Marqeta, Inc.

Ladies and gentlemen, welcome to the Marketa Inc. First Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Bakkema, Chief Accounting Officer and Head of Investor Relations. Please go ahead.

Thanks, Operator. Good afternoon, everyone, and welcome to Marquetta's first quarter 2026 earnings call. Hosting today's call are Mike Miletic, Marquetta's CEO, and Patty Kongwon-Keege, Marquetta's CFO. Before we begin, I would like to remind everyone that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our investor relations website, including our annual report on Form 10-K and our subsequent periodic filings with the SEC. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of the time of this call, and the company does not assume any obligation or intent to update them except as required by law. In addition, today's call includes non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliation to the most directly comparable GAAP measures can be found in today's earnings press release or earnings release supplement materials, which are available on our investor relations website. With that, I'd like to turn the call over to Mike.

Thanks, Sarah, and thank you for joining us for Marquetta's first quarter 2026 earnings call. I'll begin with a brief summary of our Q1 results. then provide an update on how the breadth of our platform capabilities are being leveraged by our customers across multiple geographies and a continuum of products, which differentiates us from other issuer processors. I will then turn the call over to Patty, who will cover the details of our Q1 financial results and our expectations for the remainder of 2026. Our first quarter results demonstrate the continued momentum of our business. Gross profit grew 19%, which was fueled by 33% TPV growth. The increasing scale of our platform was on display, as adjusted EBITDA grew to 33 million, achieving a 20% margin, and importantly, we delivered GAAP profitability this quarter. The $8 million of net income is a testament to our strong growth, operating leverage, and disciplined execution. Marketa has been at the forefront of modern issuer processing for over a decade, enabling growth and innovation for customers in several diverse use cases and geographies. What makes us unique is how comprehensive and flexible our platform is, spanning debit and credit, consumer and commercial, certified to operate in over 40 countries, combined with the expertise and experience to execute a variety of innovative solutions for our customers. Our continued momentum this quarter highlights three trends that are growing in prominence within card issuing. First, Multinational card issuers are becoming more and more common as card growth shifts from local banks to fintechs and enterprises looking to support their customers in many geographies. Second, there is an integrated continuum of products that span debit and credit that enables our customers to meet the needs of consumers and SMBs across their financial journey. There are many layers to the market, including standalone debits, transaction-based lending integrated with debit in a single card credential, secured credit, charge card, and revolving credit. Our customers are often looking to serve several of those needs with a comprehensive offering. Third, there are early efforts underway to modernize the technology in the card issuing market. Utilizing modern platforms like Marketa, many fintechs have achieved great success and have become big businesses. which is increasing the need for more established issuers to upgrade their capabilities in order to compete effectively. Let me start with the growing demand for multinational card issuing capabilities on a single platform. Already, 12 of our top 15 customers utilize Marketa in more than one country, and six of those 12 are in at least five countries, as they continue to expand their businesses without the friction of multiple platform integrations. One of the latest examples of international expansion is Sezzle, who is now launching its virtual card in Canada. This allows Sezzle's Canadian consumers to enjoy the same BNPL flexibility at participating retailers that accept contactless payments, while benefiting from the same seamless checkout experience their U.S. consumers already enjoy. Another example of our support for a global offering is Ramp. who is expanding its corporate expense management solutions across new international markets. By leveraging Marquetta's modern card issuing platform, RAMP is expanding local card issuing into Australia, Japan, Singapore, Brazil, and Mexico, with further geographic expansion planned for later this year. This will allow RAMP to provide its customers with flexible financial solutions in new markets, including the ability to issue virtual and physical cards with customized spend limits, helping businesses thrive on a truly global stage. Marketo enables this rapid international scaling through a single integration, once again demonstrating our ability to operate at scale and enabling disruptors as they take share from legacy providers. An emerging use case that will be multinational from the start is stablecoin-backed card programs, leveraging stablecoin settlement through our bank and network partners. In addition to extending our support of our crypto native customers, we are currently forming new partnerships with crypto