Dave Inc. (NASDAQ:DAVE) shares climbed 16% on Friday after the digital banking platform released preliminary fourth-quarter figures showing revenue growth well ahead of market expectations, supported by rapid customer expansion and stronger unit economics.
The company reported preliminary Q4 revenue of $164 million, topping the consensus estimate of $153 million and marking a 62% increase year over year. This represented Dave’s third straight quarter of revenue growth above 60%.
Preliminary fourth-quarter adjusted EBITDA came in at $73 million, up 118% from a year earlier and above the company’s prior guidance of $63 million. For full-year 2025, Dave posted preliminary revenue of $554 million, reflecting 60% growth versus 2024, alongside adjusted EBITDA of $227 million, a 162% year-over-year increase.
Credit metrics also improved, with the 28 Days Past Due rate expected to fall between 1.95% and 2.00% for the quarter, better than earlier guidance of below 2.10%.
“We closed out 2025 with another record quarter, capping the strongest year in our company’s history,” said Jason Wilk, Founder and CEO of Dave, adding that momentum was fueled by “accelerating monthly transacting member growth, continued ARPU expansion, and strong underlying demand for our products.”
Following the update, Citizens analyst Devin Ryan reiterated a Market Outperform rating and a $310.00 price target on the stock. “With this positive outlook, we think the risk/reward is quite attractive here,” Ryan said.
Dave is scheduled to publish its full, audited financial results on March 2, 2026.