DAVEW

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports Second Quarter 2026 Financial Results

Q2 Revenue Grows 30% Y/Y to $170.8 Million Driven by Continued MTM Growth and ARPU Expansion

28-DPD Rate Improves 14 Basis Points Y/Y to 2.12%, While ExtraCash Originations Grew 27% Y/Y to $2.3 Billion

Net Income of $6.7 Million Includes $36.9 Million of Non-Cash Warrant and Earnout Remeasurement Charges

Adj. EBITDA Increases 48% Y/Y to $75.5 Million, Representing a 44% Margin

Raises 2026 Revenue, Adj. EBITDA and Adj. Diluted EPS Guidance

LOS ANGELES, CA – August 5, 2026 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation's leading neobanks, today reported its financial results for the second quarter ended June 30, 2026.

“We closed the first half with our ninth consecutive quarter of at least 30% year-over-year revenue growth as we once again demonstrated the strength and durability of our business,” said Jason Wilk, Founder and CEO of Dave. “The rollout of CashAI v6.0, alongside the relaxing of legacy fee caps and planned higher ExtraCash limits, gives us even greater conviction in our ARPU outlook. In addition, early engagement with Dave Flex has been promising and we continue to expand test cohorts. At the same time, we expect MTM growth to accelerate in the second half of 2026, supported by strong member acquisition trends.”

Wilk continued, “Based on our strong first-half performance, the depth of our product roadmap, and the significant operating leverage we continue to see in our model, we are raising our full-year 2026 guidance for Revenue, Adjusted EBITDA, and Adjusted Diluted EPS.”

Quarterly Financial Highlights ($ in millions, except for per share amounts, unaudited)

2Q25

3Q25

4Q25

1Q26

2Q26

GAAP Operating Revenues, Net

$131.7

$150.8

$163.7

$158.4

$170.8

% Change vs. prior year period

64%

63%

62%

47%

30%

Non-GAAP Gross Profit*

$92.0

$104.2

$121.9

$114.4

$123.8

% Change vs. prior year period

78%

62%

68%

37%

34%

Non-GAAP Gross Profit Margin*

70%

69%

74%

72%

72%

Change vs. prior year period

500 bps

0 bps

300 bps

(500) bps

300 bps

GAAP Net Income

$9.1

$92.0

$66.0

$57.9

$6.7

% Change vs. prior year period

42%

19,658%

292%

101%

-26%

Adjusted Net Income*(1)

$40.5

$64.6

$53.3

$52.3

$56.4

% Change vs. prior year period

290%

208%

92%

61%

39%

Adjusted EBITDA*(1)

$50.9

$58.7

$72.9

$69.3

$75.5

% Change vs. prior year period

236%

137%

118%

57%

48%

Adj. Net Income per Diluted Share*(1)

$2.78

$4.45

$3.69

$3.64

$4.12

% Change vs. prior year period

263%

196%

93%

64%

48%

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

(1) Beginning in the second quarter of 2026, the Company updated its definitions of Adjusted Net Income and Adjusted EBITDA to exclude: (i) other strategic financing and transactional expenses and (ii) litigation expenses related to the FTC/DOJ matter; Adjusted EBITDA was further updated to exclude (iii) funding costs. Prior periods have not been recast because the effect of these items on such periods was immaterial.

Second Quarter 2026 Operating Highlights (vs. Second Quarter 2025)

• New members increased 32% to 951,000, at a customer acquisition cost of $19

• Monthly Transacting Members (“MTMs”) increased 17% to 3.08 million

• ExtraCash originations increased 27% to $2.3 billion, while ExtraCash Monetization Rate Net of Losses expanded nearly 9 basis points to 4.8%

• 28-day past due rate improved 6% to 2.12%

• Dave Debit Card spend increased 7% to $530 million

Liquidity Summary

As of June 30, 2026, the Company had $254.4 million in cash and cash equivalents, investments, and restricted cash, compared to $177.8 million as of March 31, 2026. The $76.6 million increase was primarily driven by $93.0 million funded through the Coastal Community Bank arrangement, offset by $19.1 million of share repurchases during the quarter, leaving $94.1 million available under the Company’s share repurchase authorization.

2026 Financial Guidance ($ in millions)

Prior FY 2026

New FY 2026

GAAP Operating Revenues, Net

$710 - $720

$725 - $735

Year-Over-Year Growth

28% - 30%

31% - 33%

Adjusted EBITDA*

$305 - $315

$315 - $325

Adj. Net Income per Diluted Share*

$16.25 - $16.75

$17.00 - $17.50

*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave's CFO and COO, Kyle Beilman, commented: “This quarter demonstrated the quality of our earnings growth. Non-GAAP gross margin expanded nearly 300 basis points year-over-year to 72%. Credit performance remained strong, with our

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports First Quarter 2026 Financial Results

Q1 Revenue Grows 47% Y/Y to $158.4 Million Driven by Continued MTM Growth and ARPU Expansion

28-DPD Rate Reaches Record Q1 Low of 1.69%, While Net Monetization Expands to 5.1%, Marking Its Highest Level in Over Four Years

Q1 Net Income Grows 101% Y/Y to $57.9 Million; Adj. EBITDA Increases 57% Y/Y to $69.3 Million

Deploys Approximately $195 Million in Share Repurchase Activity, Representing 7.0% of Shares Outstanding

Raises 2026 Revenue, Adj. EBITDA and Adj. Diluted EPS Guidance

LOS ANGELES, CA – May 5, 2026 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the first quarter ended March 31, 2026.

“We delivered another exceptional quarter to start the year, driven by record credit performance and consistent strong execution against our growth algorithm,” said Jason Wilk, Founder and CEO of Dave. “Our 28-Day Past Due rate improved both sequentially and year-over-year to 1.69%, the lowest Q1 rate in company history. Despite the typical dynamics of tax refund season and elevated refunds, demand remained strong with 18% year-over-year MTM and 24% year-over-year ARPU expansion – both above our stated targets. These results are the product of years of significant investments in CashAI and the continued innovation and excellence delivered by our team.”

Wilk continued, “We also began member testing of our new Pay in 4 card product in early April. We believe our underwriting advantage with CashAI differentiates us in the credit card and BNPL market and will further position us to drive the next phase of significant growth.”

Quarterly Financial Highlights ($ in millions, except for per share amounts, unaudited)

1Q25

2Q25

3Q25

4Q25

1Q26

GAAP Operating Revenues, Net

$108.0

$131.7

$150.8

$163.7

$158.4

% Change vs. prior year period

47%

64%

63%

62%

47%

Non-GAAP Gross Profit*

$83.4

$92.0

$104.2

$121.9

$114.4

% Change vs. prior year period

67%

78%

62%

68%

37%

Non-GAAP Gross Profit Margin*

77%

70%

69%

74%

72%

Change vs. prior year period

900 bps

500 bps

0 bps

300 bps

(500) bps

GAAP Net Income

$28.8

$9.1

$92.0

$66.0

$57.9

% Change vs. prior year period

(16%)

42%

19,658%

292%

101%

Adjusted Net Income*

$32.5

$40.5

$64.6

$53.3

$52.3

% Change vs. prior year period

208%

290%

208%

92%

61%

Adjusted EBITDA*

$44.2

$50.9

$58.7

$72.9

$69.3

% Change vs. prior year period

235%

236%

137%

118%

57%

Adj. Net Income per Diluted Share*

$2.22

$2.78

$4.45

$3.69

$3.64

% Change vs. prior year period

177%

263%

196%

93%

64%

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

First Quarter 2026 Operating Highlights (vs. First Quarter 2025)

• New members increased 22% to 695,000, at a customer acquisition cost of $18

• Monthly Transacting Members (“MTMs”) increased 18% to 2.99 million

• ExtraCash originations increased 37% to $2.1 billion, while ExtraCash Monetization Rate Net of Losses expanded nearly 40 basis points to 5.1%

• Average 28-day past due rate of 1.69% versus 1.70%

• Dave Debit Card spend increased 9% to $534 million

Liquidity Summary

As of March 31, 2026, the Company had $177.8 million in cash and cash equivalents, investments, and restricted cash, compared to $123.2 million as of December 31, 2025. The $54.6 million increase was primarily driven by $82.0 million of net cash provided by operating activities and $175.7 million of net proceeds from our convertible notes offering (net of $24.3 million paid for the capped call transactions, purchasers’ discounts and transaction costs), partially offset by $186.7 million of share repurchases and $8.2 million in tax payments related to the net share settlement of equity awards.

The Company maintains $113.3 million of remaining capacity under its existing share repurchase authorization and expects to continue deploying capital opportunistically, subject to market conditions.

2

2026 Financial Guidance ($ in millions)

Prior FY 2026

New FY 2026

GAAP Operating Revenues, Net

$690 - $710

$710 - $720

Year-Over-Year Growth

25% - 28%

28% - 30%

Adjusted EBITDA*

$290 - $305

$305 - $315

Adj. Net Income per Diluted Share*

$14.00 - $15.00

$16.25 - $16.75

*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO and COO, Kyle Beilman, commented: “Q1 was another quarter where we demonstrated the quality and consistency of our business model and the excellent execution of our team. Our Net Monet

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports Fourth Quarter & Full Year 2025 Financial Results

Q4 Revenue Increases 62% to $163.7 Million; FY 2025 Revenue Increases 60% to $554.2 Million

Q4 Net Income Grows 292% to $66.0 Million; FY 2025 Net Income Increases 238% to $195.9 Million

Q4 Adj. EBITDA Increases 118% to $72.9 Million; FY 2025 Adj. EBITDA Increases 162% to $226.7 Million

Establishes 2026 Outlook Reflecting Revenue Growth of 25% - 28% with Expanding Adj. EBITDA Margins

Increases Share Repurchase Authorization from $125 Million to $300 Million

LOS ANGELES, CA – March 2, 2026 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the fourth quarter and full year ended December 31, 2025.

“We closed 2025 with another record quarter, marking our third consecutive period of 60%+ year-over-year revenue growth,” said Jason Wilk, Founder and CEO of Dave. “We once again demonstrated the durability of our growth algorithm, as ARPU expanded 36% year-over-year and monthly transacting members (“MTMs”) accelerated 19%. Our 2.9 million MTMs are still a small fraction of what we estimate to be the overall 185 million customer TAM, and we believe we’re still early in our journey to drive incremental ARPU through underwriting enhancements, ExtraCash features and pricing, and new credit products. These factors give us tremendous confidence that we can continue to deliver strong growth for many years to come.

“Powered by CashAI v5.5 of our underwriting engine, we reduced our 28-day past due rate significantly even as originations grew by 50%. This combination of delivering what we believe are the most competitive credit offers for our members while generating strong and improving unit economics creates an increasingly powerful moat around our business.

“We have entered 2026 in a position of great strength. Regardless of the broader macroeconomic environment, we believe we are very well-positioned to continue scaling profitably.”

