Dave Inc (NASDAQ:DAVE), a banking app on a mission to build products that level the financial playing field, stock fell 5.67% (As on Mar 22, 12:58:13 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 21 has reported the Non-GAAP operating revenues of $42.2 million, compared to $36.5 million in the fourth quarter of 2020. The company posted Non-GAAP variable profit margin of 48% for the period, consistent with the fourth quarter of 2020. The company delivered Net loss of $15.2 million, compared to $34.6 million in the fourth quarter of 2020 and Adjusted EBITDA of $(12.6) million, compared to $(9.1) million in the fourth quarter of 2020. During the fourth quarter, the company has added 440,000 Net New Members, bringing the total to 6 million Total Members, has added 1.51 million Monthly Transacting Members and has added 4.5 Transactions Per Monthly Transacting Member. DAVE’s transition in January 2022 to a public company was a significant milestone for the company.

or fiscal 2021, the company has reported Non-GAAP operating revenues of $157.6 million, compared to $125.4 million in 2020, Non-GAAP variable profit margin of 53%, compared to 59% in 2020, Net loss of $20.0 million, compared to $7.0 million in 2020 and Adjusted EBITDA of $(36.5) million, compared to $1.9 million in 2020

For fiscal 2022, the Company expects Non-GAAP operating revenues to be between $200 million and $230 million and Non-GAAP variable profit margin to be between 44% and 48%.

Meanwhlle, the company has announced a strategic partnership with West Realm Shires Services, Inc., owner and operator of FTX US, whereby the companies will work together to expand the digital assets ecosystem. FTX Ventures, a $2B venture fund, has also invested $100 million in Dave. With this investment, Dave has significantly enhanced its balance sheet with additional resources to expedite its growth strategy and invest in future initiatives, including those crypto-related. The $100 million investment was made pursuant to an unsecured convertible note, which bears interest at a rate of 3.00% per year (compounded semi-annually). Interest may be paid in-kind or in cash, at the Company’s option. Forty-eight months after the date of the initial issuance of the Note (the “Issuance Date”), the Company will pay the FTX Ventures the sum of (i) the outstanding principal amount of the Note, plus (ii) all accrued but unpaid interest thereon, plus (iii) all expenses incurred by the FTX Ventures. Payment of the Redemption Price on the Maturity Date will constitute a redemption of the Note in whole.