Banking app Dave surges after posting Q4 profit vs yr-ago loss

Dave

05/03/2024 16:11

** Banking app Dave's  DAVE.O  shares rise 46.7% to $32.13
in morning trading
    ** Company posts Q4 net income of $0.2 mln vs loss of $21.5
mln last year
    ** Q4 revenue jumped 23% to $73.2 mln compared to last year,
driven by jump in service based revenue
    ** DAVE earns service-based revenue mainly from tips,
subscriptions and processing fees charged to members
    ** Q4 monthly transacting members (MTMs) jumped 11% to 2.1
mln
    ** Co added 683,000 new members in Q4, while customer
acquisition costs fell 12%
    ** Q4 provision for credit losses fell to $14.5 mln from
$20.2 mln last year
    ** DAVE forecasts 2024 revenue between $305 mln to $325 mln
and adj EBITDA between $25 mln to $35 mln
    ** Including session's gain, stock has more than tripled YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))