Marqeta Reports Fourth Quarter and Full Year 2022 Financial Results

Rhea-AI Summary

Marqeta reported strong financial results for Q4 and the full year 2022. Total processing volume (TPV) reached $47 billion, a 41% increase year-over-year, with net revenue hitting $204 million, up 31%. For the full year, TPV rose 50% to $166 billion, and annual revenue increased 45% to $748 million. Gross profit for Q4 stood at $87 million, a 15% rise, while the GAAP net loss was $26 million. The company announced Simon Khalaf as the new CEO and completed the acquisition of Power Finance Inc. for enhanced credit card capabilities.

Positive

• Q4 TPV increased by 41% year-over-year to $47 billion.
• Q4 net revenue rose 31% to $204 million.
• Full-year TPV grew 50% to $166 billion.
• Full-year revenue increased 45% to $748 million.
• Gross profit for 2022 was $320 million, up 38%.

Negative

• GAAP net loss for 2022 increased to $185 million, a 13% rise from 2021.
• Adjusted EBITDA loss widened to $42 million for 2022.

The global modern card issuing platform had $47 billion in fourth quarter total processing volume, up 41 percent year-over-year, and generated $204 million in fourth quarter net revenue, up 31 percent year-over-year

The company's annual total processing volume was up 50 percent year-over-year to $166 billion, generating $748 million in annual revenue, up 45 percent from 2021

OAKLAND, Calif.--(BUSINESS WIRE)-- Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the fourth quarter and full year ended December 31, 2022.

Total processing volume (TPV) was $47 billion for the quarter and net revenue was $204 million. This represented a 41% increase in TPV and a 31% increase in net revenue, compared with the same quarter of 2021. The company saw gross profit of $87 million during the quarter, up 15% year-over-year. GAAP net loss was $26 million and an Adjusted EBITDA loss of $7 million for the quarter ended December 31, 2022.

For the full 2022 fiscal year, TPV was $166 billion and net revenue was $748 million. This represented annual increases of 50% and 45%, respectively, from 2021 results. The company saw gross profit of $320 million during 2022, up 38% from the year prior. The company reported GAAP net loss of $185 million and an Adjusted EBITDA loss of $42 million for the year ended December 31, 2022.

"I am very proud of the scale our business reached in 2022," said Simon Khalaf, CEO of Marqeta. "Now we are entering 2023 uniquely positioned to capture the massive opportunity in embedded finance. Our cloud native and API-first platform offers a fully bundled offering - debit, credit, risk, money movement and program management tools, making it seamless for our customers to embed financial services into their own products.”

Recent Business Updates:

• Marqeta announced Simon Khalaf as its new CEO, with founding CEO Jason Gardner shifting to the role of Executive Chairman. Khalaf is a veteran technology executive who originally joined the company in June 2022 as Chief Product Officer.
• Marqeta announced and completed the acquisition of Power Finance Inc., a modern credit card program management platform, which will strengthen Marqeta’s credit capabilities and enhances its leadership in modern card issuing across all card types.
• Marqeta announced its new Web Push Provisioning Product, expanding its industry-leading tokenization offerings with new capabilities that allow cardholders to instantly tokenize a card into a mobile wallet without downloading a third-party application.
• Marqeta, alongside Mastercard, was chosen by Rakuten to support the launch of its Club R Pay product, an integrated digital card solution for Rakuten's 12 million loyalty members that allows them to shop on over 2,000 sites while enjoying their Rakuten rewards.

Operating Highlights

In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited)		Three Months Ended December 31,								% Change			Twelve Months Ended December 31,								% Change
		2022				2021							2022				2021
Financial metrics:
Net revenue		$	203,805			$	155,414			31	%		$	748,206			$	517,175			45	%
Gross profit		$	87,124			$	75,799			15	%		$	320,001			$	231,705			38	%
Gross margin			43	%			49	%		(6) ppts				43	%			45	%		(2) ppts
Total operating expenses		$	141,447			$	113,529			25	%		$	529,809			$	393,711			35	%
Net loss		$	(26,326	)		$	(36,807	)		(28	)%		$	(184,780	)		$	(163,929	)		13	%
Net loss margin			(13	%)			(24	%)		11 ppts				(25	%)			(32	%)		7 ppts
Net loss per share - basic and diluted		$	(0.05	)		$	(0.07	)		(29	%)		$	(0.34	)		$	(0.45	)		(24	%)
Key operating metric and Non-GAAP financial measures:
Total Processing Volume (TPV) (in millions) 1		$	46,704			$	33,046			41	%		$	166,260			$	111,133			50	%
Adjusted EBITDA 2		$	(7,488	)		$	1,162			(744	%)		$	(41,796	)		$	(12,767	)		227	%
Adjusted EBITDA margin 2			(4	%)			1	%		(5) ppts				(6	%)			(2	%)		4 ppts
Non-GAAP operating expenses 2		$	94,612			$	74,637			27	%		$	361,797			$	244,472			48	%

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.

