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Dave (DAVE) investor relations material
Dave Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $150.8 million, up 63% year-over-year, driven by strong member and MTM growth, improved monetization, and new fee model adoption.
Net income reached $92 million for Q3 2025, up from $0.5 million in Q3 2024, with adjusted EBITDA of $58.7 million, a 137% increase year-over-year.
Monthly transacting members (MTMs) grew 17% to 2.77 million, with ARPU expanding nearly 40% year-over-year to $217.
ExtraCash origination volume grew 49% year-over-year to over $2 billion, with net monetization rate up to 4.8%.
Rolled out CashAI v5.5, enhancing underwriting and credit outcomes, and discontinued member tipping option in February 2025.
Financial highlights
Q3 2025 revenue was $150.8 million, up 63% year-over-year, with non-GAAP gross profit of $104.2 million and a margin of 69%.
Net income for Q3 2025 was $92 million, with adjusted net income up 193% to $61.6 million and adjusted EBITDA margin at 39%.
Cash and equivalents stood at $93.6 million as of September 30, 2025.
Provision for credit losses increased 118% year-over-year in Q3 to $29.8 million, reflecting higher origination volume.
Adjusted net income per diluted share was $4.24, up 181% year-over-year.
Outlook and guidance
2025 revenue guidance raised to $544–$547 million (57–58% year-over-year growth); adjusted EBITDA guidance increased to $215–$218 million (149–152% growth).
Guidance reflects strong performance from new fee model, underwriting improvements, and robust growth in MTMs and ARPU.
Expect gross margin to remain in the upper-60% to low-70% range in Q4.
Plan to transition receivables to an off-balance sheet funding arrangement in early 2026, reducing funding obligations and cost of capital.
Current cash position deemed sufficient to meet operational needs for at least 12 months.
Reconcile rising delinquency with credit guardrails.
What specific strategies drive improved payback periods?
Future capital allocation priorities given cash use?
BNPL market opportunity and differentiation
Off-balance sheet funding benefits
Gross profit payback period trend
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Q4 20253 Mar, 2026
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Frequently asked questions
Avoiding Overdraft Fees
Dave Inc. is a financial technology company that operates primarily in the personal finance and banking sectors. The company's primary service is a mobile app offering tools designed to help users manage their finances more effectively. Key features include budgeting assistance, automated expense tracking, and predictive account alerts to prevent overdraft fees. Additionally, Dave Inc. provides a service that advances small amounts of cash to its users at no interest, aimed at covering short-term needs and avoiding overdraft fees. The company is headquartered in Los Angeles, California, and its shares are listed on the Nasdaq.
Founding and Funding
Dave was founded by Jason Wilk in 2016. Wilk, the creator of AllScreen, founded the company with the primary goal of helping people avoid bank overdraft fees while still finding a way to be financially viable as a lender and bank. The company received seed investment from VC firms, as well as by billionaire Marc Cuban who stated that overdraft fees had been incredibly problematic for him when he was younger. Dave was valued at over 1 billion dollars in 2019, and the app has been downloaded over 10 million times at the time of writing.
No Interest on Loans
As previously mentioned, the company’s business focuses on the core idea of preventing overdraft fees. The company, through its app, primarily offers advances on users' upcoming paychecks without interest, addressing a common pain point among those who frequently face overdraft fees. This approach distinguishes Dave from traditional payday loan services, which often come with high-interest rates. Instead of paying interest on these small loans, those receiving loans can instead choose to tip the company a small sum of money in exchange for receiving the loan which is split between keeping the lending service operational and a food drive charity.
Other Services
Besides its core lending services, Dave Inc. offers a range of other financial tools. These include a no-fee checking account, designed to provide a low-cost alternative to traditional bank accounts like the ones offered by companies such as Citigroup, Wells Fargo, and other large established banks. The app also features budgeting tools, assisting users in tracking their expenses and managing their finances more effectively. Additionally, Dave has a feature that helps users find side gigs or part-time jobs, similar to what is offered by Fiverr.
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