John on for Ramsey El-Assal's questions to Marqeta Inc (MQ) leadership • Q4 2024
Question
John, on behalf of Ramsey El-Assal, sought clarification on whether the 2025 guidance assumes the TransactPay acquisition closes in Q3 and asked about the expected cadence toward achieving GAAP profitability by the end of 2026.
Answer
Interim CEO and CFO Mike Milotich confirmed the guidance assumes a Q3 close for TransactPay. Regarding profitability, he explained the path to exiting 2026 with quarterly GAAP profitability relies on driving gross profit growth significantly faster than expense growth, leveraging the scale of their largely fixed-cost, people-driven platform and growing momentum in embedded finance.