Dave preliminary Q4 revenue rises

Overview

• U.S. neobank's preliminary Q4 revenue rose 62% yr/yr, exceeding guidance

• Adjusted EBITDA for Q4 grew 118% yr/yr, surpassing guidance

• Company's 4Q25 28DPD metric improved, outperforming previous expectations

Outlook

• Dave expects 2025 revenue and adjusted EBITDA to exceed top-end guidance

• Company anticipates 4Q25 28DPD rate between 1.95% and 2.00%, outperforming guidance

Result Drivers

• MEMBER GROWTH - Dave attributed revenue growth to accelerating monthly transacting member growth and ARPU expansion

• CREDIT PERFORMANCE - Improved credit performance was powered by Dave's proprietary CashAI underwriting engine

• OPERATING LEVERAGE - Strengthening unit economics and deepening member relationships contributed to EBITDA growth

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the financial technology (fintech) peer group is "buy"

• Wall Street's median 12-month price target for Dave Inc is $302.50, about 85.5% above its February 4 closing price of $163.08

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 28 three months ago

Press Release: ID:nGNX9yRzxb

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