DAVE · Dave Inc.

Dave Inc. delivered exceptional Q1 2026 results, with revenue surging 47% year-over-year to $158.4 million, fueled by 18% growth in monthly transacting members to 2.99 million and 24% ARPU expansion, both exceeding targets despite tax season dynamics. Credit quality shone through with a record-low Q1 28-day past due rate of 1.69% and net monetization expanding to 5.1%, the highest in over four years, reflecting years of CashAI investments. GAAP net income more than doubled to $57.9 million, while adjusted EBITDA rose 57% to $69.3 million, underscoring earnings quality. CEO Jason Wilk highlighted consistent execution of the growth algorithm and early testing of the new Pay in 4 card product, leveraging underwriting advantages for future expansion. CFO Kyle Beilman noted customer acquisition efficiency nearing all-time highs with payback periods at nearly 3 months and sequential provision increase due to quarter-end timing, not credit deterioration. Liquidity strengthened to $177.8 million, boosted by $82 million operating cash flow and $175.7 million net convertible notes proceeds, enabling $194.9 million in aggressive share repurchases representing 7% of shares. With $113.3 million remaining authorization, capital returns remain core. Raised FY2026 guidance signals conviction: revenue to $710-720 million (28-30% growth), adjusted EBITDA $305-315 million, and adjusted diluted EPS $16.25-16.75, positioning Dave for sustained growth in neobanking and credit innovation.