Dave Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• GAAP Operating Revenues, Net reached $198 million in Q3 2026, a 31% year-over-year increase from $151 million in Q3 2025.
• Non-GAAP Gross Profit was $138 million, up 33% year-over-year, with a Non-GAAP Gross Profit Margin of 70% (up 100 basis points from 69% in Q3 2025).
• GAAP Net Income was $64 million, a 31% decrease from $92 million in Q3 2025.
• Adjusted Net Income was $60 million, down 7% year-over-year from $65 million.
• Adjusted EBITDA increased 39% year-over-year to $82 million, representing a 41% margin (up from 39% in Q3 2025).
• Adjusted Net Income per Diluted Share was $4.39, a 1% decrease year-over-year.
• Variable operating expenses included Provision for credit losses ($36.6 million), Processing and servicing costs ($12.8 million), and Financial network and transaction costs ($10.4 million).
• Cash, cash equivalents, restricted cash, and investments totaled $315 million as of September 30, 2026, up from $254 million as of June 30, 2026.
• Debt facility with Coastal Community Bank had $159 million outstanding at quarter end, up from $93 million in June 2026.
• Convertible notes (net of discount and issuance costs) totaled $193.5 million as of September 30, 2026.
• Total liabilities were $350.8 million as of September 30, 2026, compared to $134.7 million as of December 31, 2025.

Guidance and Future Outlook:

• Raised 2026 GAAP Operating Revenues, Net guidance to $746–$750 million (prior: $725–$735 million), implying 35% year-over-year growth.
• Raised 2026 Adjusted EBITDA guidance to $327–$330 million (prior: $315–$325 million).
• Raised 2026 Adjusted Net Income per Diluted Share guidance to $17.45–$17.65 (prior: $17.00–$17.50).
• Q4 2026 credit is tracking in line with September, with an expected 28-day past due rate below 2.00%.
• Management expects Q4 non-GAAP gross margin to be above Q2 levels.
• A broader rollout of Dave Flex is planned for 2027.

Business Segments and Product Lines:

• New members increased 35% year-over-year to 1,135,000, with a customer acquisition cost of $22.
• Monthly Transacting Members (MTMs) increased 18% year-over-year to 3.15 million.
• ExtraCash originations increased 23% year-over-year to $2.5 billion.
• ExtraCash Monetization Rate Net of Losses expanded approximately 40 basis points year-over-year to 5.2%.
• Dave Debit Card spend increased 5% year-over-year to $533 million.
• Dave Flex, a new Pay in Four credit card, grew adoption from single- to double-digit thousand actives during Q3.
• Average ExtraCash size reached $225 in September following the deployment of CashAI v6.0.
• Gross monetization rate was approximately 7.0% in September as legacy fee caps were relaxed.

Market and Competitive Landscape:

• The 28-day past due rate improved to 2.09% in Q3 2026 from 2.15% in Q3 2025 and fell below 2.00% in September.
• Static pool loss rates are tracking flat to down year-over-year.
• Management noted the company is in a highly competitive industry.

Risks and Challenges:

• Provision for credit losses increased to $36.6 million in Q3 2026 from $29.9 million in Q3 2025, reflecting portfolio growth, mix, and credit performance.
• Non-GAAP gross margin decreased sequentially from 72% in Q2 2026 to 70% in Q3 2026, attributed to Coastal funding costs (approx. 100 basis points) and provision changes.
• The company faces risks related to regulatory uncertainty, fluctuating interest rates, inflation, and the Department of Justice's lawsuit against Dave.
• Reliance on two bank partners (Coastal Community Bank and Victory Park Management) presents concentration risk.

Management Commentary and Tone:

• CEO Jason Wilk described Q3 as "another strong quarter," citing accelerating revenue growth and improved unit economics.
• CFO Kyle Beilman highlighted the operating leverage of the model, noting Adjusted EBITDA grew 39% despite marketing investment increasing over 50%.
• Management expressed confidence in the ability to responsibly extend more credit while delivering value to members.
• The tone indicated optimism regarding the transition of funding, capital efficiency, and the potential for accelerated growth and capital return.

Other Key Points:

• The Company deployed approximately $20 million in Q3 to reduce share count via restricted stock unit net settlements and open market share repurchases.
• $88 million remained available under the share repurchase authorization as of September 30, 2026.
• In early October 2026, the Company repaid the $75 million outstanding under its debt facility with Victory Park Management, LLC.
• The calculation of MTMs was updated in Q3 2026 to exclude members with only low-engagement, non-monetized activity related to Goals accounts; prior periods were recast.
• The company hosts a conference call on November 4, 2026, at 4:30 p.m. Eastern time to discuss results.