Dave Inc. Expands Share Repurchase Authorization to $125 Million Following Strong Buyback Activity

Rhea-AI Summary

Dave Inc. (Nasdaq: DAVE) has expanded its share repurchase authorization to $125 million, replacing the previous $50 million program announced in March 2025. Since its Q2 earnings report on August 6th, the company has already deployed $25 million for stock buybacks.

Year-to-date, Dave has invested over $45 million in share repurchases and RSU net settlements. The company's COO and CFO Kyle Beilman emphasized their confidence in the business model's durability and positive outlook, citing a strong balance sheet and robust free cash flow generation potential.

The repurchase program allows for various execution methods, including open market and private transactions, with timing and amount determined by market conditions and other factors.

Positive

• Significant increase in buyback authorization from $50M to $125M
• Strong execution with $25M in recent share repurchases
• Year-to-date investment of $45M in share count reduction
• Solid balance sheet and strong free cash flow generation outlook

Negative

• Program may be suspended or modified at company's discretion
• Actual share repurchases dependent on market conditions

Insights

Financial Analyst

Dave's $125M buyback expansion signals management confidence in business durability and free cash flow generation potential.

Dave's expanded share repurchase program represents a 150% increase from the previous $50 million authorization announced just five months ago. The company has already demonstrated significant commitment to reducing share count, deploying $25 million in the week following Q2 earnings and over $45 million year-to-date through repurchases and RSU net settlements.

This accelerated buyback pace is particularly noteworthy as it represents a substantial capital allocation decision for a fintech company. The expansion signals strong management confidence in Dave's financial health and future prospects. CFO Kyle Beilman's remarks specifically highlight three key strengths: 1) solid balance sheet fundamentals, 2) strong outlook for free cash flow generation, and 3) compelling growth opportunities.

The focus on executing repurchases at \"accretive levels\" indicates management believes shares are undervalued relative to intrinsic worth. This suggests leadership sees current price levels as an opportunistic entry point for the company itself to invest in its equity.

The flexible implementation approach — allowing for open market or privately negotiated transactions — gives management optionality in execution while maintaining Rule 10b-18 compliance. The discretionary nature of the program provides wiggle room to adjust based on market conditions, which represents prudent financial management rather than an absolute commitment regardless of circumstances.

From a capital allocation perspective, this expanded buyback signals confidence that Dave can simultaneously fund its strategic growth initiatives while returning significant capital to shareholders — a balanced approach that suggests financial maturity beyond typical high-growth fintech positioning.

Los Angeles, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE) today announced that its Board of Directors has approved an increase in the Company’s share repurchase authorization to $125 million, which replaces the previous $50 million authorization announced on March 10, 2025.

Since Dave reported its second quarter earnings on August 6th, the Company has deployed approximately $25 million to repurchase its common stock. Year-to-date, Dave has invested more than $45 million through share repurchases and RSU net settlements, executed at accretive levels, to reduce its share count.

“Our recent share purchases and increased repurchase authorization reflect the confidence we have in our positive outlook and the proven durability of our business model,” said Kyle Beilman, COO and CFO of Dave. “With a solid balance sheet, a strong outlook for free cash flow generation, and compelling growth opportunities ahead, we are well-positioned to deliver attractive returns to shareholders while continuing to invest in our long-term strategic priorities.”

The Company believes that the upsized authorization under its new repurchase program and the recent buyback activity underscore the Company's commitment to disciplined capital allocation. Dave intends to continue executing repurchases opportunistically, subject to market conditions and other factors.

Under the authorization, the Company may repurchase shares through a variety of methods, including open market transactions and privately negotiated transactions, in compliance with Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable laws and regulations. The timing, manner, and total amount of repurchases will be determined by management based on market conditions, stock price, business performance, and alternative investment opportunities.

The repurchase program does not obligate Dave to acquire any specific number of shares, and it may be suspended, modified, or terminated at any time at the Company’s discretion.

About Dave

Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the expected impact and timing of share repurchases, quotations of our Chief Financial Officer and Chief Operating Officer relating to Dave’s future performance, growth and free cash flow, Dave’s capital allocation, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current customers, acquire new customers (collectively, “Members”) and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the primary reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, arbitration, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other macroeconomic factors, including regulatory uncertainty, fluctuating interest rates, inflation, unemployment rates, consumer sentiment, market volatility and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2025 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Investor Relations Contact

Sean Mansouri, CFA
Elevate IR
DAVE@elevate-ir.com

Media Contact

Dan Ury
press@dave.com

FAQ

How much did Dave Inc. (DAVE) increase its share buyback program to in August 2025?

Dave Inc. increased its share buyback authorization to $125 million, up from the previous $50 million authorization announced in March 2025.

How much has Dave (DAVE) spent on share repurchases since Q2 2025 earnings?

Dave has spent $25 million on share repurchases since reporting Q2 earnings on August 6th, 2025.

What is Dave's (DAVE) total investment in share count reduction for 2025?

Year-to-date, Dave has invested over $45 million through share repurchases and RSU net settlements.

Who announced Dave's (DAVE) increased share buyback program?

Kyle Beilman, Dave's COO and CFO, announced the increased buyback program, citing confidence in the company's outlook and business model durability.

How will Dave (DAVE) execute its share repurchase program?

Dave may repurchase shares through open market transactions and privately negotiated transactions, in compliance with Rule 10b-18 and other regulations.