Fourth Quarter 2022 Financial Results:

• TPV increased by 41% year-over-year, from $33 billion for the quarter ended December 31, 2021, to $47 billion for the quarter ended December 31, 2022.
• Net revenue of $204 million increased by $48 million, or 31% year-over-year, primarily driven by higher total processing volume, partially offset by changes in our card program mix, particularly the growth of the Powered by Marqeta offering.
• Gross profit increased by 15% year-over-year to $87 million from $76 million in the fourth quarter of 2021. Gross margin was 43% in the fourth quarter.
• Net loss decreased by $10 million, or 28%, year-over-year to $26 million. The loss results from our increase in compensation, benefits and technology expenses as we continued our investment in our people and platform, offset by our increase in gross profit.
• Adjusted EBITDA in the fourth quarter of 2022 was a loss of $7 million, a decline of $9 million year-over-year.

Full Year 2022 Financial Results:

• TPV increased by 50% year-over-year, from $111 billion in 2021, to $166 billion in 2022.
• Net revenue increased by $231 million, or 45% year-over-year, primarily driven by higher total processing volume, partially offset by changes in our card program mix, particularly the growth of the Powered by Marqeta offering.
• Gross profit increased by $88 million, or 38% year-over-year. Gross margin was 43% for the year ended December 31, 2022.
• Net loss increased by $21 million, or 13%, year-over-year to $185 million, primarily resulting from headcount growth.
• Adjusted EBITDA for the year ended December 31, 2022 was a loss of $42 million, a decline of $29 million year-over-year.

Financial Guidance:

The following summarizes Marqeta's guidance for the first quarter of 2023:

		First Quarter 2023
Net Revenue Growth		26-28%
Gross Profit Growth		14-16%
Adjusted EBITDA Margin (1)		Negative 5-6%

(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA.

A reconciliation of Adjusted EBITDA to the comparable GAAP measure for the first quarter of 2023 is not available due to the challenges and impracticability with estimating some of the items, such as share-based compensation expense, depreciation and amortization expense, and payroll tax expense, 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.

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 March 14, 2023, 5:00 p.m. Pacific time (8:00 p.m. Eastern time). The confirmation code for the replay is 13735873.

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’s 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 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 profitable transactions 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; 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 to businesses and related operations; 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, 2022, 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.

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.

Marqeta, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2022				2021				2022				2021
Net revenue		$	203,805			$	155,414			$	748,206			$	517,175
Costs of revenue			116,681				79,615				428,205				285,470
Gross profit			87,124				75,799				320,001				231,705
Operating expenses:
Compensation and benefits			110,991				88,995				415,094				318,116
Professional services			6,295				5,712				23,479				18,443
Technology			14,401				11,143				52,361				33,637
Occupancy			1,126				1,097				4,514				4,181
Depreciation and amortization			1,019				967				3,853				3,534
Marketing and advertising			1,862				804				3,995				2,284
Other operating expenses			5,753				4,811				26,513				13,516
Total operating expenses			141,447				113,529				529,809				393,711
Loss from operations			(54,323	)			(37,730	)			(209,808	)			(162,006	)
Other income (expense), net			28,468				142				24,926				(2,563	)
Loss before income tax expense			(25,855	)			(37,588	)			(184,882	)			(164,569	)
Income tax expense (benefit)			471				(781	)			(102	)			(640	)
Net loss		$	(26,326	)		$	(36,807	)		$	(184,780	)		$	(163,929	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.05	)		$	(0.07	)		$	(0.34	)		$	(0.45	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted			544,752,220				540,170,079				545,397,254				362,756,466

