Is CAC Optimization DAVE's Fuel to Its Profitability Engine?

Key Takeaways DAVE maintained a $19 CAC in Q2 and Q3 2025, adding 843,000 new members in Q3.DAVE's revenue jumped 64% YoY in Q3 2025, with adjusted EBITDA up 236%.DAVE posted 347% adjusted net income growth in Q2 and 233% in Q3 2025.Dave Inc. (DAVE) has historically maintained customer acquisition costs (CAC) of $18-$19. In the second and third quarters of 2025, the company maintained a CAC of $19, a result of the optimized marketing investments that yield the highest expected gross margin.Dave’s marketing ...