Core Insights - Dave Inc. has fully implemented CashAI v5.5, an advanced AI-driven cash flow underwriting engine that nearly doubles its feature set compared to previous models, optimizing for the new fee structure [2][4] - The new model is expected to enhance credit performance, increase average approval amounts, and reduce delinquency and loss rates, with full benefits anticipated in the fourth quarter of 2025 [2][4] Company Overview - Dave Inc. is a leading neobank in the U.S., utilizing disruptive technologies to provide banking services at lower costs compared to traditional banks [5] - The company serves millions of everyday Americans and offers products like ExtraCash™ through partnerships with banks [5] Technology and Data Utilization - CashAI assesses credit risk in real-time by analyzing cash flow data from members' primary bank accounts, leveraging insights from 150 million ExtraCash™ originations and billions of bank transactions [3] - The extensive dataset and rapid training feedback from ExtraCash™ provide a competitive advantage in consumer credit underwriting [3] Leadership and Vision - The CEO of Dave emphasized that CashAI is a key differentiator for the company, driving consistent and profitable credit outcomes while enhancing access to credit for consumers [4]

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]