 | %) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 3352 | 3944 | 5342 | 4115 | 3418 | (2 | %) |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive chairman long-term performance award |  |  |  |  | (157738) | (100 | %) |
| Total operating expenses (benefit) | 113289 | 117217 | 135628 | 132363 | (25689) | 541 | % |
| (Loss) income from operations | (9228) | (18538) | (37426) | (42231) | 105042 | (109 | %) |
| Other income, net | 8787 | 10513 | 10701 | 13703 | 14216 | (38 | %) |
| (Loss) income before income tax expense | (441) | (8025) | (26725) | (28528) | 119258 | (100 | %) |
| Income tax expense | 206 | 235 | 394 | 115 | 150 | 37 | % |
| **Net (loss) income** | $(647) | $(8260) | $(27119) | $(28643) | $119108 | (101 | %) |
| (Loss) income per share - basic & diluted | $— | $(0.02) | $(0.05) | $(0.06) | $0.23 | (100 | %) |
| TPV (in millions) | $91386 | $84472 | $79913 | $73899 | $70627 | 29 | % |
| Adjusted EBITDA | $28509 | $20081 | $12663 | $9019 | $(1817) | 1669 | % |
| *Adjusted EBITDA margin* | 19% | 14% | 9% | 7% | (1%) | 20 | ppts |
| **Financial condition:** |  |  |  |  |  |  |  |
| Cash and cash equivalents | $732722 | $830897 | $923016 | $886417 | $924730 | (21 | %) |
| Restricted cash <sup>(1)</sup> | $8500 | $8500 | $8500 | $8500 | $8500 |  | % |
| Short-term investments | $88865 | $157540 | $179409 | $217569 | $228833 | (61 | %) |
| Total assets | $1214590 | $1349627 | $1463204 | $1435836 | $1488283 | (18 | %) |
| Total liabilities | $371157 | $362367 | $378186 | $340178 | $345908 | 7 | % |
| Stockholders' equity | $843433 | $987260 | $1085018 | $1095658 | $1142375 | (26 | %) |

---

<sup>(1)</sup> As of June 30, 2025, the balance includes $0.9 million classified within Other assets on our Condensed Consolidated Balance Sheets.

ppts = percentage points

***8***

------

**Marqeta, Inc.**

**Reconciliation of GAAP to NON-GAAP Measures**

**(in thousands)**

**(unaudited)**

***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, Adjusted EBITDA Margin based on Gross Profit and Adjusted 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 loss adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses; income tax expense; and other income, net, which consists primarily of interest income from our short-term investments and cash deposits, impairment of financial instruments, and realized foreign currency gains and losses. 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 our annual employee bonus plans and performance-based restricted stock units.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue, Adjusted EBITDA Margin based on Gross Profit is calculated as Adjusted EBITDA divided by Gross Profit, and Net Income (Loss) Margin based on Gross Profit is calculated as Net Income (Loss) divided by Gross Profit. These measures are used by management to evaluate our operating efficiency.

We define Adjusted operating expenses as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; and acquisition-related expenses which consists of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses. We believe that Adjusted operating expenses 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.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (loss) Margin based on Gross Profit, and Adjusted 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.

***9***

------

The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| GAAP Net revenue | $150392 | $125270 | $289465 | $243237 |
| GAAP Gross profit | $104061 | $79353 | $202740 | $163512 |
| GAAP Net (loss) income | $(647) | $119108 | $(8907) | $83048 |
| GAAP Net (loss) income margin - % of net revenue | —% | 95% | (3)% | 34% |
| GAAP Net (loss) income margin - % of gross profit | (1)% | 150% | (4)% | 51% |
| GAAP Total operating expenses (benefit) | $113289 | $(25689) | $230506 | $108323 |
| **Net (loss) income** | $**(647)** | $**119108** | $**(8907)** | $**83048** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 6653 | 3956 | 11984 | 7493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 27070 | 36291 | 52985 | 67604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive chairman long-term performance award |  | (157738) |  | (144617) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll tax expense related to share-based compensation | 791 | 702 | 1567 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses<sup>(1)</sup> | 1249 | 9930 | 5488 | 19873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other one-time costs<sup>(2)</sup> | 1974 |  | 4332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (8787) | (14216) | (19300) | (28143) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 206 | 150 | 441 | 284 |
| **Adjusted EBITDA** | $**28509** | $**(1817)** | $**48590** | $**7409** |
| ***Adjusted EBITDA Margin - % of net revenue*** | ***19*** *%*** | ***(1*** ***%)*** | ***17*** *%*** | ***3*** *%*** |
| ***Adjusted EBITDA Margin - % of gross profit*** | ***27*** *%*** | ***(2)*** *%*** | ***24*** *%*** | ***5*** *%*** |
| **GAAP Total operating expenses (benefit)** | $**113289** | $**(25689)** | $**230506** | $**108323** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (6653) | (3956) | (11984) | (7493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | (27070) | (36291) | (52985) | (67604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive chairman long-term performance award |  | 157738 |  | 144617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll tax expense related to share-based compensation | (791) | (702) | (1567) | (1867) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses<sup>(1)</sup> | (1249) | (9930) | (5488) | (19873) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other one-time costs<sup>(2)</sup> | (1974) |  | (4332) |  |
| **Adjusted operating expenses** | $**75552** | $**81170** | $**154150** | $**156103** |

---

(1) Acquisition-related expenses, including transaction costs, integration costs, and cash and non-cash postcombination compensation expenses, are excluded from Adjusted EBITDA. These expenses are specific to a discrete transaction and do not reflect our ongoing core operations or the recurring expenses required to sustain and operate our business.

(2) Restructuring and other one-time costs include the costs related to the CEO transition and one-time retention bonuses provided to other key employees. These bonuses have service requirements and are expensed over the requisite service period.

A reconciliation of Adjusted EBITDA margin to the comparable GAAP measure for the third quarter and full year of 2025 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.

***10***