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Green Dot Reports Third Quarter 2026 Results

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  • Green Dot Corporation reported financial results for the quarter ended September 30, 2026, showing total operating revenues of $601.1 million, a 21% increase from the prior year period.
  • GAAP net loss for the quarter was $7.4 million, representing a 76% improvement over the $30.8 million loss recorded in the same period of 2025.
  • Non-GAAP adjusted EBITDA reached $25.8 million for the quarter, up 9% year-over-year, while non-GAAP net income was $3.1 million.
  • The company's B2B Services segment led revenue growth, driven by its Banking-as-a-Service (BaaS) division, with segment profit increasing to $31.2 million.
  • Consumer Services segment revenue declined due to headwinds in retail channels, though revenue per active account and volume metrics showed growth.
  • Money Movement Services revenue decreased slightly, primarily due to seasonal declines in tax processing, although year-to-date tax revenue rose nearly 17%.
  • Green Dot maintains an active acquisition strategy, with a proposed transaction to be acquired by Smith Ventures and CommerceOne, expected to close in the first quarter of 2027.
  • The proposed deal involves Smith Ventures acquiring the non-bank fintech assets while CommerceOne acquires Green Dot Bank to serve as the exclusive sponsor bank.
  • Regulatory approvals from the Federal Reserve, Alabama, and Utah banking authorities remain pending before the transactions can be finalized.
  • The company will not host an earnings conference call or provide 2026 financial guidance following this release due to the pending acquisition.
  • Cash at the holding company stood at approximately $38 million as of September 30, 2026, with total unrestricted cash and equivalents across the entity at $1.17 billion.
  • The 2026 Annual Meeting of Stockholders is scheduled for December 21, 2026, to comply with NYSE listing standards if the acquisition does not close before year-end.
  • Corporate and Other segment revenue grew year-over-year, benefiting from interest rate spreads and optimization of the securities portfolio.
  • The company continues to invest in its platform and regulatory infrastructure to support growth in embedded finance and attract new partners.