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Jun 30, 2025
Dave Q2 2025 Earnings Report
Dave reported strong second quarter 2025 financial results with accelerated revenue growth and increased profitability.
Key Takeaways
Dave Inc. delivered a record-setting second quarter in 2025, with revenue accelerating by 64% year-over-year to $131.7 million and net income increasing by 42% to $9.1 million. The company also achieved record Adjusted EBITDA of $50.9 million, driven by a new fee structure and improved member lifetime value.
Revenue grew 64% year-over-year to $131.7 million, marking the third consecutive quarter of accelerated growth.
Net income increased 42% year-over-year to $9.1 million, while Adjusted Net Income surged 233% to $45.7 million.
Adjusted EBITDA reached a record $50.9 million, representing a 39% margin and a 236% increase year-over-year.
Key operating metrics showed strong performance, with Monthly Transacting Members up 16% and ExtraCash originations increasing 51%.
Revenue by Segment
Forward Guidance
Dave Inc. raised its full-year 2025 revenue and Adjusted EBITDA guidance, reflecting strong first-half results and confidence in continued growth and profitability.
Positive Outlook
- Raised full-year 2025 GAAP Operating Revenues, Net guidance to $505-$515 million (from $460-$475 million).
- Raised full-year 2025 Adjusted EBITDA guidance to $180-$190 million (from $155-$165 million).
- Expected year-over-year revenue growth of 46%-48% for FY 2025.
- Expected year-over-year Adjusted EBITDA growth of 108%-120% for FY 2025.
- New arrangement with Coastal Community Bank expected to reduce direct funding obligations, lower cost of funds, and unlock substantial liquidity by early next year.
Challenges Ahead
- The company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures due to the inability to predict exact amounts or timing of reconciling items.
- Variability of reconciling items could significantly impact future GAAP financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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