Dave Inc. reported significant financial growth in its latest quarterly filing, with total operating revenues reaching $131.8 million for the three months ended June 30, 2025, a 64% increase from $80.1 million in the same period last year. The company's service-based revenue, which includes processing and service fees, surged by 129% to $113.5 million, driven by a 16% rise in average monthly transacting members and an increase in ExtraCash origination volume from approximately $1.19 billion to $1.79 billion. However, the company noted a decrease in tips, which fell to zero following the elimination of the tipping option in February 2025.
In terms of profitability, Dave Inc. reported a net income of $9.0 million for the second quarter of 2025, compared to $6.4 million in the prior year, marking a 42% increase. The company’s net income per share also improved, with basic earnings per share rising to $0.68 from $0.51. The increase in net income was attributed to higher revenues, although the provision for credit losses also rose significantly, totaling $25.3 million, up 76% year-over-year, reflecting the growth in ExtraCash originations and the associated credit risk.
Operationally, Dave Inc. has expanded its customer base, with nearly 18 million members registered on its platform, of which approximately 13 million have utilized its products. The company has also made strategic moves to enhance its service offerings, including the introduction of new fee structures and the discontinuation of optional tips. Additionally, the company is in the process of transitioning some of its banking operations to Coastal Community Bank, which is expected to further support its financial products.
Looking ahead, Dave Inc. remains optimistic about its growth trajectory, anticipating continued increases in processing and service fees in line with the growth in ExtraCash volume and member engagement. The company is also focused on optimizing its marketing strategies to attract high-value customers while managing operational costs effectively. However, it acknowledges potential challenges, including regulatory scrutiny and economic conditions that could impact consumer behavior and repayment rates. The company has indicated that it has sufficient cash reserves to support its operations for at least the next 12 months, with a cash and cash equivalents balance of $61.7 million as of June 30, 2025.
About Dave Inc./DE
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