Logo

DAVEW

Dave Inc.

DAVEW

Dave Inc. • NASDAQ
$0.99 ▲ 2.59% (+0.03)
Market Cap $13.06 M
52w High $1.43
52w Low $0.94
Dividend Yield 0%
P/E -4.81
Volume 31.74K
Outstanding Shares 13.19M

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

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that the product is finding more users and usage over time. Profitability has improved meaningfully: the company has moved from sizable operating and net losses to a modest profit in the most recent year. That shift suggests better cost control, improved unit economics, or both. Earnings per share have swung from deep losses to a solid profit, but given the company’s small size and SPAC background, results may remain volatile from year to year. Overall, the income statement now tells a story of a business that has crossed from “prove the model” into “make the model profitable,” though still early in that phase.

Balance Sheet

Balance Sheet The balance sheet has become noticeably healthier. Total assets have expanded at a measured pace, consistent with an asset‑light, software‑driven business. Cash levels have improved but remain limited, so liquidity still needs close attention. Debt peaked a couple of years ago and has since been brought down, easing financial risk. Equity has moved from negative into clearly positive territory, indicating that accumulated losses have been worked through and capital strength is rebuilding. While not yet a fortress balance sheet, the trend is toward greater stability and flexibility compared with the company’s early SPAC period.

Cash Flow

Cash Flow Cash flow has transitioned from being a concern to becoming a relative strength. Operating cash flow was negative in the earlier years but has turned positive and strengthened recently, suggesting that the core business is now generating cash rather than consuming it. Free cash flow is also positive, helped by low capital spending needs typical of a software platform. This means growth can increasingly be funded from operations instead of relying solely on outside financing. That said, the cash flow track record is short, and performance will still be sensitive to credit quality, customer growth, and economic conditions.

Competitive Edge

Competitive Edge Dave operates in a crowded neobank and fintech arena but has carved out a distinct position by focusing on everyday Americans who are often poorly served by traditional banks. Its main edge lies in a proprietary AI underwriting engine and a very large dataset of cash‑flow and transaction history, which together can improve risk decisions over time and are hard for new entrants to replicate quickly. The brand is built around avoiding overdraft and junk fees, which resonates with younger and underbanked users, and the company reports relatively low customer acquisition costs, a meaningful advantage in consumer finance. However, it still competes against well‑funded neobanks, buy‑now‑pay‑later providers, and large banks that are steadily copying key features. Regulatory scrutiny of small‑dollar advances and data‑driven lending is another ongoing risk to its competitive position.

Innovation and R&D

Innovation and R&D Innovation is a core part of Dave’s identity. Its CashAI engine uses alternative data from bank accounts and spending patterns instead of traditional credit scores, enabling it to serve customers who may be overlooked by mainstream lenders. The model is continuously retrained on a very large and growing pool of transactions and advances, which can improve approval decisions and loss rates over time. On top of this, the company invests in a mobile‑first, user‑friendly app with features like overdraft predictions, gig‑work matching, and instant‑earn survey tools that go beyond a standard checking account. Looking ahead, Dave plans to extend its AI into more credit products, enhance its card experience, and deepen its role as a primary banking relationship. The main constraint is scale: while the innovation roadmap is rich, execution depends on maintaining enough R&D investment to keep up with much larger financial and technology competitors.

Summary

Overall, Dave’s financials show a clear progression from early‑stage losses to a business that is now generating both profits and cash, while gradually strengthening its balance sheet. The company’s strengths center on its proprietary AI underwriting, large and growing dataset, customer‑friendly fee structure, and low cost of acquiring new users. These are supported by an asset‑light model that converts improvements in unit economics relatively quickly into better cash flow. The main risks are its small scale in a highly competitive and regulated space, sensitivity to credit performance if the economy weakens, and the need to keep investing in technology to stay ahead of rivals. Key things to monitor include the durability of profitability, trends in credit losses on advances, growth and engagement of active users, and continued enhancements to its CashAI platform and product suite.