Dave Reports Third Quarter 2025 Financial Results

Core Insights - Dave Inc. reported record Q3 revenue of $150.8 million, representing a 63% year-over-year increase, driven by accelerating MTM growth and record ARPU [1][2] - The company achieved record profitability with net income reaching $92.0 million and adjusted net income increasing by 193% to $61.6 million [1][3] - Dave raised its 2025 revenue and adjusted EBITDA guidance to $544 - $547 million and $215 - $218 million, respectively [1][5] Financial Performance - Q3 operating revenues were $150.8 million, up from $92.5 million in Q3 2024, marking a 63% increase [3][16] - Adjusted EBITDA for Q3 was $58.7 million, a 137% increase compared to the same quarter last year [1][3] - The company reported a non-GAAP gross profit of $104.2 million, with a gross profit margin of 69% [3][19] Customer Metrics - New members increased significantly, with 843,000 new members acquired at a customer acquisition cost of $19 [3][6] - Monthly transacting members (MTMs) rose by 17% to 2.77 million [3][6] - ExtraCash originations grew by 49% to over $2 billion, with a monetization rate net of losses expanding to 4.8% [1][3] Liquidity and Capital Management - As of September 30, 2025, the company had $93.6 million in cash and cash equivalents, down from $104.7 million at the end of Q2 2025, primarily due to $25 million in share repurchases [4][6] - The average 28-day delinquency rate increased to 2.33% from 1.78% in the comparable period [4][6] Strategic Initiatives - The rollout of CashAI v5.5 led to improvements in origination size and delinquency rates [3][6] - The company emphasized its focus on directing acquisition spend toward high gross profit opportunities, resulting in improved payback periods [6][6]