| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 170.79 | 7.8% | 29.6% |
| Total Income | 170.79 | 7.8% | 29.6% |
| Expenditure | 156.12 | 76.9% | 29.8% |
| PBT | 14.67 | 79.1% | 27.4% |
| Net Profit | 6.69 | 88.5% | 26.0% |
| OPM | — | ||
| NPM | 3.92% | 32.66pp | 2.95pp |
| EPS | 0.53 | 87.7% | 22.1% |
Dave Reports Q2 2026 Financial Results: Revenue Grows 30% YoY to $170.8 Million
06 Aug 2026 · 6 Aug, 1:51 am
Summary
Dave Inc. announced its financial results for the second quarter ended June 30, 2026, reporting a 30% year-over-year revenue increase to $170.8 million, driven by MTM growth and ARPU expansion. Adjusted EBITDA saw a significant 48% rise to $75.5 million, achieving a 44% margin. Despite net income of $6.7 million being impacted by non-cash charges, the company raised its full-year 2026 guidance for revenue, Adjusted EBITDA, and Adjusted Diluted EPS, reflecting confidence in its business model and product roadmap.
Key Highlights
- 1
Dave Inc. reported second quarter 2026 revenue of $170.8 million, marking a 30% year-over-year increase driven by continued MTM growth and ARPU expansion.
- 2
Adjusted EBITDA increased by 48% year-over-year to $75.5 million, representing a 44% margin.
- 3
Net income for the quarter was $6.7 million, which included $36.9 million of non-cash warrant and earnout remeasurement charges.
- 4
The 28-day past due rate improved by 6% year-over-year to 2.12%, while ExtraCash originations grew 27% year-over-year to $2.3 billion.
- 5
The company raised its full-year 2026 guidance for Revenue, Adjusted EBITDA, and Adjusted Diluted EPS based on strong first-half performance.
- 6
New members increased by 32% to 951,000, with a customer acquisition cost of $19.
- 7
Monthly Transacting Members (MTMs) increased by 17% to 3.08 million.
Management Comments
Jason Wilk
We closed the first half with our ninth consecutive quarter of at least 30% year-over-year revenue growth as we once again demonstrated the strength and durability of our business. The rollout of CashAI v6.0, alongside the relaxing of legacy fee caps and planned higher ExtraCash limits, gives us even greater conviction in our ARPU outlook. In addition, early engagement with Dave Flex has been promising and we continue to expand test cohorts. At the same time, we expect MTM growth to accelerate in the second half of 2026, supported by strong member acquisition trends. Based on our strong first-half performance, the depth of our product roadmap, and the significant operating leverage we continue to see in our model, we are raising our full-year 2026 guidance for Revenue, Adjusted EBITDA, and Adjusted Diluted EPS.
Kyle Beilman
This quarter demonstrated the quality of our earnings growth. Non-GAAP gross margin expanded nearly 300 basis points year-over-year to 72%. Credit performance remained strong, with our 28-day past due rate improving 6% year-over-year while originations grew 27%. That strength has continued into the third quarter, supported by the early rollout of our CashAI v6.0 underwriting model, which we expect to sustain loss rates in a similar range to Q2 while driving larger ExtraCash origination sizes. With loss provision calendar dynamics turning favorable in the second half, we expect non-GAAP gross margin to continue expanding into the mid-70s. Marketing and activation investment grew 32% year-over-year while CAC held flat at $19, further demonstrating the scalability of our growth engine. As returns have exceeded our expectations at higher spend levels, we plan to invest above our original plan in the second half. Near term, that incremental investment is expected to shift our growth mix toward MTMs, as newer members begin at lower ARPU and monetize more over time. Our Coastal Community Bank funding structure had $93.0 million outstanding at the end of Q2. As this program scales, it makes our funding model significantly more capital-efficient, lowers our cost of funds, and frees up meaningful liquidity to pursue high-return organic growth opportunities and continue to return capital to shareholders.
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