Dave Inc. Class A Common Stock Earnings Recaps
Q1 2026
May 7, 2026
Shares dropped 5.5% after earnings as investors likely reacted negatively to signs of revenue and origination size deceleration, along with cautious outlook remarks despite management’s upbeat framing. The market evidently responded skeptically, focusing on deceleration and limited near-term impact from new initiatives despite strong headline growth figures.
Key takeaways
- Revenue grew 47% year-over-year to $158.4 million, while adjusted EBITDA increased 57% to $69.3 million, maintaining a healthy 44% margin.
- Member growth continues with 18% year-over-year increase in monthly transacting members, reaching 2.99 million, though still a small share of the total $185 million customer TAM.
- Average ExtraCash origination size declined sequentially to $212 in Q1 from prior quarters, attributed to higher tax refunds, though it modestly rebounded to $214 in April.
- Customer acquisition cost remained flat year-over-year at $18, improving sequentially by 11%, aiding member growth despite Q1 marketing challenges.
- New Pay in 4 product, Dave Flex, launched in limited trial; management does not expect meaningful 2026 revenue contribution and emphasized a “test and learn” approach.
Q3 2025
Nov 5, 2025
Dave reported a record third quarter, achieving a 63% year-over-year revenue increase to $150.8 million, alongside a robust adjusted EBITDA of $58.7 million, reinforcing its strategic focus on maximizing gross profit.
Key takeaways
- Monthly transacting members grew 17% year-over-year to 2.77 million, reflecting strong customer engagement.
- CashAI v5.5 rollout delivered improved credit performance, boosting ExtraCash originations by 49% year-over-year.
- New pricing models have enhanced net monetization rates, resulting in better portfolio spreads and member lifetime value.
- High-margin subscription revenue rose 57% year-over-year, with a $3 monthly fee for new members contributing significantly to profitability.
- Cost to acquire new members remained stable, while payback periods improved to under 4 months, indicating efficient growth strategies.