Financial Highlights - Total revenue for Q2 2025 reached $132 million, a 64% year-over-year increase[36] - Non-GAAP gross profit for Q2 2025 was $92 million, representing a 78% year-over-year growth[36] - Adjusted EBITDA for Q2 2025 was $51 million, a 236% year-over-year increase[36] - The adjusted EBITDA margin expanded by approximately 2,000 basis points year-over-year to 39%[36] - ExtraCash™ origination volume grew 51% year-over-year, reaching $1.793 billion[36] Business Performance - Dave acquired 722,000 new members in Q2 2025, a 27% quarter-over-quarter increase, with a customer acquisition cost (CAC) of $19[45] - Total members reached 129 million in Q2 2025, a 14% year-over-year increase[50] - ExtraCash™ average size is $206[31] Guidance - The company raised its 2025 revenue guidance to $505 - $515 million, representing a 46% - 48% year-over-year growth[38] - The company raised its 2025 adjusted EBITDA guidance to $180 - $190 million, representing a 108% - 120% year-over-year growth[38]

Q2 2025 Financial Results Overview Dave Inc. reported strong Q2 2025 financial results with significant year-over-year growth across key metrics, leading to an upward revision of its full-year 2025 guidance [Headline Summary](index=1&type=section&id=Headline%20Summary) Dave Inc. reported strong Q2 2025 financial results with significant year-over-year growth across key metrics, including revenue, net income, and adjusted EBITDA, leading to an upward revision of its full-year 2025 guidance Q2 2025 Performance Summary (in millions) | Metric | Q2 2025 Performance | Y/Y Change | | :-------------------------- | :------------------ | :--------- | | Revenue | $131.7 Million | 64% | | Net Income | $9.1 Million | 42% | | Adjusted Net Income | $45.7 Million | 233% | | Adjusted EBITDA | $50.9 Million | 236% | | GAAP EPS (Diluted) | $0.62 | 32% | | Adjusted EPS (Diluted) | $3.14 | 210% | - Raised **2025 Revenue Guidance to $505-$515 Million** and **Adjusted EBITDA Guidance to $180-$190 Million**[1](index=1&type=chunk) [Quarterly Financial Highlights (GAAP & Non-GAAP)](index=2&type=section&id=Quarterly%20Financial%20Highlights%20(GAAP%20%26%20Non-GAAP)) Dave Inc. demonstrated accelerated revenue growth and improved profitability in Q2 2025, with non-GAAP gross profit margin expanding significantly year-over-year Quarterly Financial Performance (in millions) | Metric | 2Q25 | 2Q24 | % Change vs. prior year period | | :----------------------------- | :----- | :----- | :----------------------------- | | GAAP Operating Revenues, Net | $131.7 | $80.1 | 64% | | Non-GAAP Gross Profit* | $92.0 | $51.8 | 78% | | Non-GAAP Gross Profit Margin* | 70% | 65% | 500 bps | | GAAP Net Income | $9.1 | $6.4 | 42% | | Adjusted Net Income* | $45.7 | $13.7 | 233% | | Adjusted EBITDA* | $50.9 | $15.2 | 236% | | Adj. Net Income per Diluted Share* | $3.14 | $1.01 | 210% | [Operating Highlights](index=2&type=section&id=Operating%20Highlights) The company experienced robust growth in its user base and product utilization, with new members and monthly transacting members increasing, alongside a significant rise in ExtraCash originations and Dave Debit Card spend - **New Members** increased to **722,000**[7](index=7&type=chunk) - **Monthly Transacting Members ("MTMs")** increased **16% to 2.6 million**[7](index=7&type=chunk) - **ExtraCash originations** increased **51% to $1.8 billion**, with an average 28-Day delinquency rate of **2.40%** (vs **2.03%** in comparable period)[7](index=7&type=chunk) - **Dave Debit Card spend** increased **27% to $493 million**[7](index=7&type=chunk) [Liquidity Summary](index=2&type=section&id=Liquidity%20Summary) Dave Inc. maintained a strong liquidity position, with an increase in cash and equivalents, primarily driven by free cash flow generation - **Cash and cash equivalents, marketable securities, investments, and restricted cash** totaled **$104.7 million** as of June 30, 2025, up from **$89.7 million** as of March 31, 2025[7](index=7&type=chunk) - The increase was primarily attributable to **free cash flow generation**[7](index=7&type=chunk) - The Company did not increase utilization of its credit facility during the quarter[7](index=7&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Jason