Marqeta, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Marqeta, Inc. filed its Q1 2024 10-Q, detailing financial performance and balance sheet items.</b>

AI Summary

Marqeta, Inc. (MQ) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Marqeta, Inc. reported its Q1 2024 financial results on May 7, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points such as common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings are detailed for Q1 2024 and prior periods. Revenue figures for Platform Service and Other Services are provided for Q1 2024 and Q1 2023. Balance sheet items including prepaid expenses, other assets, and accounts payable/accrued liabilities are presented as of March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking Marqeta, Inc., this filing contains several important signals. This filing provides investors with a quarterly update on Marqeta's financial health and operational performance, crucial for assessing investment value. The detailed breakdown of revenue segments and balance sheet components allows for a granular analysis of the company's business trends and financial stability.

Risk Assessment

Risk Level: medium — Marqeta, Inc. shows moderate risk based on this filing. The company's financial performance is subject to market risks and operational execution, as indicated by the detailed financial statements and risk factor disclosures typically found in 10-Q filings.

Analyst Insight

Monitor Marqeta's revenue growth in its Platform Service and Other Services segments in subsequent filings to gauge market adoption and competitive positioning.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-07 — Filing Date (10-Q filing)
• 2024-01-01 — Q1 2024 Start Date (10-Q filing)
• 2023-12-31 — Prior Year End Date (10-Q filing)

Key Players & Entities

• Marqeta, Inc. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — End of the reporting period
• 2024-05-07 (date) — Filing date
• 2024-01-01 (date) — Start of the reporting period
• 2023-12-31 (date) — Prior period balance sheet date
• 2023-01-01 (date) — Prior year Q1 start date
• 2023-03-31 (date) — Prior year Q1 end date

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value per share MQ The Nasdaq Stock

Filing Documents

• mq-20240331.htm (10-Q) — 952KB
• exhibit101q12024.htm (EX-10.1) — 12KB
• exhibit102q12024.htm (EX-10.2) — 17KB
• exhibit103q12024.htm (EX-10.3) — 36KB
• exhibit104q12024.htm (EX-10.4) — 24KB
• exhibit311q12024.htm (EX-31.1) — 11KB
• exhibit312q12024.htm (EX-31.2) — 11KB
• exhibit321q12024.htm (EX-32.1) — 5KB
• exhibit322q12024.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 0KB
• 0001628280-24-021181.txt (&nbsp;) — 5463KB
• mq-20240331.xsd (EX-101.SCH) — 34KB
• mq-20240331_cal.xml (EX-101.CAL) — 76KB
• mq-20240331_def.xml (EX-101.DEF) — 199KB
• mq-20240331_lab.xml (EX-101.LAB) — 516KB
• mq-20240331_pre.xml (EX-101.PRE) — 362KB
• mq-20240331_htm.xml (XML) — 636KB

- Financial Information

Part I - Financial Information Item 1. Condensed Consolidated Financial Statements: 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations and Comprehensive Loss 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

Signatures

Signatures 38 2 Note About Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: uncertainties related to U.S. and global economies and the effect on our business, results of operations, and financial condition; our future financial performance, including our net revenue, costs of revenue, gross profit, and operating expenses and our ability to achieve future profitability; the anticipated accounting treatment of our customer agreements and the risk that such accounting treatment may be subject to further changes or developments; our ability to scale new products and services, such as our credit card platform; our ability to effectively manage or sustain our growth and expand our operations; our ability to enhance our platform and services and develop and expand our capabilities; our ability to further attract, retain, diversify, and expand our customer base; our ability to maintain our relationships with Issuing Banks and Card Networks; our strategies, plans, objectives, and goals; our plans to expand internationally; our ability to compete in existing and new markets and offerings; our estimated market opportunity; economic and industry trend

- Financial Information

PART I - Financial Information

Financial Statements

Item 1. Financial Statements Marqeta, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) (unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 970,357 $ 980,972 Restricted cash 8,500 8,500 Short-term investments 228,324 268,724 Accounts receivable, net 23,422 19,540 Settlements receivable, net 36,511 29,922 Network incentives receivable 54,223 53,807 Prepaid expenses and other current assets 26,830 27,233 Total current assets 1,348,167 1,388,698 Operating lease right-of-use assets, net 5,814 6,488 Property and equipment, net 28,138 18,764 Intangible assets, net 34,167 35,631 Goodwill 123,523 123,523 Other assets 18,552 16,587 Total assets $ 1,558,361 $ 1,589,691 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 916 $ 1,420 Revenue share payable 189,864 173,645 Accrued expenses and other current liabilities 147,802 161,514 Total current liabilities 338,582 336,579 Operating lease liabilities, net of current portion 4,080 5,126 Other liabilities 5,034 4,591 Total liabilities 347,696 346,296 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock, $ 0.0001 par value; 100,000,000 and 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Common stock, $ 0.0001 par value: 1,500,000,000 and 1,500,000,000 Class A shares authorized, 463,779,567 and 465,985,131 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. 600,000,000 and 600,000,000 Class B shares authorized, 54,229,499 and 54,357,844 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 52 52 Additional paid-in capital 2,072,692 2,067,776 Accumulated other comprehensive income ( 824 ) 762 Accumulated deficit ( 861,255 ) ( 825,195 ) Total stockholders' equity 1,210,665 1,243,395 Total liabilities and st

View Full Filing

View this 10-Q filing on SEC EDGAR