Dave Reports Second Quarter 2025 Financial Results

Core Insights - Dave Inc. reported a significant revenue growth of 64% year-over-year, reaching $131.7 million in Q2 2025, marking the fastest growth rate in over five years [1][2] - The company raised its 2025 revenue guidance to a range of $505-$515 million and adjusted EBITDA guidance to $180-$190 million, reflecting strong confidence in continued growth [1][7] Financial Performance - Net income increased by 42% year-over-year to $9.1 million, while adjusted net income surged 233% to $45.7 million [1][2] - Adjusted EBITDA rose 236% to $50.9 million, representing a 39% margin [1][2] - GAAP EPS (diluted) increased by 32% to $0.62, and adjusted EPS (diluted) grew 210% to $3.14 [1][2] Operational Highlights - The number of new members increased to 722,000, with an average customer acquisition cost of $19 [5] - Monthly Transacting Members (MTMs) rose 16% to 2.6 million, and ExtraCash originations increased by 51% to $1.8 billion [5] - Dave Debit Card spending grew by 27% to $493 million [5] Liquidity and Capital Resources - As of June 30, 2025, the company had $104.7 million in cash and cash equivalents, up from $89.7 million at the end of Q1 2025 [6] - The increase in liquidity was primarily due to free cash flow generation, despite a rise in ExtraCash receivables [6] Future Outlook - The company expressed strong confidence in its long-term growth potential, emphasizing innovation and member value [2][8] - An amendment to the program agreement with Coastal Community Bank is expected to enhance liquidity and reduce funding obligations [9]