Marqeta (NASDAQ:MQ), a leading Fintech in the card issuance and management sector, reported Q1 earnings today. According to the company, top line revenue increased 54% to $166 million versus the same quarter year prior ($107M). Revenue also increased sequentially versus Q4 2021 which arrived at $155 million.
The net loss for the quarter was reported at $61 million or a negative EPS of $0.11. In Q1 2021, Marqeta lost $12.8 million or a negative EPS of $0.10.
Total operating expenses more than doubled versus Q1 2021.
Jason Gardner, founder and CEO of Marqeta, issued the following statement:
“Our results for the first quarter of 2022 put the fundamentals of Marqeta’s modern card issuing platform on strong display, as we powered our customers to new milestones of scale and enabled their global expansion, while launching new products and partners that further enrich the value we provide them.”
Shares declined slightly in after hours trading in an overall challenging day for public markets. Marqeta is bouncing around its 52 week low closing the day at $6.62 – far from its 52 week high of $37.90 a share.