Dave(US:DAVE)2025-11-04 12:06Financial Performance - Q3 2025 revenue reached $150.8 million, a 63% increase year-over-year, driven by accelerating MTM growth and record ARPU[1]. - Net income for Q3 2025 was $92.0 million, with adjusted net income increasing 193% to $61.6 million and adjusted EBITDA rising 137% to $58.7 million[1][4]. - The company raised its 2025 revenue guidance to $544 - $547 million, reflecting a year-over-year growth of 57% - 58%[7]. - Total operating revenues for Q3 2025 reached $150.8 million, a 62.8% increase from $92.5 million in Q3 2024[20]. - Service-based revenue for Q3 2025 was $139.3 million, up 67.1% from $83.4 million in Q3 2024[20]. - Net income for Q3 2025 was $92.0 million, compared to $0.5 million in Q3 2024, representing a significant increase[20]. - Non-GAAP gross profit for Q3 2025 was $104.2 million, with a gross profit margin of 69%[24]. - Adjusted EBITDA for Q3 2025 was $58.7 million, compared to $24.7 million in Q3 2024[26]. - Total operating expenses for Q3 2025 were $104.8 million, an increase from $89.9 million in Q3 2024[22]. - Adjusted net income for Q3 2025 was $61.6 million, compared to $21.1 million in Q3 2024[29]. - Basic adjusted net income per share for Q3 2025 was $4.57, up from $1.66 in Q3 2024[29]. Growth Metrics - ExtraCash originations grew 49% to over $2 billion, with the monetization rate net of losses expanding to 4.8%, an increase of 45 basis points year-over-year[8][9]. - Monthly Transacting Members (MTMs) increased 17% to 2.77 million, with new member acquisition at 843,000 at a cost of $19 per member[8]. - The average 28-day delinquency rate was 2.33%, up from 1.78% in the same period last year[8]. - Adjusted EBITDA margin expanded by 1,200 basis points to nearly 40%, supported by disciplined management of fixed costs[9]. - The company reported a 32% increase in net revenue per origination, with payback periods improving to under four months[9]. Cash Position - Cash and cash equivalents as of September 30, 2025, totaled $93.6 million, down from $104.7 million as of June 30, 2025, primarily due to $25 million in share repurchases[6]. - Cash, cash equivalents, and restricted cash as of September 30, 2025, were $51.7 million, slightly up from $51.4 million at the end of 2024[31]. - Working capital increased to $341.6 million as of September 30, 2025, compared to $247.2 million at the end of 2024[31]. Product Development - The rollout of CashAI v5.5 improved origination size and delinquency rates, contributing to the company's growth strategy[3].