Marqeta, Inc. reported its financial results for the second quarter of 2025, revealing a net revenue of $150.4 million, a 20% increase from $125.3 million in the same period last year. For the first half of 2025, the company generated $289.5 million in revenue, up from $243.2 million in the first half of 2024. Despite this growth, Marqeta recorded a net loss of $647,000 for the quarter, a significant decline from a net income of $119.1 million in Q2 2024. The company attributed the loss to increased operating expenses and a shift in its card program mix, which affected profitability.
In terms of operational metrics, Marqeta's Total Processing Volume (TPV) reached $91.4 billion in the second quarter, reflecting a 29% increase year-over-year. The growth in TPV was driven by strong performance across various sectors, particularly in financial services and expense management. The company also noted that its top five customers saw a 19% increase in TPV, while all other customers collectively experienced a 70% growth in the same timeframe. However, the company’s reliance on a single customer, Block, remained significant, accounting for 46% of net revenue in Q2 2025.
Marqeta's operating expenses totaled $113.3 million for the quarter, compared to a negative $25.7 million in Q2 2024, largely due to the absence of a one-time benefit from the previous year. The increase in expenses was driven by higher compensation costs, technology expenses, and depreciation. Notably, share-based compensation decreased by 25% year-over-year, reflecting a reduction in stock-based awards. The company also completed its acquisition of TransactPay for €46 million, which is expected to enhance its capabilities in the UK and Europe.
The company’s cash and cash equivalents stood at $732.7 million as of June 30, 2025, down from $923 million at the end of 2024. Marqeta's liquidity position remains strong, with sufficient resources to fund operations for at least the next twelve months. The company has also been active in share repurchase programs, having repurchased approximately 42.3 million shares for $193.1 million under its 2025 program. Looking ahead, Marqeta anticipates continued investment in product development and geographic expansion, while managing the challenges posed by macroeconomic conditions and customer concentration risks.
About Marqeta, Inc.
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