Dave (DAVE) investor relations material

Executive summary

• Q2 2026 revenue grew 30% year-over-year to $170.8 million, with adjusted EBITDA up 48% to $75.5 million at a 44% margin, driven by strong member acquisition, ARPU growth, and robust retention.

• Net income was $6.7 million, including $36.9 million in non-cash warrant and earnout remeasurement charges.

• Added 951,000 new members in Q2, up 32% year-over-year, with customer acquisition cost held flat at $19.

• Achieved ninth consecutive quarter of 30%+ revenue growth, supported by efficient marketing and product innovation.

• Launched Dave Flex credit card in early testing and transitioned ExtraCash origination to Coastal Community Bank, reducing direct funding needs.

Financial highlights

• GAAP operating revenues for Q2 2026 were $170.8 million, up from $131.7 million in Q2 2025.

• Adjusted EBITDA grew 48% year-over-year to $75.5 million, with margin expanding to 44%.

• Adjusted net income was $56.4 million, up 39% year-over-year; adjusted diluted EPS was $4.12, up 48%.

• Non-GAAP gross profit was $123.8 million, up 34% year-over-year; non-GAAP gross margin was 72%, up 300 basis points.

• Cash, investments, and restricted cash at quarter-end totaled $254.4 million, up from $123.2 million at year-end 2025.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $725–$735 million (31–33% year-over-year growth), with adjusted EBITDA guidance increased to $315–$325 million and adjusted diluted EPS to $17.00–$17.50.

• Guidance assumes higher advertising investment, continued ARPU growth, and gross margin expansion toward mid-70s.

• Management anticipates sufficient liquidity for at least 12 months and the foreseeable future.