Business
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
About this update from Dave Inc.
[{"type":"text","content":"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) 1Q242Q243Q244Q241Q25GAAP Operating Revenues, Net% Change vs. prior year period$73.625%$80.131%$92.541%$100.938%$108.047%Non-GAAP Variable Profit*% Change vs. prior year period$49.947%$51.857%$64.272%$72.658%$83.467%Non-GAAP Variable Profit Margin*68%65%69%72%77%GAAP Net Income$34.2$6.4$0.5$16.8$28.8Adjusted Net Income*$8.1$13.7$21.1$29.6$36.3Adjusted 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 acquisitio...