Dave Inc. has reported its financial results for the second quarter ended June 30, 2025. The company's revenue showed significant growth, with a 64% year-over-year increase to $131.7 million. Net income also saw a substantial increase of 42% year-over-year to $9.1 million. Adjusted net income surged by 233% to $45.7 million, and adjusted EBITDA increased by 236% to $50.9 million. The company's GAAP EPS (diluted) increased by 32% year-over-year to $0.62, while adjusted EPS (diluted) increased by 210% to $3.14.
When comparing the second quarter of 2025 to the same period in 2024, it is evident that the company achieved notable growth across various key metrics. New members increased to 722,000, at an average customer acquisition cost of $19. Monthly transacting members ("MTMs") increased by 16% to 2.6 million. Extracash originations saw a significant increase of 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 also increased by 27% to $493 million.
The company's liquidity position strengthened, with $104.7 million in cash and cash equivalents, marketable securities, investments, and restricted cash as of June 30, 2025, up from $89.7 million as of March 31, 2025.
Looking ahead, Dave Inc. raised its 2025 revenue and adjusted EBITDA guidance to $505-$515 million and $180-$190 million, respectively. The company's CFO & COO, Kyle Beilman, highlighted the continued strength of the company's unit economics and the capital efficiency of its platform. He also mentioned the completion of an amendment to the program agreement with Coastal Community Bank, which is expected to have a positive impact on the company's direct funding obligations, cost of funds, and liquidity.
As a result of these announcements, the company's shares have moved -2.72% on the market, and are now trading at a price of $238.83. If you want to know more, read the company's complete 8-K report here.
