Dave (DAVE) investor relations material

Business performance and key metrics

• Achieved over $550 million in revenue and $230 million in EBITDA, with 60% year-over-year revenue growth in 2025.

• Monthly transacting members (MTMs) grew 19% to 2.9 million, with nearly 900,000 new customers acquired in the quarter.

• Total originations exceeded $2 billion per quarter, and the 28-day past due loss rate improved to 1.89%.

• ARPU grew 36% in the quarter, driven by higher limits and new product cross-sell opportunities.

• Adjusted EBITDA margins expanded by 1,100 basis points in Q4 2025, reflecting strong operating leverage.

Product innovation and AI integration

• CashAI v5.5, launched in September, added 200 new features, improving origination per user and reducing loss rates.

• CashAI v6.0 is set for testing later in the year, with expectations for further feature expansion.

• AI is used in underwriting, customer support (80% of tickets handled by AI), marketing creative, and fraud detection.

• The new pay-in-four Flex Card will offer installment payments, targeting subprime credit card users with transparent fees and no interest or late fees.

Business model, defensibility, and competitive landscape

• Operates in a highly regulated space with significant data and capital requirements, making replication difficult.

• Differentiates by underwriting external accounts without requiring direct deposit, leading to resilient CAC and strong word-of-mouth growth.

• Despite competition from large players like Chime and Cash App, continues to acquire customers at scale with no increase in CAC.

• 97% of originations are from repeat customers, with average tenure close to two years, indicating high retention.