Dave Inc. ( (DAVE) ) has released its Q1 earnings. Here is a breakdown of the information Dave Inc. presented to its investors.
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Dave Inc., a prominent U.S. neobank and fintech pioneer, is known for leveraging disruptive technologies to offer cost-effective banking services to millions of Americans. In its first quarter of 2025, Dave Inc. reported a significant increase in revenue, reaching $108 million, marking a 47% year-over-year growth. The company’s net income stood at $28.8 million, while adjusted EBITDA surged by 235% to $44.2 million, showcasing robust financial performance and operational efficiency.
The company’s strategic initiatives, including a new fee structure, have enhanced monetization and conversion rates, contributing to a record non-GAAP variable margin of 77%. Additionally, ExtraCash originations saw a 46% increase, and the 28-day delinquency rate improved by 33 basis points, indicating strong credit metrics. Dave Inc. also reported an increase in new members and monthly transacting members, reflecting its growing user base.
Looking ahead, Dave Inc. has raised its 2025 revenue and adjusted EBITDA guidance to $460-$475 million and $155-$165 million, respectively. The company also initiated a $50 million share repurchase program, deploying over $20 million in the first quarter to enhance shareholder value.
Dave Inc.’s management remains optimistic about the future, driven by continued growth in originations per member and improved unit economics. The company plans to leverage its strong liquidity position and operational efficiency to sustain its growth trajectory in the coming quarters.