infrastructure providers to manage on and off ramping for fiat native customers. A stable coin back card issued on the Marketa platform could be linked to a crypto wallet, enabling spend in local fiat from a stable coin balance. We are building the capabilities and establishing the partnerships to support both existing and new customers to meet the growing demand for this multinational use case. Now let me shift to the integrated continuum of products. In the past several quarters, we've spoken about the rise of BNPL as a feature of a debit offering. But there is also increasing demand for another offering that bridges the gap for consumers who are looking for greater financial flexibility beyond debit, but don't yet qualify for revolving credit. A secured credit card enables the consumer to build credit through their daily spend, eventually advancing to unsecured credit. Our continuum of products seamlessly enables fintechs and enterprises to serve consumers throughout their entire financial lifecycle. A compelling example of this continuum involves one of our existing customers, a large and rapidly growing embedded finance brand with an established debit program on our platform. They have launched a new credit builder card with us to help consumers establish and strengthen their credit profiles. This product is designed to make credit building automatic and accessible. Consumers can use the card for everyday purchases, while funds are automatically set aside to pay off the monthly balance, which is then reported to the credit bureaus. Over time, this helps their consumers build credit if they later desire to have an unsecured option, while our customer leverages our platform to grow and retain their user base throughout their evolving needs. Marketa's strength across this continuum, particularly our experience with flexible credentials, is also attracting new customers with established portfolios. This quarter, we signed a customer that provides consumers with a personal financial assistant to help them better manage their financial lives. They sought a partner that enables innovation and could embed BNPL into a secured credit offering, allowing consumers to toggle between secured credit and installments on a single card for greater flexibility. This customer will migrate their existing portfolio to Marketta, and we are one of the early adopters of the issuer-managed MasterCard One credential to support this new customer. The One credential gives consumers a single programmable card spanning debit, credit, installments, and prepaid with spending rules they control in real time. While the existing program will be migrating from the U.S., This consumer is also looking for a partner who can support rapid geographical expansion and eventually enable them to add revolving credit products to their offering. This win exemplifies the unique value that Marketo delivers to our customers. Program migration to our modern platform, delivering an innovative, multi-threaded, comprehensive solution that is a market first, utilizing our leadership and flexible credentials across multiple geographies. Lastly, I want to highlight the emerging efforts of long-established issuers seeking new capabilities to meet the evolving needs of consumers and businesses with the modern agile capabilities embraced by the FinTech disruptors. In some cases, it could involve platform migrations, but many issuers are also considering more creative solutions to start their modernization efforts in specific use cases or programs before they take on bigger changes in their infrastructure. Leveraging Marketa's virtual card expertise, a large U.S. financial institution has begun to provision a line of credit directly into a consumer wallet, eliminating lengthy and costly integrations. This enhancement will allow the bank's customers to leverage credit to spend seamlessly in physical retail locations, followed soon by online capabilities, driving engagement and unlocking significant value. This innovative lending use case is a powerful demonstration of Marketa's modern, and flexible platform deploying sophisticated, cutting-edge capabilities at scale, which is an early step forward in Marketo establishing, expanding, and deepening our relationships with large banks. To wrap up, this quarter reinforces the momentum behind our business and the increasing value of modern card issuing platform delivers for innovators worldwide. Our financial results in Q1, combined with the business being onboarded and the capabilities being deployed, reflect how the comprehensiveness and flexibility of our platform is enabling our customers to expand and thrive. At the same time, our experience, expertise, and scale position us well to capture the emerging demand for multinational card issuing, an integrated continuum of products, and modern solutions for long-established issuers. Therefore, as we look ahead, we will continue to help FinTechs and enterprises grow the pie, but we are also ready to help modernize existing programs with the capabilities that end users are beginning to expect. The current momentum, combined with our expanding capabilities and the enormous opportunity ahead, makes us confident that we will drive long-term value for our customers and shareholders. I will now turn the call over to Patty to discuss our Q1 financial results and expectations for 2026 in more detail.