Dave (DAVE) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $100.9M, up 38% year-over-year, and full-year 2024 revenue of $347.1M, up 34%, driven by strong member and product growth.

• Adjusted EBITDA reached $33.4M in Q4 2024, a 234% increase year-over-year, with full-year Adjusted EBITDA at $86.5M.

• Outperformed 2024 guidance, with strong growth in Multi-Transaction Members (MTMs), stable CAC, and improved member retention.

• Transitioned to a new ExtraCash fee structure, fully implemented by February 19, 2025, expected to drive durable monetization and higher credit limits.

• Finalized a strategic partnership with Coastal Community Bank to support product expansion and compliance.

Financial highlights

• Q4 2024 revenue reached $100.9M, up 38% year-over-year; full-year 2024 revenue was $347.1M, up 34%.

• Q4 net income was $16.8M, up $16.6M from Q4 2023; full-year net income was $57.9M, up from $(48.5)M in 2023.

• Adjusted EBITDA for Q4 2024 was $33.4M (margin 33%, up from 14% YoY); full-year Adjusted EBITDA was $86.5M.

• Non-GAAP variable profit grew 58% year-over-year to $72.6M in Q4, with a 72% margin; full-year variable profit was $238.5M.

• Cash and equivalents at year-end were $91.9M, with $75M undrawn credit facility, totaling nearly $167M in liquidity.

Outlook and guidance

• FY25 revenue guidance is $415M–$435M, representing 20–25% year-over-year growth.

• FY25 Adjusted EBITDA guidance is $110M–$120M, or 27–39% year-over-year growth.

• Plans to moderately expand marketing spend in 2025, focusing on profitable growth and product development.

• Anticipates seasonal softness in Q1 2025 due to tax refund timing; focus on ARPU and member retention.