Dave Reports Third Quarter 2025 Financial Results
Dave (Nasdaq: DAVE) reported Q3 2025 revenue of $150.8M, up 63% Y/Y, with record ARPU and accelerating MTM growth. Adjusted net income rose to $61.6M (+193% Y/Y) and Adjusted EBITDA was $58.7M (+137% Y/Y). ExtraCash originations grew 49% to $2.0B and ExtraCash monetization rate net of losses reached 4.8% (up 45 bps). GAAP net income was $92.0M. Liquidity was $93.6M as of Sept 30, 2025, after $25M of share repurchases. The company raised 2025 guidance to $544–$547M revenue and $215–$218M Adjusted EBITDA. Management highlighted improvements from CashAI v5.5 and stronger unit economics.
Dave (Nasdaq: DAVE) ha riportato ricavi Q3 2025 di 150,8 M$, in aumento 63% YoY, con ARPU record e crescita MTM accelerata. L'utile netto rettificato è salito a 61,6 M$ (+193% YoY) e l'EBITDA rettificato è stato di 58,7 M$ (+137% YoY). Le origini ExtraCash sono cresciute del 49% a 2,0 B$, e il tasso di monetizzazione di ExtraCash al netto delle perdite ha raggiunto 4,8% (in aumento di 45 bp). L'utile netto GAAP è stato 92,0 M$. La liquidità era di 93,6 M$ al 30 settembre 2025, dopo riacquisti di azioni per 25 M$. L'azienda ha alzato la guidance per il 2025 a ricavi 544–547 M$ e EBITDA rettificato 215–218 M$. La direzione ha sottolineato miglioramenti da CashAI v5.5 e economie di unità più forti.
Dave (Nasdaq: DAVE) reportó ingresos del 3T 2025 de 150,8 M$, un incremento de 63% interanual, con ARPU récord y un crecimiento MTM acelerándose. El ingreso neto ajustado subió a 61,6 M$ (+193% interanual) y el EBITDA ajustado fue de 58,7 M$ (+137% interanual). Las originaciones de ExtraCash crecieron un 49% hasta 2,0 B$ y la tasa de monetización de ExtraCash neta de pérdidas alcanzó 4,8% (subió 45 pb). El ingreso neto GAAP fue de 92,0 M$. La liquidez fue de 93,6 M$ al 30 de septiembre de 2025, tras recompras de acciones por 25 M$. La empresa elevó la guía para 2025 a ingresos de 544–547 M$ y EBITDA ajustado de 215–218 M$. La dirección destacó mejoras desde CashAI v5.5 y economías unitarias más fuertes.
Dave (나스닥: DAVE)가 2025년 3분기 매출 1,5080만 달러를 보고했고, 전년 대비 63% 증가, 기록적인 ARPU 및 MTM 성장 가속을 기록했습니다. 조정 순이익은 6,160만 달러로 상승했고(전년 대비 +193%), 조정 EBITDA는 5,870만 달러로 증가했습니다(+137% YoY). ExtraCash 기원은 49% 증가해 20억 달러에 이르렀으며 손실 차를 제외한 ExtraCash의 현금화율은 4.8%에 도달했습니다(= 45bp 상승). GAAP 순이익은 9,200만 달러였습니다. 2025년 9월 30일 기준 유동성은 9,360만 달러였으며, 주식 매입으로 2,500만 달러가 사용되었습니다. 회사는 2025년 가이던스를 매출 544–547M 달러, 조정 EBITDA 215–218M 달러로 상향했습니다. 경영진은 CashAI v5.5의 개선과 더 강한 유닛 경제를 강조했습니다.