Quarterly Financial Highlights ($ in millions, except for per share amounts, unaudited)

4Q24

1Q25

2Q25

3Q25

4Q25

GAAP Operating Revenues, Net

$100.9

$108.0

$131.7

$150.8

$163.7

% Change vs. prior year period

38%

47%

64%

63%

62%

Non-GAAP Gross Profit*

$72.6

$83.4

$92.0

$104.2

$121.9

% Change vs. prior year period

58%

67%

78%

62%

68%

Non-GAAP Gross Profit Margin*

72%

77%

70%

69%

74%

Change vs. prior year period

900 bps

900 bps

500 bps

0 bps

300 bps

GAAP Net Income

$16.8

$28.8

$9.1

$92.0

$66.0

% Change vs. prior year period

9,289%

(16%)

42%

19,658%

292%

Adjusted Net Income*(1)

$27.8

$32.5

$40.5

$64.6

$53.3

% Change vs. prior year period

NM

208%

290%

208%

92%

Adjusted EBITDA*

$33.4

$44.2

$50.9

$58.7

$72.9

% Change vs. prior year period

234%

235%

236%

137%

118%

Adj. Net Income per Diluted Share*(1)

$1.91

$2.22

$2.78

$4.45

$3.69

% Change vs. prior year period

NM

177%

263%

196%

93%

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release. NM = not meaningful. (1) Prior period Adjusted Net Income has been updated to include the income tax effect of stock-based compensation, conforming to the current period presentation.

Fourth Quarter 2025 Operating Highlights

• New Members came in at 867,000, at a customer acquisition cost of $20

• MTMs increased 19% Y/Y to 2.93 million

• ExtraCash originations increased 50% Y/Y to $2.2 billion, while ExtraCash Monetization Rate Net of Losses expanded 29 basis points to a record 4.8%

• Average 28-day past due rate improved 12% or 26 basis points Q/Q to 1.89%

• Dave Debit Card spend increased 17% Y/Y to $534 million

2

Annual Financial Highlights ($ in millions)

FY 2024

FY 2025

GAAP Operating Revenues, Net

$347.1

$554.2

% Change vs. prior year

34%

60%

Non-GAAP Gross Profit*

$238.5

$401.5

% Change vs. prior year

59%

68%

Non-GAAP Gross Profit Margin*

69%

72%

Change vs. prior year

1,100 bps

400 bps

GAAP Net Income

$57.9

$195.9

% Change vs. prior year

NM

238%

Adjusted Net Income*(1)

$69.7

$190.9

% Change vs. prior year period

NM

174%

Adjusted EBITDA*

$86.5

$226.7

% Change vs. prior year period

NM

162%

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release. NM = not meaningful. (1) Prior period Adjusted Net Income has been updated to include the income tax effect of stock-based compensation, conforming to the current period presentation.

Liquidity Summary

As of December 31, 2025, the Company had $123.2 million in cash and cash equivalents, marketable securities, investments, and restricted cash, compared to $93.6 million as of September 30, 2025. The increase is largely due to higher free cash flow generation, partially offset by higher receivables balances and $11.8 million in share repurchases. The Company did not increase utilization of its credit facili

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports Third Quarter 2025 Financial Results

Record Q3 Revenue of $150.8 Million, up 63% Y/Y Driven by Accelerating MTM Growth and Record ARPU

Record Q3 ExtraCash Monetization Rate Net of Losses of 4.8%, up 45bps Y/Y as Originations Grew 49% to over $2 Billion; Improving Credit Performance Supported Further Net Monetization Rate Expansion Q/Q

Record Profitability—Net Income hits $92.0 Million;

Adjusted Net Income Increases 193% to $61.6 Million; Adjusted EBITDA Increases 137% to $58.7 Million

Raises 2025 Revenue and Adj. EBITDA Guidance to $544 - $547 Million and $215 - $218 Million, Respectively

LOS ANGELES, CA – November 4, 2025 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the third quarter ended September 30, 2025.

“We delivered another record quarter in Q3, reflecting the continued strength of customer demand and the scalability of our platform. Revenue grew over 60% year-over-year for the second consecutive quarter and Adjusted EBITDA more than doubled for the fourth straight quarter,” said Jason Wilk, Founder and CEO of Dave. “Continued ARPU expansion, accelerating MTM growth, and solid credit performance–which remained squarely within our guardrails–further advanced our strategy to maximize gross profit.

Wilk continued, “Lastly, the rollout of CashAI v5.5 yielded meaningful improvements in both origination size and delinquency rates in September and thus far in Q4. We are once again raising our 2025 guidance. Congratulations to our team on another tremendous quarter.”

Quarterly Financial Highlights ($ in millions, unaudited)

3Q24

4Q24

1Q25

2Q25

3Q25

GAAP Operating Revenues, Net

$ 92.5

$ 100.9

$ 108.0

$ 131.7

$ 150.8

% Change vs. prior year period

41 %

38 %

47 %

64 %

63 %

Non-GAAP Gross Profit*

$ 64.2

$ 72.6

$ 83.4

$ 92.0

$ 104.2

% Change vs. prior year period

72 %

58 %

67 %

78 %

62 %

Non-GAAP Gross Profit Margin*

69 %

72 %

77 %

70 %

69 %

Change vs. prior year period

1,300 bps

900 bps

900 bps

500 bps

0 bps

GAAP Net Income

$ 0.5

$ 16.8

$ 28.8

$ 9.1

$ 92.0

% Change vs. prior year period

NM

9,289 %

(16 %)

42 %

19,658 %

1

Adjusted Net Income*

$ 21.1

$ 29.6

$ 36.3

$ 45.7

$ 61.6

% Change vs. prior year period

NM

342 %

347 %

233 %

193 %

Adjusted EBITDA*

$ 24.7

$ 33.4

$ 44.2

$ 50.9

$ 58.7

% Change vs. prior year period

NM

234 %

235 %

236 %

137 %

Adj. Net Income per Diluted Share*

$ 1.51

$ 2.04

$ 2.48

$ 3.14

$ 4.24

% Change vs. prior year period

NM

276 %

303 %

210 %

181 %

*

Non-GAAP measures. See reconciliation of

non-GAAP measures at the end of the press release.

NM = not meaningful.

Third Quarter 2025 Operating Highlights (vs. Third Quarter 2024)

•

New Members came in at 843,000, at a customer acquisition cost of $19

•

Monthly Transacting Members (“MTMs”) increased 17% to 2.77 million

•

ExtraCash originations increased 49% to $2.0 billion, while ExtraCash Monetization Rate Net of Losses expanded 45 basis points to an all-time high of 4.8%

•

Average 28-Day delinquency rate of 2.33% versus 1.78% in the comparable period

•

Dave Debit Card spend increased 25% to $510 million

•

For a complete overview of key performance indicators, please refer to the Third Quarter 2025 Earnings

Presentation available on Dave’s Investor Relations website

Liquidity Summary

As of September 30, 2025, the Company had $93.6 million in cash and cash equivalents, marketable securities, investments, and restricted cash, compared to $104.7 million as of June 30, 2025. The decrease was primarily attributable to the $25 million in share repurchases the Company executed in Q3 as well as the increase in the ExtraCash receivables balance, partially offset by the Company’s free cash flow generation. The Company did not increase utilization of its credit facility during the quarter.

2025 Financial Guidance ($ in millions)

Prior FY 2025

New FY 2025

GAAP Operating Revenues, Net

$505 - $515

$544 - $547

Year-Over-Year Growth

46% - 48%

57% - 58%

Adjusted EBITDA*

$180 - $190

$215 - $218

Year-Over-Year Growth

108% - 120%

149% - 152%

*

Non-GAAP measure. The Company does not provide a quantitative

reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

2

Dave’s CFO & COO, Kyle Beilman, commented: “Q3 results reflect the strength of our unit economics and the operating leverage embedded in our business model. Year over year, the ExtraCash monetization rate has increased by over 70 bps, and after accounting for losses, the net monetization rate is up 45 bps. Putting this together

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports Second Quarter 2025 Financial Results

Q2 Revenue Growth Continues to Accelerate, up 64% Y/Y to $131.7 Million

Net Income Increases 42% Y/Y to $9.1 Million; Adjusted Net Income Increases 233% to $45.7 Million;

Adjusted EBITDA Increases 236% to $50.9 Million

GAAP EPS (Diluted) Increases 32% Y/Y to $0.62; Adjusted EPS (Diluted) Increases 210% to $3.14

Raises 2025 Revenue and Adj. EBITDA Guidance to $505-$515 Million and $180-$190 Million,

Respectively

LOS ANGELES, CA – August 6, 2025 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the second quarter ended June 30, 2025.

“It was another standout quarter for Dave as we delivered record-setting performance across key metrics,” said Jason Wilk, Founder and CEO of Dave. “Revenue growth accelerated for the third consecutive quarter to the fastest rate in over five years, driven by a step-change in ARPU expansion and continued momentum in Monthly Transacting Member growth. Non-GAAP gross profit rose 78% year-over-year, with non-GAAP gross margin expanding over 500 basis points to 70%, in line with prior targets. Operating leverage also scaled meaningfully, leading to record Adjusted EBITDA of $50.9 million, representing a 39% margin. This performance reflects the full-quarter benefit of our new fee structure, continued improvement in member lifetime value and strong execution by our team.

Wilk continued, “Our strong first-half results reinforce our confidence that Dave is firmly on track for another record year. We are once again raising our 2025 Revenue and Adjusted EBITDA outlook. We’re entering the second half of the year with strong momentum and even greater conviction in our long-term opportunity, as we remain committed to innovation, member value, and long-term shareholder returns.”

1

Quarterly Financial Highlights ($ in millions, unaudited)

2Q24

3Q24

4Q24

1Q25

2Q25

GAAP Operating Revenues, Net

$ 80.1

$ 92.5

$ 100.9

$ 108.0

$ 131.7

% Change vs. prior year period

31 %

41 %

38 %

47 %

64 %

Non-GAAP Gross Profit*

$ 51.8

$ 64.2

$ 72.6

$ 83.4

$ 92.0

% Change vs. prior year period

57 %

72 %

58 %

67 %

78 %

Non-GAAP Gross Profit Margin*

65 %

69 %

72 %

77 %

70 %

Change vs. prior year period

1,100 bps

1,300 b ps

900 bps

900 bps

500 bps

GAAP Net Income

$ 6.4

$ 0.5

$ 16.8

$ 28.8

$ 9.1

% Change vs. prior year period

NM

NM

9,289 %

(16 %)

42 %

Adjusted Net Income*

$ 13.7

$ 21.1

$ 29.6

$ 36.3

$ 45.7

% Change vs. prior year period

NM

NM

342 %

347 %

233 %

Adjusted EBITDA*

$ 15.2

$ 24.7

$ 33.4

$ 44.2

$ 50.9

% Change vs. prior year period

NM

NM

234 %

235 %

236 %

Adj. Net Income per Diluted Share*

$ 1.01

$ 1.51

$ 2.04

$ 2.48

$ 3.14

% Change vs. prior year period

NM

NM

276 %

303 %

210 %

*

Non-GAAP measures. See reconciliation of

non-GAAP measures at the end of the press release.

NM

= not meaningful.

