Marqeta Q2 2024: Net revenue down 46% to $125M, TPV up 32% to $71B

Marqeta, Inc.

Total Processing Volume $71B (+32% YoY); Net Revenue $125M (-46% YoY) with 60ppt impact from Cash App contract change.
Gross Profit $79M (-6% YoY); GAAP Net Income $119M ($0.23 EPS) includes $158M one-time benefit from forfeited Executive Chairman award.
Adjusted EBITDA negative $2 million; cash app contract comparison impact ends after this quarter.
Signed 5-year deal with Varo Bank, became first US issuer-processor certified for Visa Flexible Credential with Affirm, and signed Zoho.
Gross margin improved to 63% from 37% a year ago, up 26 percentage points.

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