Dave (Nasdaq: DAVE) a annoncé un chiffre d'affaires T3 2025 de 150,8 M$, en hausse de 63% sur un an, avec un ARPU record et une croissance MTM accélérée. Le bénéfice net ajusté a augmenté pour atteindre 61,6 M$ (+193% sur un an) et l'EBITDA ajusté a été de 58,7 M$ (+137% sur un an). Les originations ExtraCash ont progressé de 49% pour atteindre 2,0 Md$ et le taux de monétisation d'ExtraCash net des pertes a atteint 4,8% (en hausse de 45 pb). Le bénéfice net GAAP était de 92,0 M$. La liquidité s'élevait à 93,6 M$ au 30 septembre 2025, après des rachats d'actions pour 25 M$. L'entreprise a relevé ses prévisions 2025 à revenus de 544–547 M$ et EBITDA ajusté de 215–218 M$. La direction a souligné les améliorations apportées par CashAI v5.5 et des économies unitaires plus fortes.
Dave (Nasdaq: DAVE) meldete Q3 2025 Umsatz von 150,8 Mio. USD, ein Anstieg von 63% YoY, mit Rekord-ARPU und beschleunigtem MTM-Wachstum. Das bereinigte Nettoeinkommen stieg auf 61,6 Mio. USD (+193% YoY) und das bereinigte EBITDA betrug 58,7 Mio. USD (+137% YoY). ExtraCash-Originierungen wuchsen um 49% auf 2,0 Mrd. USD und die monetarisierungsrate von ExtraCash abzüglich Verluste erreichte 4,8% (plus 45 Basispunkte). GAAP-Nettoeinkommen betrug 92,0 Mio. USD. Die Liquidität lag zum 30. Sep 2025 bei 93,6 Mio. USD, nach 25 Mio. USD Aktienrückkäufen. Das Unternehmen hob die Guidance für 2025 auf Umsatz 544–547 Mio. USD und bereinigtes EBITDA 215–218 Mio. USD an. Das Management hob Verbesserungen durch CashAI v5.5 und stärkere Unit Economics hervor.
Dave (ناسداك: DAVE) أبلغ عن إيرادات الربع الثالث 2025 تبلغ 150.8 مليون دولار، بزيادة 63% على أساس سنوي، مع ARPU قياسي ونمو MTM متسارع. ارتفع صافي الدخل المعدل إلى 61.6 مليون دولار (+193% سنويًا) وبلغ EBITDA المعدل 58.7 مليون دولار (+137% سنويًا). نما إجمالي منح ExtraCash بنحو 49% ليصل إلى 2.0 مليار دولار ونسبة تحقق من ExtraCash بعد صافي الخسائر بلغت 4.8% (ارتفاع 45 نقطة أساس). كان صافي الدخل بموجب مبادئ المحاسبة المقبولة عمومًا GAAP 92.0 مليون دولار. بلغت السيولة 93.6 مليون دولار حتى 30 سبتمبر 2025، بعد إعادة شراء أسهم بقيمة 25 مليون دولار. رفعت الشركة التوجيه لعام 2025 إلى إيرادات 544–547 مليون دولار و EBITDA المعدل 215–218 مليون دولار. أشار الفريق الإداري إلى التحسينات من CashAI الإصدار 5.5 واقتصادات الوحدة الأقوى.
- Revenue of $150.8M (+63% Y/Y)
- Adjusted net income $61.6M (+193% Y/Y)
- Adjusted EBITDA $58.7M (+137% Y/Y)
- Raised 2025 revenue guidance to $544–$547M
- ExtraCash originations $2.0B (+49% Y/Y)
- ExtraCash monetization rate net of losses 4.8% (up 45 bps)
- Cash and equivalents $93.6M on Sept 30, 2025, down from $104.7M
- Company used $25M for share repurchases in Q3
- 28-day delinquency rate 2.33% versus 1.78% prior year
Insights
Strong quarter: record revenue, large profitability jump, and higher 2025 guidance signal materially positive operational and financial momentum.
Dave shows clear revenue and profit leverage: GAAP revenues reached
Dependencies and risks remain visible and defined by the release: credit performance and continued originations growth drive monetization, with ExtraCash originations at
Concrete items to monitor in the next 1–6 months include sequential MTM trends and the Q4 impact of CashAI v5.5 on originations and delinquencies, quarterly cash and receivables balances, and actuals against the raised FY
Record Q3 Revenue of
Record Q3 ExtraCash Monetization Rate Net of Losses of
Record Profitability—Net Income hits
Raises 2025 Revenue and Adj. EBITDA Guidance to
LOS ANGELES, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the third quarter ended September 30, 2025.