Second Quarter 2025 Operating Highlights (vs. Second Quarter 2024)

•

New Members increased to 722,000, at an average customer acquisition cost of $19

•

Monthly Transacting Members (“MTMs”) increased 16% to 2.6 million

•

ExtraCash originations increased 51% to $1.8 billion, with an average 28-Day delinquency rate of 2.40% versus 2.03% in the comparable period

•

Dave Debit Card spend increased 27% to $493 million

•

For a complete overview of key performance indicators, please refer to the Second Quarter 2025 Earnings

Presentation available on Dave’s Investor Relations website

Liquidity Summary

As of June 30, 2025, the Company had $104.7 million in cash and cash equivalents, marketable securities, investments, and restricted cash, up from $89.7 million as of March 31, 2025. The increase was primarily attributable to free cash flow generation, partially offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

2

2025 Financial Guidance ($ in millions)

Prior FY 2025

New FY 2025

GAAP Operating Revenues, Net

$460 - $475

$505 - $515

Year-Over-Year Growth

33% - 37%

46% - 48%

Adjusted EBITDA*

$155 - $165

$180 - $190

Year-Over-Year Growth

79% - 91%

108% - 120%

*

Non-GAAP measure. The Company does not provide a quantitative

reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO & COO, Kyle Beilman, commented: “Q2 showcased the continued strength of our unit economics and the capital efficiency of our platform. Member lifetime value has improved meaningfully, driven by stronger monetization and conversion as well as susta

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports First Quarter 2025 Financial Results

Q1 Revenue Hits $108.0 Million, Representing Accelerating Growth of 47% Y/Y

Q1 Net Income Reaches $28.8 Million; Adj. EBITDA Increases 235% Y/Y to $44.2 Million

Raises 2025 Revenue and Adj. EBITDA Guidance to $460-$475 Million and $155-$165 Million, respectively

LOS ANGELES, CA – May 8, 2025 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the first quarter ended March 31, 2025.

“We knocked the cover off the ball in Q1,” said Jason Wilk, Founder and CEO of Dave. “Revenue grew at the fastest year-over-year pace since 2021 when our business was a fraction of its current size. Given the operating leverage of our business model, Adjusted EBITDA increased 235% year-over-year and 32% sequentially to $44.2 million. This acceleration was driven by solid execution across the business and amplified by the early success of our new fee structure, which has enhanced monetization and conversion rates while maintaining strong member retention.

“Despite the typical seasonal patterns that temper ExtraCash demand in Q1, we originated over $1.5 billion, up 46% from Q1 2024 and 3% from Q4. Meanwhile, our credit metrics continue to hit record levels with our 28-day delinquency rate dropping by 33 basis points year-over-year, driven by ongoing optimization of CashAI. These improvements contributed to another record quarter of non-GAAP variable margin, which reached 77%, nearly doubling over the past three years.

“Building on the success of CashAI and our increased confidence in our new fee model, in combination with our positive growth outlook, we are raising full year Revenue and Adjusted EBITDA guidance.”

1

Quarterly Financial Highlights ($ in millions, unaudited)

1Q24

2Q24

3Q24

4Q24

1Q25

GAAP Operating Revenues, Net

$73.6

$80.1

$92.5

$100.9

$108.0

% Change vs. prior year period

25%

31%

41%

38%

47%

Non-GAAP Variable Profit*

$49.9

$51.8

$64.2

$72.6

$83.4

% Change vs. prior year period

47%

57%

72%

58%

67%

Non-GAAP Variable Profit Margin*

68%

65%

69%

72%

77%

GAAP Net Income

$34.2

$6.4

$0.5

$16.8

$28.8

Adjusted Net Income*

$8.1

$13.7

$21.1

$29.6

$36.3

Adjusted EBITDA*

$13.2

$15.2

$24.7

$33.4

$44.2

*

Non-GAAP measures. See reconciliation of

non-GAAP measures at the end of the press release.

First Quarter 2025 Operating Highlights (vs. First Quarter 2024)

•

New Members increased to 569,000 while customer acquisition costs increased $2, remaining highly efficient at $18

•

Monthly Transacting Members (“MTMs”) increased 13% to 2.5 million

•

ExtraCash originations increased 46% to $1.5 billion, while the average 28-Day delinquency rate improved 33 basis points to 1.50%

•

Dave Debit Card spend increased 24% to $488 million

•

For a full review of the Company’s key performance indicators, please refer to the Company’s First Quarter Earnings Presentation which can be found on the Investor Relations page of Dave’s website

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Liquidity Summary

As of March 31, 2025, the Company had $89.7 million in cash and cash equivalents, marketable securities, investments, and restricted cash, down from $91.9 million as of December 31, 2024. The $2.2 million decrease reflects an $18.8 million increase in the net ExtraCash Receivables balance and over $20 million in cash used for restricted stock unit net settlements and share repurchases, offset by positive free cash flow generated during the quarter.

2025 Financial Guidance ($ in millions)

Prior FY 2025

New FY 2025

GAAP Operating Revenues, Net

$ 415 - $435

$ 460 - $475

Year-Over-Year Growth

20% - 25%

33% - 37%

Adjusted EBITDA*

$ 110 - $120

$ 155 - $165

Year-Over-Year Growth

27% - 39%

79% - 91%

*

Non-GAAP measure. The Company does not provide a quantitative

reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO, Kyle Beilman, commented: “Our Q1 results demonstrate the continued financial strength and operating efficiency of our business model. We delivered meaningful growth during what is typically our lowest demand period, driven by continued growth in originations per member as a result of the improvements in unit economics and member lifetime value under our new fee model.

“Given our free cash flow generation, liquidity position and confidence in our outlook, our Board authorized a $50 million share repurchase program during the quarter, which we began executing in late Q1. In total, we deployed over $20 million during the quarter through share repurchases and RSU net settlements to reduce our share count. We wi

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EX-99.1

Exhibit 99.1

Dave Reports Fourth Quarter & Full Year 2024 Financial Results

Record Q4 Revenue up 38% Y/Y to $100.9 Million; FY24 Revenue up 34% to $347.1 Million

Q4 Net Income Increases $16.6 Million Y/Y to $16.8 Million; Adj. EBITDA increases 234% Y/Y to $33.4 Million, Significantly Exceeding High-End of Guidance

Establishes Strong 2025 Revenue and Adjusted EBITDA Outlook

LOS ANGELES, CA – March 3, 2025 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced fourth quarter and full year results for the period ended December 31, 2024.

“We closed out the year with record-setting results, delivering another quarter of exceptional growth and profitability,” said Jason Wilk, Founder and CEO of Dave.

“Our performance was underpinned by strong member demand and continued strength in our team’s execution. ExtraCash originations were up 44% year-over-year supported by increased member growth and average origination per member. Our CashAI-powered underwriting continued to drive improvements in credit performance which contributed to another record quarter of non-GAAP variable margin. These results, combined with our fixed cost discipline and efficient marketing spend, allowed us to deliver 35% sequential growth in Adjusted EBITDA and more than 200% annually, which we believe underscores the inherent operating leverage in our business model.

“In mid-Q1 of 2025, we fully transitioned to our new fee structure which we expect to result in even greater ExtraCash limits, monetization, and member lifetime value going forward. With this strong momentum heading into 2025, we believe we are well positioned to drive another record year as we execute our strategic roadmap and deliver long-term value for both our members and shareholders.”

1

Quarterly Financial Highlights ($ in millions, unaudited)

4Q23

1Q24

2Q24

3Q24

4Q24

GAAP Operating Revenues, Net

$ 73.2

$ 73.6

$ 80.1

$ 92.5

$ 100.9

% Change vs. prior year period

23 %

25 %

31 %

41 %

38 %

Non-GAAP Variable Profit*

$ 45.9

$ 49.9

$ 51.8

$ 64.2

$ 72.6

% Change vs. prior year period

80 %

47 %

57 %

72 %

58 %

Non-GAAP Variable Profit Margin*

63 %

68 %

65 %

69 %

72 %

GAAP Net Income

$ 0.2

$ 34.2

$ 6.4

$ 0.5

$ 16.8

Adjusted Net Income*

$ 6.6

$ 8.1

$ 13.7

$ 21.1

$ 29.6

Adjusted EBITDA*

$ 10.0

$ 13.2

$ 15.2

$ 24.7

$ 33.4

*

Non-GAAP measures. See reconciliation of

non-GAAP measures at the end of the press release.

Fourth Quarter 2024 Operating Highlights (vs. Fourth Quarter 2023)

•

New Members increased 12% to 766,000 while customer acquisition costs remained highly efficient at $16

•

Monthly Transacting Members (“MTMs”) increased 17% to 2.5 million

•

ExtraCash originations increased 44% to $1.5 billion, while the average 28-Day delinquency rate improved 53 basis points to 1.66%

•

Dave Debit Card spend increased 24% to $457 million

•

For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter & Full Year 2024 Earnings Presentation which can be found on the Investor Relations page of Dave’s website

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Annual Financial Highlights ($ in millions, unaudited)

FY 2023

FY 2024

GAAP Operating Revenues, Net

$ 259.1

$ 347.1

% Change vs. prior year

26 %

34 %

Non-GAAP Variable Profit*

$ 150.1

$ 238.5

% Change vs. prior year

74 %

59 %

Non-GAAP Variable Profit Margin*

58 %

69 %

GAAP Net (Loss) Income

($ 48.5 )

$ 57.9

Adjusted Net (Loss) Income*

($ 22.1 )

$ 72.5

Adjusted EBITDA (Loss)*

($ 10.1 )

$ 86.5

*

Non-GAAP measures. See reconciliation of

non-GAAP measures at the end of the press release.

Liquidity Summary

The Company had $91.9 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2024, compared to $76.7 million as of September 30, 2024. The increase was primarily attributable to free cash flow generation offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

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2025 Financial Guidance ($ in millions)

FY 2025

GAAP Operating Revenues, Net

$ 415

-

$ 435

Year-Over-Year Growth

20 %

-

25 %

Adjusted EBITDA*

$ 110

-

$ 120

Year-Over-Year Growth

27 %

-

39 %

*

Non-GAAP measure. The Company does not provide a quantitative

reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO, Kyle Beilman, commented: “Our 2025 guidance reflects the tailwind created by our new fee structure as well as our ongoing commitment to driving sustainable and profitable growth. As we progress through the first q

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EX-99.1

Exhibit 99.1

Dave Reports Record Third Quarter 2024 Results and Raises Full Year 2024 Guidance

Record Q3 Revenue up 41% Y/Y to $92.5 Million; Y/Y Revenue Growth Accelerates for Fourth Consecutive Quarter

Q3 Net Income Increases $12.5 Million Y/Y to $0.5 Million and Adj. EBITDA Increases $27.2 Million Y/Y to $24.7 Million

Dave Raises 2024 Revenue and Adjusted EBITDA Guidance

LOS ANGELES, CA – November 12, 2024 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the third quarter ended September 30, 2024.

