Dave reports Q1 adjusted EPS $2.48, consensus $1.41

Reports Q1 revenue $108M, consensus $93.6M. “We knocked the cover off the ball in Q1,” said Jason Wilk, Founder and CEO of Dave (DAVE). “Revenue grew at the fastest year-over-year pace since 2021 when our business was a fraction of its current size. Given the operating leverage of our business model, Adjusted EBITDA increased 235% year-over-year and 32% sequentially to $44.2 million. This acceleration was driven by solid execution across the business and amplified by the early success of our new fee structure, which has enhanced monetization and conversion rates while maintaining strong member retention. “Despite the typical seasonal patterns that temper ExtraCash demand in Q1, we originated over $1.5 billion, up 46% from Q1 2024 and 3% from Q4. Meanwhile, our credit metrics continue to hit record levels with our 28-day delinquency rate dropping by 33 basis points year-over-year, driven by ongoing optimization of CashAI. These improvements contributed to another record quarter of non-GAAP variable margin, which reached 77%, nearly doubling over the past three years. “Building on the success of CashAI and our increased confidence in our new fee model, in combination with our positive growth outlook, we are raising full year Revenue and Adjusted EBITDA guidance.”