Marqeta, Inc. has recently released its 10-K report for the fiscal year ended December 31, 2023. Marqeta operates a cloud-based open application programming interface platform that provides card issuing and transaction processing services to developers, technical product managers, and entrepreneurs in various verticals, including commerce disruptors, financial technology, embedded finance solutions, and large financial institutions. The company was incorporated in 2010 and is headquartered in Oakland, California.
In the 10-K report, Marqeta discusses the management's discussion and analysis of financial condition and results of operations, highlighting forward-looking statements and potential risks. The report also emphasizes the impact of macroeconomic factors, such as geopolitical conflicts, supply chain shortages, inflation, interest rates, and global economic conditions, on the company's processing volumes and future results of operations.
The report provides key operating metrics and non-GAAP financial measures for the fiscal years 2021, 2022, and 2023. It includes data such as total processing volume, net revenue, gross profit, net loss, total operating expenses, adjusted EBITDA, and non-GAAP operating expenses. For example, the total processing volume increased from $111,133 million in 2021 to $222,264 million in 2023, representing a 34% growth.
The report also details the components of results of operations, including net revenue, costs of revenue, operating expenses, other income (expense), net, and income tax benefit. It provides a comprehensive breakdown of the company's financial performance, such as net revenue of $676,171 thousand in 2023, a decrease of 10% compared to 2022, and the total processing volume of $222,264 million in 2023, representing a 34% increase from 2022.
Furthermore, the report compares the fiscal years ended December 31, 2023, and 2022, highlighting changes in net revenue, total platform services, and other services. It explains that the decrease in net revenue was primarily driven by a specific customer amendment, which allowed for reduced pricing and impacted the revenue presentation for the Cash App Program.
Following these announcements, the company's shares moved 2.9%, and are now trading at a price of $7.33. For the full picture, make sure to review Marqeta's 10-K report.
