Filing Flows › Dave (DAVE) › Q1 2025
Dave (DAVE) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Dave (DAVE) reported revenue of $108M for the first quarter 2025 (Q1 2025), +47% from a year earlier and -55% from the quarter before. Operating margin was 31.4%, net earnings $28.8M (26.7% of revenue).
Dave, Q1 2025: revenue $108M (+47% year over year), operating margin 31.4%, net earnings $28.8M, operating cash flow $45.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $108M | -55% | +47% |
| Operating profit | $33.9M | +94% | -10% |
| Net earnings | $28.8M | +71% | -16% |
| Operating cash flow | $45.2M | +8% | +147% |
| Free cash flow | $45.2M | +9% | +147% |
What changed
Revenue was $108.0M in Q1 2025, up 47% year over year and down 55% from the previous quarter. Processing and Service Fees Net was the largest line at 77% of revenue. Processing and Service Fees Net added $38.9M year over year (up 87%), 113% of the total change. Tips declined 50%.
Operating profit was $33.9M, a 31.4% margin (down 19.5 points year over year). Operating profit fell $3.6M even though revenue rose $34.3M versus a year earlier, so costs grew faster than sales. Total costs grew 105% against revenue growth of 47%. The fastest-growing cost line was Other operating costs (+136%). Net earnings were $28.8M, down 16% year over year. The effective tax rate was 14.9%.
Operating cash flow was $45.2M (up 147% year over year), 157% of net earnings. Non-cash charges added back $1.5M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items added $7.4M. Capital expenditures of $37K left free cash flow of $45.2M.
Questions
What was Dave's revenue in the first quarter 2025?
Dave (DAVE) reported revenue of $108M for the first quarter 2025 (Q1 2025), +47% from a year earlier and -55% from the quarter before.
Was Dave profitable in the first quarter 2025?
Operating profit was $33.9M (31.4% of revenue) and net earnings $28.8M.
Source: Dave 10-Q on SEC EDGAR.