Shares of Dave Inc. (NASDAQ:DAVE) rallied 16% Friday morning after the neobank disclosed preliminary fourth-quarter financials that exceeded consensus estimates and signaled improved unit economics.
According to the preliminary release, Dave generated $164 million of revenue in the fourth quarter, topping the consensus forecast of $153 million. That figure represents 62% revenue growth versus the same quarter a year earlier and marks the company’s third consecutive quarter with growth north of 60%.
Adjusted EBITDA for the quarter was reported preliminarily at $73 million, an increase of 118% year-over-year and above the company’s prior guidance of $63 million. For the full year 2025, Dave posted preliminary revenue of $554 million, a 60% increase compared with 2024, and preliminary Adjusted EBITDA of $227 million, up 162% year-over-year.
Dave also provided a preliminary view on credit performance. The company expects its 28 Days Past Due rate to be between 1.95% and 2.00% for the fourth quarter, an improvement relative to its previous guidance of below 2.10%.
In comments included with the preliminary results, Founder and CEO Jason Wilk said, "We closed out 2025 with another record quarter, capping the strongest year in our company’s history," and attributed the performance to "accelerating monthly transacting member growth, continued ARPU expansion, and strong underlying demand for our products."
Market participants received the update positively. Citizens analyst Devin Ryan reiterated a Market Outperform rating on the stock and maintained a $310.00 price target, stating that the outlook creates an attractive risk/reward profile.
The company noted that the figures released are preliminary and that it plans to publish full, audited financial results on March 2, 2026.
Earnings snapshot (preliminary):
- Q4 revenue: $164 million (consensus $153 million) - 62% YoY growth
- Q4 Adjusted EBITDA: $73 million - up 118% YoY; prior guidance $63 million
- Full-year 2025 revenue (preliminary): $554 million - up 60% YoY
- Full-year 2025 Adjusted EBITDA (preliminary): $227 million - up 162% YoY
- 28 Days Past Due (Q4 preliminary): 1.95% - 2.00% (prior guidance: below 2.10%)
Next steps: Investors and analysts will await the company’s audited financial statements due March 2, 2026, which will confirm the preliminary metrics and provide additional detail.