Wilk highlighted record-setting performance, accelerated revenue growth, and expanding gross margins, attributing success to the new fee structure and improved member lifetime value. CFO Kyle Beilman emphasized strong unit economics, capital efficiency, and the positive impact of the new subscription fee on growth and CAC payback periods - CEO Jason Wilk noted revenue growth accelerated for the third consecutive quarter to the fastest rate in over five years, driven by **ARPU expansion** and **Monthly Transacting Member growth**[2](index=2&type=chunk) - **Non-GAAP gross profit** rose **78% year-over-year**, with **non-GAAP gross margin expanding over 500 basis points to 70%**[2](index=2&type=chunk) - CFO Kyle Beilman stated that **member lifetime value** has improved meaningfully due to stronger monetization, conversion, and sustained retention under the new fee model, reducing **gross profit-derived CAC payback periods to 4 months**[8](index=8&type=chunk) Financial Guidance & Strategic Developments Dave Inc. updated its full-year 2025 financial guidance, reflecting strong performance and strategic initiatives aimed at enhancing operational efficiency and liquidity [FY 2025 Financial Guidance Update](index=3&type=section&id=FY%202025%20Financial%20Guidance%20Update) Dave Inc. raised its full-year 2025 financial guidance for both GAAP Operating Revenues and Adjusted EBITDA, reflecting increased confidence in continued strong performance FY 2025 Guidance Comparison (in millions) | Metric | Prior FY 2025 Guidance | New FY 2025 Guidance | | :----------------------- | :--------------------- | :------------------- | | GAAP Operating Revenues, Net | $460 - $475 million | $505 - $515 million | | Year-Over-Year Growth | 33% - 37% | 46% - 48% | | Adjusted EBITDA* | $155 - $165 million | $180 - $190 million | | Year-Over-Year Growth | 79% - 91% | 108% - 120% | [Strategic Initiatives & Operational Efficiency](index=3&type=section&id=Strategic%20Initiatives%20%26%20Operational%20Efficiency) The company is focused on enhancing its growth model efficiency through improved monetization and retention, and has amended its program agreement with Coastal Community Bank to optimize ExtraCash receivables management and unlock liquidity - **Member lifetime value** has improved meaningfully, driven by stronger monetization and conversion as well as sustained retention under the new fee model[8](index=8&type=chunk) - Estimated **gross profit-derived CAC payback periods** reduced to **4 months**, down from approximately **5 months** in Q2 of last year[8](index=8&type=chunk) - Completed an amendment to the program agreement with Coastal Community Bank, expecting to move a significant portion of **ExtraCash receivables off-balance sheet** by early next year, reducing funding obligations and lowering cost of funds[9](index=9&type=chunk) Corporate Information This section provides essential corporate details, including information about Dave, forward-looking statements, and non-GAAP financial measure definitions [About Dave](index=4&type=section&id=About%20Dave) Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans by providing best-in-class banking services at a fraction of the price of incumbents using disruptive technologies - Dave is a leading U.S. neobank and fintech pioneer[13](index=13&type=chunk) - Serves millions of everyday Americans[13](index=13&type=chunk) - Uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents[13](index=13&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) 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 are not guarantees of future performance and are subject to various risks and uncertainties that could cause actual results to differ materially from projections - Statements are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995[14](index=14&type=chunk) - Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, including competition, technological developments, managing ExtraCash risks, customer retention, and regulatory compliance[14](index=14&type=chunk)[15](index=15&type=chunk) - Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release[15](index=15&type=chunk) [Non-GAAP Financial Information](index=5&type=section&id=Non-GAAP%20Financial%20Information) The