Dave Reports Second Quarter 2025 Financial Results
Dave Inc. (NASDAQ:DAVE), a leading neobank, reported exceptional Q2 2025 financial results with significant growth across key metrics. Revenue surged 64% year-over-year to $131.7 million, while net income increased 42% to $9.1 million. The company achieved record Adjusted EBITDA of $50.9 million, representing a 39% margin.
Key operational metrics showed strong performance with Monthly Transacting Members up 16% to 2.6 million. ExtraCash originations grew 51% to $1.8 billion, and Dave Debit Card spend increased 27% to $493 million. The company's customer acquisition cost averaged $19 per new member.
Following these strong results, Dave raised its 2025 guidance, projecting revenue of $505-515 million (46-48% growth) and Adjusted EBITDA of $180-190 million (108-120% growth). The company ended Q2 with $104.7 million in cash and equivalents, up from $89.7 million in Q1.
Dave Inc. (NASDAQ:DAVE), una neobanca leader, ha annunciato risultati finanziari eccezionali per il secondo trimestre 2025 con una crescita significativa in tutti i principali indicatori. I ricavi sono aumentati del 64% su base annua, raggiungendo 131,7 milioni di dollari, mentre l'utile netto è cresciuto del 42%, arrivando a 9,1 milioni di dollari. L'azienda ha registrato un EBITDA rettificato record di 50,9 milioni di dollari, con un margine del 39%.
I principali indicatori operativi hanno mostrato una solida performance, con un aumento del 16% dei membri attivi mensili, che hanno raggiunto 2,6 milioni. Le origini di ExtraCash sono cresciute del 51%, arrivando a 1,8 miliardi di dollari, mentre la spesa con la carta di debito Dave è aumentata del 27%, toccando i 493 milioni di dollari. Il costo medio di acquisizione cliente è stato di 19 dollari per nuovo membro.
In seguito a questi risultati positivi, Dave ha rivisto al rialzo le sue previsioni per il 2025, prevedendo ricavi tra 505 e 515 milioni di dollari (crescita del 46-48%) e un EBITDA rettificato tra 180 e 190 milioni di dollari (crescita del 108-120%). Il trimestre si è chiuso con 104,7 milioni di dollari in contanti e equivalenti, in aumento rispetto ai 89,7 milioni del primo trimestre.
Dave Inc. (NASDAQ:DAVE), un neobanco líder, reportó resultados financieros excepcionales en el segundo trimestre de 2025 con un crecimiento significativo en métricas clave. Los ingresos aumentaron un 64% interanual hasta 131,7 millones de dólares, mientras que el ingreso neto creció un 42% hasta 9,1 millones de dólares. La compañía alcanzó un EBITDA ajustado récord de 50,9 millones de dólares, con un margen del 39%.
Las métricas operativas clave mostraron un sólido desempeño con un 16% más de miembros activos mensuales, llegando a 2,6 millones. Las originaciones de ExtraCash crecieron un 51% hasta 1.800 millones de dólares, y el gasto con la tarjeta de débito Dave aumentó un 27% hasta 493 millones de dólares. El costo promedio de adquisición de clientes fue de 19 dólares por nuevo miembro.
Tras estos sólidos resultados, Dave elevó su perspectiva para 2025, proyectando ingresos entre 505 y 515 millones de dólares (crecimiento del 46-48%) y un EBITDA ajustado de 180 a 190 millones de dólares (crecimiento del 108-120%). La compañía cerró el segundo trimestre con 104,7 millones de dólares en efectivo y equivalentes, frente a los 89,7 millones del primer trimestre.
Dave Inc. (NASDAQ:DAVE)는 선도적인 네오뱅크로서 2025년 2분기 재무 실적에서 주요 지표 전반에 걸쳐 큰 성장을 기록했습니다. 매출은 전년 대비 64% 증가한 1억 3,170만 달러를 기록했으며, 순이익은 42% 증가한 910만 달러를 달성했습니다. 회사는 39% 마진을 기록한 조정 EBITDA 5,090만 달러로 사상 최대치를 기록했습니다.
주요 운영 지표도 강력한 성과를 보였으며, 월간 거래 회원 수는 16% 증가하여 260만 명에 달했습니다. ExtraCash 대출은 51% 증가한 18억 달러를 기록했고, Dave 직불카드 사용액은 27% 증가한 4억 9,300만 달러였습니다. 고객 획득 비용은 신규 회원당 평균 19달러였습니다.
