Dave Inc. ( (DAVE) ) has released its Q4 earnings. Here is a breakdown of the information Dave Inc. presented to its investors.
Dave Inc. is a prominent U.S. neobank and fintech company that leverages innovative technologies to offer affordable banking services to millions of Americans.
In its latest earnings report, Dave Inc. announced a remarkable increase in both quarterly and annual revenues, with the fourth quarter of 2024 seeing a 38% rise year-over-year to $100.9 million, and full-year revenue climbing 34% to $347.1 million. The company also reported a significant boost in net income and adjusted EBITDA, indicating strong financial health and operational efficiency.
Key financial highlights include a substantial increase in net income for Q4, which rose by $16.6 million year-over-year to $16.8 million. Adjusted EBITDA saw a 234% year-over-year increase to $33.4 million, surpassing the high-end of the company’s guidance. The company also experienced a 44% rise in ExtraCash originations, driven by member growth and improved credit performance, alongside a 24% increase in Dave Debit Card spending.
Looking ahead, Dave Inc. has set a robust financial outlook for 2025, projecting GAAP operating revenues between $415 million and $435 million, with an expected year-over-year growth of 20% to 25%. The company anticipates adjusted EBITDA to range from $110 million to $120 million, reflecting a growth of 27% to 39%.
With a strategic partnership with Coastal Community Bank and a new fee structure in place, Dave Inc. is poised for another year of record performance, focusing on expanding its banking offerings and enhancing member retention and lifetime value.
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