press release contains references to non-GAAP financial measures such as Adjusted Net Income, Adjusted EBITDA, non-GAAP gross profit, and adjusted net income per share. These measures are adjusted from GAAP results to exclude certain expenses, gains, and losses, used by management for performance assessment, and are supplemental to GAAP financial information - Non-GAAP financial measures include **Adjusted Net Income, Adjusted EBITDA, non-GAAP gross profit, non-GAAP gross profit margin**, and **adjusted net income per share**[16](index=16&type=chunk) - **Adjusted EBITDA** is defined as GAAP net income before interest, taxes, depreciation, amortization, and adjusted for specific non-recurring items and fair value changes[16](index=16&type=chunk) - These non-GAAP measures are supplemental, not a substitute for GAAP, and should be read in conjunction with consolidated financial statements[18](index=18&type=chunk) Condensed Consolidated Financial Statements This section presents Dave Inc.'s condensed consolidated financial statements, including statements of operations, reconciliations of operating expenses, gross profit, and adjusted EBITDA, and a summary of liquidity and capital resources [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations show Dave Inc.'s revenue and expense breakdown for the three and six months ended June 30, 2025, highlighting significant growth in total operating revenues and net income Condensed Consolidated Statements of Operations (in millions) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :-------------------------- | :------ | :------ | :------------ | :------------ | | Total operating revenues, net | $131.7 | $80.1 | $239.7 | $153.7 | | Total operating expenses | $90.7 | $74.4 | $163.5 | $142.6 | | Net income | $9.1 | $6.4 | $37.9 | $40.6 | | Net income per share (Diluted) | $0.62 | $0.47 | $2.61 | $3.02 | [Reconciliation of Operating Expenses to Variable Operating Expenses](index=7&type=section&id=Reconciliation%20of%20Operating%20Expenses%20to%20Variable%20Operating%20Expenses) This section provides a reconciliation of total operating expenses to variable operating expenses, detailing the components for the three and six months ended June 30, 2025 and 2024 Reconciliation of Operating Expenses (in millions) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 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](index=7&type=section&id=Calculation%20of%20Non-GAAP%20Gross%20Profit) This section calculates non-GAAP gross profit and gross profit margin by subtracting variable operating expenses from GAAP operating revenues, showing an increase in both for Q2 2025 and the six months ended June 30, 2025 Non-GAAP Gross Profit Calculation (in millions) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 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% | [Reconciliation of Net Income to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) This reconciliation details the adjustments made to GAAP net income to arrive at Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024, showing a substantial increase in Adjusted EBITDA Reconciliation of Net Income to Adjusted EBITDA (in millions) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 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 | | 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 | [Reconciliation of Net Income to Adjusted Net Income](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) This reconciliation provides the adjustments from GAAP net income to Adjusted Net Income, demonstrating a significant increase in adjusted profitability for Q2 2025 and the six months ended June 30, 2025 Reconciliation of Net Income to Adjusted Net Income (in millions) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :------------------------------------ | :------ | :------ | :------------ | :------------ | | Net income | $9.1 | $6.4 | $37.9 | $40.6 | | Stock-based compensation | $8.3 | $7.7 | $15.8 | $13.8 | | 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 net income | $45.7 | $13.7 | $82.0 | $21.8 | | Adjusted net income per share (Diluted) | $3.14 | $1.01 | $5.66 | $1.63 | [Liquidity and Capital Resources](index=8&type=section&id=Liquidity%20and%20Capital%20Resources) This