Dave Inc (DAVE)

DAVE!!! 
Dave’s not here man!

Dave Reports First Quarter 2026 Financial ResultsMay 5, 2026 4:15 PM
PR Newswire (US) Q1 Revenue Grows 47% Y/Y to $158.4 Million Driven by Continued MTM Growth and ARPU Expansion28-DPD Rate Reaches Record Q1 Low of 1.69%, While Net Monetization Expands to 5.1%, Marking Its Highest Level in Over Four YearsQ1 Net Income Grows 101% Y/Y to $57.9 Million; Adj. EBITDA Increases 57% Y/Y to $69.3 MillionDeploys Approximately $195 Million in Share Repurchase Activity, Representing 7.0% of Shares OutstandingRaises 2026 Revenue, Adj. EBITDA and Adj. Diluted EPS GuidanceLOS ANGELES, May 5, 2026 /PRNewswire/ -- Dave Inc. ("Dave" or the "Company") (Nasdaq: DAVE), one of the nation's leading neobanks, today reported its financial results for the first quarter ended March 31, 2026."We delivered another exceptional quarter to start the year, driven by record credit performance and consistent strong execution against our growth algorithm," said Jason Wilk, Founder and CEO of Dave. "Our 28-Day Past Due rate improved both sequentially and year-over-year to 1.69%, the lowest Q1 rate in company history. Despite the typical dynamics of tax refund season and elevated refunds, demand remained strong with 18% year-over-year MTM and 24% year-over-year ARPU expansion – both above our stated targets. These results are the product of years of significant investments in CashAI and the continued innovation and excellence delivered by our team."Wilk continued, "We also began member testing of our new Pay in 4 card product in early April. We believe our underwriting advantage with CashAI differentiates us in the credit card and BNPL market and will further position us to drive the next phase of significant growth."Quarterly Financial Highlights ($ in millions, except for per share amounts, unaudited)
1Q252Q253Q254Q251Q26GAAP Operating Revenues, Net$108.0$131.7$150.8$163.7$158.4% Change vs. prior year period47 %64 %63 %62 %47 %Non-GAAP Gross Profit*$83.4$92.0$104.2$121.9$114.4% Change vs. prior year period67 %78 %62 %68 %37 %Non-GAAP Gross Profit Margin*77 %70 %69 %74 %72 %Change vs. prior year period900 bps500 bps0 bps300 bps(500) bpsGAAP Net Income$28.8$9.1$92.0$66.0$57.9% Change vs. prior year period(16 %)42 %19,658 %292 %101 %Adjusted Net Income*$32.5$40.5$64.6$53.3$52.3% Change vs. prior year period208 %290 %208 %92 %61 %Adjusted EBITDA*$44.2$50.9$58.7$72.9$69.3% Change vs. prior year period235 %236 %137 %118 %57 %Adj. Net Income per Diluted Share*$2.22$2.78$4.45$3.69$3.64% Change vs. prior year period177 %263 %196 %93 %64 %*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.First Quarter 2026 Operating Highlights (vs. First Quarter 2025)New members increased 22% to 695,000, at a customer acquisition cost of $18Monthly Transacting Members ("MTMs") increased 18% to 2.99 millionExtraCash originations increased 37% to $2.1 billion, while ExtraCash Monetization Rate Net of Losses expanded nearly 40 basis points to 5.1%Average 28-day past due rate of 1.69% versus 1.70%Dave Debit Card spend increased 9% to $534 millionLiquidity SummaryAs of March 31, 2026, the Company had $177.8 million in cash and cash equivalents, investments, and restricted cash, compared to $123.2 million as of December 31, 2025. The $54.6 million increase was primarily driven by $82.0 million of net cash provided by operating activities and $175.7 million of net proceeds from our convertible notes offering (net of $24.3 million paid for the capped call transactions, purchasers' discounts and transaction costs), partially offset by $186.7 million of share repurchases and $8.2 million in tax payments related to the net share settlement of equity awards.The Company maintains $113.3 million of remaining capacity under its existing share repurchase authorization and expects to continue deploying capital opportunistically, subject to market conditions.2026 Financial Guidance ($ in millions)
Prior FY 2026New FY 2026GAAP Operating Revenues, Net$690 - $710$710 - $720Year-Over-Year Growth25% - 28%28% - 30%Adjusted EBITDA*$290 - $305$305 - $315Adj. Net Income per Diluted Share*$14.00 - $15.00$16.25 - $16.75*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.Dave's CFO and COO, Kyle Beilman, commented: "Q1 was another quarter where we demonstrated the quality and consistency of our business model and the excellent execution of our team. Our Net Monetization Rate of 5.1%, its highest level in more than four years, alongside the strongest Q1 credit performance in company history underpin the quality of our earnings growth. These results reflect what we believe is durable, structurally strong member demand: customer acquisition efficiency is nearing all-time highs with payback periods at nearly 3 months, and our growing product roadmap — with Pay in 4 card member testing underway — gives us strong conviction in our ability to deliver on our growth algorithm for many years to come.""I also want to provide context on the sequential increase in our provision for credit losses. With March 31 falling on a Tuesday, ExtraCash receivables were at their intra-week peak at quarter-end, creating an unfavorable timing dynamic that resulted in a higher reserve build on a larger outstanding portfolio. Importantly, this reflects quarter-end timing rather than a credit-quality signal, as our underlying credit performance continues to trend favorably.""Based on Q1 outperformance and our positive outlook, we are raising full-year 2026 guidance across all three metrics. On capital allocation, we deployed $194.9 million in share repurchase activity during Q1, exceeding net proceeds from our convertible note offering. We intend to continue repurchasing shares opportunistically as a core component of our capital allocation strategy."Conference Call Dave management will host a conference call on Tuesday, May 5, 2026, at 5:00 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2026, followed by a question-and-answer period. The conference call details are as follows:Date: Tuesday, May 5, 2026
Time: 5:00 p.m. Eastern time
Conference Call Registration: link
Webcast: linkThe conference call will also be available for replay in the Events section of the Company's website, along with the transcript, at https://investors.dave.com.If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.About DaveDave (Nasdaq: DAVE) is a U.S. neobank pioneering innovative credit products for everyday Americans. For more information about the Company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.Forward-Looking StatementsThis press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feels," "believes," "expects," "anticipates," "estimates," "projects," "intends," "remains," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave's future performance and growth, statements relating to fiscal year 2026 guidance, projected financial results for future periods and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological and AI-related developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current customers, acquire new customers (collectively, "Members") and sell additional functionality and services to its Members; the ability of Dave to successfully launch new products and services; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on two bank partners; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors' services; investigations, claims, disputes, enforcement actions, arbitration, litigation and/or other regulatory or legal proceedings, including the Department of Justice's lawsuit against Dave; the possibility that Dave may be adversely affected by other macroeconomic factors, including regulatory uncertainty, fluctuating interest rates, inflation, unemployment rates, consumer sentiment, market volatility and business, and/or competitive factors; and other risks and uncertainties discussed in Dave's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 2, 2026 and any subsequent Quarterly Reports on Form 10-Q under the heading "Risk Factors," filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.Non-GAAP Financial InformationThis press release contains references to adjusted net income, adjusted EBITDA, adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross profit margin, and adjusted net income per share (basic and diluted) of Dave, which are adjusted from results based on generally accepted accounting principles in the United States ("GAAP") and exclude certain expenses, gains and losses. The Company defines and calculates adjusted EBITDA as GAAP net income before the impact of interest income or expense, provision for income taxes, depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, stock-based compensation expense, discretionary or non-recurring income, changes in fair value of earnout liability and changes in fair value of public and private warrant liabilities. The Company defines and calculates adjusted EBITDA margin as adjusted EBITDA as a percentage of GAAP operating revenues, net. The Company defines and calculates variable operating expenses as provision for credit losses, processing and servicing costs and financial network and transaction costs. The Company defines and calculates non-GAAP gross profit as GAAP operating revenues, net excluding variable operating expenses. The Company defines and calculates non-GAAP gross profit margin as non-GAAP gross profit as a percentage of GAAP operating revenues, net. The Company defines and calculates adjusted net income as GAAP net income adjusted to exclude stock-based compensation, discretionary or non-recurring income, non-recurring legal settlement and litigation expenses, the income tax impact related to the release of the valuation allowance, the income tax impact related to stock-based compensation, changes in fair value of earnout liability and changes in fair value of public and private warrant liabilities. The Company defines and calculates non-GAAP adjusted net income per share - basic and non-GAAP adjusted net income per share - diluted as adjusted net income divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company's management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP.Refer to the section further below for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures for the three months ended March 31, 2026, and 2025.Investor Relations Contact
Sean Mansouri, CFA or Stefan Norbom
Elevate IR
DAVE@elevate-ir.comMedia Contact
Dan Ury
press@dave.comDAVE INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per share data)(unaudited)






For the Three Months Ended March 31,

2026
2025




Operating revenues:



Service based revenue, net
$                          147.6
$                            97.9Transaction based revenue, net
10.8
10.1Total operating revenues, net
158.4
108.0Operating expenses:



Provision for credit losses
26.6
10.6Processing and servicing costs
9.6
7.0Financial network and transaction costs
7.8
7.0Advertising and activation costs
14.3
11.9Compensation and benefits
27.6
27.3Technology and infrastructure
3.4
2.7Other operating expenses
9.6
6.3Total operating expenses
98.9
72.8Other (income) expenses:



Interest expense, net
0.9
1.3Changes in fair value of earnout liabilities
(3.2)
(0.4)Changes in fair value of public and private warrant liabilities
(8.3)
0.4Total other (income) expense, net
(10.6)
1.3Net income before provision for income taxes
70.1
33.9Provision for income taxes
12.2
5.1Net income
$                            57.9
$                            28.8




Net income per share:



    Basic
$                            4.31
$                            2.19    Diluted
$                            4.02
$                            1.97Weighted-average shares used to compute net income per share:



    Basic
13,434,862
13,126,286    Diluted
14,399,635
14,646,526









RECONCILIATION OF TOTAL OPERATING REVENUES, NET(in millions)(unaudited)











For the Three Months Ended March 31,

2026
2025




Service based revenue, net



     Processing and overdraft service fees, net
$                          133.6
$                            83.4     Tips
—
7.5     Subscriptions
13.9
6.8     Other
0.1
0.2Transaction based revenue, net



     Interchange revenue, net
6.2
5.9     ATM revenue, net
0.7
0.8     Other
3.9
3.4Total operating revenues, net
$                         158.4
$                         108.0









CALCULATION OF NON-GAAP GROSS PROFIT(in millions)(unaudited)









For the Three Months Ended March 31,

2026
2025




GAAP operating revenues, net
$                         158.4
$                         108.0Less: variable operating expenses



Provision for credit losses
(26.6)
(10.6)Processing and servicing costs
(9.6)
(7.0)Financial network and transaction costs
(7.8)
(7.0)Non-GAAP gross profit
$                         114.4
$                            83.4Non-GAAP gross profit margin
72 %
77 %









DAVE INC.RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA(in millions)(unaudited)









For the Three Months Ended March 31,

2026
2025




Net income
$                            57.9
$                            28.8Interest expense, net
0.9
1.3Provision for income taxes
12.2
5.1Depreciation and amortization
1.6
1.5Stock-based compensation
7.1
7.5Legal settlement and litigation expenses
1.1
—Changes in fair value of earnout liabilities
(3.2)
(0.4)Changes in fair value of public and private warrant liabilities
(8.3)
0.4Adjusted EBITDA
$                            69.3
$                            44.2Adjusted EBITDA margin
44 %
41 %









DAVE INC.RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME(in millions, except per share data)(unaudited)









For the Three Months Ended March 31,

2026
2025




Net income
$                            57.9
$                            28.8Stock-based compensation
7.1
7.5Legal settlement and litigation expenses
1.1
—Changes in fair value of earnout liabilities
(3.2)
(0.4)Changes in fair value of public and private warrant liabilities
(8.3)
0.4Income tax expense (benefit) related to stock-based compensation
(2.3)
(3.8)Adjusted net income
$                            52.3
$                            32.5




Adjusted net income per share:



    Basic
$                            3.90
$                            2.48    Diluted
$                            3.64
$                            2.22









DAVE INC.SUMMARY BALANCE SHEET(in millions)







March 31,
December 31,

2026
2025

(unaudited)

Cash, cash equivalents, restricted cash, and investments
$                         177.8
$                         123.2ExtraCash receivables, net of allowance for credit losses
279.1
297.3Other assets
73.6
66.9Total assets
$                         530.5
$                         487.4




Debt facility, current
$                            75.0
$                            75.0Other current liabilities
49.3
39.0Convertible notes, net of discount and issuance costs
192.8
—Other liabilities
9.6
20.7Total liabilities
$                         326.7
$                         134.7




Total shareholders' equity
$                         203.8
$                         352.7  View original content to download multimedia:https://www.prnewswire.com/news-releases/dave-reports-first-quarter-2026-financial-results-302763226.htmlSOURCE Dave Inc. Original: Dave Reports First Quarter 2026 Financial Results

Dave Reports Fourth Quarter & Full Year 2025 Financial ResultsMarch 2, 2026 4:10 PM
PR Newswire (US)

Q4 Revenue Increases 62% to $163.7 Million; FY 2025 Revenue Increases 60% to $554.2 MillionQ4 Net Income Grows 292% to $66.0 Million; FY 2025 Net Income Increases 238% to $195.9 MillionQ4 Adj. EBITDA Increases 118% to $72.9 Million; FY 2025 Adj. EBITDA Increases 162% to $226.7 MillionEstablishes 2026 Outlook Reflecting Revenue Growth of 25% - 28% with Expanding Adj. EBITDA MarginsIncreases Share Repurchase Authorization from $125 Million to $300 Million
LOS ANGELES, March 2, 2026 /PRNewswire/ -- Dave Inc. ("Dave" or the "Company") (Nasdaq: DAVE), one of the nation's leading neobanks, today reported its financial results for the fourth quarter and full year ended December 31, 2025.







"We closed 2025 with another record quarter, marking our third consecutive period of 60%+ year-over-year revenue growth," said Jason Wilk, Founder and CEO of Dave. "We once again demonstrated the durability of our growth algorithm, as ARPU expanded 36% year-over-year and monthly transacting members ("MTMs") accelerated 19%. Our 2.9 million MTMs are still a small fraction of what we estimate to be the overall 185 million customer TAM, and we believe we're still early in our journey to drive incremental ARPU through underwriting enhancements, ExtraCash features and pricing, and new credit products. These factors give us tremendous confidence that we can continue to deliver strong growth for many years to come."Powered by CashAI v5.5 of our underwriting engine, we reduced our 28-day past due rate significantly even as originations grew by 50%. This combination of delivering what we believe are the most competitive credit offers for our members while generating strong and improving unit economics creates an increasingly powerful moat around our business."We have entered 2026 in a position of great strength. Regardless of the broader macroeconomic environment, we believe we are very well-positioned to continue scaling profitably."Quarterly Financial Highlights ($ in millions, except for per share amounts, unaudited) 
4Q241Q252Q253Q254Q25GAAP Operating Revenues, Net$100.9$108.0$131.7$150.8$163.7% Change vs. prior year period38 %47 %64 %63 %62 %Non-GAAP Gross Profit*$72.6$83.4$92.0$104.2$121.9% Change vs. prior year period58 %67 %78 %62 %68 %Non-GAAP Gross Profit Margin*72 %77 %70 %69 %74 %Change vs. prior year period900 bps900 bps500 bps0 bps300 bpsGAAP Net Income$16.8$28.8$9.1$92.0$66.0% Change vs. prior year period9,289 %(16 %)42 %19,658 %292 %Adjusted Net Income*(1)$27.8$32.5$40.5$64.6$53.3% Change vs. prior year periodNM208 %290 %208 %92 %Adjusted EBITDA*$33.4$44.2$50.9$58.7$72.9% Change vs. prior year period234 %235 %236 %137 %118 %Adj. Net Income per Diluted Share*(1)$1.91$2.22$2.78$4.45$3.69% Change vs. prior year periodNM177 %263 %196 %93 %
*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.
NM = not meaningful.
(1) Prior period Adjusted Net Income has been updated to include the income tax effect of stock-based compensation, conforming to the current period presentation.
Fourth Quarter 2025 Operating Highlights New Members came in at 867,000, at a customer acquisition cost of $20MTMs increased 19% Y/Y to 2.93 millionExtraCash originations increased 50% Y/Y to $2.2 billion, while ExtraCash Monetization Rate Net of Losses expanded 29 basis points to a record 4.8%Average 28-day past due rate improved 12% or 26 basis points Q/Q to 1.89%Dave Debit Card spend increased 17% Y/Y to $534 millionAnnual Financial Highlights ($ in millions)
FY 2024FY 2025GAAP Operating Revenues, Net$347.1$554.2% Change vs. prior year 34 %60 %Non-GAAP Gross Profit*$238.5$401.5% Change vs. prior year 59 %68 %Non-GAAP Gross Profit Margin*69 %72 %Change vs. prior year 1,100 bps400 bpsGAAP Net Income$57.9$195.9% Change vs. prior year NM238 %Adjusted Net Income*(1)$69.7$190.9% Change vs. prior year periodNM174 %Adjusted EBITDA*$86.5$226.7% Change vs. prior year periodNM162 %
*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.
NM = not meaningful.
(1) Prior period Adjusted Net Income has been updated to include the income tax effect of stock-based compensation, conforming to the current period presentation
Liquidity SummaryAs of December 31, 2025, the Company had $123.2 million in cash and cash equivalents, marketable securities, investments, and restricted cash, compared to $93.6 million as of September 30, 2025. The increase is largely due to higher free cash flow generation, partially offset by higher receivables balances and $11.8 million in share repurchases. The Company did not increase utilization of its credit facility during the quarter.2026 Financial Guidance ($ in millions)
FY 2026GAAP Operating Revenues, Net$690 - $710Year-Over-Year Growth25% - 28%Adjusted EBITDA*$290 - $305Adjusted EPS (Diluted)*$14.00 - $15.00
*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.Dave's CFO and COO, Kyle Beilman, commented: "Q4 results reflect continued improvement in our unit economics. Average ExtraCash origination size grew 20% year-over-year, and net monetization rate reached a record 4.8%. As a result, gross profit payback periods improved further to under four months. Looking ahead, our 2026 outlook reflects continued execution against our baseline medium term growth algorithm of mid-teens MTM growth and low double digit ARPU expansion. We have a disciplined growth strategy in place, balancing strong profitability with investments in new product development and go-to-market capabilities that we believe will drive future growth. We expect to continue expanding annual Adj. EBITDA margins, given strong revenue flow-through to Adj. EBITDA, which exceeded 60% in Q4."Beilman added, "With strong conversion of Adj. EBITDA into free cash flow, combined with our year-end cash position and the incremental liquidity expected from our Coastal Community Bank funding arrangement mid-year, our forecasted total cash for the year represents a meaningful double-digit percentage of our current enterprise value. This liquidity should provide significant flexibility to execute on our capital allocation priorities, including significant, opportunistic share repurchases under our new $300 million authorization, while continuing to invest in profitable growth."Conference Call
Dave management will host a conference call on Monday, March 2, 2026, at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2025, followed by a question-and-answer period. The conference call details are as follows:Date: Monday, March 2, 2026
Time: 5:00 p.m. Eastern time
Conference Call Registration: link
Webcast: linkThe conference call will also be available for replay in the Events section of the Company's website, along with the transcript, at https://investors.dave.com.If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.About DaveDave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the Company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.Forward-Looking StatementsThis press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feels," "believes," "expects," "anticipates," "estimates," "projects," "intends," "remains," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave's future performance and growth, statements relating to fiscal year 2026 guidance, projected financial results for future periods and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological and AI-related developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current customers, acquire new customers (collectively, "Members") and sell additional functionality and services to its Members; the ability of Dave to successfully launch new products and services; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on two bank partners; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors' services; investigations, claims, disputes, enforcement actions, arbitration, litigation and/or other regulatory or legal proceedings, including the Department of Justice's lawsuit against Dave; the possibility that Dave may be adversely affected by other macroeconomic factors, including regulatory uncertainty, fluctuating interest rates, inflation, unemployment rates, consumer sentiment, market volatility and business, and/or competitive factors; and other risks and uncertainties discussed in Dave's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 2, 2026 and any subsequent Quarterly Reports on Form 10-Q under the heading "Risk Factors," filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.Non-GAAP Financial InformationThis press release contains references to adjusted net income, adjusted EBITDA, non-GAAP gross profit, non-GAAP gross profit margin, and adjusted net income per share (basic and diluted) of Dave, which are adjusted from results based on generally accepted accounting principles in the United States ("GAAP") and exclude certain expenses, gains and losses. The Company defines and calculates adjusted EBITDA as GAAP net income before the impact of interest income or expense, provision for income taxes, depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, stock-based compensation expense, discretionary or non-recurring income, gain on extinguishment of convertible debt, changes in fair value of earnout liability and changes in fair value of public and private warrant liabilities. The Company defines and calculates variable operating expenses as provision for credit losses, processing and servicing costs and financial network and transaction costs. The Company defines and calculates non-GAAP gross profit as GAAP operating revenues, net excluding variable operating expenses. The Company defines and calculates non-GAAP gross profit margin as non-GAAP gross profit as a percentage of GAAP operating revenues, net. The Company defines and calculates adjusted net income as GAAP net income adjusted to exclude stock-based compensation, discretionary or non-recurring income, the gain on extinguishment of convertible debt, the tax impact related to the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, the tax impact related to the release of the valuation allowance, changes in fair value of earnout liability and changes in fair value of public and private warrant liabilities. The Company defines and calculates non-GAAP adjusted net income per share - basic and non-GAAP adjusted net income per share - diluted as adjusted net income divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company's management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.Refer to the section further below for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures for the three and 12 months ended December 31, 2025, and 2024.Investor Relations Contact
Sean Mansouri, CFA or Stefan Norbom
Elevate IR
DAVE@elevate-ir.comMedia Contact
Dan Ury
press@dave.comDAVE INC.CONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per share data)(unaudited)










For the Three Months Ended December 31,
For the Year Ended December 31,

2025
2024
2025
2024








Operating revenues:







Service based revenue, net
$                          153.2
$                            90.8
$                          511.9
$                          311.4Transaction based revenue, net
10.5
10.1
42.3
35.7Total operating revenues, net
163.7
100.9
554.2
347.1Operating expenses:







Provision for credit losses 
25.3
16.6
91.0
54.6Processing and servicing costs
9.9
6.0
33.5
29.3Financial network and transaction costs
6.6
5.7
28.2
24.7Advertising and activation costs
19.7
14.7
66.0
53.4Compensation and benefits
24.9
26.8
103.4
105.8Technology and infrastructure
3.3
2.6
12.1
11.0Other operating expenses
9.5
7.5
33.3
33.6Total operating expenses
99.2
79.9
367.5
312.4Other (income) expenses:







Interest expense, net
1.4
1.3
5.4
5.0Gain on extinguishment of convertible debt
—
—
—
(33.4)Changes in fair value of earnout liabilities
0.6
0.9
3.3
1.0Changes in fair value of public and private warrant liabilities
(1.8)
1.3
9.9
1.7Total other (income) expense, net
0.2
3.5
18.6
(25.7)Net income (loss) before provision (benefit) for income taxes
64.3
17.5
168.1
60.4Provision (benefit) for income taxes
(1.7)
0.7
(27.8)
2.5Net income
$                            66.0
$                            16.8
$                         195.9
$                            57.9








Net income per share:







    Basic
$                            4.88
$                            1.31
$                          14.65
$                            4.62    Diluted
$                            4.57
$                            1.16
$                          13.53
$                            4.19Weighted-average shares used to compute net income per share:







    Basic
13,510,175
12,802,737
$                13,366,072
12,520,789    Diluted
14,442,729
14,526,144
$                14,480,703
13,822,582

















RECONCILIATION OF TOTAL OPERATING REVENUES, NET(in millions)(unaudited)










For the Three Months Ended December 31,
For the Year Ended December 31,

2025
2024
2025
2024








Service based revenue, net







     Processing and overdraft service fees, net
$                          140.7
$                            66.0
$                          466.8
$                          218.8     Tips
—
18.3
7.5
67.6     Subscriptions
12.4
6.5
37.2
24.6     Other
0.1
—
0.4
0.4Transaction based revenue, net







     Interchange revenue, net
6.4
5.6
24.4
20.0     ATM revenue, net
—
0.8
2.3
3.1     Other 
4.1
3.7
15.6
12.6Total operating revenues, net
$                         163.7
$                         100.9
$                         554.2
$                         347.1

















RECONCILIATION OF OPERATING EXPENSES TO VARIABLE OPERATING EXPENSES(in millions)(unaudited)






For the Three Months Ended December 31,
For the Year Ended December 31,

2025
2024
2025
2024








Operating expenses
$                            99.2
$                            79.9
$                         367.5
$                         312.4Advertising and activation costs
(19.7)
(14.7)
(66.0)
(53.4)Compensation and benefits
(24.9)
(26.8)
(103.4)
(105.8)Technology and infrastructure
(3.3)
(2.6)
(12.1)
(11.0)Other operating expenses
(9.5)
(7.5)
(33.3)
(33.6)Variable operating expenses
$                            41.8
$                            28.3
$                         152.7
$                         108.6

















CALCULATION OF NON-GAAP GROSS PROFIT(in millions)(unaudited)






For the Three Months Ended December 31,
For the Year Ended December 31,

2025
2024
2025
2024








GAAP operating revenues, net
$                         163.7
$                         100.9
$                         554.2
$                         347.1Variable operating expenses
(41.8)
(28.3)
(152.7)
(108.6)Non-GAAP gross profit
$                         121.9
$                            72.6
$                         401.5
$                         238.5Non-GAAP gross profit margin
74 %
72 %
72 %
69 %

















DAVE INC.RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA(in millions)(unaudited)






For the Three Months Ended December 31,
For the Year Ended December 31,

2025
2024
2025
2024








Net income
$                            66.0
$                            16.8
$                         195.9
$                            57.9Interest expense, net
1.4
1.3
5.4
5.0Provision (benefit) for income taxes
(1.7)
0.7
(27.8)
2.5Depreciation and amortization
2.0
2.3
6.9
7.5Stock-based compensation
6.9
10.1
29.9
37.3Discretionary and non-recurring income
(0.5)
—
(1.3)
—Legal settlement and litigation expenses
—
—
4.5
7.0Gain on extinguishment of convertible debt
—
—
—
(33.4)Changes in fair value of earnout liabilities
0.6
0.9
3.3
1.0Changes in fair value of public and private warrant liabilities
(1.8)
1.3
9.9
1.7Adjusted EBITDA
$                            72.9
$                            33.4
$                         226.7
$                            86.5

















DAVE INC.RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME(in millions, except per share data)(unaudited)






For the Three Months Ended December 31,
For the Year Ended December 31,

2025
2024
2025
2024








Net income
$                            66.0
$                            16.8
$                         195.9
$                            57.9Stock-based compensation
6.9
10.1
29.9
37.3Discretionary and non-recurring income
(0.5)
—
(1.3)
—Legal settlement and litigation expenses
—
—
4.5
7.0Gain on extinguishment of convertible debt
—
—
—
(33.4)Changes in fair value of earnout liabilities
0.6
0.9
3.3
1.0Changes in fair value of public and private warrant liabilities
(1.8)
1.3
9.9
1.7Income tax benefit related to the release of the valuation allowance
(5.2)
—
(32.6)
—Income tax expense (benefit) related to stock based compensation
(12.7)
(1.8)
(18.7)
(2.8)Income tax expense related to gain on extinguishment of convertible debt
—
0.5
—
1.0Adjusted net income
$                            53.3
$                            27.8
$                         190.9
$                            69.7








Adjusted net income per share:







    Basic
$                            3.94
$                            2.17
$                          14.28
$                            5.57    Diluted
$                            3.69
$                            1.91
$                          13.18
$                            5.04

















DAVE INC.SUMMARY BALANCE SHEET(in millions)(unaudited)










December 31,
December 31,





2025
2024












Cash, cash equivalents, restricted cash, marketable securities, and investments
$                         123.2
$                            91.9



ExtraCash receivables, net of allowance for credit losses
297.3
175.9



Other assets
66.9
31.5



Total assets
$                         487.4
$                         299.3












Debt facility
$                            75.0
$                            75.0



Other current liabilities
39.0
35.1



Other liabilities
20.7
6.1



Total liabilities
$                         134.7
$                         116.2












Total shareholders' equity
$                         352.7
$                         183.1



 



View original content to download multimedia:https://www.prnewswire.com/news-releases/dave-reports-fourth-quarter--full-year-2025-financial-results-302701546.htmlSOURCE Dave Inc.

Original: Dave Reports Fourth Quarter & Full Year 2025 Financial Results

Dave shares jump as Q4 revenue beats forecasts with 62% surgeFebruary 6, 2026 10:34 AM
IH Market News
Dave Inc. (NASDAQ:DAVE) shares climbed 16% on Friday after the digital banking platform released preliminary fourth-quarter figures showing revenue growth well ahead of market expectations, supported by rapid customer expansion and stronger unit economics.The company reported preliminary Q4 revenue of $164 million, topping the consensus estimate of $153 million and marking a 62% increase year over year. This represented Dave’s third straight quarter of revenue growth above 60%.Preliminary fourth-quarter adjusted EBITDA came in at $73 million, up 118% from a year earlier and above the company’s prior guidance of $63 million. For full-year 2025, Dave posted preliminary revenue of $554 million, reflecting 60% growth versus 2024, alongside adjusted EBITDA of $227 million, a 162% year-over-year increase.Credit metrics also improved, with the 28 Days Past Due rate expected to fall between 1.95% and 2.00% for the quarter, better than earlier guidance of below 2.10%.“We closed out 2025 with another record quarter, capping the strongest year in our company’s history,” said Jason Wilk, Founder and CEO of Dave, adding that momentum was fueled by “accelerating monthly transacting member growth, continued ARPU expansion, and strong underlying demand for our products.”Following the update, Citizens analyst Devin Ryan reiterated a Market Outperform rating and a $310.00 price target on the stock. “With this positive outlook, we think the risk/reward is quite attractive here,” Ryan said.Dave is scheduled to publish its full, audited financial results on March 2, 2026.Dave stock price

Original: Dave shares jump as Q4 revenue beats forecasts with 62% surge

DAVE !$$$$

DAVE, new 52 week high

$DAVE: Spectacular RUN..... now $275

Was just $70 in April.......... helluva run ........ wow


GO $DAVE

DAVE, new 52 week high

$DAVE crushed the old 52-week high at $167.22🤩

Dave Reports First Quarter 2025 Financial Results
Q1 Revenue Hits $108.0 Million, Representing Accelerating Growth of 47% Y/Y

Q1 Net Income Reaches $28.8 Million; Adj. EBITDA Increases 235% Y/Y to $44.2 Million

Raises 2025 Revenue and Adj. EBITDA Guidance to $460-$475 Million and $155-$165 Million, respectively

LOS ANGELES, May 08, 2025 (GLOBE NEWSWIRE) -- Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the first quarter ended March 31, 2025.

“We knocked the cover off the ball in Q1,” said Jason Wilk, Founder and CEO of Dave. “Revenue grew at the fastest year-over-year pace since 2021 when our business was a fraction of its current size. Given the operating leverage of our business model, Adjusted EBITDA increased 235% year-over-year and 32% sequentially to $44.2 million. This acceleration was driven by solid execution across the business and amplified by the early success of our new fee structure, which has enhanced monetization and conversion rates while maintaining strong member retention.

“Despite the typical seasonal patterns that temper ExtraCash demand in Q1, we originated over $1.5 billion, up 46% from Q1 2024 and 3% from Q4. Meanwhile, our credit metrics continue to hit record levels with our 28-day delinquency rate dropping by 33 basis points year-over-year, driven by ongoing optimization of CashAI. These improvements contributed to another record quarter of non-GAAP variable margin, which reached 77%, nearly doubling over the past three years.

“Building on the success of CashAI and our increased confidence in our new fee model, in combination with our positive growth outlook, we are raising full year Revenue and Adjusted EBITDA guidance.”

Quarterly Financial Highlights ($ in millions, unaudited)

1Q24 2Q24 3Q24 4Q24 1Q25
GAAP Operating Revenues, Net
% Change vs. prior year period $73.6
25% $80.1
31% $92.5
41% $100.9
38% $108.0
47%
Non-GAAP Variable Profit*
% Change vs. prior year period $49.9
47% $51.8
57% $64.2
72% $72.6
58% $83.4
67%
Non-GAAP Variable Profit Margin* 68%

65% 69% 72% 77%
GAAP Net Income $34.2

$6.4 $0.5 $16.8 $28.8
Adjusted Net Income* $8.1

$13.7 $21.1 $29.6 $36.3
Adjusted EBITDA* $13.2

$15.2 $24.7 $33.4 $44.2

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

First Quarter 2025 Operating Highlights (vs. First Quarter 2024)

New Members increased to 569,000 while customer acquisition costs increased $2, remaining highly efficient at $18
Monthly Transacting Members (“MTMs”) increased 13% to 2.5 million
ExtraCash originations increased 46% to $1.5 billion, while the average 28-Day delinquency rate improved 33 basis points to 1.50%
Dave Debit Card spend increased 24% to $488 million
For a full review of the Company’s key performance indicators, please refer to the Company’s First Quarter Earnings Presentation which can be found on the Investor Relations page of Dave’s website
Liquidity Summary

As of March 31, 2025, the Company had $89.7 million in cash and cash equivalents, marketable securities, investments, and restricted cash, down from $91.9 million as of December 31, 2024. The $2.2 million decrease reflects an $18.8 million increase in the net ExtraCash Receivables balance and over $20 million in cash used for restricted stock unit net settlements and share repurchases, offset by positive free cash flow generated during the quarter.

2025 Financial Guidance ($ in millions)

Prior FY 2025 New FY 2025
GAAP Operating Revenues, Net
Year-Over-Year Growth $415 - $435
20% - 25% $460 - $475
33% - 37%
Adjusted EBITDA*
Year-Over-Year Growth $110 - $120
27% - 39% $155 - $165
79% - 91%

*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO, Kyle Beilman, commented: “Our Q1 results demonstrate the continued financial strength and operating efficiency of our business model. We delivered meaningful growth during what is typically our lowest demand period, driven by continued growth in originations per member as a result of the improvements in unit economics and member lifetime value under our new fee model.

“Given our free cash flow generation, liquidity position and confidence in our outlook, our Board authorized a $50 million share repurchase program during the quarter, which we began executing in late Q1. In total, we deployed over $20 million during the quarter through share repurchases and RSU net settlements to reduce our share count. We will continue to evaluate these capital allocation tools as levers to enhance shareholder value, particularly as we believe our current valuation understates the strength of our fundamentals.”