이러한 강력한 실적에 힘입어 Dave는 2025년 가이던스를 상향 조정하며, 매출을 5억 500만~5억 1,500만 달러(46~48% 성장), 조정 EBITDA를 1억 8,000만~1억 9,000만 달러(108~120% 성장)로 예상했습니다. 2분기 말 현금 및 현금성 자산은 1억 470만 달러로 1분기 8,970만 달러에서 증가했습니다.
Dave Inc. (NASDAQ:DAVE), une néobanque de premier plan, a annoncé des résultats financiers exceptionnels pour le deuxième trimestre 2025, avec une croissance significative sur les principaux indicateurs. Le chiffre d'affaires a bondi de 64 % en glissement annuel pour atteindre 131,7 millions de dollars, tandis que le bénéfice net a augmenté de 42 % pour s'établir à 9,1 millions de dollars. La société a atteint un EBITDA ajusté record de 50,9 millions de dollars, représentant une marge de 39 %.
Les indicateurs opérationnels clés ont montré une forte performance avec une augmentation de 16 % des membres actifs mensuels, atteignant 2,6 millions. Les origines ExtraCash ont progressé de 51 % pour atteindre 1,8 milliard de dollars, et les dépenses avec la carte de débit Dave ont augmenté de 27 % pour s'établir à 493 millions de dollars. Le coût moyen d'acquisition client s'est élevé à 19 dollars par nouveau membre.
Suite à ces résultats solides, Dave a relevé ses prévisions pour 2025, projetant un chiffre d'affaires entre 505 et 515 millions de dollars (croissance de 46-48 %) et un EBITDA ajusté entre 180 et 190 millions de dollars (croissance de 108-120 %). La société a terminé le deuxième trimestre avec 104,7 millions de dollars en liquidités et équivalents, en hausse par rapport à 89,7 millions au premier trimestre.
Dave Inc. (NASDAQ:DAVE), eine führende Neobank, veröffentlichte herausragende Finanzergebnisse für das zweite Quartal 2025 mit bedeutendem Wachstum bei wichtigen Kennzahlen. Der Umsatz stieg im Jahresvergleich um 64 % auf 131,7 Millionen US-Dollar, während der Nettogewinn um 42 % auf 9,1 Millionen US-Dollar zunahm. Das Unternehmen erzielte ein Rekord-Adjusted-EBITDA von 50,9 Millionen US-Dollar bei einer Marge von 39 %.
Wichtige operative Kennzahlen zeigten eine starke Entwicklung mit 16 % mehr monatlich aktiven Mitgliedern, insgesamt 2,6 Millionen. Die ExtraCash-Ausleihungen wuchsen um 51 % auf 1,8 Milliarden US-Dollar, und die Ausgaben mit der Dave-Debitkarte stiegen um 27 % auf 493 Millionen US-Dollar. Die durchschnittlichen Kundenakquisitionskosten lagen bei 19 US-Dollar pro neuem Mitglied.
Nach diesen starken Ergebnissen hob Dave seine Prognose für 2025 an und erwartet einen Umsatz von 505 bis 515 Millionen US-Dollar (Wachstum von 46-48 %) sowie ein Adjusted EBITDA von 180 bis 190 Millionen US-Dollar (Wachstum von 108-120 %). Das Unternehmen schloss das zweite Quartal mit 104,7 Millionen US-Dollar an liquiden Mitteln ab, gegenüber 89,7 Millionen US-Dollar im ersten Quartal.
- Revenue growth accelerated to 64% year-over-year, highest rate in over 5 years
- Adjusted EBITDA increased 236% to $50.9 million with 39% margin
- Non-GAAP gross profit margin expanded 500 basis points to 70%
- Customer acquisition payback period improved to 4 months from 5 months last year
- Monthly Transacting Members grew 16% to 2.6 million
- Raised full-year 2025 guidance for both revenue and Adjusted EBITDA
- New agreement with Coastal Community Bank to move ExtraCash receivables off balance sheet
- ExtraCash delinquency rate increased to 2.40% from 2.03% year-over-year
- GAAP Net Income growth of 42% significantly trails revenue growth of 64%
Insights
Dave delivered exceptional Q2 results with accelerating revenue growth, expanding margins, and significantly raised 2025 guidance.