section provides a snapshot of Dave Inc.'s liquidity and capital resources as of June 30, 2025, and December 31, 2024, showing an increase in cash, cash equivalents, and total stockholders' equity Liquidity and Capital Resources (in millions) | Metric | June 30, 2025 | December 31, 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 | Supplementary Information This section provides details for the upcoming conference call and contact information for investor relations and media inquiries [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) Dave management will host a conference call on August 6, 2025, to discuss the Q2 2025 financial results, with details provided for dial-in and webcast access - Date: **Wednesday, August 6, 2025, at 8:30 a.m. Eastern time**[11](index=11&type=chunk) - Toll-free dial-in number: **(866) 652-5200**; International dial-in number: **(412) 317-6060**[11](index=11&type=chunk) - Webcast available at **https://event.choruscall.com/mediaframe/webcast.html?webcastid=6s8qoRxQ**, with replay and transcript on Dave's Investor Relations website[11](index=11&type=chunk) [Investor Relations & Media Contacts](index=6&type=section&id=Investor%20Relations%20%26%20Media%20Contacts) Contact information for investor relations and media inquiries is provided for stakeholders - Investor Relations Contact: **Sean Mansouri, CFA, Elevate IR, DAVE@elevate-ir.com**[20](index=20&type=chunk) - Media Contact: **Dan Ury, press@dave.com**[20](index=20&type=chunk)

Q2 Revenue Growth Continues to Accelerate, up 64% Y/Y to $131.7 Million Net Income Increases 42% Y/Y to $9.1 Million; Adjusted Net Income Increases 233% to $45.7 Million; Adjusted EBITDA Increases 236% to $50.9 Million GAAP EPS (Diluted) Increases 32% Y/Y to $0.62; Adjusted EPS (Diluted) Increases 210% to $3.14 Raises 2025 Revenue and Adj. EBITDA Guidance to $505-$515 Million and $180-$190 Million, Respectively LOS ANGELES, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Dave Inc. ("Dave" or the "Company") (Nasdaq: DAVE) ...

Core Insights - Dave Inc. (DAVE) is set to report its second-quarter 2025 results on August 6, with earnings per share (EPS) expected to rise by 88.1% year-over-year to $1.9, and revenues projected at $112.7 million, indicating a 40.7% growth compared to the previous year [1][6]. Financial Performance - The consensus estimate for Q2 EPS is $1.90, unchanged over the past 60 days, while revenue estimates have shown a slight downward revision [2]. - DAVE has a strong earnings surprise history, surpassing the Zacks Consensus Estimate in the last four quarters with an average surprise of 274.5% [2]. Membership Growth and Revenue Drivers - DAVE reported 12.4 million members in Q1 2025, an increase of 569,000 from the previous year, driven by a new flat fee structure for ExtraCash transactions [5]. - The new fee model has improved monetization and conversion rates, contributing positively to user acquisition and retention [5][16]. Stock Performance - DAVE's stock has surged 661.1% over the past year, significantly outperforming its industry growth of 71.2% and the S&P 500's 20.8% increase [6][7]. - The current trailing 12-month price-to-earnings (P/E) ratio for DAVE is 22.01X, slightly below the industry average of 22.9X, but higher than peers like Jamf and Inspired Entertainment [9]. Profitability and Liquidity - DAVE exhibits strong profitability with a trailing 12-month return on equity (ROE) of 59.2%, compared to the industry average of 6.7%, and a return on invested capital (ROIC) of 26.7% [12]. - The company maintains a robust liquidity position with a current ratio of 8.59, significantly higher than the industry average of 1.84, indicating strong short-term financial health [12]. Market Position and Risks - DAVE serves the underbanked population, capitalizing on the growing neobank market and mobile banking trends, presenting significant growth opportunities [13]. - The company has implemented CashAI, a proprietary underwriting technology, which has improved ExtraCash origination by 46% year-over-year to $1.5 billion in Q1 2025 [14]. - Despite these strengths, DAVE's focus on subprime customers poses inherent risks, as this demographic is more susceptible to default [15][17].

