Marqeta Reports $139.1 Million Revenue in Q1 2025, 18% Increase Year-Over-Year

Marqeta, Inc. reported a net revenue of $139.1 million for the first quarter of 2025, marking an 18% increase from $118.0 million in the same period of 2024. The growth was primarily driven by a 27% rise in Total Processing Volume (TPV), which reached $84.5 million, reflecting strong performance across major verticals, particularly in financial services. The company’s gross profit also increased by 17% to $98.7 million, maintaining a gross margin of 71%. However, Marqeta recorded a net loss of $8.3 million, a significant improvement compared to the $36.1 million loss reported in the prior year.

Operating expenses decreased by 13% to $117.2 million, down from $134.0 million in the previous year. This reduction was attributed to lower compensation and benefits costs, which fell by 9% to $86.1 million, as well as a complete forfeiture of the Executive Chairman Long-Term Performance Award, which had impacted the previous year's figures. The decrease in operating expenses, combined with increased revenue, contributed to a reduced loss from operations of $18.5 million, compared to $49.9 million in the first quarter of 2024.

In terms of strategic developments, Marqeta announced the acquisition of TransactPay for approximately €45 million, expected to close by the end of the third quarter of 2025. This acquisition aims to enhance Marqeta's capabilities in BIN sponsorship and e-money licensing in the UK and Europe. The company also continued to expand its share repurchase programs, having repurchased approximately 19.2 million shares for $80.5 million under the 2024 program and 7.1 million shares for $30.3 million under the newly authorized 2025 program.

As of March 31, 2025, Marqeta's cash, cash equivalents, and short-term investments totaled $988.4 million, providing a solid liquidity position to support ongoing operations and strategic initiatives. The company reported a decrease in cash used in financing activities, primarily due to increased share repurchase activity. Looking ahead, Marqeta expects to continue investing in product development and geographic expansion while managing its operating expenses to drive future growth. The company anticipates incurring net losses in the foreseeable future as it focuses on scaling its operations and enhancing its platform offerings.