DAVE INC Stock Price, News & Analysis

Dave Inc. has announced a significant enhancement to its Dave ExtraCash™ product, increasing the overdraft limit from $250 to $500. This upgrade aims to assist those facing financial emergencies amid rising costs due to inflation. The refreshed product includes instant access through a Dave Spend account for eligible new members. With over 50 million uses since 2017, Dave continues to fulfill its mission to provide innovative banking solutions without fees or lengthy applications, helping approximately 170 million Americans in need.

Dave Inc. (NASDAQ: DAVE) has launched Dave Rewards, offering cash back for everyday purchases, including a special 10% promotion on gas purchases. This initiative aims to assist members in managing inflation's impact as gas prices have surged from $3.28 to $4.62 over the year. Members can earn cash back from over 100 brands without monthly limits. The program is designed to enhance member retention and overall experience, catering especially to individuals typically excluded from rewards credit cards.

Dave, a banking app (Nasdaq: DAVE, DAVEW), announces participation in two upcoming investor conferences in New York. On June 14, 2022, Co-Founder and CEO Jason Wilk and CFO Kyle Beilman will join a Direct to Consumer FinTech panel at the RBC Capital Markets Financial Technology Conference at 10:45 AM ET. The following day, they will participate in a fireside chat at the Morgan Stanley US Financials, Payments & CRE Conference starting at 2:30 PM ET. The Morgan Stanley chat will be available via live webcast on Dave’s investor relations website.

Dave, a banking app focused on financial inclusivity, will participate in the J.P Morgan 50^th Annual Global Technology, Media and Communications Conference on May 25, 2022, at 1:10pm ET. Co-Founder and CEO Jason Wilk, along with CFO Kyle Beilman, will be featured in a fireside chat. Investors can access the presentation via a live webcast or an archived replay on Dave's investor relations website. The company aims to provide essential financial tools to help customers manage their banking, budgeting, and credit-building needs.

Dave Inc. (Nasdaq: DAVE, DAVEW) reported strong first quarter 2022 results, achieving 24% year-over-year revenue growth and adding 340,000 net new members, reaching a total of 6.4 million members. First quarter GAAP revenues were $42.6 million, up from $34.4 million in Q1 2021. However, the company faced a net loss of $34.8 million, worsening from a net income of $3.9 million a year earlier. Adjusted EBITDA stood at $(18.3) million, compared to $(8.0) million in the same quarter last year. Dave reaffirms its fiscal year 2022 outlook, projecting non-GAAP revenues between $200 million and $230 million.

Dave Inc. (Nasdaq: DAVE, DAVEW) reported strong Q1 2022 results, boasting a 24% year-over-year revenue growth with $42.6 million in GAAP operating revenues. The company added 340,000 net new members, totaling 6.4 million members. However, it experienced a net loss of $34.8 million, contrasting with a net income of $3.9 million in Q1 2021. Despite this, adjusted EBITDA rose to $18.3 million, up from $8.0 million a year prior. Dave reaffirmed its full-year revenue guidance between $200 million and $230 million.

Dave, Inc. (DAVE) announced that it will release its first quarter 2022 financial results on May 11, 2022, after market close. A conference call will follow at 5:30 PM ET, hosted by Co-Founder and CEO Jason Wilk and CFO Kyle Beilman. This call aims to provide insights into the company's financial performance and future outlook. Live access to the call will be available via the investor relations website, with a replay offered afterward. Dave focuses on developing financial tools to empower customers and enhance their financial independence.

Dave Inc. (Nasdaq: DAVE) has announced a strategic partnership with FTX US, highlighted by a $100 million investment from FTX Ventures. This collaboration aims to expand Dave's digital assets ecosystem with FTX US serving as its exclusive crypto partner. The investment strengthens Dave's balance sheet and supports its growth strategy, focusing on introducing digital asset payments. CEO Jason Wilk emphasized the potential of blockchain technology to enhance financial accessibility, while FTX US President Brett Harrison sees significant growth opportunities ahead for both companies.

Dave reported Q4 2021 operating revenues of $41.2 million, up from $35.5 million in Q4 2020, with a net loss of $15.2 million, improving from $34.6 million a year earlier. The company added 440,000 new members, bringing total membership to over 6 million. For FY 2021, total operating revenues reached $153.0 million, up from $121.8 million in 2020. Looking ahead, Dave expects FY 2022 non-GAAP revenues between $200 million and $230 million with a variable profit margin of 44% to 48%.