Dave Q2 revenue up 34% to $61.2M; net loss improves 17%; raises variable profit margin outlook

Dave Inc./DE

2023-Q2 EPS reported -$3.09 revenue$120,163,000

GAAP revenue $61.2M (+34% YoY); net loss improved to $22.6M from $27.1M.
Adj. EBITDA loss improved 54% to $13.1M; includes $4M data-breach legal settlement.
Non-GAAP variable profit margin raised to 47%-51% (from 43%-47%) for FY2023.
Monthly Transacting Members up 26% to 1.9M; ExtraCash originations rose 43% to $867M.
Dave Card spend hit $304M (+77% YoY); reiterates FY Adj. EBITDA loss of ($50M)-($35M).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Dave Inc./DE reported second quarter ended June 30, 2023 results: revenue $61.2 million, net income ($22.6). Guidance raised.

Period: second quarter ended June 30, 2023
Revenue: $61.2 million
Net income: ($22.6)
Guidance: raised
Result: reported results

Exact text from the filing

Q2 GAAP Revenue up 34% Year Over Year to $61.2 Million; Q2 Non-GAAP Variable Profit up 78% Q2 Net Loss Improves by 17% Year Over Year; Adj. EBITDA Loss Improves 54% to $13.1 Million Raising Non-GAAP Variable Profit Margin Outlook to 47% - 51%; Reiterating 2023 Non-GAAP Operating Revenue and Adjusted EBITDA Guidance

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Dave Inc./DE updated its fiscal year 2023 guidance (raised).

Period: fiscal year 2023
Guidance: raised
Result: guidance update

Exact text from the filing

Dave is raising its Non-GAAP variable profit margin outlook to 47% - 51%, representing a 400 basis point increase from the Company’s previously issued guidance of 43% - 47%, based on the sustainability of improvements made to the Company’s variable cost structure

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Source: SEC EDGAR

accession 0001193125-23-206198

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