Shares of Dave surged on Tuesday following the digital bank’s announcement of a profitable fourth quarter earlier than expected, with a positive outlook for growth in 2024.
Impressive Financial Results
- The stock price skyrocketed by 42% to reach $31.20, hitting a new 52-week high of $32.99.
- Dave reported a profit of $200,000 in the fourth quarter, showcasing a remarkable turnaround from a loss of $21.5 million in the previous year.
- Adjusted EBITDA stood at $10 million, a significant improvement from a loss of $12.8 million in the corresponding period.
- Total operating revenues climbed to $73.2 million, up from $59.6 million in the same period.
Optimistic Future Outlook
- Founder and CEO Jason Wilk credited the company’s dedicated execution of its growth strategy for surpassing guidance across all metrics and achieving profitability ahead of schedule.
- Dave anticipates revenue for the full year to reach between $305 million and $325 million, reflecting a substantial year-over-year growth of 18% to 25%.
- Adjusted EBITDA is forecasted to increase between $25 million to $35 million, a significant improvement from the loss of $10.1 million in 2023.
In conclusion, Dave‘s strong Q4 performance and optimistic growth forecasts for 2024 indicate a promising future for the digital bank.