Business
Dave Announces Second Quarter 2023 Results
Q2 GAAP Revenue up 34% Year Over Year to $61.2 Million; Q2 Non-GAAP Variable Profit up 78%Q2 Net Loss Improves by 17% Year Over Year; Adj. EBITDA Loss
About this update from Dave Inc.
[{"type":"text","content":"Q2 GAAP Revenue up 34% Year Over Year to $61.2 Million; Q2 Non-GAAP Variable Profit up 78%Q2 Net Loss Improves by 17% Year Over Year; Adj. EBITDA Loss Improves 54% to $13.1 MillionRaising Non-GAAP Variable Profit Margin Outlook to 47% - 51%; Reiterating 2023 Non-GAAP Operating Revenue and Adjusted EBITDA Guidance LOS ANGELES, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Dave Inc. (the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the second quarter ended June 30, 2023. “We continued to execute on our objectives and delivered another strong quarter,” said Jason Wilk, Founder & Chief Executive Officer of Dave. “We generated solid revenue growth, sustained improvement to variable margin, and made progress against our strategy to deepen customer relationships as Dave Card debit spend and transactions per MTM both reached all-time highs. Q2 was our fourth consecutive quarter of greater than 30% year over year revenue growth, despite reducing marketing spend by 28%.” “Demand for our products remains strong, and we continue to deliver more member value through ongoing product development while improving on our already robust unit economics. These trends support our conviction in turning Adjusted EBITDA profitable in 2024, while maintaining ample liquidity without the need to raise additional equity capital.” Quarterly Financial Highlights ($ in millions) 2Q223Q224Q221Q232Q23GAAP Operating Revenues, Net% Change vs. prior year period $45.823% $56.841% $59.645% $58.938% $61.234%Non-GAAP Operating Revenues*% Change vs. prior year period $47.022% $58.641% $61.846% $60.639% $62.433%Non-GAAP Variable Profit Margin* 39% 42% 41% 56% 53%GAAP Net Loss($27.1)($47.5)($21.5)($14.0)($22.6)Adjusted EBITDA (Loss)*($28.5)($28.5)($11.8)($4.5)($13.1) *See reconciliation of the non-GAAP measures at the end of the press release. Second Quarter 2023 Operating Highlights (vs. Q2 2022) New Members increased 5% to 739,000 while reducing customer acquisition cost by ~31%. Excluding $1.4 million of corporate marketing spend related to a branding refresh, as well as the development of TV and radio advertising that will air in the third quarter and onwards, customer acquisition cost declined by ~38%.Monthly Transacting Members (“MTMs”) increased 26% to 1.9 million. Transactions per MTM increased 27% to 5.7.ExtraCash ...