“As we announced last week when issuing preliminary results, we once again exceeded growth and profitability expectations in the third quarter,” said Jason Wilk, Founder and CEO of Dave. “Our fourth consecutive quarter of accelerating year-over-year revenue growth resulted from double-digit increases in both ARPU and monthly transacting members to quarterly records for both metrics. We delivered another record quarter of variable margin, which expanded nearly 1,300 basis points year-over-year, driven by stellar credit performance enabled by CashAI. We achieved highly efficient customer acquisition costs at greater scale and significant operating leverage as we remained disciplined in managing our fixed costs. This resulted in 63% sequential growth in Adjusted EBITDA. We plan to continue executing on our growth and profitability initiatives as we aim to deliver value for both Dave customers and shareholders.

“Given the scale we’ve achieved and the strong member growth we continue to experience, earlier today we announced that we entered into a non-binding letter of intent to form a strategic partnership with what we believe to be one of the most highly respected fintech sponsor banks in order to further diversify our key commercial relationships. This new bank partner, whose parent is publicly traded, will leverage its strong compliance and risk management capabilities to sponsor our current and future credit and banking products in support of Dave’s mission of leveling the financial playing field for everyday Americans.”

1

Quarterly Financial Highlights ($ in millions, unaudited)

3Q23

4Q23

1Q24

2Q24

3Q24

GAAP Operating Revenues, Net

$ 65.8

$ 73.2

$ 73.6

$ 80.1

$ 92.5

% Change vs. prior year period

16 %

23 %

25 %

31 %

41 %

Non-GAAP Variable Profit*

$ 37.3

$ 45.9

$ 49.9

$ 51.8

$ 64.2

% Change vs. prior year period

51 %

80 %

47 %

57 %

72 %

Non-GAAP Variable Profit Margin*

57 %

63 %

68 %

65 %

69 %

GAAP Net Income (Loss)

($ 12.1 )

$ 0.2

$ 34.2

$ 6.4

$ 0.5

Adjusted Net Income (Loss)*

($ 5.6 )

$ 6.6

$ 8.1

$ 13.7

$ 21.1

Adjusted EBITDA (Loss)*

($ 2.5 )

$ 10.0

$ 13.2

$ 15.2

$ 24.7

*

Non-GAAP measures. See reconciliation of

non-GAAP measures at the end of the press release.

Third Quarter 2024 Operating Highlights (vs. Q3 2023)

•

New Members increased 4% to 854,000 while customer acquisition costs decreased 14% to $15

•

Monthly Transacting Members (“MTMs”) increased 23% to 2.4 million

•

ExtraCash originations increased 46% to $1.4 billion, while the average 28-Day delinquency rate improved 64 basis points to 1.78%

•

Dave Debit Card spend increased 19% to $407 million

•

For a full review of the Company’s key performance indicators, please refer to the Company’s Third Quarter 2024 Earnings Presentation which can be found on the Investor Relations page of our website.

2

Liquidity Summary

The Company had $76.7 million of cash and cash equivalents, marketable securities, investments and restricted cash as of September 30, 2024, compared to $89.7 million as of June 30, 2024. The reduction was primarily attributable to a $37.7 million increase in the ExtraCash receivables balance (net of allowance for credit losses) due to the day of the week on which the quarter ended. The Company did not increase utilization of its credit facility during the quarter.

2024 Financial Guidance ($ in millions)

Prior FY 2024

New FY 2024

GAAP Operating Revenues, Net

$310 - $325

$340 - $343

Year-Over-Year Growth

20% - 25%

31% -32%

Adjusted EBITDA*

$40 - $50

$71 - $74

Year-Over-Year Improvement

$50 - $60

$81 - $84

*

Non-GAAP measure. The Company does not provide a quantitative

reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO, Kyle Beilman, commented: “With 41% year-over-year revenue growth and record Adjusted EBITDA margin of 27%, we believe we continue to demonstrate our ability to drive both growth and profitability. Relative to Q3 of last year, we grew Adjusted EBITDA on a dollar basis by more than we grew revenue

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EX-99.1

Exhibit 99.1

Dave Announces Preliminary Financial Results for Third Quarter 2024 and Issues Statement Regarding FTC Matter

LOS ANGELES, CA – November 5, 2024 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced certain preliminary financial results for the quarter ended September 30, 2024.

Preliminary Financial Results for Third Quarter 2024

Management expects the Company to report the following preliminary, unaudited results in respect of its quarterly period ended September 30, 2024:

•

Revenue of $92.5 million, a 41% year-over-year increase

•

Net Income of $0.5 million, a $12.5 million year-over-year increase. Net income for the quarter includes a $7.0 million legal settlement and litigation reserve related to the FTC matter referenced further below

•

Adjusted EBITDA* of $24.7 million, a $27.2 million year-over-year increase

* Non-GAAP measure. See reconciliation of this non-GAAP measure at the end of the press release.

“In light of the recent FTC action, we wanted to share preliminary Q3 results and reiterate the positive outlook for our business,” said Jason Wilk, Founder and CEO of Dave. “We are pleased to report that we have delivered yet another record quarter of accelerating revenue growth and profitability, demonstrating the continued strength of our business. Given our strong year-to-date performance and continued positive outlook, we plan to raise our full-year 2024 Revenue and Adjusted EBITDA guidance in our upcoming earnings release on November 12.

“It is worth emphasizing that the FTC’s action, for which we believe we have strong defenses, is related to consumer disclosures and consent, not our ability to charge subscription fees and optional tips and express fees moving forward. Accordingly, we have not contemplated any changes to our forecast as a result of the FTC’s action.

“With strong profitability, we believe we are well-positioned to sustain a vigorous defense and bring this matter to resolution. Our commitment to transparency, compliance, and customer trust remains our highest priority as we continue to serve the needs of our members.”

1

The financial information in this press release is preliminary, unaudited, based on currently available information, and subject to adjustment in the final financial statements to be filed with the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2024.

Statement Regarding FTC Matter

As we disclosed in the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2024, we have been cooperating with the FTC in response to a Civil Investigative Demand seeking information about our ExtraCash and other banking products. Following months of good-faith negotiations, we are disappointed the FTC has chosen to file suit against Dave, a company on a mission to level the financial playing field for the millions of Americans poorly served by the legacy financial system. The FTC asserts many incorrect claims regarding Dave’s disclosures and how the Company acquires consent for the fees associated with our products. For the avoidance of doubt, Dave’s ability to charge subscription fees and optional tips and express fees is not in question. We believe this case is another example of regulatory overreach by the FTC, and we intend to vigorously defend ourselves. We take compliance and customer transparency very seriously and believe that we have always acted within the law. We remain focused on serving our members who love and rely on our products.

Full Earnings Release and Conference Call

Dave management will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern time to discuss its full financial results for the third quarter ended September 30, 2024. The Company’s results will be reported in a press release prior to the call. The conference call details are as follows:

Date: Tuesday, November 12, 2024

Time: 5:00 p.m. Eastern time

Dial-in registration link: https://register.vevent.com/register/BI016561a0842c42bbab1ee1bf5184c76f

Live webcast registration link: https://edge.media-server.com/mmc/p/wscy393g/

The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

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About Dave

Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. Dave partners with Evolve Bank & Trust, a FDIC member. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

Forward-Looking Statements

This press rele

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EX-99.1

Exhibit 99.1

Dave Reports Record Second Quarter 2024 Results

Record Q2 Revenue up 31% Y/Y to $80.1 Million; Y/Y Revenue Growth Accelerates for Third Consecutive Quarter

Q2 GAAP Net Income Increases $29.0 Million Y/Y to $6.4 Million and Adj. EBITDA Increases $28.3 Million Y/Y to $15.2 Million

Dave Raises 2024 Adjusted EBITDA Guidance to $40-$50 Million

LOS ANGELES, CA – August 5, 2024 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the second quarter ended June 30, 2024.

“2024 continues to show impressive results as we exceeded growth and profitability expectations again in the second quarter” said Jason Wilk, Founder and CEO of Dave. “Continued strong demand for our products and solid execution from our team led to another record quarter of revenue. Additionally, this is our third consecutive quarter of accelerating revenue growth, fueled by ARPU expansion and an increase in monthly transacting members to a record 2.3 million. The continued efficiency in our customer acquisition, combined with remarkable loss rates powered by CashAI and further rationalization of our fixed expense base, led to a 15% sequential increase in Adjusted EBITDA, which we believe underscores the inherent operating leverage in our business model.”

Quarterly Financial Highlights ($ in millions, unaudited)

2Q23

3Q23

4Q23

1Q24

2Q24

GAAP Operating Revenues, Net

$ 61.2

$ 65.8

$ 73.2

$ 73.6

$ 80.1

% Change vs. prior year period

34 %

16 %

23 %

25 %

31 %

Non-GAAP Variable Profit*

$ 32.9

$ 37.3

$ 45.9

$ 49.9

$ 51.8

% Change vs. prior year period

78 %

51 %

80 %

47 %

57 %

Non-GAAP Variable Profit Margin*

54 %

57 %

63 %

68 %

65 %

GAAP Net Income (Loss)

($ 22.6 )

($ 12.1 )

$ 0.2

$ 34.2

$ 6.4

Adjusted Net Income (Loss)*

($ 15.8 )

($ 5.6 )

$ 6.6

$ 8.1

$ 13.7

Adjusted EBITDA (Loss)*

($ 13.1 )

($ 2.5 )

$ 10.0

$ 13.2

$ 15.2

*

Non-GAAP measures. See reconciliation of

non-GAAP measures at the end of the press release.

Second Quarter 2024 Operating Highlights (vs. Q2 2023)

•

New Members totaled 716,000 while customer acquisition costs decreased 26% to $15

•

Monthly Transacting Members (“MTMs”) increased 18% to 2.3 million

•

ExtraCash originations increased 37% to $1.2 billion, while the average 28-Day delinquency rate improved 80 basis points to 2.03%

•

Dave Debit Card spend increased 28% to $388 million

•

For a full review of the Company’s key performance indicators, please refer to the Company’s Second Quarter 2024 Earnings Presentation which can be found at https://investors.dave.com/news-events/presentations

1

Liquidity Summary

The Company had $89.7 million of cash and cash equivalents, marketable securities, investments and restricted cash as of June 30, 2024 compared to $101.5 million at March 31, 2024. The reduction was primarily attributed to an increase in the advance receivables outstanding at quarter-end due largely to an increase in ExtraCash originations in the quarter. Also, the Company did not increase utilization of its debt facility during the quarter.

2024 Financial Guidance ($ in millions)

FY 2024

GAAP Operating Revenues, Net

Year-Over-Year Growth

$310 - $325  (previously $305 - $325)

20% - 25%

Adjusted EBITDA*

Year-Over-Year Improvement

$40 - $50 (previously $30 - $40)

$50 - $60

*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO Kyle Beilman, commented: “We believe this quarter’s performance is further validation of our strong and scalable business model. We are once again raising our Adjusted EBITDA guidance for the year to $40—$50 million, reflecting our solid year-to-date results and positive outlook for the remainder of the year, and our expectation around loss provision in the back half of the year given quarter-end calendar dynamics in September and December. Credit performance remains strong thus far in the third quarter which we expect to continue for the balance of the year. Overall, with a solid balance sheet and continued focus on efficient growth, we are well-positioned to achieve our growth and profitability objectives.”

