Shares of Marqeta Inc. were up more than 15% in after-hours trading Wednesday after the company, which enables companies to issue debit and credit cards, topped expectations with its latest results while also delivering an upbeat forecast.

The company recorded a third-quarter net loss of $45.7 million, or 8 cents a share, compared with a loss of $12.3 million, or 10 cents a share, in the year-earlier quarter.

Marqeta
MQ,
-5.25%

reported a $4.9 million loss on the basis of adjusted earnings before interest, taxes, depreciation and amortization, which is a non-GAAP metric. The company generated $686,000 in adjusted Ebitda a year earlier.

Revenue rose to $131.5 million from $84.3 million a year earlier. Analysts tracked by FactSet were modeling $119.2 million in revenue. Marqeta also saw total processing volume increase to $27.6 billion from $17.2 billion a year prior.

“We see our third-quarter results as yet another proof point of the tremendous progress and the impact we are already having in global money movement, and we are only scratching the surface when it comes to the many ways Marqeta enables modern card issuing,” Chief Executive Jason Gardner said on the earnings call.

The company highlighted a series of recent customer wins, including Bill.com Holdings Inc.
BILL,
-4.39%
,
which will use Marqeta technology to help small- and medium-sized businesses make their payment processes more efficient. The company will also work with Figure on its digital account that offers buy-now pay-later functions.

Buy-now pay-later remains a hot area for Marqeta, as does helping cryptocurrency-focused companies offer customers the ability to spend their crypto assets through cards.

Gardner said on the earnings call that Marqeta’s virtual-card-issuing capabilities and its functions that allow companies to “see spend data, inject metadata into the transaction, [and] set spend controls “serve as differentiators for the company when it comes to attracting new business.”

For the fourth quarter, Marqeta projects $134 million to $139 million in net revenue and an Ebitda loss of $7 million to $10 million. Analysts tracked by FactSet were modeling $125.8 million in revenue and a $24.8 million Ebitda loss.

Shares have declined 16.6% over the past three months as the S&P 500
SPX,
-0.82%

has risen 4.7%.

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