Dave's Q2 results demonstrate remarkable financial momentum across all key metrics. Revenue surged
The company's profitability metrics show even more dramatic improvement. Non-GAAP gross profit jumped
The unit economics have strengthened considerably, with customer acquisition costs at
Management's confidence is evident in their substantially raised 2025 guidance, now projecting revenue of
Q2 Revenue Growth Continues to Accelerate, up
Net Income Increases
GAAP EPS (Diluted) Increases
Raises 2025 Revenue and Adj. EBITDA Guidance to
LOS ANGELES, Aug. 06, 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 second quarter ended June 30, 2025.
“It was another standout quarter for Dave as we delivered record-setting performance across key metrics,” said Jason Wilk, Founder and CEO of Dave. “Revenue growth accelerated for the third consecutive quarter to the fastest rate in over five years, driven by a step-change in ARPU expansion and continued momentum in Monthly Transacting Member growth. Non-GAAP gross profit rose
Wilk continued, “Our strong first-half results reinforce our confidence that Dave is firmly on track for another record year. We are once again raising our 2025 Revenue and Adjusted EBITDA outlook. We’re entering the second half of the year with strong momentum and even greater conviction in our long-term opportunity, as we remain committed to innovation, member value, and long-term shareholder returns.”
Quarterly Financial Highlights ($ in millions, unaudited)
| 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | |
| GAAP Operating Revenues, Net | $80.1 | $92.5 | $100.9 | $108.0 | $131.7 |
| % Change vs. prior year period | 31% | 41% | 38% | 47% | 64% |
| Non-GAAP Gross Profit* | $51.8 | $64.2 | $72.6 | $83.4 | $92.0 |
| % Change vs. prior year period | 57% | 72% | 58% | 67% | 78% |
| Non-GAAP Gross Profit Margin* | 65% | 69% | 72% | 77% | 70% |
| Change vs. prior year period | 1,100 bps | 1,300 bps | 900 bps | 900 bps | 500 bps |
| GAAP Net Income | $6.4 | $0.5 | $16.8 | $28.8 | $9.1 |
| % Change vs. prior year period | NM | NM | 9,289% | (16%) | 42% |
| Adjusted Net Income* | $13.7 | $21.1 | $29.6 | $36.3 | $45.7 |
| % Change vs. prior year period | NM | NM | 342% | 347% | 233% |
| Adjusted EBITDA* | $15.2 | $24.7 | $33.4 | $44.2 | $50.9 |
| % Change vs. prior year period | NM | NM | 234% | 235% | 236% |
| Adj. Net Income per Diluted Share* | $1.01 | $1.51 | $2.04 | $2.48 | $3.14 |
| % Change vs. prior year period | NM | NM | 276% | 303% | 210% |
*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release. NM = not meaningful.
Second Quarter 2025 Operating Highlights (vs. Second Quarter 2024)
- New Members increased to 722,000, at an average customer acquisition cost of
$19 - Monthly Transacting Members (“MTMs”) increased
16% to 2.6 million - ExtraCash originations increased
51% to$1.8 billion , with an average 28-Day delinquency rate of2.40% versus2.03% in the comparable period - Dave Debit Card spend increased
27% to$493 million - For a complete overview of key performance indicators, please refer to the Second Quarter 2025 Earnings Presentation available on Dave’s Investor Relations website
Liquidity Summary
As of June 30, 2025, the Company had
2025 Financial Guidance ($ in millions)
| Prior FY 2025 | New FY 2025 | |
| GAAP Operating Revenues, Net Year-Over-Year Growth | ||
| Adjusted EBITDA* Year-Over-Year Growth |
*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.
Dave’s CFO & COO, Kyle Beilman, commented: “Q2 showcased the continued strength of our unit economics and the capital efficiency of our platform. Member lifetime value has improved meaningfully, driven by stronger monetization and conversion as well as sustained retention under our new fee model. Additionally, we fully rolled out our new subscription fee of
Beilman added, “Subsequent to the end of the quarter, we completed an amendment to our program agreement with Coastal Community Bank. Through this new arrangement, we expect to move a significant portion of our ExtraCash receivables off balance sheet, which we believe will reduce our direct funding obligations, lower our cost of funds, and unlock substantial liquidity to pursue capital allocation opportunities. While we began acquiring customers onto Coastal last month, we expect to begin transitioning ExtraCash receivables under this new arrangement with Coastal by early next year.”
