Dave Inc. Class A Common Stock Q3 2026 Earnings Recap

Dave shares fell 18.1% after earnings, despite the company raising full-year guidance. The transcript offers no explicit explanation for the selloff; a possible concern is that Dave Flex is still early-stage, with no meaningful revenue expected in 2026 and a more significant contribution not expected until the second half of 2027.

Key Takeaways

• Revenue grew 31% year over year, and management raised full-year guidance for revenue, adjusted EBITDA, and adjusted diluted EPS.
• The company added a record 1.1 million members, up 35% year over year. Marketing spend rose more than 50%, while CAC increased 14%.
• Extra Cash originations were $2.5 billion, up 23% year over year. Average Extra Cash size was $218 for the quarter and reached $225 in September; the 28-day past-due rate was 2.09% for the quarter and below 2% on September originations.
• Non-GAAP gross profit reached a record $138 million, up 33% year over year; annualized gross profit per MTM increased about $19 to $175.
• Dave Flex adoption reached the double-digit thousands, with better-than-expected acquisition costs and cross-product adoption. Management said it expects no meaningful Flex revenue in 2026 and a more significant contribution in the second half of 2027.