Media Contact Dan Ury press@dave.com 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. Investor Relations Contact Sean Mansouri, CFA Elevate IR DAVE@elevate-ir.com LOS ANGELES, July 2 ...

Core Insights - Both OppFi Inc. (OPFI) and Dave (DAVE) are key players in the fintech sector, focusing on digital lending solutions for customers [1] - DAVE offers small, interest-free cash advances, while OPFI collaborates with banks to provide credit access to subprime and non-prime demographics using AI underwriting [1] Group 1: Dave's Performance - DAVE operates a subscription-based model charging $5 per month, providing various services including ExtraCash and financial management [2] - The ExtraCash service allows borrowing up to $500 without interest or credit checks, achieving a 46% growth in originations and a 29% increase in average revenues per user in Q1 2025 [3] - DAVE's revenue increased by 47% year-over-year, with adjusted EBITDA soaring by 235% in the March quarter, indicating strong operational leverage [3] - The company has improved its credit risk management through CashAI, reducing the 28-day delinquency rate by 18% year-over-year and lowering the provision for credit losses to 0.69% [4][12] - CashAI has enabled DAVE to resolve 90% of customer service tickets without agent involvement, enhancing efficiency [5] Group 2: OppFi's Performance - OPFI targets the underbanked population, leveraging AI and machine learning to serve subprime customers [6] - The company reported a 10.1% year-over-year revenue increase and a 285.1% rise in adjusted net income in Q1 2025, showcasing strong operating leverage [7] - OPFI's Model 6 has significantly reduced the net charge-off rate by 700 basis points from the previous quarter and by 1300 basis points year-over-year [8] - The company achieved a 16% year-over-year growth in net originations, aided by improved credit modeling [9] - An auto-approval rate of 79% reflects OPFI's effective credit evaluation models, enhancing its competitive position [10] Group 3: Financial Estimates and Valuation - The Zacks Consensus Estimate for DAVE's 2025 sales is $475.8 million, indicating a 37.1% year-over-year increase, with EPS expected to rise by 67.2% [13] - For OPFI, the 2025 sales estimate stands at $578.4 million, suggesting a 10% year-over-year growth, with EPS projected to increase by 29.5% [16] - OPFI is trading at a forward P/E ratio of 8.5X, while DAVE is at 18.53X, indicating that OPFI is valued lower than DAVE, making it potentially more attractive [19] Group 4: Comparative Analysis - DAVE is highlighted as the superior investment option in fintech, with significant revenue growth and operational efficiency driven by its AI-powered systems [21] - Despite OPFI's solid credit modeling, DAVE's subscription model, faster user growth, and stronger earnings revisions provide a competitive edge [22] - DAVE holds a Zacks Rank of 1 (Strong Buy), while OPFI has a Zacks Rank of 3 (Hold), further emphasizing DAVE's favorable position in the market [23]

Core Points - Dave Inc. will host a conference call on August 6, 2025, at 8:30 a.m. Eastern time to discuss its Q2 financial results for the period ending June 30, 2025 [1] - The financial results will be released in a press release prior to the conference call on the same day [1] Conference Call Details - Date and Time: August 6, 2025, at 8:30 a.m. Eastern time [2] - Toll-free dial-in number: (866) 652-5200; International dial-in number: (412) 317-6060 [2] - The conference call will be available for replay on the Company's website [2] Company Overview - Dave is a leading U.S. neobank and fintech pioneer, serving millions of everyday Americans [4] - The company utilizes disruptive technologies to offer competitive banking services at lower costs compared to traditional banks [4]

