Dave (DAVE) Q1 FY2025 earnings: revenue $108 million, up 46.7% on the year

Dave Inc. (DAVE) reported revenue of $108 million for Q1 FY2025, the quarter ended 31 March 2025, up 46.7% on the same quarter a year earlier. Net income was $29 million, down 15.9% on the year, and diluted earnings per share $1.97. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2025.

Revenue$108 millionup 46.7%

Net income$29 milliondown 15.9%

Diluted EPS$1.97

QuarterQ1 FY2025ended 31 March 2025

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Revenue	108	101	73.6	+46.7%
Operating income	35.1	21.0	5.4	+551.0%
Operating margin	32.6%	20.8%	7.3%
Interest expense	1.8	1.8	2.2	-20.7%
Pre-tax income	33.9	17.5	37.4	-9.6%
Income tax	5.1	0.7	3.2	+57.9%
Effective tax rate	14.9%	3.9%	8.6%
Net income	28.8	16.8	34.2	-15.9%
Net margin	26.7%	16.7%	46.5%
Diluted EPS	$1.97	$1.16	$2.60	-24.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Operating cash flow	45.2	41.7	18.3	+146.7%
Capital expenditure	0.0	0.1	0.0	+208.3%
Free cash flow	45.2	41.7	18.3	+146.6%
Free cash flow margin	41.9%	41.3%	24.9%
Cash from investing	-28.1	-26.8	66.1	n/a
Cash from financing	-19.9	-0.1	-70.5	n/a
Depreciation and amortisation	1.5	2.3	1.7	-11.4%
Share-based compensation	7.5	10.1	6.1	+23.0%
Buybacks	6.9	0.0	0.0	n/a
Diluted shares, weighted	15m	14m	13m	+11.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Shareholders' equity	199	183	127	+56.7%
Debt	75.0	75.0	75.0	+0.0%
Operating lease liabilities	0.2	0.2	0.5	-58.9%
Other liabilities	41.0	41.0	32.8	+24.9%
Total liabilities and equity	316	299	236	+34.0%
Fixed assets	0.6	0.7	1.0	-37.8%
Intangible assets	13.7	13.6	13.3	+2.5%
Investments	0.2	0.3	1.4	-83.9%
Loans	n/a	n/a	105	n/a
Cash and equivalents	47.0	49.7	55.5	-15.3%
Other assets	254	235	59.5	+327.4%
Total assets	316	299	236	+34.0%

Questions

What was Dave's revenue in Q1 FY2025?

Dave (DAVE) reported revenue of $108 million for Q1 FY2025, the quarter ended 31 March 2025, up 46.7% on the same quarter a year earlier.

How much did Dave earn in Q1 FY2025?

Net income for Q1 FY2025 was $29 million, down 15.9% on the year, and diluted earnings per share $1.97.

When did Dave report Q1 FY2025 results?

Dave filed its 10-Q for the quarter ended 31 March 2025 with the SEC on 8 May 2025.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	65.8	73.1	73.6	80.1	92.5	101	108	132	151	164	158	171
Operating income	-10.6	1.8	5.4	5.7	2.5	21.0	35.1	n/a	45.9	64.5	59.6	n/a
Operating margin	-16%	2%	7%	7%	3%	21%	33%	n/a	30%	39%	38%	n/a
Interest expense	3.1	2.8	2.2	2.0	2.0	1.8	1.8	1.8	1.8	1.7	1.7	2.0
Pre-tax income	-12.0	0.3	37.4	4.6	0.8	17.5	33.9	11.5	58.4	64.2	70.2	14.7
Tax rate	n/a	35%	9%	-39%	44%	4%	15%	21%	-58%	-3%	17%	54%
Net income	-12.1	0.2	34.2	6.4	0.5	16.8	28.8	9.0	92.1	65.9	57.9	6.7
Net margin	-18%	0%	47%	8%	1%	17%	27%	7%	61%	40%	37%	4%
Diluted EPS	-$1.01	$0.03	$2.60	$0.47	$0.03	$1.16	$1.97	$0.62	$6.34	$4.57	$4.02	$0.49
Operating cash flow	15.4	15.6	18.3	28.0	37.0	41.7	45.2	68.2	83.2	93.3	82.0	68.4
Capital expenditure	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.2
Free cash flow	15.3	15.6	18.3	27.9	37.0	41.7	45.2	68.1	83.2	93.2	82.0	68.1
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	6.9	0.0	25.0	11.8	187	19.1
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2025, filed 8 May 2025, accession 0000950170-25-067073: the filing on EDGAR. All of Dave Inc.'s filings: EDGAR company page.

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