Conference Call

The Company will host a conference call at 8:30 a.m. Eastern time on Tuesday, August 6, 2024, to discuss the results for its second quarter ended June 30, 2024, followed by a question-and-answer period. The conference call details are as follows:

Date: Tuesday, August 6, 2024

Time: 8:30 a.m. Eastern time

Dial-in registration link: https://register.vevent.com/register/BI061bdc82bae445a6b079e3081d3

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EX-99.1

Exhibit 99.1

Dave Reports Record First Quarter 2024 Results

Record Q1 Revenue of $73.6 Million; Y/Y Revenue Growth Accelerates for Second Consecutive Quarter

Q1 GAAP Net Income Reaches $34.2 Million and Adj. EBITDA Increases to $13.2 Million

Dave Raises 2024 Adjusted EBITDA Guidance to $30-$40 Million

LOS ANGELES, CA – May 7, 2024 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the first quarter ended March 31, 2024.

“2024 is off to a strong start as we exceeded growth and profitability expectations in the first quarter,” said Jason Wilk, Founder and CEO of Dave. “Member acquisition remained strong and efficient in spite of seasonal softness associated with tax refund season, and member retention expanded meaningfully which collectively drove 14% year-over-year growth in our monthly transacting member base. Expanding our base beyond the 2.1 million transacting member inflection point for profitability we achieved last quarter positioned us to generate a 32% increase in Adjusted EBITDA relative to Q4.

“Despite the seasonal patterns which typically temper ExtraCash demand in the early part of the year, we originated over $1 billion in ExtraCash advances during Q1, up from Q4 and a 32% increase from Q1 2023, while we continued to markedly improve credit performance as a result of our CashAI underwriting engine. We plan to continue delivering value for both Dave customers and shareholders as we further solidify Dave as the superior banking solution for everyday Americans in 2024.”

Quarterly Financial Highlights ($ in millions, unaudited)

1Q23

2Q23

3Q23

4Q23

1Q24

GAAP Operating Revenues, Net

$ 58.9

$ 61.2

$ 65.8

$ 73.2

$ 73.6

% Change vs. prior year period

38 %

34 %

16 %

23 %

25 %

Non-GAAP Variable Profit*

$ 34.0

$ 32.9

$ 37.3

$ 45.9

$ 49.9

% Change vs. prior year period

91 %

78 %

51 %

80 %

47 %

Non-GAAP Variable Profit Margin*(1)

58 %

54 %

57 %

63 %

68 %

GAAP Net Income (Loss)

($ 14.0 )

($ 22.6 )

($ 12.1 )

$ 0.2

$ 34.2

Adjusted Net Income (Loss)*

($ 7.3 )

($ 15.8 )

($ 5.6 )

$ 6.6

$ 8.1

Adjusted EBITDA (Loss)*

($ 4.5 )

($ 13.1 )

($ 2.5 )

$ 10.0

$ 13.2

*

Non-GAAP measures. See reconciliation of

non-GAAP measures at the end of the press release.

(1)

Non-GAAP Variable Profit Margin calculation has been revised (in all

periods shown above) to reflect Non-GAAP Variable Profit as a percentage of GAAP Operating Revenues, Net. In prior disclosures, Non-GAAP Variable Profit Margin reflected Non-GAAP Variable Profit as a percentage of Non-GAAP Operating Revenues.

First Quarter 2024 Operating Highlights (vs. Q1 2023)

•

$33.4 million gain related to the extinguishment of the convertible note issued to FTX Ventures Ltd.

•

New Members totaled 566,000 while customer acquisition costs were flat

•

Monthly Transacting Members (“MTMs”) increased 14% to 2.2 million. Transactions per MTM increased 15% to 6.0

•

ExtraCash originations increased 32% to $1.1 billion, while the average 28-Day delinquency rate improved 77 basis points to 1.83%

•

Dave Debit Card spend increased 34% to $394 million

•

For a full review of the Company’s key performance indicators, please refer to the Company’s First Quarter 2024 Earnings Presentation which can be found at https://investors.dave.com/news-events/presentations

2

Liquidity Summary

The Company had $101.5 million of cash and cash equivalents, marketable securities, investments and restricted cash as of March 31, 2024 compared to $157.3 million at December 31, 2023. The decrease in cash was driven by the repurchase of the FTX Ventures Ltd. convertible note for $71 million in January 2024, which reflected a 33% discount to the outstanding note balance as of December 31, 2023. Excluding the impact of this note repurchase transaction, the Company’s cash position increased during the first quarter of 2024. The Company did not increase utilization of its debt facility during the quarter.

2024 Financial Guidance ($ in millions)

FY 2024

GAAP Operating Revenues, Net

$305 - $325

Year-Over-Year Growth

18% -25%

Adjusted EBITDA*

$30 - $40 (previously $25 - $35)

Year-Over-Year Improvement

$40 - $50

*

Non-GAAP measure. The Company does not provide a quantitative

reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO Kyle Beilman, commented: “Revenue increased 25% year-over-year, largely due to improvements in member retention and ARPU, including strong results from our Dave Card product, which experienced a 34% year-over-year increase in card spend. Moreover, Adjusted EBITDA increased

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports Record Fourth Quarter and Full Year 2023 Results;

Reaches Significant Quarterly Profitability Milestone

Revenue growth accelerates in Q4 to drive record Total Revenue

Achieves Profitability with Q4 GAAP Net Income of $0.2 Million and

Q4 Adjusted EBITDA of $10.0 Million

Results outperform guidance across all metrics

LOS ANGELES, CA – March 5, 2024 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the fourth quarter and full year ended December 31, 2023.

“2023 was an extraordinary year for Dave, and our results are a testament to the dedication and hard work of our exceptional team. Focused execution of our growth strategy enabled us to surpass our operational and financial objectives, exceeding our updated annual guidance across all metrics, and achieving profitability much earlier than anticipated,” stated Jason Wilk, Founder and CEO of Dave. “Our results underscore the strength and durability of Dave’s business model within our large and growing target market. We believe demand for affordable credit and banking services remains strong as demonstrated by our MTM growth and the resiliency of our marketing efficiency. Our ability to continue to increase variable margins and generate operating leverage displays the benefits of the investments we have made in our technology platform.”

“We are excited to continue building on this momentum with a compelling roadmap for 2024. We see significant opportunities to further enhance our AI-enabled platform and products, and provide even greater value to our members who commit to direct deposit with the Dave Card. This strategy highlights our commitment to member and business win-wins and positions us well to deliver strong growth and be solidly profitable for the year.”

1

Quarterly Financial Highlights ($ in millions, unaudited)

4Q22

1Q23

2Q23

3Q23

4Q23

GAAP Operating Revenues, Net

$ 59.6

$ 58.9

$ 61.2

$ 65.8

$ 73.2

% Change vs. prior year period

45 %

38 %

34 %

16 %

23 %

Non-GAAP Operating Revenues*

$ 61.8

$ 60.6

$ 62.4

$ 67.3

$ 74.8

% Change vs. prior year period

46 %

39 %

33 %

15 %

21 %

Non-GAAP Variable Profit*

$ 25.5

$ 34.0

$ 32.9

$ 37.3

$ 45.9

% Change vs. prior year period

26 %

91 %

78 %

51 %

80 %

Non-GAAP Variable Profit Margin*

41 %

56 %

53 %

55 %

61 %

GAAP Net Income (Loss)

($ 21.5 )

($ 14.0 )

($ 22.6 )

($ 12.1 )

$ 0.2

Adjusted EBITDA (Loss)*

($ 12.8 )

($ 4.5 )

($ 13.1 )

($ 2.5 )

$ 10.0

*

Non-GAAP measures. See reconciliation of the non-GAAP measures at the end of the press release.

Fourth Quarter 2023 Operating Highlights (vs. Q4 2022)

•

New Members totaled 683,000 while customer acquisition costs decreased by 12%

•

Monthly Transacting Members (“MTMs”) increased 11% to 2.1 million. Transactions per MTM increased 24% to 6.4

•

ExtraCash originations increased 29% to $1.0 billion, while the average 28-Day delinquency rate improved 139 basis points to 2.19%

•

Dave Debit Card spend increased 41% to $369 million

•

For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter 2023 Earnings Presentation which can be found at https://investors.dave.com/news-events/presentations

2

Annual Financial Highlights ($ in millions, unaudited)

FY 2022

FY 2023

GAAP Operating Revenues, Net

$ 204.8

$ 259.1

% Change vs. prior year

34 %

26 %

Non-GAAP Operating Revenues*

$ 211.1

$ 265.1

% Change vs. prior year

34 %

26 %

Non-GAAP Variable Profit*

$ 86.5

$ 150.1

% Change vs. prior year

3 %

74 %

Non-GAAP Variable Profit Margin*

41 %

57 %

GAAP Net Loss

($ 128.9 )

($ 48.5 )

Adjusted EBITDA (Loss)*

($ 87.1 )

($ 10.1 )

*

Non-GAAP measures. See reconciliation of the non-GAAP measures at the end of the press release.

Liquidity Summary

The Company had $157 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2023. Additionally, the Company had $2 million of undrawn capacity on its credit facility, bringing Dave’s total liquidity to $159 million at December 31, 2023.

Subsequent to year-end, the Company announced the repurchase of a convertible note (the “Note”) that it

issued to FTX Ventures Ltd. with an original principal balance of $100 million. Dave repurchased the Note for a discounted price of $71 million, reflecting a $35 million discount to or 67% of the $105.5 million outstanding balance as of December 31, 2023. Accounting for this repurchase, as well as the impact from our operations and the increase in ExtraCash receivables in January, our cash and cash equivalents, marketable securities, investments and restricted cash balance of as January 31, 2024 was $75.3 million.

3

2024 Financial Guidance ($ in millions)

FY 2024

GAAP Operating Revenues, Net

$305 - $325

Year-Over-Year Growth

18% - 25%

Adjusted EBITDA*

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Announces Third Quarter 2023 Results

Raises 2023 Guidance for Non-GAAP Revenue, Non-GAAP Variable Margin and Adjusted EBITDA, Implying Adjusted EBITDA Profitability in Q4 2023 at the Midpoint of the Range

Q3 GAAP Revenue up 7% Q/Q to $65.8 Million; Q3 Non-GAAP Variable Profit up 13% Q/Q

Q3 Net Loss Improves by 47% Q/Q; Adj. EBITDA Loss Improves 81% Q/Q to $2.5 Million

LOS ANGELES, CA – November 7, 2023 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the third quarter ended September 30, 2023.

“Last year we made the commitment to grow our way to profitability by focusing on expanding member lifetime value, increasing variable margins, and making disciplined investments in marketing, while driving operating leverage from our scalable cost structure,” said Jason Wilk, Founder and CEO of Dave. “Our Q3 results underscore the substantial progress we’ve made towards those objectives. The combination of another quarter of double-digit year-over-year revenue growth and 1,000+ basis points of variable margin expansion enabled us to grow variable profit by over 50% and reduce Adjusted EBITDA loss by over 90% year-over-year, approaching break-even.

