--- title: "Dave | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 158.4 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285261656.md" datetime: "2026-05-05T20:29:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285261656.md) - [en](https://longbridge.com/en/news/285261656.md) - [zh-HK](https://longbridge.com/zh-HK/news/285261656.md) --- # Dave | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 158.4 M Revenue: As of FY2026 Q1, the actual value is USD 158.4 M, beating the estimate of USD 153.68 M. EPS: As of FY2026 Q1, the actual value is USD 4.02, beating the estimate of USD 2.6857. EBIT: As of FY2026 Q1, the actual value is USD 60.4 M. #### Operating Revenues - **GAAP Operating Revenues, Net**: Dave Inc. reported $158.4 million for Q1 2026, marking a 47% increase year-over-year from $108.0 million in Q1 2025. This growth was attributed to continued Monthly Transacting Members (MTM) growth and ARPU expansion . - **Service based revenue, net**: $147.6 million in Q1 2026, up from $97.9 million in Q1 2025 . - Processing and overdraft service fees, net: $133.6 million in Q1 2026, up from $83.4 million in Q1 2025 . - Subscriptions: $13.9 million in Q1 2026, up from $6.8 million in Q1 2025 . - Tips: $0 million in Q1 2026, down from $7.5 million in Q1 2025 . - Other service based revenue: $0.1 million in Q1 2026, down from $0.2 million in Q1 2025 . - **Transaction based revenue, net**: $10.8 million in Q1 2026, up from $10.1 million in Q1 2025 . - Interchange revenue, net: $6.2 million in Q1 2026, up from $5.9 million in Q1 2025 . - ATM revenue, net: $0.7 million in Q1 2026, down from $0.8 million in Q1 2025 . - Other transaction based revenue: $3.9 million in Q1 2026, up from $3.4 million in Q1 2025 . #### Profitability - **Non-GAAP Gross Profit**: Dave Inc. reported $114.4 million in Q1 2026, a 37% increase year-over-year from $83.4 million in Q1 2025 . - **Non-GAAP Gross Profit Margin**: 72% in Q1 2026, a decrease of -500 basis points year-over-year from 77% in Q1 2025 . - **GAAP Net Income**: $57.9 million in Q1 2026, a 101% increase year-over-year from $28.8 million in Q1 2025 . - **Adjusted Net Income**: $52.3 million in Q1 2026, a 61% increase year-over-year from $32.5 million in Q1 2025 . - **Adjusted EBITDA**: $69.3 million in Q1 2026, a 57% increase year-over-year from $44.2 million in Q1 2025 . - **Adjusted EBITDA Margin**: 44% in Q1 2026, up from 41% in Q1 2025 . #### Operating Costs - **Total Operating Expenses**: $98.9 million in Q1 2026, compared to $72.8 million in Q1 2025 . - **Provision for credit losses**: $26.6 million in Q1 2026, up from $10.6 million in Q1 2025, with the sequential increase attributed to quarter-end timing rather than credit quality . - **Processing and servicing costs**: $9.6 million in Q1 2026, up from $7.0 million in Q1 2025 . - **Financial network and transaction costs**: $7.8 million in Q1 2026, up from $7.0 million in Q1 2025 . - **Advertising and activation costs**: $14.3 million in Q1 2026, up from $11.9 million in Q1 2025 . - **Compensation and benefits**: $27.6 million in Q1 2026, up from $27.3 million in Q1 2025 . - **Technology and infrastructure**: $3.4 million in Q1 2026, up from $2.7 million in Q1 2025 . - **Other operating expenses**: $9.6 million in Q1 2026, up from $6.3 million in Q1 2025 . #### Other (Income) Expenses - **Interest expense, net**: $0.9 million in Q1 2026, down from $1.3 million in Q1 2025 . - **Changes in fair value of earnout liabilities**: -$3.2 million in Q1 2026, compared to -$0.4 million in Q1 2025 . - **Changes in fair value of public and private warrant liabilities**: -$8.3 million in Q1 2026, compared to $0.4 million in Q1 2025 . - **Total other (income) expense, net**: -$10.6 million in Q1 2026, compared to $1.3 million in Q1 2025 . #### Cash Flow and Liquidity - **Cash, cash equivalents, restricted cash, and investments**: Dave Inc. held $177.8 million as of March 31, 2026, an increase from $123.2 million as of December 31, 2025 . The $54.6 million increase was primarily driven by $82.0 million of net cash provided by operating activities and $175.7 million of net proceeds from a convertible notes offering. This was partially offset by $186.7 million of share repurchases and $8.2 million in tax payments . Dave Inc. maintains $113.3 million of remaining capacity under its existing share repurchase authorization . #### Unique Operational Metrics - **New members**: Increased 22% year-over-year to 695,000 in Q1 2026, with a customer acquisition cost of $18 . - **Monthly Transacting Members (MTMs)**: Increased 18% year-over-year to 2.99 million . - **ExtraCash originations**: Increased 37% year-over-year to $2.1 billion . - **ExtraCash Monetization Rate Net of Losses**: Expanded nearly 40 basis points to 5.1%, reaching its highest level in over four years . - **Average 28-day past due rate**: 1.69% in Q1 2026, a decrease from 1.70% in Q1 2025, marking a record Q1 low . - **Dave Debit Card spend**: Increased 9% year-over-year to $534 million . - **Share Repurchase Activity**: Approximately $195 million was deployed in Q1 2026, representing 7.0% of shares outstanding . #### Outlook / Guidance Dave Inc. raised its full-year 2026 guidance, projecting GAAP Operating Revenues, Net to be between $710 million and $720 million, representing 28%-30% year-over-year growth . Adjusted EBITDA is anticipated to be between $305 million and $315 million, while Adjusted Net Income per Diluted Share is expected to be between $16.25 and $16.75 . This revised guidance reflects Q1 outperformance and a positive outlook . ### Related Stocks - [DAVE.US](https://longbridge.com/en/quote/DAVE.US.md) ## Related News & Research - [Dave Reports First Quarter 2026 Financial Results | DAVE Stock News](https://longbridge.com/en/news/285258919.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [Bureau Veritas: All resolutions passed at May 19, 2026 Shareholders' Meeting.](https://longbridge.com/en/news/286946080.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [FRONTERA ANNOUNCES FIRST QUARTER 2026 RESULTS | FECCF Stock News](https://longbridge.com/en/news/286507909.md)