“We delivered another record quarter in Q3, reflecting the continued strength of customer demand and the scalability of our platform. Revenue grew over
Wilk continued, “Lastly, the rollout of CashAI v5.5 yielded meaningful improvements in both origination size and delinquency rates in September and thus far in Q4. We are once again raising our 2025 guidance. Congratulations to our team on another tremendous quarter.”
Quarterly Financial Highlights ($ in millions, unaudited)
| 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | |
| GAAP Operating Revenues, Net | $92.5 | $100.9 | $108.0 | $131.7 | $150.8 |
| % Change vs. prior year period | 41% | 38% | 47% | 64% | 63% |
| Non-GAAP Gross Profit* | $64.2 | $72.6 | $83.4 | $92.0 | $104.2 |
| % Change vs. prior year period | 72% | 58% | 67% | 78% | 62% |
| Non-GAAP Gross Profit Margin* | 69% | 72% | 77% | 70% | 69% |
| Change vs. prior year period | 1,300 bps | 900 bps | 900 bps | 500 bps | 0 bps |
| GAAP Net Income | $0.5 | $16.8 | $28.8 | $9.1 | $92.0 |
| % Change vs. prior year period | NM | 9,289% | (16%) | 42% | 19,658% |
| Adjusted Net Income* | $21.1 | $29.6 | $36.3 | $45.7 | $61.6 |
| % Change vs. prior year period | NM | 342% | 347% | 233% | 193% |
| Adjusted EBITDA* | $24.7 | $33.4 | $44.2 | $50.9 | $58.7 |
| % Change vs. prior year period | NM | 234% | 235% | 236% | 137% |
| Adj. Net Income per Diluted Share* | $1.51 | $2.04 | $2.48 | $3.14 | $4.24 |
| % Change vs. prior year period | NM | 276% | 303% | 210% | 181% |
*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release. NM = not meaningful.
Third Quarter 2025 Operating Highlights (vs. Third Quarter 2024)
- New Members came in at 843,000, at a customer acquisition cost of
$19 - Monthly Transacting Members (“MTMs”) increased
17% to 2.77 million - ExtraCash originations increased
49% to$2.0 billion , while ExtraCash Monetization Rate Net of Losses expanded 45 basis points to an all-time high of4.8% - Average 28-Day delinquency rate of
2.33% versus1.78% in the comparable period - Dave Debit Card spend increased
25% to$510 million - For a complete overview of key performance indicators, please refer to the Third Quarter 2025 Earnings Presentation available on Dave’s Investor Relations website
Liquidity Summary
As of September 30, 2025, the Company had
2025 Financial Guidance ($ 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: “Q3 results reflect the strength of our unit economics and the operating leverage embedded in our business model. Year-over-year, the ExtraCash monetization rate has increased by over 70 bps, and after accounting for losses, the net monetization rate is up 45 bps. Putting this together with the
Beilman added, “This recalibration of our underwriting and acquisition strategies, coupled with our disciplined management of fixed costs, resulted in
Conference Call
Dave management will host a conference call on Tuesday, November 4th, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2025, followed by a question-and-answer period. The conference call details are as follows:
Date: Tuesday, November 4, 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 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, account inactivity fees, 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, account inactivity fees, 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, the tax impact related to the release of the valuation allowance, 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 nine months ended September 30, 2025, and 2024.
