| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 158.41 | 46.7% |
| Total Income | 158.41 | 46.7% |
| Expenditure | 88.25 | 19.1% |
| PBT | 70.16 | 107.1% |
| Net Profit | 57.94 | 101.1% |
| OPM | — | |
| NPM | 36.57% | 9.89pp |
| EPS | 4.31 | 96.8% |
Dave Inc. Reports Q1 2026 Revenue Up 47% Y/Y to $158.4 Million
06 May 2026 · 6 May, 1:53 am
Summary
Dave Inc. reported strong financial results for the first quarter ended March 31, 2026. Revenue increased by 47% year-over-year to $158.4 million, driven by growth in Monthly Transacting Members and Average Revenue Per User. Net income grew by 101% to $57.9 million, and adjusted EBITDA increased by 57% to $69.3 million. The company also raised its full-year 2026 guidance for revenue, adjusted EBITDA, and adjusted diluted EPS.
Key Highlights
- 1
Dave Inc. reported a 47% year-over-year increase in revenue for Q1 2026, reaching $158.4 million.
- 2
Net income for Q1 2026 grew by 101% year-over-year to $57.9 million.
- 3
Adjusted EBITDA increased by 57% year-over-year to $69.3 million in Q1 2026.
- 4
The company's 28-Day Past Due rate reached a record Q1 low of 1.69%.
- 5
Net Monetization expanded to 5.1%, marking its highest level in over four years.
- 6
Approximately $195 million was deployed in share repurchase activity, representing 7.0% of shares outstanding.
- 7
The company raised its 2026 revenue, Adjusted EBITDA, and Adjusted Diluted EPS guidance.
Management Comments
Jason Wilk
We delivered another exceptional quarter to start the year, driven by record credit performance and consistent strong execution against our growth algorithm. We also began member testing of our new Pay in 4 card product in early April. We believe our underwriting advantage with CashAI differentiates us in the credit card and BNPL market and will further position us to drive the next phase of significant growth.
Kyle Beilman
Q1 was another quarter where we demonstrated the quality and consistency of our business model and the excellent execution of our team. Our Net Monetization Rate of 5.1%, its highest level in more than four years, alongside the strongest Q1 credit performance in company history underpin the quality of our earnings growth. These results reflect what we believe is durable, structurally strong member demand: customer acquisition efficiency is nearing all-time highs with payback periods at nearly 3 months, and our growing product roadmap — with Pay in 4 card member testing underway — gives us strong conviction in our ability to deliver on our growth algorithm for many years to come. I also want to provide context on the sequential increase in our provision for credit losses. With March 31 falling on a Tuesday, ExtraCash receivables were at their intra-week peak at quarter-end, creating an unfavorable timing dynamic that resulted in a higher reserve build on a larger outstanding portfolio. Importantly, this reflects quarter-end timing rather than a credit-quality signal, as our underlying credit performance continues to trend favorably. Based on Q1 outperformance and our positive outlook, we are raising full-year 2026 guidance across all three metrics. On capital allocation, we deployed $194.9 million in share repurchase activity during Q1, exceeding net proceeds from our convertible note offering. We intend to continue repurchasing shares opportunistically as a core component of our capital allocation strategy.
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