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Dave’s Strong Q4 Performance

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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.

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