Total Operating Revenue

~46.7% increase (from $73.63M to $107.979M)

Revenue growth was broad-based, driven by strong increases in both service‐based and transaction‐based revenues. Service-based revenue growth (~49% increase) and transaction-based revenue growth (~25.5% increase) combined to raise overall revenues from the previous period. " "

Service-Based Revenue

~49% increase (from $65.56M to $97.851M)

The growth was primarily fueled by a dramatic increase in processing fees (up 87% YoY) due to higher transacting member counts, more ExtraCash origination volume, and higher average transaction amounts, with additional support from subscription revenue increases. " " " " "

Transaction-Based Revenue

~25.5% increase (from $8.07M to $10.128M)

Expansion in card spend and increased transaction volume—driven by more members engaging with the Checking Product and rising transaction fees—accounted for the steady growth in transaction-based revenue compared to the previous year. " " " "

Processing Fees

87% increase (from $44.60M to $83.448M)

A substantial rise in processing fees was driven by a 13% increase in average monthly transacting Members, higher ExtraCash origination volume (with averages increasing from $159 to $192), and modest increases in both fee levels and adoption of expedited disbursements. " " " " "

Tips Revenue

~50% decrease (from $14.91M to $7.496M)

The sharp decline stemmed primarily from the elimination of the Member tipping option in February 2025, which significantly reduced tip-generated revenue despite the previous period’s high tip numbers. " " " " "

Net Income

~16% decrease (from $34.243M to $28.8M)

Net income dropped, potentially due to increased operating costs and reduced tips revenue impacting overall profitability, even as operating revenue grew. " "

Operating Expenses

~6.7% increase (from $68.231M to $72.830M)

The rise in operating expenses reflects increased spending on compensation, benefits, and marketing, among other costs, which, while supporting revenue growth, also strained margins compared to the previous period. " "

Operating Cash Flow

~146% increase (from $18.344M to $45.247M)

Despite a decline in net income, operating cash flow more than doubled mainly due to improved revenue performance and more efficient working capital management, which allowed for a stronger conversion of operational results into cash. " "

GAAP Revenue

FY 2025

$415 million – $435 million with 20% to 25% growth "

No guidance provided [Q1 2025]

no guidance

Adjusted EBITDA

FY 2025

$110 million – $120 million with 27% to 39% growth "

No guidance provided [Q1 2025]

no guidance

Customer Retention

Prior quarters (Q2–Q4 2024) emphasized improved retention rates, longer average tenure, reactivation of dormant members, and strong repeat usage ( " , " , " )

Q1 2025 highlighted record MTM growth (13% y/y, 3% sequential), high repeat usage (20–30 transactions), and enhanced lifetime value through the new fee model ( " , " , " )

Consistently positive; further enhanced by new fee structure leading to higher conversion and repeat engagement.

Monetization and ARPU Growth

Q2–Q4 2024: ARPU increased 11–18% y/y driven largely by extra cash engagement, improved fee models, and higher disbursement sizes ( " , " , " , " )

Q1 2025: ARPU surged 29% y/y with record averages ($171) and accelerated growth via full adoption of a new flat fee model ( " , " , " , " )

Accelerating growth; marked improvement and more durable monetization compared to previous periods.

New Fee Model and Pricing Adjustments

Q2–Q4 2024: Introductions and tests of a fee model (5% fee with $5 min/$15 cap) to replace optional fees, with positive early impacts on retention and ARPU ( " , " , " , " , " )

Q1 2025: Complete transition announced (Feb 19, 2025) with ~60% adoption, significant impact on conversion, LTV, and larger origination sizes ( " , " , " , " )

From testing to full implementation; clear positive impact on both monetization and customer retention.

LTV-Focused Customer Acquisition and CAC Efficiency

Q2–Q4 2024: Demonstrated strong efficiency with lower CAC (down 14–26% y/y) and diversified channels driving MTM growth while emphasizing LTV improvements ( " , " , " , " )

Q1 2025: CAC increased by 13% y/y to $18, but the strategy shifted to favoring LTV over mere cost minimization, expecting higher returns supported by improved monetization ( " , " )

Shift from cost-cutting to strategic LTV optimization; higher acquisition cost is accepted for improved long‑term value.

Marketing Spend and Expense Management

Q2–Q4 2024: Marketing spend ranged from reduced costs (28% drop in Q2) to moderated increases with efficient cost management, including lower processing costs and controlled compensation trends ( " , " , " )

Q1 2025: Marketing spend up 13% y/y, with continuing efforts in expense discipline (processing costs down 8%, compensation as % of revenue improved) while planning opportunistic spend increases ( " , " )

Maintaining disciplined expense management with selective investment increases to support growth.

