Filing Flows › Marqeta (MQ) › Q1 2025
Marqeta (MQ) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Marqeta (MQ) reported revenue of $139M for the first quarter 2025 (Q1 2025), +18% from a year earlier and +2% from the quarter before. Operating margin was -13.3%, net loss $8.3M (5.9% of revenue).
Marqeta, Q1 2025: revenue $139M (+18% year over year), operating margin -13.3%, net loss $8.3M, operating cash flow $10.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $139M | +2% | +18% |
| Operating profit | −$18.5M | — | — |
| Net earnings | −$8.3M | — | — |
| Operating cash flow | $10.0M | -60% | 23× |
| Free cash flow | $8.7M | -65% | — |
What changed
Revenue was $139.1M in Q1 2025, up 18% year over year and up 2% from the previous quarter. Platform services revenue, net was the largest line at 95% of revenue. Platform services revenue, net added $17.9M year over year (up 16%), 85% of the total change.
Gross margin was 71.0%, down 0.4 points from a year earlier. Operating costs exceeded revenue by $18.5M, an operating margin of -13.3%. Operating expenses fell 13% while revenue rose 18%. The fastest-growing cost line was Sales & marketing (+24%). The quarter ended with a net loss of $8.3M, narrower than the previous quarter's $27.1M loss. Non-operating items added $10.5M, -131% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $10.0M (up 2244% year over year). Non-cash charges added back $5.3M of depreciation and amortization and $25.9M of share-based compensation. Working capital and other items used $13.0M. Capital expenditures of $1.3M left free cash flow of $8.7M.
Questions
What was Marqeta's revenue in the first quarter 2025?
Marqeta (MQ) reported revenue of $139M for the first quarter 2025 (Q1 2025), +18% from a year earlier and +2% from the quarter before.
Was Marqeta profitable in the first quarter 2025?
Operating loss was $18.5M (-13.3% of revenue) and net loss $8.3M.
Source: Marqeta 10-Q on SEC EDGAR.