Dave Inc./DE (DAVE) Company Report

Dave reported strong financial results for Q3 2025, with Total Revenue of $151 million and Adjusted EBITDA of $58.7 million.
The company raised its full-year 2025 guidance, now projecting Total Revenue between $544 million and $547 million and Adjusted EBITDA between $215 million and $218 million.
Gross profit increased 62% year-over-year to a record $104.2 million in Q3 2025, with a gross margin of 69%.
Dave's member base expanded significantly, reaching 13.5 million Total Members and 2.77 million Monthly Transacting Members in Q3 2025.
The new fee model contributed to a step-change improvement in ExtraCash Net Revenue, with the Net Monetization Rate increasing to 4.8% and Annualized Revenue per Monthly Transacting Member (ARPU) growing 39% year-over-year to $217.

Nov 4, 2025, 1:30 PM

Dave Reports Record Q3 2025 Results and Raises Full-Year Guidance

DAVE

Earnings

Guidance Update

New Projects/Investments

Dave reported strong financial results for Q3 2025, with revenue growing 63% year-over-year to $150.8 million and Adjusted EBITDA increasing 137% year-over-year to $58.7 million. Monthly transacting members (MTMs) grew 17% to 2.77 million, and ARPU expanded by nearly 40%.
The company raised its full-year 2025 guidance, now expecting revenue between $544 million and $547 million and Adjusted EBITDA between $215 million and $218 million.
Performance was driven by a new mandatory pricing model and the rollout of Cache AI v5.5 in late Q3, which improved credit outcomes and net monetization per transaction. The 28-day delinquency rate improved sequentially to 2.33% in Q3.
Dave is transitioning its Extra Cash and banking products to Coastal Community Bank, with full off-balance sheet migration of receivables targeted for end of Q1/early Q2 2026. The company is also internally testing a Buy Now, Pay Later (BNPL) product, with customer testing anticipated in Q1 2026.

Nov 4, 2025, 1:30 PM

Dave Inc. Reports Strong Q2 Performance, Strategic Balance Sheet Shift, and Share Repurchase Authorization

DAVE

Earnings

Share Buyback

New Projects/Investments

Dave reported strong Q2 financial results, with revenue up over 60% to $131 million and EBITDA up nearly 300% to over $50 million. This performance was supported by the Extra Cash product, which saw average revenue per user grow over 40% year over year following the implementation of a 5% mandatory fee.
The company maintains an efficient customer acquisition strategy, with a customer acquisition cost (CAC) under $20 and a payback period of four months, enabling the acquisition of almost 800,000 new members in the quarter.
Dave is increasing its monthly subscription fee for new customers from $1 to $3, a change tested to have no impact on conversion or retention and expected to be accretive to margins and lifetime value (LTV).
A new partnership with Coastal Community Bank will see the bank hold all Extra Cash loans, eliminating Dave's balance sheet debt and unlocking over $100 million of net cash.
Dave announced an additional $125 million share repurchase authorization, reflecting confidence in its business and financial position.

Aug 13, 2025, 1:55 PM

Dave Inc faces hundreds of arbitration claims over alleged hidden fees

DAVE

Legal Proceedings

Over 600 consumers filed arbitration claims against Dave Operating LLC, alleging misleading service promises and hidden fees on its ExtraCash product.
Plaintiffs claim Dave misrepresented “no hidden fees” and “instant cash advances,” charged unexpected subscriptions and “Express Fees,” and coerced optional “tips”.
In November 2024, the FTC sued Dave for ExtraCash misrepresentation, and in December 2024 the DOJ filed an amended complaint accusing the company of targeting vulnerable users with deceptive marketing.

Jun 17, 2025, 2:00 PM

Dave Inc Reports Record Q1 2025 Performance & Updated Guidance

DAVE

Earnings

Revenue Acceleration/Inflection

Guidance Update

Share Buyback

Record Q1 2025 Performance: Achieved $108M in revenue with 47% YoY growth, including a 13% boost in monthly transacting members (MTMs) and 29% ARPU lift .
Profitability & EBITDA: Delivered $83.4M non‐GAAP variable profit with 77% variable margins alongside $28.8M net income and $44.2M adjusted EBITDA, reflecting a 235% YoY surge in adjusted EBITDA .
Raised Full-Year Guidance: Updated outlook to $460–475M in revenue and $155–165M in adjusted EBITDA, emphasizing confidence in sustained growth .
Enhanced Monetization & Product Upgrades: New fee model rollout (60%, moving to full in Q2) is driving member monetization, while upgrades to the Dave Card and ExtraCash offerings are deepening engagement and boosting ARPU .
Efficient Member Acquisition: Leveraging a lower cost to serve and competitive CAC versus legacy banks to drive scalable member growth .
Strategic Capital Allocation: Initiated a $50M share repurchase program, having repurchased approximately $7M of common stock, underscoring long‐term financial strength .

May 8, 2025, 12:31 PM

Dave Inc. Announces $50 Million Share Repurchase Authorization

DAVE

Share Buyback

Dave Inc. has authorized a share repurchase program to buy back up to $50 million of its outstanding Class A common stock, with no fixed expiration date, allowing flexibility in execution based on market conditions.
The repurchase initiative is intended to enhance shareholder value and reflects the board’s confidence in the company’s financial strength and future free cash flow generation.
The program may be executed through open market or privately negotiated transactions and is subject to standard regulatory compliance under Rule 10b-18.

Mar 10, 2025, 12:00 AM