Conference Call
Dave management will host a conference call on Wednesday, August 6th, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2025, followed by a question-and-answer period. The conference call details are as follows:
Date: Wednesday, August 6, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (866) 652-5200
International dial-in number: (412) 317-6060
Webcast: link
The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.
If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.
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 quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, the new arrangement with Coastal Bank, 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.
Non-GAAP Financial Information
This press release contains references to Adjusted Net Income, Adjusted EBITDA, non-GAAP gross profit, non-GAAP gross profit margin, and adjusted net income per share (basic and diluted) of Dave, which are adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and exclude certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA as GAAP net income before the impact of interest income or expense, provision for income taxes, depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, stock-based compensation expense, gain on extinguishment of convertible debt, changes in fair value of earnout liability and changes in fair value of public and private warrant liabilities. The Company defines and calculates variable operating expenses as provision for credit losses, processing and servicing costs and financial network and transaction costs. The Company defines and calculates non-variable operating expenses as all advertising and activation costs, compensation and benefits operating expenses, technology and infrastructure costs and other operating expenses (administrative, legal, rent, depreciation, amortization, charitable contributions). The Company defines and calculates non-GAAP gross profit as GAAP operating revenues, net excluding variable operating expenses. The Company defines and calculates non-GAAP gross profit margin as non-GAAP gross profit as a percentage of GAAP operating revenues, net. The Company defines and calculates adjusted net income as GAAP net income adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, the tax impact related to the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, changes in fair value of earnout liability and changes in fair value of public and private warrant liabilities. The Company defines and calculates non-GAAP adjusted net income per share - basic and non-GAAP adjusted net income per share - diluted as adjusted net income divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.
These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Refer to the section further below for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures for the three and six months ended June 30, 2025, and 2024.
Investor Relations Contact
Sean Mansouri, CFA
Elevate IR
DAVE@elevate-ir.com
Media Contact
Dan Ury
press@dave.com
| DAVE INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Service based revenue, net | $ | 121.5 | $ | 71.6 | $ | 219.4 | $ | 137.2 | ||||||||
| Transaction based revenue, net | 10.2 | 8.5 | 20.3 | 16.5 | ||||||||||||
| Total operating revenues, net | 131.7 | 80.1 | 239.7 | 153.7 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Provision for credit losses | 25.2 | 14.4 | 35.8 | 24.3 | ||||||||||||
| Processing and servicing costs | 7.2 | 7.5 | 14.2 | 14.9 | ||||||||||||
| Financial network and transaction costs | 7.3 | 6.4 | 14.3 | 12.8 | ||||||||||||
| Advertising and activation costs | 15.5 | 12.9 | 27.4 | 23.8 | ||||||||||||
| Compensation and benefits | 26.4 | 24.3 | 53.7 | 48.6 | ||||||||||||
| Technology and infrastructure | 2.9 | 2.8 | 5.6 | 5.5 | ||||||||||||
| Other operating expenses | 6.2 | 6.1 | 12.5 | 12.7 | ||||||||||||
| Total operating expenses | 90.7 | 74.4 | 163.5 | 142.6 | ||||||||||||
| Other (income) expenses: | ||||||||||||||||
| Interest expense, net | 1.2 | 1.5 | 2.5 | 2.2 | ||||||||||||
| Gain on extinguishment of convertible debt | — | — | — | (33.4) | ||||||||||||
