Marqeta Q1: net rev $118M, adj EBITDA +$9M; exec chairman Gardner to step down; $200M buyback

Marqeta, Inc.

Net revenue $118M (-46% YoY) due to Cash App contract change; Gross profit $84M (-6%); GAAP net loss $36M.
Adjusted EBITDA positive $9M (8% margin); TPV $67B (+33% YoY).
Executive Chairman Jason Gardner to step down June 13, 2024; remains as director; forfeits performance award, resulting in $157.8M reversal of stock comp in Q2.
Board authorized $200M share repurchase program for Class A common stock.
Jud Linville named independent Chair; Gardner converted 17.71M Class B shares to Class A reducing voting power to ~40%.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Role change

Jason Gardner

Executive Chairman

MQ · Marqeta, Inc.

Effective: 2024-06-13
Filed: May 7, 2024, 7:59 PM ET

On May 6, 2024, Jason Gardner informed the Company's Board of Directors (the "Board") and the Company agreed that Mr. Gardner would step down from his position as Executive Chairman, effective June 13, 2024

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Marqeta, Inc. reported the first quarter ended March 31, 2024 results: revenue $118 million, net income $36 million.

Period: the first quarter ended March 31, 2024
Revenue: $118 million
Net income: $36 million
Result: reported results

Exact text from the filing

Marqeta reported Net Revenue of $118 million, a decrease of 46% year over year

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jason Gardner changed role as Executive Chairman at Marqeta, Inc..

Action: stepped down
Role: Executive Chairman

Exact text from the filing

On May 6, 2024, Jason Gardner informed the Company's Board of Directors (the "Board") and the Company agreed that Mr. Gardner would step down from his position as Executive Chairman, effective June 13, 2024

View on SEC.gov

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Marqeta, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-021086

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