secwatch.observer — SEC 8-K summary
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Issuer:     Marqeta, Inc. (MQ)
CIK:        0001522540
Form:       8-K
Filed at:   2024-08-07T23:59:59+00:00
Accession:  0001628280-24-035613
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1522540/000162828024035613/0001628280-24-035613-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1522540/000162828024035613/mq-20240807.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-035613

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer