Business
Dave Announces First Quarter 2023 Results
Q1 GAAP Revenue up 38% Year Over Year to $58.9 Million; Transaction-Based Revenue up 91%Q1 Net Loss Improves by 57% Year Over Year; Adj. EBITDA Loss Reduced
About this update from Dave Inc.
[{"type":"text","content":"Q1 GAAP Revenue up 38% Year Over Year to $58.9 Million; Transaction-Based Revenue up 91%Q1 Net Loss Improves by 57% Year Over Year; Adj. EBITDA Loss Reduced 75% to $4.5 MillionReiterates 2023 Financial Outlook and Maintains Nearly $200 Million Available Liquidity LOS ANGELES, May 09, 2023 (GLOBE NEWSWIRE) -- Dave Inc. (the “Company”) (Nasdaq: DAVE, DAVEW), one of the leading U.S. neobanks, today reported its financial results for the first quarter ended March 31, 2023. “We made significant progress on our path to profitability, as reflected by another quarter of improved variable margin, Adjusted EBITDA and net loss,” said Jason Wilk, Founder and Chief Executive Officer of Dave. “Q1 revenue was in-line with our expectations as demand for ExtraCash is typically softest in the first quarter due to tax refunds. As a result, we moderated marketing investment, which, in combination with the sequential variable margin expansion, allowed us to more than halve our Adjusted EBITDA loss for the second consecutive quarter. Our outlook remains positive, and we look forward to delivering on our 2023 revenue and profitability targets supported by normalized seasonal demand, increased marketing investment and ongoing product enhancements in the quarters ahead.” Quarterly Financial Highlights ($ in millions unless otherwise noted) 1Q222Q223Q224Q221Q23GAAP Operating Revenues, Net% Change vs. prior year period $42.624% $45.823% $56.841% $59.645% $58.938% Non-GAAP Operating Revenues*% Change vs. prior year period $43.723% $47.022% $58.641% $61.846% $60.639% Non-GAAP Variable Profit Margin* 41% 39% 42% 41% 56% GAAP Net Loss ($32.8) ($27.1) ($47.5) ($21.5) ($14.0) Adjusted EBITDA (Loss)* ($18.3) ($28.5) ($28.5) ($11.8) ($4.5) *See reconciliation of the non-GAAP measures at the end of the press release. First Quarter 2023 Operating Highlights (vs. Q1 2022) Added 587,000 New Members while reducing customer acquisition cost by ~39%.Monthly Transacting Members (“MTMs”) increased 34% to 2.0 million. Transactions per MTM increased 19% to 5.4.ExtraCash originations increased 46% to $798 million, while the 28-Day delinquency rate improved 67 basis points to 2.60%.Dave Debit Card spend increased 62% to $295 million compared to $182 million.For a full review of the Company’s KPIs, please refer to the Company’s Q1 2023 Earnings Presentation which can be found ...