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Dave Inc. (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. The company offers a comprehensive banking app that includes essential services such as banking, financial insights, overdraft protection, credit building, and opportunities to find side gigs. They partner with Evolve Bank & Trust, an FDIC member, to deliver these services at a fraction of the cost of traditional banks.
Founded with the mission to make banking more accessible and equitable, Dave Inc. has continuously leveraged disruptive technology to innovate the financial services landscape. The company’s growth strategy focuses on expanding member lifetime value, increasing variable margins, and investing in scalable marketing efforts. Recently, Dave has reported substantial progress, achieving significant improvements in financial metrics.
In the third quarter of 2023, Dave demonstrated double-digit year-over-year revenue growth and expanded variable margins by over 1,000 basis points. This enabled the company to reduce its Adjusted EBITDA loss by more than 90%, putting them on track to achieve Adjusted EBITDA profitability by the fourth quarter of 2023. As of September 30, 2023, Dave had $181 million in total liquidity, bolstering its financial stability.
Dave continues to pursue strategic opportunities to enhance shareholder value. In January 2024, the company repurchased a convertible promissory note from FTX Ventures Ltd. for a discounted price of $71 million, further strengthening its balance sheet. Additionally, Dave announced a partnership with Aisera to launch DaveGPT, an AI-driven assistant designed to streamline customer service for its 9.9 million members, marking another milestone in its commitment to innovation.
Dave’s CEO, Jason Wilk, emphasizes the company’s focus on profitable growth and the importance of disciplined investment in technology and member experience. As a testament to its market leadership, Dave has joined the American Fintech Council to further its mission of financial inclusion and innovation in digital banking.
Dave’s strong performance in early 2024, including exceeding growth and profitability expectations in Q1, illustrates the robustness of its business model. The company has raised its Adjusted EBITDA guidance for the year due to continued improvements in member retention and substantial increases in card spend and customer engagement.
For more information about Dave Inc., visit their official website at www.dave.com or follow @davebanking on X. For investor relations and updates, visit investors.dave.com.
Dave Inc. (Nasdaq: DAVE) has appointed Kevin Frisch as Chief Marketing Officer to lead all aspects of the company's marketing strategy. Frisch joins from Intuit, where he served as Vice President of Marketing, managing a $6B revenue portfolio and leading a 200+ person team responsible for QuickBooks US Marketing. His previous experience includes senior leadership roles at Uber, Wag, and GSN. In his new role, Frisch will oversee brand, content, product marketing, acquisition, cross-sell, retention, and go-to-market strategies at Dave.
Dave Inc. (DAVE) reported strong Q3 2024 results with record revenue of $92.5 million, up 41% year-over-year, marking the fourth consecutive quarter of accelerating growth. The company achieved net income of $0.5 million, a $12.5 million improvement from last year, and Adjusted EBITDA of $24.7 million, up $27.2 million year-over-year. Monthly Transacting Members grew 23% to 2.4 million, while ExtraCash originations increased 46% to $1.4 billion. Based on strong performance, Dave raised its full-year 2024 guidance, now expecting revenue of $340-343 million and Adjusted EBITDA of $71-74 million.
Dave Inc. (Nasdaq: DAVE) has signed a non-binding letter of intent to form a strategic partnership with a publicly-traded sponsor bank. Under the agreement, the sponsor bank will handle Dave's ExtraCash product origination, manage member deposit accounts, issue debit cards, provide ACH processing, and collaborate on new banking and credit products. The partnership aims to diversify Dave's commercial relationships and enhance its banking services for over 11 million members. The final partnership is subject to definitive agreements, after which Dave will announce the sponsor bank's identity.
Dave (Nasdaq: DAVE), a leading neobank, has announced its participation in the KBW Fintech Conference scheduled for November 14, 2024, at Convene 237 Park in New York. The company will conduct one-on-one meetings throughout the event. Interested parties can schedule meetings through their KBW representative or by contacting Dave's investor relations team via email at DAVE@elevate-ir.com.
Dave Inc. (DAVE) announced preliminary Q3 2024 financial results, reporting revenue of $92.5 million, up 41% year-over-year, and net income of $0.5 million, a $12.5 million improvement from last year. The company achieved Adjusted EBITDA of $24.7 million, representing a $27.2 million increase year-over-year. The results include a $7.0 million legal settlement related to an FTC matter. Dave plans to raise its full-year 2024 Revenue and Adjusted EBITDA guidance in the upcoming earnings release. The company is currently facing an FTC lawsuit regarding consumer disclosures and consent, though management emphasizes this doesn't affect their ability to charge subscription fees and optional tips.
Dave Inc. (Nasdaq: DAVE), a leading neobank, has scheduled its third quarter 2024 financial results conference call for November 12, 2024, at 5:00 p.m. Eastern time. The company will release its financial results for the quarter ended September 30, 2024, via press release before the call. Management will host the conference call followed by a Q&A session. The call will be accessible through dial-in registration and webcast, with replay and transcript available in the Events section of Dave's investor website.
Dave Inc. (Nasdaq: DAVE), a leading neobank, announced its participation in three investor conferences in September 2024:
- Benchmark 11th Annual TMT 1x1 Investor Conference on September 5 in New York, NY
- H.C. Wainwright 26th Annual Global Investment Conference on September 11 in New York, NY
- B. Riley 2024 Consumer Conference on September 12 in New York, NY
The company will hold one-on-one meetings at all events and participate in a fireside chat at the H.C. Wainwright conference. Investors interested in meeting with Dave's team can contact their conference representatives or email DAVE@elevate-ir.com.
Dave Inc. (Nasdaq: DAVE), a leading neobank, has announced its participation in three investor conferences in August 2024. The company will attend the Canaccord 44th Annual Growth Conference from August 13-15 in Boston, featuring a presentation on August 13 at 2:00pm ET. Dave will also participate in the Seaport Research Partners 2024 Financials and Fintech Conference (virtual) on August 14 and the Needham 6th Annual Fintech & Digital Transformation Conference on August 15.
At these events, Dave will hold one-on-one meetings with investors. Interested parties can request meetings through conference representatives or by contacting Dave's investor relations team at DAVE@elevate-ir.com. The Canaccord presentation will be available for live viewing and replay on Dave's investor relations website.
Dave Inc. (Nasdaq: DAVE) reported strong Q2 2024 results, with record revenue of $80.1 million, up 31% year-over-year. The company achieved GAAP Net Income of $6.4 million, a $29.0 million improvement from Q2 2023. Adjusted EBITDA increased by $28.3 million to $15.2 million. Key highlights include:
- Monthly Transacting Members grew 18% to 2.3 million
- ExtraCash originations increased 37% to $1.2 billion
- Dave Debit Card spend rose 28% to $388 million
Based on strong performance, Dave raised its 2024 Adjusted EBITDA guidance to $40-$50 million. The company maintains a solid liquidity position with $89.7 million in cash and equivalents as of June 30, 2024.
Dave Inc. (Nasdaq: DAVE), a leading neobank, has announced its upcoming conference call to discuss financial results for the second quarter ended June 30, 2024. The call is scheduled for Tuesday, August 6, 2024, at 8:30 a.m. Eastern time. Dave management will host the call, which will be followed by a question-and-answer session.
The company will release its Q2 2024 results in a press release prior to the call. Investors and interested parties can access the conference call via a dial-in registration link or a live webcast link. For those unable to attend, a replay of the call and transcript will be available in the Events section of Dave's investor relations website.
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