Dave Inc. (NASDAQ: DAVE) released preliminary, unaudited results for the fourth quarter and full year ended December 31, 2025. Total operating revenue for the year was $554 million, up 60% year‑over‑year, and adjusted EBITDA reached $227 million, a 162% increase from the prior year. Q4 revenue was $164 million, 60% higher than the $104 million reported in Q4 2024, while Q4 adjusted EBITDA climbed to $48 million from $18 million. The company’s 28‑day past‑due (28DPD) metric is expected to fall between 1.95% and 2.00%, improving on the previous target of below 2.10%. Dave’s guidance for full‑year revenue remains in the $544 million to $547 million range, and adjusted EBITDA guidance stays at $215 million to $218 million, both of which are now exceeded by the preliminary figures.
The year‑over‑year jump in revenue reflects a 121% surge in member‑level spending driven by higher average revenue per user (ARPU) and a growing base of monthly transacting members. EBITDA growth outpaces revenue growth because the company’s shift to a mandatory 5% fee on ExtraCash advances has increased margin contribution, while the proprietary CashAI underwriting engine has tightened credit risk, reducing the need for costly loss reserves. The 28DPD improvement signals that the credit portfolio is performing better than in prior periods, a key driver of the margin expansion.
CEO Jason Wilk highlighted the transformation, noting that “Q4 represented our third consecutive quarter of 60%+ revenue growth, driven by accelerating monthly transacting member growth, continued ARPU expansion, and strong underlying demand for our products.” He added that the operating leverage embedded in the model has strengthened, with full‑year adjusted EBITDA growing over 160% versus a 60% revenue increase, and that the CashAI engine has been pivotal in improving credit performance. Wilk also pointed to a potential tailwind from a proposed 10% credit‑card rate cap, which could shift consumers toward alternatives like ExtraCash.
Investors responded positively to the results, citing the strong revenue beat, the significant EBITDA outperformance, and the improved credit metrics. The market’s reaction underscores confidence in Dave’s business‑model shift and its ability to generate scalable, high‑margin revenue streams while maintaining disciplined cost growth.
Dave will release full, audited results and its Form 10‑K on March 2, 2026. The company’s guidance for 2026 remains unchanged, but the preliminary data suggest a continued trajectory of robust growth and margin expansion, reinforcing management’s confidence in the company’s strategic direction.
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