“Our positive outlook for growth, combined with the sustainable improvements we’ve made to our business model, has us tracking well to achieve the critical milestone of turning Adjusted EBITDA profitable in the fourth quarter of this year, well ahead of expectations.”

1

Quarterly Financial Highlights ($ in millions)

3Q22

4Q22

1Q23

2Q23

3Q23

GAAP Operating Revenues, Net

$ 56.8

$ 59.6

$ 58.9

$ 61.2

$ 65.8

% Change vs. prior year period

41 %

45 %

38 %

34 %

16 %

Non-GAAP Operating Revenues*

$ 58.6

$ 61.8

$ 60.6

$ 62.4

$ 67.3

% Change vs. prior year period

41 %

46 %

39 %

33 %

15 %

Non-GAAP Variable Profit*

$ 24.7

$ 25.5

$ 34.0

$ 32.9

$ 37.3

% Change vs. prior year period

24 %

26 %

91 %

78 %

51 %

Non-GAAP Variable Profit Margin*

42 %

41 %

56 %

53 %

55 %

GAAP Net Loss

($ 47.5 )

($ 21.5 )

($ 14.0 )

($ 22.6 )

($ 12.1 )

Adjusted EBITDA (Loss)*

($ 27.5 )

($ 12.8 )

($ 4.5 )

($ 13.1 )

($ 2.5 )

*

Non-GAAP measures. See reconciliation of the non-GAAP measures at the end of the press release.

Third Quarter 2023 Operating Highlights (vs. Q3 2022)

•

New Members totaled 821,000 while customer acquisition cost decreased by 30%

•

Monthly Transacting Members (“MTMs”) increased 6% to 1.9 million. Transactions per MTM increased 39% to 6.4

•

ExtraCash originations increased 23% to $932 million, while the 28-Day delinquency rate improved 165 basis points to 2.42%

•

Dave Debit Card spend increased 73% to $341 million compared to $197 million

•

For a full review of the Company’s KPIs, please refer to the Company’s Q3 2023 Earnings Presentation which can be found here https://investors.dave.com/news-events/presentations

2

Liquidity Summary

The Company had $171 million of cash and cash equivalents, marketable securities, short-term investments and restricted cash as of September 30, 2023. Additionally, the Company had $10 million of undrawn capacity on its recently amended credit facility, bringing Dave’s total liquidity to $181 million at September 30, 2023.

Raising 2023 Financial Guidance

($MM)

Prior FY 2023

New FY 2023

Non-GAAP Revenue*

$235 - $260

$257 - $261

Year-Over-Year Growth

11% - 23%

22% - 24%

Non-GAAP Variable Profit Margin*

47% - 51%

53% - 54%

Year-Over-Year Improvement

600bps - 1,000bps

1,200 - 1,300bps

Adjusted EBITDA*

($50) - ($35)

($22) - ($17)

Year-Over-Year Improvement

43% - 60%

75% - 80%

*

Non-GAAP measures. See reconciliation of the non-GAAP measures at the end of the press release.

Dave CFO Kyle Beilman commented: “Our Q3 results demonstrate our commitment to profitable growth, as we achieved significant improvements across key financial and operational metrics. Our origination volumes grew substantially and are approaching $1 billion per quarter. Meanwhile, our delinquency rates improved to the lowest level in our Company’s history despite the challenging economic backdrop for consumers, further demonstrating our differentiated risk management capabilities. Lastly, we made progress on our strategic objective of deepening member relationships through Dave Card engagement, with total Dave Card spend volumes and average transactions per MTM each increasing by over 12% sequentially.

“During the quarter, we finalized an amendment to our credit facility which provides more leverage, capacity, and term at a lower cost despite tighter capital markets conditions. This amendment is a direct reflection of our lender’s confidence in Dave’s unit economics and the strength of our business moving forward.”

3

Conference Call

The Company will host a conference call at 4:30 p.m. Eastern time on Tuesday, November 7, 2023, to discuss the result

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Announces Second Quarter 2023 Results

Q2 GAAP Revenue up 34% Year Over Year to $61.2 Million; Q2 Non-GAAP Variable Profit up 78%

Q2 Net Loss Improves by 17% Year Over Year; Adj. EBITDA Loss Improves 54% to $13.1 Million

Raising Non-GAAP Variable Profit Margin Outlook to 47% - 51%; Reiterating 2023 Non-GAAP

Operating Revenue and Adjusted EBITDA Guidance

LOS ANGELES, CA – August 8, 2023 – Dave Inc. (the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the second quarter ended June 30, 2023.

“We continued to execute on our objectives and delivered another strong quarter,” said Jason Wilk, Founder & Chief Executive Officer of Dave. “We generated solid revenue growth, sustained improvement to variable margin, and made progress against our strategy to deepen customer relationships as Dave Card debit spend and transactions per MTM both reached all-time highs. Q2 was our fourth consecutive quarter of greater than 30% year over year revenue growth, despite reducing marketing spend by 28%.”

“Demand for our products remains strong, and we continue to deliver more member value through ongoing product development while improving on our already robust unit economics. These trends support our conviction in turning Adjusted EBITDA profitable in 2024, while maintaining ample liquidity without the need to raise additional equity capital.”

1

Quarterly Financial Highlights ($ in millions)

2Q22

3Q22

4Q22

1Q23

2Q23

GAAP Operating Revenues, Net

$ 45.8

$ 56.8

$ 59.6

$ 58.9

$ 61.2

% Change vs. prior year period

23 %

41 %

45 %

38 %

34 %

Non-GAAP Operating Revenues*

$ 47.0

$ 58.6

$ 61.8

$ 60.6

$ 62.4

% Change vs. prior year period

22 %

41 %

46 %

39 %

33 %

Non-GAAP Variable Profit Margin*

39 %

42 %

41 %

56 %

53 %

GAAP Net Loss

($ 27.1 )

($ 47.5 )

($ 21.5 )

($ 14.0 )

($ 22.6 )

Adjusted EBITDA (Loss)*

($ 28.5 )

($ 28.5 )

($ 11.8 )

($ 4.5 )

($ 13.1 )

*

See reconciliation of the non-GAAP measures at the end of the press

release.

Second Quarter 2023 Operating Highlights (vs. Q2 2022)

•

New Members increased 5% to 739,000 while reducing customer acquisition cost by ~31%. Excluding $1.4 million of corporate marketing spend related to a branding refresh, as well as the development of TV and radio advertising that will air in the third quarter and onwards, customer acquisition cost declined by ~38%.

•

Monthly Transacting Members (“MTMs”) increased 26% to 1.9 million. Transactions per MTM increased 27% to 5.7.

•

ExtraCash originations increased 43% to $867 million, while the 28-Day delinquency rate improved 84 basis points to 2.83%.

•

Dave Debit Card spend increased 77% to $304 million compared to $171 million.

•

For a full review of the Company’s KPIs, please refer to the Company’s Q2 2023 Earnings Presentation which can be found here.

2

Liquidity Summary

The Company had $178 million of cash and cash equivalents, marketable securities, short-term investments and restricted cash as of June 30, 2023. This compares to $196 million as of March 31, 2023. This decrease in available liquidity was driven largely by growth in ExtraCash receivables funded with existing balance sheet cash.

2023 Financial Outlook

For fiscal year 2023:

•

Dave continues to expect Non-GAAP operating revenue between $235 million - $260 million, reflecting annual

growth of 11% - 23%;

•

Dave is raising its Non-GAAP variable profit margin outlook to 47% - 51%,

representing a 400 basis point increase from the Company’s previously issued guidance of 43% - 47%, based on the sustainability of improvements made to the Company’s variable cost structure; and

•

Dave continues to expect Adjusted EBITDA (Loss) between ($50) million - ($35) million, improving approximately 43% - 60% from 2022. This includes the impact of a $4 million legal settlement related to a 2020 data breach that was expensed in Q2 2023.

Dave CFO Kyle Beilman commented: “Q2 results were in-line with the expectations we set last quarter. Variable profit growth was more than double our revenue growth given the improvements we’ve made to our variable cost structure, and we more than halved Adjusted EBITDA Loss compared to the prior year period. Excluding a one-time $4 million legal settlement booked during Q2, Adjusted EBITDA Loss would have improved by nearly 70%. Consistent with the expectations we set, loss provision normalized from the seasonally strongest first quarter and we ramped marketing spend to capitalize on seasonal demand for ExtraCash. Overall, we remain on track to achieve our full year guidance for the year and turn Adjusted EBITDA profitable in 2024.”

Conference Call

The Company will host a conference call at 4:30 p.m. Eastern time on Tuesday, August 8, 2023, to discuss the results for its second quarter ended June 30, 2023.

Dave management will host the conference call, followed by a question-and-ans

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Announces First Quarter 2023 Results

Q1 GAAP Revenue up 38% Year Over Year to $58.9 Million; Transaction-Based Revenue up 91%

Q1 Net Loss Improves by 57% Year Over Year; Adj. EBITDA Loss Reduced 75% to $4.5 Million

Reiterates 2023 Financial Outlook and Maintains Nearly $200 Million Available Liquidity

LOS ANGELES, CA – May 9, 2023 – Dave Inc. (the “Company”) (Nasdaq: DAVE, DAVEW), one of the leading U.S. neobanks, today reported its financial results for the first quarter ended March 31, 2023.

“We made significant progress on our path to profitability, as reflected by another quarter of improved variable margin, Adjusted EBITDA and net loss,” said Jason Wilk, Founder and Chief Executive Officer of Dave. “Q1 revenue was in-line with our expectations as demand for ExtraCash is typically softest in the first quarter due to tax refunds. As a result, we moderated marketing investment, which, in combination with the sequential variable margin expansion, allowed us to more than halve our Adjusted EBITDA loss for the second consecutive quarter. Our outlook remains positive, and we look forward to delivering on our 2023 revenue and profitability targets supported by normalized seasonal demand, increased marketing investment and ongoing product enhancements in the quarters ahead.”

Quarterly Financial Highlights ($ in millions unless otherwise noted)

1Q22

2Q22

3Q22

4Q22

1Q23

GAAP Operating Revenues, Net

$ 42.6

$ 45.8

$ 56.8

$ 59.6

$ 58.9

% Change vs. prior year period

24 %

23 %

41 %

45 %

38 %

Non-GAAP Operating Revenues*

$ 43.7

$ 47.0

$ 58.6

$ 61.8

$ 60.6

% Change vs. prior year period

23 %

22 %

41 %

46 %

39 %

Non-GAAP Variable Profit Margin*

41 %

39 %

42 %

41 %

56 %

GAAP Net Loss

($ 32.8 )

($ 27.1 )

($ 47.5 )

($ 21.5 )

($ 14.0 )

Adjusted EBITDA (Loss)*

($ 18.3 )

($ 28.5 )

($ 28.5 )

($ 11.8 )

($ 4.5 )

*

See reconciliation of the non-GAAP measures at the end of the press

release.