Marqeta, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
		December 31, 2022				December 31, 2021
Assets
Current assets:
Cash and cash equivalents		$	1,183,846			$	1,247,581
Restricted cash			7,800				7,800
Marketable securities			440,858				452,875
Accounts receivable, net			15,569				13,187
Settlements receivable, net			18,028				11,266
Network incentives receivable			42,661				30,399
Prepaid expenses and other current assets			38,007				35,617
Total current assets			1,746,769				1,798,725
Property and equipment, net			7,440				9,687
Operating lease right-of-use assets, net			9,015				11,296
Equity method investment			0				8,384
Other assets			7,122				2,286
Total assets		$	1,770,346			$	1,830,378
Liabilities and stockholders' equity
Current liabilities
Accounts payable		$	3,798			$	2,693
Revenue share payable			142,194				121,179
Accrued expenses and other current liabilities			136,887				114,096
Total current liabilities			282,879				237,968
Operating lease liabilities, net of current portion			9,034				12,427
Other liabilities			5,477				6,557
Total liabilities			297,390				256,952
Stockholders' equity:
Preferred stock			—				—
Common stock			53				54
Additional paid-in capital			2,082,373				1,993,055
Accumulated other comprehensive loss			(7,237	)			(2,230	)
Accumulated deficit			(602,233	)			(417,453	)
Total stockholders’ equity			1,472,956				1,573,426
Total liabilities and stockholders' equity		$	1,770,346			$	1,830,378

Marqeta, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
		Year Ended December 31,
		2022				2021
Cash flows from operating activities:
Net loss		$	(184,780	)		$	(163,929	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			3,853				3,534
Share-based compensation expense			160,743				142,660
Non-cash operating leases expense			2,281				2,115
Amortization of premium on marketable securities			277				1,162
Gain on sale of equity method investment			(17,889	)			—
Impairment of other financial instruments			11,616				—
Other			649				3,110
Changes in operating assets and liabilities:
Accounts receivable			(2,577	)			(4,940	)
Settlements receivable			(6,762	)			1,601
Network incentives receivable			(12,262	)			(10,377	)
Prepaid expenses and other assets			(8,621	)			(7,742	)
Accounts payable			254				190
Revenue share payable			21,015				42,988
Accrued expenses and other liabilities			22,257				49,372
Operating lease liabilities			(3,020	)			(2,772	)
Net cash (used in) provided by operating activities			(12,966	)			56,972
Cash flows from investing activities:
Purchases of property and equipment			(2,319	)			(2,743	)
Purchase of patents			(1,600	)			—
Purchases of marketable securities			(70,495	)			(455,266	)
Sales of marketable securities			—				—
Maturities of marketable securities			77,400				148,888
Purchase of equity method investment and purchase option			—				(20,000	)
Sale of equity method investment			25,732				—
Net cash provided by (used in) investing activities			28,718				(329,121	)
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 options			9,249				4,539
Proceeds from shares issued in connection with employee stock purchase plan			4,762				3,201
Proceeds from exercise of warrants			—				60
Taxes paid related to net share settlement of restricted stock units			(15,362	)			(23,552	)
Repurchase of common stock			(78,136	)			—
Payment of deferred offering costs			—				(4,760	)
Net cash (used in) provided by financing activities			(79,487	)			1,299,297
Net increase in cash, cash equivalents, and restricted cash			(63,735	)			1,027,148
Cash, cash equivalents, and restricted cash - Beginning of period			1,255,381				228,233
Cash, cash equivalents, and restricted cash - End of period		$	1,191,646			$	1,255,381