Investor Relations Contact
Sean Mansouri, CFA or Stefan Norbom
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating revenues: | |||||||||||||||
| Service based revenue, net | $ | 139.3 | $ | 83.4 | $ | 358.7 | $ | 220.6 | |||||||
| Transaction based revenue, net | 11.5 | 9.1 | 31.8 | 25.6 | |||||||||||
| Total operating revenues, net | 150.8 | 92.5 | 390.5 | 246.2 | |||||||||||
| Operating expenses: | |||||||||||||||
| Provision for credit losses | 29.9 | 13.7 | 65.7 | 38.0 | |||||||||||
| Processing and servicing costs | 9.4 | 8.4 | 23.6 | 23.3 | |||||||||||
| Financial network and transaction costs | 7.3 | 6.2 | 21.6 | 19.0 | |||||||||||
| Advertising and activation costs | 18.9 | 14.9 | 46.3 | 38.7 | |||||||||||
| Compensation and benefits | 24.8 | 30.4 | 78.5 | 79.0 | |||||||||||
| Technology and infrastructure | 3.2 | 2.9 | 8.8 | 8.4 | |||||||||||
| Other operating expenses | 11.3 | 13.4 | 23.8 | 26.1 | |||||||||||
| Total operating expenses | 104.8 | 89.9 | 268.3 | 232.5 | |||||||||||
| Other (income) expenses: | |||||||||||||||
| Interest expense, net | 1.5 | 1.5 | 4.0 | 3.7 | |||||||||||
| Gain on extinguishment of convertible debt | — | — | — | (33.4 | ) | ||||||||||
| Changes in fair value of earnout liabilities | (4.8 | ) | — | 2.7 | 0.1 | ||||||||||
| Changes in fair value of public and private warrant liabilities | (9.1 | ) | 0.2 | 11.7 | 0.4 | ||||||||||
| Total other (income) expense, net | (12.4 | ) | 1.7 | 18.4 | (29.2 | ) | |||||||||
| Net income before provision (benefit) for income taxes | 58.4 | 0.9 | 103.8 | 42.9 | |||||||||||
| Provision (benefit) for income taxes | (33.6 | ) | 0.4 | (26.1 | ) | 1.8 | |||||||||
| Net income | $ | 92.0 | $ | 0.5 | $ | 129.9 | $ | 41.1 | |||||||
| Net income per share: | |||||||||||||||
| Basic | $ | 6.84 | $ | 0.04 | $ | 9.76 | $ | 3.30 | |||||||
| Diluted | $ | 6.34 | $ | 0.03 | $ | 8.96 | $ | 3.02 | |||||||
| RECONCILIATION OF OPERATING EXPENSES TO VARIABLE OPERATING EXPENSES | |||||||||||||||
| (in millions) | |||||||||||||||
| (unaudited) | |||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating expenses | $ | 104.8 | $ | 89.9 | $ | 268.3 | $ | 232.5 | |||||||
| Advertising and activation costs | (18.9 | ) | (14.9 | ) | (46.3 | ) | (38.7 | ) | |||||||
| Compensation and benefits | (24.8 | ) | (30.4 | ) | (78.5 | ) | (79.0 | ) | |||||||
| Technology and infrastructure | (3.2 | ) | (2.9 | ) | (8.8 | ) | (8.4 | ) | |||||||
| Other operating expenses | (11.3 | ) | (13.4 | ) | (23.8 | ) | (26.1 | ) | |||||||
| Variable operating expenses | $ | 46.6 | $ | 28.3 | $ | 110.9 | $ | 80.3 | |||||||
| CALCULATION OF NON-GAAP GROSS PROFIT | |||||||||||||||
| (in millions) | |||||||||||||||
| (unaudited) | |||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP operating revenues, net | $ | 150.8 | $ | 92.5 | $ | 390.5 | $ | 246.2 | |||||||
| Variable operating expenses | (46.6 | ) | (28.3 | ) | (110.9 | ) | (80.3 | ) | |||||||
| Non-GAAP gross profit | $ | 104.2 | $ | 64.2 | $ | 279.6 | $ | 165.9 | |||||||
| Non-GAAP gross profit margin | 69 | % | 69 | % | 72 | % | 67 | % | |||||||
| DAVE INC. | |||||||||||||||
| RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA | |||||||||||||||
