Dave (DAVE) investor relations material

Executive summary

• Q1 2026 revenue grew 47% year-over-year to $158.4M, driven by member growth, higher ExtraCash origination, ARPU expansion, and monetization improvements.

• Net income increased 101% year-over-year to $57.9M, and adjusted EBITDA rose 57% to $69.3M with a 44% margin.

• Monthly Transacting Members (MTMs) grew 18% year-over-year to 2.99M, and ARPU increased 24%.

• Share repurchases totaled approximately $195M in Q1, reducing shares outstanding by 6–7%.

• Launched Dave Flex, a pay-in-four credit product, in controlled market testing.

Financial highlights

• GAAP operating revenues: $158.4M, up 47% year-over-year.

• Adjusted EBITDA: $69.3M, up 57% year-over-year, with a 44% margin.

• Non-GAAP gross profit: $114.4M, gross margin 72%.

• GAAP net income: $57.9M, up 101% year-over-year.

• Adjusted net income: $52.3M; adjusted diluted EPS: $3.64.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $710–$720M (28–30% growth).

• Adjusted EBITDA guidance increased to $305–$315M.

• Adjusted diluted EPS guidance raised to $16.25–$16.75.

• Non-GAAP gross margin expected to expand into the mid-70s for the remainder of the year.

• Management expects continued opportunistic share repurchases.