| Changes in fair value of earnout liabilities | 7.9 | (0.1) | 7.5 | 0.1 | ||||||||||||
| Changes in fair value of public and private warrant liabilities | 20.4 | (0.3) | 20.8 | 0.2 | ||||||||||||
| Total other expense (income), net | 29.5 | 1.1 | 30.8 | (30.9) | ||||||||||||
| Net income before provision (benefit) for income taxes | 11.5 | 4.6 | 45.4 | 42.0 | ||||||||||||
| Provision (benefit) for income taxes | 2.4 | (1.8) | 7.5 | 1.4 | ||||||||||||
| Net income | $ | 9.1 | $ | 6.4 | $ | 37.9 | $ | 40.6 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.68 | $ | 0.51 | $ | 2.86 | $ | 3.30 | ||||||||
| Diluted | $ | 0.62 | $ | 0.47 | $ | 2.61 | $ | 3.02 | ||||||||
| RECONCILIATION OF OPERATING EXPENSES TO VARIABLE OPERATING EXPENSES | ||||||||||||||||
| (in millions) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating expenses | $ | 90.7 | $ | 74.4 | $ | 163.5 | $ | 142.6 | ||||||||
| Advertising and activation costs | (15.5) | (12.9) | (27.4) | (23.8) | ||||||||||||
| Compensation and benefits | (26.4) | (24.3) | (53.7) | (48.6) | ||||||||||||
| Technology and infrastructure | (2.9) | (2.8) | (5.6) | (5.5) | ||||||||||||
| Other operating expenses | (6.2) | (6.1) | (12.5) | (12.7) | ||||||||||||
| Variable operating expenses | $ | 39.7 | $ | 28.3 | $ | 64.3 | $ | 52.0 | ||||||||
| CALCULATION OF NON-GAAP GROSS PROFIT | ||||||||||||||||
| (in millions) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP operating revenues, net | $ | 131.7 | $ | 80.1 | $ | 239.7 | $ | 153.7 | ||||||||
| Variable operating expenses | (39.7) | (28.3) | (64.3) | (52.0) | ||||||||||||
| Non-GAAP gross profit | $ | 92.0 | $ | 51.8 | $ | 175.4 | $ | 101.7 | ||||||||
| Non-GAAP gross profit margin | 70% | 65% | 73% | 66% | ||||||||||||
| DAVE INC. | ||||||||||||||||
| RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA | ||||||||||||||||
| (in millions) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 9.1 | $ | 6.4 | $ | 37.9 | $ | 40.6 | ||||||||
| Interest expense, net | 1.2 | 1.5 | 2.5 | 2.2 | ||||||||||||
| Provision for income taxes | 2.4 | (1.8) | 7.5 | 1.4 | ||||||||||||
| Depreciation and amortization | 1.6 | 1.8 | 3.1 | 3.4 | ||||||||||||
| Stock-based compensation | 8.3 | 7.7 | 15.8 | 13.8 | ||||||||||||
| Gain on extinguishment of convertible debt | — | — | — | (33.4) | ||||||||||||
| Changes in fair value of earnout liabilities | 7.9 | (0.1) | 7.5 | 0.1 | ||||||||||||
| Changes in fair value of public and private warrant liabilities | 20.4 | (0.3) | 20.8 | 0.2 | ||||||||||||
| Adjusted EBITDA | $ | 50.9 | $ | 15.2 | $ | 95.1 | $ | 28.3 | ||||||||
| DAVE INC. | ||||||||||||||||
| RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME | ||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 9.1 | $ | 6.4 | $ | 37.9 | $ | 40.6 | ||||||||
| Stock-based compensation | 8.3 | 7.7 | 15.8 | 13.8 | ||||||||||||
| Gain on extinguishment of convertible debt | — | — | — | (33.4 | ) | |||||||||||
| Changes in fair value of earnout liabilities | 7.9 | (0.1 | ) | 7.5 | 0.1 | |||||||||||
| Changes in fair value of public and private warrant liabilities | 20.4 | (0.3 | ) | 20.8 | 0.2 | |||||||||||
| Income tax expense related to gain on extinguishment of convertible debt | — | — | — | 0.5 | ||||||||||||
| Adjusted net income | $ | 45.7 | $ | 13.7 | $ | 82.0 | $ | 21.8 | ||||||||
| Adjusted net income per share: | ||||||||||||||||
| Basic | $ | 3.42 | $ | 1.11 | $ | 6.19 | $ | 1.77 | ||||||||
| Diluted | $ | 3.14 | $ | 1.01 | $ | 5.66 | $ | 1.63 | ||||||||
| DAVE INC. | ||||||||
| LIQUIDITY AND CAPITAL RESOURCES | ||||||||
| (in millions) | ||||||||
| (unaudited) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Cash, cash equivalents and restricted cash | $ | 63.5 | $ | 51.4 | ||||
| Marketable securities | 0.1 | 0.1 | ||||||
| Investments | 41.1 | 40.5 | ||||||
| Working capital | 310.0 | 247.2 | ||||||
| Total stockholders’ equity | 217.1 | 183.1 | ||||||
FAQ
What were Dave's (NASDAQ:DAVE) Q2 2025 earnings results?
What is Dave's updated revenue guidance for 2025?
How many monthly transacting members does Dave have in Q2 2025?
What is Dave's customer acquisition cost and payback period?
How much cash does Dave have on its balance sheet?
