Dave (DAVE) investor relations material

Executive summary

• Q2 2026 revenue grew 30% year-over-year to $170.8 million, marking the ninth consecutive quarter of at least 30% annual revenue growth, driven by strong marketing efficiency, user growth, and increased ExtraCash origination and subscription revenue.

• Adjusted EBITDA rose 48% year-over-year to $75.5 million, with margin expanding to 44% due to operating leverage and disciplined cost management.

• Net income was $6.7 million, including $36.9 million in non-cash warrant and earnout remeasurement charges.

• Member acquisition reached 951,000 new members, up 32% year-over-year, with CAC held flat at $19; total members reached 15.2 million, up 17%.

• Strategic partnership with Coastal Community Bank improved capital efficiency, unlocking nearly $100 million in liquidity and reducing direct funding needs.

Financial highlights

• Total revenue was $170.8 million, up 30% year-over-year and nearly 8% sequentially.

• Adjusted EBITDA grew 48% year-over-year to $75.5 million, with a 44% margin, up nearly 600 basis points.

• Adjusted net income was $56.4 million, up 39% year-over-year; adjusted diluted EPS was $4.12, up 48%.

• Non-GAAP gross profit was $123.8 million, up 34% year-over-year; non-GAAP gross margin was 72%, up 300 basis points.

• Cash, investments, and restricted cash at quarter-end totaled $254.4 million, up from $123.2 million at year-end 2025.

Outlook and guidance

• Full-year 2026 guidance raised: revenue now expected at $725–$735 million (31–33% growth), adjusted EBITDA at $315–$325 million, and adjusted diluted EPS at $17.00–$17.50.

• Guidance assumes higher advertising investment, continued ARPU growth, gross margin expansion toward mid-70s, and no meaningful Flex revenue in 2026.

• Management anticipates sufficient liquidity for at least 12 months and the foreseeable future.