Marqeta, Inc.
Financial and Operating Highlights
(in thousands, except per share data or as noted)
(unaudited)
		2022																2021				Year over Year Change - Q4'22 vs Q4'21
		Fourth Quarter				Third Quarter				Second Quarter				First Quarter				Fourth Quarter
Operating performance:
Net revenue		$	203,805			$	191,621			$	186,678			$	166,102			$	155,414			31	%
Costs of revenue			116,681				111,519				108,629				91,376				79,615			47	%
Gross profit			87,124				80,102				78,049				74,726				75,799			15	%
Gross profit margin			43	%			42	%			42	%			45	%			49	%		(6) pps
Operating expenses:
Compensation and benefits			110,991				105,887				97,868				100,348				88,995			25	%
Professional services			6,295				6,620				5,794				4,770				5,712			10	%
Technology			14,401				13,422				13,154				11,384				11,143			29	%
Occupancy and equipment			1,126				1,125				1,148				1,115				1,097			3	%
Depreciation and amortization			1,019				934				921				979				967			5	%
Marketing and advertising			1,862				688				886				559				804			132	%
Other operating expenses			5,753				10,922				4,995				4,843				4,811			20	%
Total operating expenses			141,447				139,598				124,766				123,998				113,529			25	%
Loss from operations			(54,323	)			(59,496	)			(46,717	)			(49,272	)			(37,730	)		44	%
Other income (expense), net			28,468				6,333				1,802				(11,677	)			142			19948	%
Loss before income tax expense			(25,855	)			(53,163	)			(44,915	)			(60,949	)			(37,588	)		(31	)%
income tax expense (benefit)			471				5				(227	)			(351	)			(781	)		(160	)%
Net loss		$	(26,326	)		$	(53,168	)		$	(44,688	)		$	(60,598	)		$	(36,807	)		(28	)%
Loss per share - basic and diluted		$	(0.05	)		$	(0.10	)		$	(0.08	)		$	(0.11	)		$	(0.07	)		(29	)%
TPV (in millions)		$	46,704			$	42,473			$	40,457			$	36,626			$	33,046			41	%
Adjusted EBITDA		$	(7,488	)		$	(13,630	)		$	(10,225	)		$	(10,453	)		$	1,162			(744	)%
Adjusted EBITDA margin			(4	)%			(7	)%			(5	)%			(6	)%			1	%		(5) pps
Financial condition:
Cash and cash equivalents		$	1,183,846			$	1,204,857			$	1,220,273			$	1,197,257			$	1,247,581			(5	)%
Restricted cash		$	7,800			$	7,800			$	7,800			$	7,800			$	7,800			—	%
Marketable securities		$	440,858			$	441,132			$	444,873			$	447,046			$	452,875			(3	)%
Total assets		$	1,770,346			$	1,774,455			$	1,776,930			$	1,793,483			$	1,830,378			(3	)%
Total liabilities		$	297,390			$	262,117			$	242,373			$	249,851			$	256,952			16	%
Stockholders' equity		$	1,472,956			$	1,512,338			$	1,534,557			$	1,543,632			$	1,573,426			(6	)%
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, 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; acquisition related expenses which consists of due diligence costs related to potential acquisitions, and transaction costs, integration costs and amortization of intangible assets related to successful 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, impairment of equity method investments or other financial instruments, and gain from sale of equity method investments. 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 acquisition related expenses which consists of due diligence costs related to potential acquisitions, and transaction costs, integration costs and amortization of intangible assets related to successful 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 December 31,								Twelve Months Ended December 31,
		2022				2021				2022				2021
GAAP net revenue		$	203,805			$	155,414			$	748,206			$	517,175
GAAP net loss		$	(26,326	)		$	(36,807	)		$	(184,780	)		$	(163,929	)
GAAP net loss margin			(13	)%			(24	)%			(25	)%			(32	)%
GAAP total operating expenses		$	141,447			$	113,529			$	529,809			$	393,711
GAAP net loss		$	(26,326	)		$	(36,807	)		$	(184,780	)		$	(163,929	)
Depreciation and amortization expense			1,019				967				3,853				3,534
Share-based compensation expense			45,081				36,767				160,743				142,660
Payroll tax expense related to share-based compensation			209				403				1,977				1,956
Acquisition related expenses			526				755				1,439				1,089
Other expense (income), net			(28,468	)			(142	)			(24,926	)			2,563
Income tax expense (benefit)			471				(781	)			(102	)			(640	)
Adjusted EBITDA		$	(7,488	)		$	1,162			$	(41,796	)		$	(12,767	)
Adjusted EBITDA Margin			(4	)%			1	%			(6	)%			(2	)%
GAAP Total operating expenses		$	141,447			$	113,529			$	529,809			$	393,711
Depreciation and amortization expense			(1,019	)			(967	)			(3,853	)			(3,534	)
Share-based compensation expense			(45,081	)			(36,767	)			(160,743	)			(142,660	)
Payroll tax expense related to share-based compensation			(209	)			(403	)			(1,977	)			(1,956	)
Acquisition related expenses			(526	)			(755	)			(1,439	)			(1,089	)
Non-GAAP operating expenses		$	94,612			$	74,637			$	361,797			$	244,472

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006269/en/

IR: Marqeta Investor Relations, IR@marqeta.com

Source: Marqeta, Inc.

FAQ

What was Marqeta's total processing volume in Q4 2022?

Marqeta's total processing volume in Q4 2022 was $47 billion.

How much did Marqeta's net revenue increase in 2022?

Marqeta's net revenue increased by 45% to $748 million in 2022.

What was the GAAP net loss for Marqeta in Q4 2022?

The GAAP net loss for Marqeta in Q4 2022 was $26 million.

Who is the new CEO of Marqeta?

Simon Khalaf is the new CEO of Marqeta.

What is Marqeta’s revenue growth guidance for Q1 2023?

Marqeta's revenue growth guidance for Q1 2023 is between 26% to 28%.