The earnings call presented a mixed outlook with strong year-over-year growth metrics and successful product launches, but also highlighted significant challenges in program launches due to regulatory changes and increased scrutiny. These challenges have led to a reduction in growth expectations for Q4 and 2025.

Company Guidance

During Marqeta's Q3 2024 earnings call, the company reported a 30% year-over-year increase in total processing volume (TPV) to $74 billion and an 18% rise in net revenue to $128 million. Gross profit grew by 24%, reaching $90 million, while non-GAAP adjusted operating expenses rose by 9% to $81 million, resulting in an adjusted EBITDA of $9 million. Although Marqeta experienced strong fundamental performance, they lowered their Q4 growth expectations due to regulatory-driven delays in launching new programs, which extended onboarding times by 30-40% from 2023. These delays, compounded by increased demand, have led to a backlog, impacting short-term volume and gross profit projections. Despite these challenges, Marqeta remains confident in its long-term strategy and aims to address these issues by optimizing processes and expanding banking partnerships, maintaining an adjusted EBITDA margin target of 5-7% for Q4 2024 and approximately $50 million for 2025.

Strong Year-Over-Year Growth

Total processing volume (TPV) was $74 billion in Q3, a 30% increase compared to the same quarter of 2023. Net revenue grew by 18% to $128 million, and gross profit increased by 24% to $90 million.

Non-GAAP Adjusted EBITDA Improvement

Adjusted EBITDA was $9 million, with non-GAAP adjusted operating expenses increasing only 9% year-over-year, significantly below gross profit growth.

Successful Product Launch and Migration

Introduction of portfolio migration product and successful migration of Klarna cards across multiple countries, showcasing Marqeta's ability to drive seamless transitions for clients.

Launch of Marqeta Flex

Announcement of Marqeta Flex, a new BNPL solution set to revolutionize BNPL payment options, with anticipated rollout in mid-2025.

Positive Growth in Key Segments

Neo banking and accelerated wage access customers are expanding rapidly, growing well over 100%, now contributing more than 10% of total company TPV.

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Marqeta (MQ) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MQ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 11, 2021	2021 (Q2)	-0.07 / -0.29	-0.013	-2130.77% (-0.28)	―	―
Nov 10, 2021	2021 (Q3)	-0.14 / -0.08	-0.023	-247.83% (-0.06)	―	―
Mar 09, 2022	2021 (Q4)	-0.08 / -0.07	-0.026	-169.23% (-0.04)	―	―
May 11, 2022	2022 (Q1)	-0.10 / -0.11	-0.02	-450.00% (-0.09)	―	―
Aug 10, 2022	2022 (Q2)	-0.11 / -0.08	-0.29	72.41% (+0.21)	―	―
Nov 09, 2022	2022 (Q3)	-0.10 / -0.10	-0.08	-25.00% (-0.02)
Feb 28, 2023	2022 (Q4)	-0.09 / -0.05	-0.07	28.57% (+0.02)
May 09, 2023	2023 (Q1)	-0.10 / -0.13	-0.11	-18.18% (-0.02)
Aug 08, 2023	2023 (Q2)	-0.10 / -0.11	-0.08	-37.50% (-0.03)
Nov 07, 2023	2023 (Q3)	-0.10 / -0.10	-0.1	0.00% (0.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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MQ Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2024	$5.95	$3.42	-42.52%
Aug 07, 2024	$4.93	$5.35	+8.52%
May 07, 2024	$5.83	$5.84	+0.17%
Feb 28, 2024	$7.33	$6.53	-10.91%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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