1

First Quarter 2023 Operating Highlights (vs. Q1 2022)

•

Added 587,000 New Members while reducing customer acquisition cost by ~39%.

•

Monthly Transacting Members (“MTMs”) increased 34% to 2.0 million. Transactions per MTM increased 19% to 5.4.

•

ExtraCash originations increased 46% to $798 million, while the 28-Day delinquency rate improved 67 basis points to 2.60%.

•

Dave Debit Card spend increased 62% to $295 million compared to $182 million.

•

For a full review of the Company’s KPIs, please refer to the Company’s Q1 2023 Earnings Presentation which can be found at https://investors.dave.com/news-events/presentations.

Liquidity Summary

The Company had $196 million of cash and cash equivalents, marketable securities, short-term investments and restricted cash as of March 31, 2023. This compares to $193 million at December 31, 2022. This increase in available liquidity was driven by the operating performance of the business, including greater ExtraCash settlements associated with strong credit performance and the seasonally-driven reduction of ExtraCash originations. The Company did not increase utilization of its debt facility in the quarter.

2023 Financial Outlook

For fiscal year 2023, the Company continues to expect the following:

•

Non-GAAP operating revenue between $235 million - $260 million, reflecting annual growth of 11% - 23%;

•

Non-GAAP variable margin to expand to 43% - 47%, representing

approximately 200 bps - 600 bps improvement from 2022; and

•

Adjusted EBITDA (Loss) between ($50) million - ($35) million, improving approximately 43% - 60% from 2022.

Dave CFO Kyle Beilman commented: “We are on track to achieve our revenue, variable margin and Adjusted EBITDA guidance in 2023. We plan to prudently scale marketing investments over the coming two quarters to accelerate growth, which, in combination with normalized variable margin, will increase Adjusted EBITDA losses in those two periods. With the expected additional

2

scale from those marketing investments, in conjunction with the improvements we’ve achieved on our unit economics to date, we’re well positioned to achieve our target of turning Adjusted EBITDA profitable in 2024. We continue to believe we have ample liquidity to deliver on our growth plan without the need to raise equity capital.”

Conference Call

The Company will host a conference call at 4:30 p.m. Eastern time on Tuesday, May 9, 2023, to discuss the results for its first quarter ended March 31, 2023.

Dave management will host the conference call, followed by a question-and-answer period. The conference call details are as follows:

Date: Tuesday, May 9, 2023

Time: 4:30 p.m. Eastern time

Dial-in number: (800) 715-9871

Live webcast registration link: here

The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

If you have any difficulty registering for or connecti

EX-99.1

2 d458017dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

Dave Inc. Announces Fourth Quarter and Full Year 2022 Results

March 6, 2023

Q4 Record GAAP Revenue Grew 45% Year Over Year

Q4 Transaction Based Revenue Grew 88% Year Over Year

Q4 Net Loss and Adj. EBITDA Improved by 55% and 59%, Respectively, From Q3 2022

Q4 28-Day Delinquency Rate Improved ~50 Basis Points From Q3 2022

LOS ANGELES, March 06, 2023 (GLOBE NEWSWIRE) — Dave Inc. (the “Company”) (Nasdaq: DAVE, DAVEW), one of the leading U.S. neobanks, today reported its financial results for the fourth quarter and full year ended December 31, 2022.

“We generated record top-line results during the quarter, achieved both our revenue and margin targets for the year, and significantly reduced losses as we exited 2022,” said Jason Wilk, founder and Chief Executive Officer of Dave. “During the fourth quarter, we reduced our customer acquisition cost by 31% and added 543,000 net new members, which, in conjunction with continued improvement in retention, further increased monthly transacting members to nearly 2 million. We saw a continued acceleration in our Dave Card business with quarterly debit spend volume growing over 50% vs. Q4 2021. We believe we are well-positioned to execute on our business plan in 2023 and deliver another year of strong, efficient revenue growth with improved profitability.”

Quarterly Financial Highlights ($ in millions unless otherwise noted)

4Q21

1Q22

2Q22

3Q22

4Q22

GAAP Operating Revenues, Net

$ 41.2

$ 42.6

$ 45.8

$ 56.8

$ 59.6

% Change vs. prior year period

16 %

24 %

23 %

41 %

45 %

Non-GAAP Operating Revenues*

$ 42.2

$ 43.7

$ 47.0

$ 58.6

$ 61.8

% Change vs. prior year period

16 %

23 %

22 %

41 %

46 %

Non-GAAP Variable Profit Margin*

48 %

41 %

39 %

42 %

41 %

GAAP Net Loss

($ 15.2 )

($ 32.8 )

($ 27.1 )

($ 47.5 )

($ 21.5 )

Adjusted EBITDA (Loss)*

($ 12.6 )

($ 18.3 )

($ 28.5 )

($ 28.5 )

($ 11.8 )

*

See reconciliation of the non-GAAP measures at the end of the press

release.

Fourth Quarter 2022 Operating Highlights (vs. Q3 2022)

•

Added 543,000 Net New Members while reducing customer acquisition cost by 31%. Total members increased 7% to 8.3 million.

•

Monthly Transacting Members (“MTMs”) increased 4% to 1.9 million. Transactions per MTM increased 12% to 5.2.

•

ExtraCash originations increased 6% to $801 million while the 28-Day delinquency rate improved 49 basis points to 3.58%.

•

Dave Debit Card spend increased 34% to $263 million compared to $197 million.

Annual Financial Highlights ($ in millions unless otherwise noted)

FY 2021

FY 2022

GAAP Operating Revenues, Net

$ 153.0

$ 204.8

% Change vs. prior year

26 %

34 %

Non-GAAP Operating Revenues*

$ 157.6

$ 211.1

% Change vs. prior year

26 %

34 %

Non-GAAP Variable Profit Margin*

53 %

41 %

GAAP Net Loss

($ 20.0 )

($ 128.9 )

Adjusted EBITDA (Loss)*

($ 36.5 )

($ 87.1 )

*

See reconciliation of the non-GAAP measures at the end of the press

release.

Liquidity Summary

The Company had $193 million of cash and cash equivalents, restricted cash, marketable securities, and short-term investments as of December 31, 2022.

2023 Financial Outlook

For fiscal 2023, the Company expects the following:

•

Non-GAAP operating revenue between $235 million - $260 million,

reflecting annual growth of 11% - 23%;

•

Non-GAAP variable margin to expand to 43% - 47%, representing

approximately 200 bps - 600 bps improvement from 2022; and

•

Adjusted EBITDA (Loss) between ($50) million - ($35) million, improving approximately 43% - 60% from 2022.

Dave CFO Kyle Beilman commented: “Our 2023 targets reflect our expectation for continued double-digit revenue growth with variable margin expansion, while significantly reducing losses. Moreover, we expect our fixed expense base to deliver substantial operating leverage as we believe the investments we made in our product development team are sufficient for us to execute on our business plan. Looking ahead, we plan to continue executing on our growth and profitability objectives in 2023. We are reiterating our expected timeline of turning adjusted EBITDA positive in 2024 without the need to raise additional equity capital.”

Conference Call

The Company will host a conference call at 5:00 p.m. Eastern time on Monday, March 6, 2023, to discuss the results for its fourth quarter and full year ended December 31, 2022.

Dave management will host the conference call, followed by a

question-and-answer period. The conference call details are as follows:

Date: Monday, March 6, 2023

Time: 5:00 p.m. Eastern time

Dial-in number: (877) 407-0789

Live webcast registration link: here

The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

About Dave

Dave

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports Third Quarter 2022 Financial Results

Record GAAP Operating Revenue and Non-GAAP Operating Revenue, Which Increased 41% Year Over Year

Non-GAAP Variable Margin Improved By Approximately 280 Basis Points vs. 2Q22

Dave Card Business Accelerating in 3Q22, Transaction-based revenue up 43% vs. 2Q22

LOS ANGELES, CA – November 10, 2022 – Dave Inc. (Nasdaq: DAVE, DAVEW) (“Dave” or the “Company”), one of the leading U.S. neobanks on a mission to build products that level the financial playing field, today reported its financial results for the third quarter ended September 30, 2022.

“We experienced impressive results in the third quarter on all fronts, with record revenue, transacting members and new member growth, along with strong performance of our Dave Card business following the rollout of our new, integrated product experience. Our unit economics are also improving, with sequential variable margin improvement supported by consistent ExtraCash credit performance. Importantly, our run-rate cash burn at the end of the third quarter and into the fourth quarter is showing significant progress relative to recent quarters,” said Jason Wilk, Founder and Chief Executive Officer of Dave. “Our results to date and positive outlook show our continued progress towards reaching Adjusted EBITDA profitability in 2024, while operating a resilient, well-capitalized business.”

Third Quarter 2022 Operating Highlights:

•

Added 808,000 Net New Members, up 43% sequentially when compared to the second quarter ended June 30, 2022 while reducing CAC by 18%. Total members reached 7.8 million at September 30, 2022

•

1.8 million Monthly Transacting Members, up 18% sequentially when compared to the second quarter ended June 30, 2022. Transactions Per Monthly Transacting Member reached a record of 4.6.

•

$757 million in ExtraCash originations, up 25% sequentially when compared to 2Q22

•

Dave Debit Card spend of $197 million, up 15% sequentially when compared to 2Q22, following release of a new product experience to all members throughout the quarter.

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Third Quarter 2022 Financial Highlights:

($ in millions except

otherwise noted)

3Q21

4Q21

1Q22

2Q22

3Q22

GAAP Operating Revenues, Net

$ 40.2

$ 41.2

$ 42.6

$ 45.8

$ 56.8

% Change vs. prior year period

26 %

16 %

24 %

23 %

41 %

Non-GAAP Operating Revenues*

$ 41.5

$ 42.2

$ 43.7

$ 47.0

$ 58.6

% Change vs. prior year period

26 %

16 %

23 %

22 %

41 %

Non-GAAP variable profit margin*

48 %

48 %

41 %

39 %

42 %

GAAP Net loss

($ 7.9 )

($ 15.2 )

($ 34.8 )

($ 27.1 )

($ 47.5 )

Adjusted EBITDA*

($ 11.3 )

($ 12.6 )

($ 18.3 )

($ 28.5 )

($ 27.5 )

*

See reconciliation of the non-GAAP measures at the end of the press

release.

Liquidity Summary:

$225 million of cash and cash equivalents, restricted cash, and short-term investments as of September 30, 2022; the Company additionally had $18 million of unused capacity on its existing credit facilities as of September 30, 2022.

Fiscal Year 2022 Outlook:

“We are reiterating our guidance based on our 3Q22 performance and the continued positive trends that we’re seeing in the business,” said Kyle Beilman, Chief Financial Officer of Dave. “In addition, building on the progress we made on burn late Q3, we’re expecting a step function reduction in adjusted EBITDA losses in Q4 where we plan to deliver solid growth, continue to realize the benefits of our margin-enhancing initiatives and moderate marketing investment.”