Operational Efficiency and Margin Pressure

Q2–Q4 2024: Enhanced efficiency through improved CashAI performance, operating leverage, and variable margins around 65–72% with reduced loss rates ( " , " , " , " )

Q1 2025: Record revenue growth with variable margins reaching 77%, improved processing and compensation metrics, yet noting seasonal margin pressure from normalized credit performance ( " , " )

Continued efficiency gains and margin expansion, despite some seasonal credit pressures; overall strong operational performance.

R&D Investment and Product Innovation

Q4 2024: Modest planned investments in product development (notably for the Dave Debit product) with mention of exploring loyalty/rewards; no mention in Q3/Q2 2024 ( " , " )

Q1 2025: Continued disciplined, modest investments in product and data capabilities with explicit plans to allocate more resources toward further innovation in the Dave Card product ( " , " , " )

Emerging focus on product innovation – especially around the Dave Card – to drive future cross-attach opportunities.

Dave Card Adoption and Engagement

Q2–Q4 2024: Consistent growth in Dave Card spend (ranging from 19% to 28% y/y increases and stable ~30% ExtraCash attach rate) with clear integration with ExtraCash driving engagement ( " , " , " , " , " )

Q1 2025: Record Dave Card spending ($488 million), driven by organic synergy with ExtraCash and plans to further incentivize adoption and direct deposit through rewards testing ( " , " , " )

Steady and robust growth with strategic initiatives to further deepen engagement and drive direct deposit usage.

Underwriting Improvements and AI Advances

Q2–Q4 2024: Progressive improvements via new underwriting models and enhanced CashAI technology led to lower delinquency and loss rates, higher origination sizes, and increased automation (using more machine-learning variables and DaveGPT) ( " , " , " , " , " , " , " , " )

Q1 2025: Continued strong performance of the CashAI engine yielded a 46% increase in extra cash originations and improved credit metrics (declining loss provisions as a percentage) with enhanced first-time limits ( " , " , " )

Continued refinement and AI integration are driving further improvements in credit performance and scalability.

Banking Partnerships and Sponsor Bank Transitions

Q2–Q4 2024: Discussions about diversifying and transitioning sponsor banks—nonbinding LOI in Q3, and a finalized partnership with Coastal in Q4 with plans to transition new and eventually all customers by 2025 ( " , " , " , " )

Q1 2025: Announcement of strategic transition to Coastal Community Bank starting early Q3 2025 to support expanded product offerings and next-generation initiatives ( " )

Moving from evaluation and preparatory stages in previous periods to active implementation of a strategic banking partner.

Credit Product Expansion and Longer-Duration Credit

Q2–Q4 2024: Various initiatives to expand credit offerings—from higher credit within the same paycheck cycle (Q2) and exploratory efforts toward next‑generation products (Q3) to discussions on longer‑duration credit to drive ARPU ( " , " , " , " )

Q1 2025: Plans announced for a friends and family launch of the Dave Credit product later in 2025; results for longer‑duration credit expected to materialize in 2026 ( " , " )

Ongoing expansion with strategic product launches planned; results expected later, indicating a longer-term growth opportunity.

FTC Litigation and Regulatory Risk

Q3 2024: Addressed FTC litigation regarding disclosures and fee consent with a $7 million accrual; executives expressed confidence in a strong defense and potential benefits from a more business‑friendly regulatory environment ( " , " , " , " )

Q1 2025: No mention of FTC litigation or regulatory risk topics

Decreased emphasis in Q1 2025; regulatory concerns have receded from the current discussion.

Direct Deposit Adoption and Transparency

Q2–Q3 2024: Discussed indirectly via the ExtraCash–Dave Card synergy with non‑disclosure of explicit metrics; noted that direct deposit users had higher spending ( " , " )

Q1 2025: Continued focus on leveraging product rewards and synergy between ExtraCash and Dave Card to boost direct deposit adoption; no specific transparency disclosures provided ( " , " )

Consistent focus on driving direct deposit via product integration; metric transparency remains limited.

Subscriber Plan Pricing Uncertainty

Q2 2024: Executives indicated no official update with testing ongoing and potential adjustments not factored into guidance ( " ) and Q3 2024 deprioritized subscription pricing in favor of a fee model ( " )

Q1 2025: No discussion of subscriber plan pricing uncertainty

Topic has diminished; focus has clearly shifted away from subscriber pricing as the new fee model takes precedence.

Reliance on Existing Customer Base

Q2–Q3 2024: Heavy reliance on existing customers was evidenced by over 95% of ExtraCash originations coming from repeat users and strong reactivation efforts boosting a 2.3‑million MTM base ( " , " , " )

Q1 2025: Continued emphasis on repeat customer behavior driving growth and higher credit limits, reinforcing the strength of the existing customer base ( " )

A consistently strong pillar of the business, with reliance on existing customers remaining a key growth driver.