Fintech Marqeta (NASDAQ:MQ) reported Q3 earnings after the market closed today and the results pleased investors.
According to Marqeta’s release, net revenue generated for the quarter was $132 million, up 56% year-over-year. Marqeta reported a GAAP net loss of $45.7 million and Adjusted EBITDA of $(4.9) million for the quarter. Net loss per share came in at ($0.08) versus a loss of ($0.10) year prior.
Jason Gardner, founder and CEO of Marqeta, commented on the results:
“Modern card issuing is at the heart of today’s digital economy, and our third quarter results put that on display, both with the growth we’re seeing, and the way our platform is bringing to life unique new payments use cases for an incredible array of innovators.”
Marqeta reported total processing volume (TPV) of $27.6 billion for the quarter. In recent months, Marqeta reported several key strategic agreements like a relationship with Bakkt, Coinbase, and an agreement with Figure. Marqeta has benefited from being an early entrant in the “modern card issuance” sector along with strong execution on the services provided to its clients that range from traditional financial services firms to other Fintechs.
The guidance provided indicated a top-line number for the fourth quarter of $134 to $139 million and an adjusted EBITDA loss of $10 to $7 million.
In after-hours trading, shares in Marqeta moved higher following the earnings release based in part on the better guidance.
Marqeta went public in an IPO this past June at $27/share. Its 52 week high stands at $37.90.