The Company is reiterating its guidance for fiscal year 2022:

•

Non-GAAP operating revenues between $200 million and

$215 million

•

Non-GAAP variable profit margin between 40% and 44%

Conference Call

Dave will host a conference call and webcast to discuss third quarter 2022 financial results and business operations updates today, Thursday, November 10, 2022, at 5:30 pm ET. Hosting the call will be Jason Wilk, Co-Founder and Chief Executive Officer, and Kyle Beilman, Chief Financial Officer. The conference call will be webcast live from the Company’s investor relations website at https://investors.dave.com/. A replay and transcript will be available on the investor relations website following the call.

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About Dave

Dave is a banking app on a mission to build products that level the financial playing field. Dave’s financial tools, including its debit card and spending account, help millions of customers bank, budget, avoid overdraft fees and find work. For more information, visit www.dave.com.

Forward-Looking

Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other thin

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EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports Second Quarter 2022 Results

Achieves Record Quarterly Non-GAAP Operating Revenue and Monthly Transacting Members in Q2 2022

LOS ANGELES, CA – August 11, 2022 – Dave Inc. (Nasdaq: DAVE, DAVEW) (“Dave”), a banking app on a mission to build products that level the financial playing field, today reported its financial results for the second quarter ended June 30, 2022.

“We experienced strong second quarter 2022 results, with Non-GAAP operating revenue growth of 22.4% compared to the prior year period,” said Jason Wilk, Co-Founder and Chief Executive Officer of Dave. “We also experienced record high engagement in terms of average Monthly Transacting Members and Transactions Per Monthly Transacting Member and strong new user growth, adding 560,000 net new Members in Q2 2022. Dave is designed as the perfect banking solution for everyday Americans trying to navigate the current inflationary and waning stimulus environment. Additionally, our new ExtraCash value propositions around our $500 ExtraCash limits, Cash back and Instant spending capability with Dave Banking strengthens our position as the industry leader in overdraft. Following the success of our marketing initiatives this summer, we are shifting some near-term investment from new member growth to lifetime value growth in light of the current high cost of capital environment. With this shift, we anticipate we can still maintain strong growth while significantly de-risking our path to profitability without relying on raising additional equity capital.”

Second Quarter 2022 Highlights:

•

Added 560,000 Net New Members, bringing the total Members to approximately 7 million

•

1.54 million Monthly Transacting Members

•

4.5 Transactions Per Monthly Transacting Member

•

Non-GAAP operating revenues* of $47.0 million, compared to

$38.4 million in the second quarter of 2021

•

Non-GAAP variable profit margin* of 39%, compared to 55% in the second

quarter of 2021

•

28-day delinquency rate of 3.71%, a 75 basis point improvement compared to the second quarter of 2021

•

Adjusted EBITDA* loss of $28.5 million, compared to Adjusted EBITDA* loss of $4.5 million in the second quarter of 2021

•

$257.3 million of cash and cash equivalents, restricted cash, marketable securities and short-term investments as of June 30, 2022

*

See reconciliation of the non-GAAP measures at the end of the press

release.

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Fiscal Year 2022 Outlook:

The Company is revising its outlook for the year, and now expects the following for fiscal year 2022:

•

Non-GAAP operating revenues between $200 million and

$215 million

•

Non-GAAP variable profit margin between 40% and 44%

Conference Call

Dave will host a conference call and webcast to discuss second quarter 2022 financial results and business operations updates today, Thursday, August 11, 2022, at 5:30 pm ET. Hosting the call will be Jason Wilk, Co-Founder and Chief Executive Officer, and Kyle Beilman, Chief Financial Officer. The conference call will be webcast live from the Company’s investor relations website at https://investors.dave.com/. A replay will be available on the investor relations website following the call.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding Dave’s future performance and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage its growth as a public company; disruptions to Dave’s operations as a result of becoming a public company; the ability of Dave to remediate material weaknesses in Dave’s internal controls over financial reporting and maintain an effective system of internal control over financial reporting; the ability of Dave to protect intellectual property and trade secrets; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; level of product service failures that could lead Dave members to use competitors’ services; investigations, cl

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EX-99.1

Exhibit 99.1

Dave Inc.

Second Quarter 2022 Earnings Conference Call

August 11, 2022

CORPORATE PARTICIPANTS

•

Jason Wilk, Chief Executive Officer, President and Chairman of the Board

•

Kyle Beilman, Chief Financial Officer

CONFERENCE CALL PARTICIPANTS

•

Sagiv Hartmayer, Jefferies

PRESENTATION

Operator

Greetings, and welcome to Dave’s Second Quarter 2022 Earnings Call.

As a reminder, this conference is being recorded.

This afternoon, Dave issued a press release announcing results for the second quarter ended June 30, 2022, which can be found at investors.dave.com.

We would like to remind you that during this conference call Management will be making forward-looking statements, including statements regarding expectations related to financial guidance, outlook for the sector and Company, and the expected investment in growth initiatives. Please note these forward-looking statements are based on current expectations and assumptions which are subject to risks and uncertainties. These statements reflect the Company’s views only as of today and should not be relied upon as representative of views as of any subsequent date, and Dave undertakes no obligation to revise or publicly release the result of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our financial results, please refer to the Company’s filings with the SEC, including its Form 10-K filed with the SEC on March 25, 2022, and subsequently filed quarterly reports on Form 10-Q.

In addition, during today’s call, the Company will discuss non-GAAP financial measures, which they believe are useful as supplement measures of Dave’s performance. These non-GAAP measures should be considered in addition to, and not as a substitute for or in isolation from, GAAP results. You will find additional disclosure regarding the non-GAAP financial measures discussed on today’s call in Dave’s press release issued this afternoon and its filings with the SEC, each of which is posted on Dave’s website.

The webcast of this call will also be available on the Investor Relations section of the Company’s website.

It is now my pleasure to introduce you to your host, Mr. Jason Wilk, CEO and Chairman of the Board. Thank you. Mr. Wilk, you may begin.

Jason Wilk

Thank you, Operator. Good afternoon, and thank you for joining us for our second quarter earnings call.

For today’s call, I would like to begin by providing some highlights on the quarter and then will recap progress on our growth strategy. After that I will turn it to our CFO, Kyle Beilman, who will discuss our second quarter results in more detail, as well as our outlook.

Now, on to some highlights from Q2.

As anticipated, we saw strong demand for our products and services, leading to another record quarter. Dave is designed as the perfect banking solution for everyday Americans looking for extra financial help as they navigate the current inflationary and post-stimulus environment.

During the quarter, we reported non-GAAP total operating revenue of $47 million, representing an increase of 22.4% year-over-year, driven primarily by growth in our ExtraCash actives, origination volume growth and higher average revenue per monthly transacting members. During the quarter, we added more than 560,000 net new members and ended the quarter with approximately 7 million total members.

In terms of engagement, we saw a record 1.54 million average monthly transacting members in the quarter, up 6% sequentially, and achieved a new all-time high of 1.61 million monthly transacting members in June. Our transacting members completed an average of 4.5 transactions per month in Q2, also a record.

With respect to variable margins, we came in at 39.4%. Our focus on resource allocation in the first half of the year has been oriented around top-of-funnel efficiency and unification of our banking and ExtraCash business lines. We expect our long-term margin as substantially higher than this, and Kyle will be sharing details and overview of our initiatives to drive additional margin in Q3 and Q4 later in the call.

Adjusted EBITDA for Q2 was a loss of $28.5 million, in line with our plan to pursue growth investments following the close of the de-SPAC transaction earlier this year. We expect this quarter will be our peak EBITDA loss, as we begin to see the return on our efficient marketing spend, generate operating leverage and our margin-enhancing initiatives start to bear fruit.

Now, to dive a little deeper into the quarter and our progress against our growth strategy.

First, we continue to utilize our data-driven advantage on underwriting to profitably grow our ExtraCash originations and average revenue pe

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EX-99.1

Exhibit 99.1

Dave Reports First Quarter 2022 Financial Results

Reaffirms Fiscal Year 2022 Outlook

LOS ANGELES, CA – May 11, 2022 – Dave Inc. (Nasdaq: DAVE, DAVEW) (“Dave”), a banking app on a mission to build products that level the financial playing field, today reported its financial results for the first quarter ended March 31, 2022.

“We experienced record Q1 2022 results, with 24% year over year revenue growth and 340,000 net new members added in the quarter,” said Jason Wilk, Co-Founder and Chief Executive Officer of Dave. “Our outlook is very positive, and our growth strategy is squarely aligned with the current state of our target consumer. We’re well capitalized and in a unique position to deliver strong performance throughout the rest of the year and beyond. We’ve only scratched the surface of what we can deliver for the 150 million Americans who need our help.”

First Quarter 2022 Highlights:

•

Added 340,000 Net New Members, bringing the total to 6.4 million Total Members

•

1.45 million Monthly Transacting Members

•

4.4 Transactions Per Monthly Transacting Member

•

GAAP operating revenues, net of $42.6 million, compared to $34.4 million in the first quarter of 2021

•

Non-GAAP operating revenues* of $43.7 million, compared to

$35.5 million in the first quarter of 2021

•

Non-GAAP variable profit margin* of 41%, compared to 64% in the first

quarter of 2021

•

Net loss of $34.8 million, compared to net income of $3.9 million in the first quarter of 2021

•

Adjusted EBITDA* of $(18.3) million, compared to $(8.0) million in the first quarter of 2021

•

$302.3 million of cash and marketing securities as of March 31, 2022

Dave defines Net New Members as the number of new Members who join the Dave platform in given period by connecting an existing bank account to the Dave service or by opening a new Dave Banking account, net of the number of accounts deleted by Members or closed by the Company in the same period. Total Members is defined as the number of unique Members that have either connected an existing bank account to the Dave service or have opened a Dave Banking account, less the number of accounts deleted by Members or closed by Dave, as measured at the end of a period. The number Monthly Transacting Members represents the unique number of Members who have made a funding, spending, ExtraCash or subscription transaction within a particular month, measured as the average over a given period. Transactions Per Monthly Transacting Member measures the average number of transactions initiated per Monthly Transacting Member in each month, measured as the average of a given period.

*

See reconciliation of the non-GAAP measures at the end of the press

release.

Fiscal Year 2022 Outlook:

The Company reaffirms its previously provided guidance for full year 2022, as shown below:

•

Non-GAAP operating revenues between $200 million and

$230 million

•

Non-GAAP variable profit margin between 44% and 48%

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Conference Call

Dave will host a conference call and webcast to discuss first quarter 2022 financial results and business operations updates today, Wednesday, May 11, 2022, at 5:30 pm ET. Hosting the call will be Jason Wilk, Co-Founder and Chief Executive Officer, and Kyle Beilman, Chief Financial Officer. The conference call will be webcast live from the Company’s investor relations website at https://investors.dave.com/. A replay will be available on the investor relations website following the call.

About Dave

Dave is a banking app on a mission to build products that level the financial playing field. Dave’s financial tools, including its debit card and spending account, help millions of customers bank, budget, avoid overdraft fees, find work and build credit. For more information, visit www.dave.com.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding Dave’s future performance and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage its growth as a public company; disruptions to Dave’s op