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DAVE

Dave Inc.

DAVE

Dave Inc. • NASDAQ
$218.26 ▲ 2.41% (+5.13)
Market Cap $2.95 B
52w High $286.45
52w Low $65.46
Dividend Yield 0%
P/E 21.55
Volume 245.22K
Outstanding Shares 13.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $150.725M ▲ $63.203M ▼ $92.072M ▲ 61.086% ▲ $6.842 ▲ $62.1M ▲
Q2-2025 $131.757M ▲ $73.384M ▲ $9.04M ▼ 6.861% ▼ $0.68 ▼ $14.905M ▼
Q1-2025 $107.979M ▲ $65.724M ▼ $28.812M ▲ 26.683% ▲ $2.19 ▲ $37.163M ▲
Q4-2024 $100.84M ▲ $73.563M ▼ $16.806M ▲ 16.666% ▲ $1.34 ▲ $21.678M ▲
Q3-2024 $92.489M $81.363M $466K 0.504% $0.037 $4.642M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $91.735M ▼ $433.251M ▲ $141.939M ▼ $291.312M ▲
Q2-2025 $102.853M ▲ $363.563M ▲ $146.489M ▲ $217.074M ▲
Q1-2025 $88.077M ▼ $315.655M ▲ $116.192M ▼ $199.463M ▲
Q4-2024 $90.288M ▲ $299.327M ▲ $116.226M ▼ $183.101M ▲
Q3-2024 $75.151M $272.242M $116.427M $155.815M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $92.072M ▲ $83.247M ▲ $-70.074M ▼ $-24.971M ▼ $-11.798M ▼ $84.916M ▲
Q2-2025 $9.04M ▼ $68.237M ▲ $-53.788M ▼ $418K ▲ $14.867M ▲ $68.11M ▲
Q1-2025 $28.812M ▲ $45.247M ▲ $-28.057M ▼ $-19.906M ▼ $-2.716M ▼ $43.84M ▲
Q4-2024 $16.8M ▲ $41.714M ▲ $-26.815M ▲ $-127K ▼ $14.772M ▲ $39.886M ▲
Q3-2024 $466K $37.032M $-50.635M $62K $-13.541M $35.212M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscriptions
Subscriptions
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Processing Fees
Processing Fees
 $60.00M ▲$120.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Dave’s revenue has been climbing at a steady pace over the past several years, and more importantly, the business has shifted from meaningful losses to a modest profit in the most recent year. Gross profitability has improved as the company has scaled, suggesting better unit economics and tighter control of costs. Operating income and EBITDA have both moved from negative to clearly positive territory, which points to a healthier core business rather than one that relies only on cutting expenses. Net income and earnings per share have swung sharply from deep losses to solid profitability, though the reverse split and SPAC history make the per‑share figures a bit noisy. Overall, the income statement shows a young fintech that has grown its top line while successfully crossing the break‑even point, but with a relatively short track record of profitability that could still prove volatile if credit performance or growth slows.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully. Total assets have grown over time, and the company now carries a more comfortable cash position than it had a few years ago. Debt, which was relatively elevated for the size of the business at one point, has come down, reducing financial risk and interest burden. Shareholder equity has moved from slightly negative to clearly positive, indicating that accumulated losses have been worked down and the capital base is now more solid. Overall, Dave looks better capitalized and less leveraged than in prior years, though it still runs a relatively lean balance sheet compared with larger, more mature financial institutions.

Cash Flow

Cash Flow Cash generation has improved from consistent outflows in earlier years to healthy, positive operating cash flow more recently. Free cash flow has followed the same pattern, turning positive as the business scaled and became more efficient. Capital spending needs are low, which helps convert operating performance into true free cash flow rather than tying cash up in heavy investments. This pattern suggests the business model is now self‑funding in normal conditions, which reduces dependence on capital markets, though fintech credit businesses can see cash flow swing if lending volumes or credit outcomes change sharply.

Competitive Edge

Competitive Edge Dave operates in a very crowded digital banking and cash‑advance market, going up against well‑funded players like Chime, MoneyLion, and traditional banks experimenting with similar tools. Its edge comes from its AI‑driven underwriting engine, CashAI, which uses real‑time cash‑flow data instead of traditional credit scores. Over time, that system has been trained on a very large and growing pool of transactions and advances, creating a proprietary dataset that is hard for new entrants to copy quickly. This has reportedly improved approval rates while lowering delinquencies, which can support both growth and profitability. Dave’s brand focuses on helping everyday consumers avoid overdraft fees and access small, short‑term cash cushions, which resonates with its target audience and can build loyalty. At the same time, the company’s narrow focus on short‑term advances means it faces product overlap with rivals that offer broader banking and credit suites, and it remains exposed to regulatory scrutiny around consumer lending and fees. In short, Dave appears to have a real data and technology advantage, but it competes in a fast‑moving, highly contested space with ongoing regulatory and credit‑risk pressures.

Innovation and R&D

Innovation and R&D Innovation is a clear priority. CashAI, the core underwriting engine, is a central differentiator and continues to be refined, delivering better risk outcomes and a smoother user experience. Dave is also deploying generative AI through DaveGPT to handle customer service interactions more efficiently, which can lower support costs and improve satisfaction if executed well. The company is experimenting with new products such as buy‑now‑pay‑later offerings and an enhanced debit card experience, including potential rewards and features aimed at making the card a primary spending tool. A strategic partnership with a sponsor bank is intended to support new banking and credit products, expanding beyond the current cash‑advance focus. Dave is also testing new subscription pricing models to optimize how it monetizes its user base. All of this signals an active R&D and product pipeline, but also introduces execution risk: not every new product, price change, or partnership will necessarily succeed or be welcomed by regulators or customers.

Summary

Dave has evolved from an early‑stage, loss‑making fintech into a more mature business that now generates profits and positive free cash flow, supported by steady revenue growth and improving margins. Its balance sheet has moved from fragile to more solid, with less reliance on debt and a stronger equity base. The company’s core strength lies in its proprietary AI underwriting and large behavioral dataset, which support its mission of providing small, short‑term liquidity to underserved consumers in a low‑cost, digital format. At the same time, Dave operates in a highly competitive and regulated arena, where customer acquisition costs, credit quality, and policy changes can quickly alter the financial picture. The ongoing push into new products like buy‑now‑pay‑later and enhanced card offerings presents meaningful growth opportunities but also raises execution and risk‑management challenges. Overall, the story is one of improving financial health, a credible technology‑driven moat, and a still‑developing track record that could remain sensitive to market conditions and regulatory oversight.

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