Core Points - Dave & Buster's Entertainment, Inc. announced the granting of stock options and performance stock units to Tarun Lal as part of his inducement to join the company as CEO [1][2] - The awards were approved by the Board under Nasdaq corporate governance rules and were granted on July 15, 2025 [1][2] Summary by Category Stock Options - Mr. Lal was granted a total of 124,766 stock options that will vest annually over three years from the grant date [2] - An additional 124,766 options will vest if the company's stock price doubles before February 1, 2028, contingent on Mr. Lal's continued employment [2] - Further, 83,177 options will vest if the stock price triples before February 1, 2028, also subject to continued employment [2] - An additional 31,191 options will vest annually over three years, conditioned on Mr. Lal purchasing $1,000,000 of the company's common stock by December 31, 2026 [2] Performance Stock Units (PSUs) - Mr. Lal was granted 124,766 PSUs that will be earned upon achieving same store sales growth metrics and will vest annually over two years [2] - Another 124,766 PSUs will be earned and vested based on achieving specific 2027 Adjusted EBITDA, average same store sales growth, and relative TSR metrics [2] Company Overview - Founded in 1982, Dave & Buster's operates 236 venues across North America, offering entertainment and dining experiences [3] - The company has 175 Dave & Buster's branded stores in 43 states, Puerto Rico, and Canada, providing a full menu and various entertainment attractions [3] - Additionally, the company operates 61 Main Event branded stores in 22 states, featuring bowling, laser tag, arcade games, and virtual reality experiences [3]

Company Performance - Dave Inc.'s shares have increased by 132.9% year-to-date, significantly outperforming the industry growth of 9.8% and the S&P 500 composite's rise of 6% [1] - Over the past three months, Dave's stock surged by 140.3%, again surpassing CoreCard's 38.9% and Qifu Technology's 47.6% growth [4] - The stock's strong performance has attracted investor interest, suggesting a potential long-term investment opportunity [4] Neobank Market Dynamics - The neobank market is projected to grow at a CAGR of 40.3% from 2025 to 2034, driven by the needs of the underbanked demographic [5] - Dave's ExtraCash service provides interest-free cash advances up to $500 without traditional credit checks, targeting underbanked consumers [6] - The company utilizes bank account history and spending patterns to assess creditworthiness, allowing it to serve sub-prime or non-prime consumers [6] Financial Metrics - Dave's current stock price is at 19.74X forward 12-month earnings per share, lower than the industry average of 23.35X, indicating a potentially attractive valuation [10] - The company's trailing 12-month ROE is 59.2%, significantly higher than the industry average of 6.6%, while its ROIC stands at 26.7% compared to the industry's -8.5% [12] - Dave's current ratio of 8.59 exceeds the industry average of 1.84, reflecting a strong liquidity position and the ability to cover short-term obligations [14] Revenue and Earnings Outlook - The Zacks Consensus Estimate projects 2025 revenues of $475.8 million, representing a 36.7% increase from the previous year, with further growth of 23.8% expected in 2026 [16] - The consensus estimate for 2025 earnings per share is $8.76, indicating a 67.2% surge from the prior year, with a 35.1% increase anticipated in 2026 [16] Investment Recommendation - Given the successful ExtraCash product, simplified fee structure, and promising results from CashAI in reducing credit risk, Dave is positioned as a compelling investment opportunity [17][18] - The company's strong fundamentals, discounted valuation, and robust financial metrics further support the recommendation for investors to buy the stock [18]

Company Performance - Dave Inc. has gained approximately 133% year-to-date, significantly outperforming the average gain of 0.8% in the Business Services sector [4] - The Zacks Consensus Estimate for Dave Inc.'s full-year earnings has increased by 69.7% over the past quarter, indicating improving analyst sentiment and a positive earnings outlook [3] - Dave Inc. currently holds a Zacks Rank of 1 (Strong Buy), reflecting its strong performance and favorable earnings estimates [3] Industry Context - Dave Inc. is part of the Technology Services industry, which includes 122 individual stocks and currently ranks 74 in the Zacks Industry Rank [6] - The average gain for the Technology Services industry so far this year is 9.6%, indicating that Dave Inc. is performing better than its industry peers [6] - Coherent, another stock in the Business Services sector, has also shown strong performance with a year-to-date increase of 1.4% and a Zacks Rank of 1 (Strong Buy) [4][5]