Conference Call
Dave management will host a conference call on Thursday, May 8th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the first quarter ended March 31, 2025, followed by a question-and-answer period. The conference call details are as follows:

Date: Thursday, May 8th, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (866) 652-5200
International dial-in number: (412) 317-6060
Webcast: link

The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

About Dave

Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our C

DAVE, new 52 week high

doug, please check facebook pm i sent. thx.

Definitely will do & congratulations on this monster weeeeeeee

I cant reply p/m- so p/m me facebook ok?

Took some patience my friend:)

DAVE is another multi-bag monster I called a couple of years ago choo-choo

DAVE, well off the 52 week high

DAVE, new 52 week high

Early Barchart 100
https://www.barchart.com/stocks/performance/percent-change/advances?timeFrame=today&viewName=main&screener=overall&orderBy=percentChange&orderDir=desc

Dave Reports Record Fourth Quarter and Full Year 2023 Results; Reaches Significant Quarterly Profitability Milestone
March 05 2024 - 07:30AM

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Print
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Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the fourth quarter and full year ended December 31, 2023.

DAVE 10Q due March 5

DAVE new 52 week high

Now we’re moving!!!

Revenue’s are up, so are new members!!

Time for this one to reverse course. Up and away!!

Happy days are here again>>>$$$$$$$$$$$$$$$$$$$$$$$$$

ive been waiting about 2 years to hear that!

Big boys prep'n the engines for our oncomin' DOLLARLAND fuuuuuunnnnnn \m/

Wakey wakey eggs & bakey \m/

LOS ANGELES, Sept. 6, 2022 /PRNewswire/ -- Dave Inc. (NASDAQ: DAVE, DAVEW), a banking app on a mission to build products that level the financial playing field, today announced that Chien-Liang Chou has been named Chief Technology Officer, effective immediately.

Dave (PRNewsfoto/Dave Inc.)

Mr. Chou previously served as Executive Vice President of Engineering at Dave, a position he held since 2020. In this role, he led the engineering, data, infrastructure, security and information technology teams, spearheading various data initiatives resulting in greater efficiencies and a better member experience. He has brought to Dave more than 20 years of experience developing software and technology platforms, with significant expertise in infrastructure buildouts, automation, machine learning, and more.

"Chien-Liang has been one of our greatest assets, instrumental in the buildout not only of our technology platform, but in the products and services we have been able to offer our members," stated Dave Co-founder and CEO Jason Wilk. "He continues to take on an increasingly important role and will play a big part in shaping our technology architecture going forward as we grow and scale. His dedication to Dave and the millions of members served has not gone unnoticed and I look forward to working with him and his team as we deliver the best banking and customer experience for our members."

Before joining Dave, Mr. Chou served as Vice President of Engineering with Flexport, where he managed all technology hubs both domestically and abroad, driving next-generation tech platforms to help scale their business. Previously, he served as VP, Technology with LendingClub Corporation, where he led the Loan Services Platform and Investor groups. While with LendingClub, Mr. Chou was instrumental in the buildout and implementation of cloud migration and micro-services, and the Company's next-gen platform, LendingClub 2.0. Earlier in his career, he held leadership positions and various technology roles with Stockpile, LOYAL3, Salesforce.com, and FirstRain.

"I am grateful for this opportunity and the recognition of my peers and will continue to give my all to develop the best technology platform and tools in our industry that will benefit Dave and the members we serve," stated Mr. Chou. "Our mission is what drives my team and we will continue to collaborate with all departments to ensure we have the best infrastructure in place that can support our growth, while continuing to improve the member experience."

Mr. Chou will work closely with Dave's leadership to develop and execute the long-term plan and vision for Dave's technology architecture, scaling its software and systems, and building out the Company's technology team.

Grabbed a few more myself !!

grabbed a tad more to ave down on this dip.

im ready, wake up those eggs and bakey

It's loadin' time ahead of the next push glty:)

its quiet in premarket, but im hopeful. and i hope you had a nice weekend, ours (hubby and i) was good here.

its getting pushed down on very…

..

little volume.

thats ok. do your friday thing, lol.

oooo, this is going to be fun!

here we gooooo!!!!

grabbed a few, hi all!

Agreeeeeeeeeeed subs buddy! Lock 'n load for the fast approachin' GOLD choo-choo>>>$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Next week we head back in that direction OLE MC Doogi

Forgot I once owned this dog----- missed the take off and landing While at the dock of the bay..New Orleans

Bring on the DOLLARLAND fun>>>$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Exactly moax:)

GM subs, spot on brotha!

Let's face it, the earnings were very good and within the Companies guidelines. You and I both know how sleazy and slimy these markets are. It's the future growth that will determine where this goes. In the meantime its very important that the stock becomes compliant again.

22.4% increase from same quarter of last year!!

Good, growing company here. Earnings in-line with expectations. $47 mil for the quarter, $200-$215 mil. for year.

It's textbook sell on earnings bs but smart money's loadin' and lockin' ahead of the dollarland rockin' k glty \m/

GM subs, so it is said & so it shall be done>>>Cheers brotha choo-choo;)