Quarterly ResultMay 5, 2026, 04:23 PM
Dave Q1 Revenue +46.7% to $158.4M; Net Income +101.1% to $57.9M
AI Summary
Dave Inc. reported strong financial results for the first quarter of 2026, with total operating revenues increasing by 46.7% to $158.4 million and net income more than doubling to $57.9 million. Basic net income per share also saw a significant rise to $4.31. The company generated substantial operating cash flow, while also undertaking significant Class A common stock repurchases and issuing convertible notes to bolster its capital structure.
Key Highlights
- Total operating revenues, net, increased 46.7% to $158.4 million for Q1 2026.
- Net income surged 101.1% to $57.9 million for the three months ended March 31, 2026.
- Basic net income per share rose to $4.31 in Q1 2026 from $2.19 in Q1 2025.
- Net cash provided by operating activities increased 81.3% to $82.0 million.
- The company repurchased $186.7 million of Class A common stock in Q1 2026.
- Dave issued $193.1 million in convertible notes, net, during the quarter.
- Cash and cash equivalents increased to $133.3 million as of March 31, 2026.
- Provision for credit losses increased to $26.6 million in Q1 2026 from $10.6 million.