| (in millions) | |||||||||||||||
| (unaudited) | |||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 92.0 | $ | 0.5 | $ | 129.9 | $ | 41.1 | |||||||
| Interest expense, net | 1.5 | 1.5 | 4.0 | 3.7 | |||||||||||
| Provision for income taxes | (33.6 | ) | 0.4 | (26.1 | ) | 1.8 | |||||||||
| Depreciation and amortization | 1.8 | 1.7 | 4.9 | 5.1 | |||||||||||
| Stock-based compensation | 7.2 | 13.4 | 23.0 | 27.2 | |||||||||||
| Account inactivity fees | (0.8 | ) | — | (0.8 | ) | — | |||||||||
| Legal settlement and litigation expenses | 4.5 | 7.0 | 4.5 | 7.0 | |||||||||||
| Gain on extinguishment of convertible debt | — | — | — | (33.4 | ) | ||||||||||
| Changes in fair value of earnout liabilities | (4.8 | ) | — | 2.7 | 0.1 | ||||||||||
| Changes in fair value of public and private warrant liabilities | (9.1 | ) | 0.2 | 11.7 | 0.4 | ||||||||||
| Adjusted EBITDA | $ | 58.7 | $ | 24.7 | $ | 153.8 | $ | 53.0 | |||||||
| DAVE INC. | |||||||||||||||
| RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME | |||||||||||||||
| (in millions, except per share data) | |||||||||||||||
| (unaudited) | |||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 92.0 | $ | 0.5 | $ | 129.9 | $ | 41.1 | |||||||
| Stock-based compensation | 7.2 | 13.4 | 23.0 | 27.2 | |||||||||||
| Account inactivity fees | (0.8 | ) | — | (0.8 | ) | — | |||||||||
| Legal settlement and litigation expenses | 4.5 | 7.0 | 4.5 | 7.0 | |||||||||||
| Gain on extinguishment of convertible debt | — | — | — | (33.4 | ) | ||||||||||
| Changes in fair value of earnout liabilities | (4.8 | ) | — | 2.7 | 0.1 | ||||||||||
| Changes in fair value of public and private warrant liabilities | (9.1 | ) | 0.2 | 11.7 | 0.4 | ||||||||||
| Income tax benefit related to the release of the valuation allowance | (27.4 | ) | — | (27.4 | ) | — | |||||||||
| Income tax expense related to gain on extinguishment of convertible debt | — | — | — | 0.5 | |||||||||||
| Adjusted net income | $ | 61.6 | $ | 21.1 | $ | 143.6 | $ | 42.9 | |||||||
| Adjusted net income per share: | |||||||||||||||
| Basic | $ | 4.57 | $ | 1.66 | $ | 10.78 | $ | 3.45 | |||||||
| Diluted | $ | 4.24 | $ | 1.51 | $ | 9.90 | $ | 3.15 | |||||||
| DAVE INC. | |||||||||||||||
| LIQUIDITY AND CAPITAL RESOURCES | |||||||||||||||
| (in millions) | |||||||||||||||
| (unaudited) | |||||||||||||||
| September 30, | December 31, | ||||||||||||||
| 2025 | 2024 | ||||||||||||||
| Cash, cash equivalents and restricted cash | $ | 51.7 | $ | 51.4 | |||||||||||
| Marketable securities | — | 0.1 | |||||||||||||
| Investments | 41.8 | 40.5 | |||||||||||||
| Working capital | 341.6 | 247.2 | |||||||||||||
| Total stockholders’ equity | 291.3 | 183.1 | |||||||||||||
FAQ
What were Dave (DAVE) Q3 2025 revenue and year-over-year growth?
How did Dave's profitability look in Q3 2025 (Adjusted net income and EBITDA)?
What change did Dave (DAVE) make to its 2025 guidance on November 4, 2025?
What were Dave's ExtraCash originations and monetization metrics in Q3 2025?
What was Dave's cash position on Sept 30, 2025 and what drove the change?
Did Dave report any changes in credit performance or delinquency in Q3 2025?
When is Dave's Q3 2025 earnings conference call and where can investors listen?
