--- title: "DAVE INC C/WTS 05/01/2027 (TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 158.41 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285302955.md" datetime: "2026-05-06T03:15:22.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285302955.md) - [en](https://longbridge.com/en/news/285302955.md) - [zh-HK](https://longbridge.com/zh-HK/news/285302955.md) --- # DAVE INC C/WTS 05/01/2027 (TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 158.41 M Revenue: As of FY2026 Q1, the actual value is USD 158.41 M. EPS: As of FY2026 Q1, the actual value is USD 4.02. EBIT: As of FY2026 Q1, the actual value is USD 71.07 M. Dave Inc. operates as a single operating and reportable segment, providing mobile-first financial services . #### Revenue - **Total Operating Revenues, Net**: Increased by $50.4 million (47%) to $158.4 million for the three months ended March 31, 2026, from $107.9 million for the same period in 2025 . - **Service Based Revenue, Net**: Totaled $147.6 million in Q1 2026, up from $97.9 million in 2025 . - **Processing and Overdraft Service Fees, Net**: Increased by $50.1 million (60%) to $133.6 million in Q1 2026, from $83.4 million in Q1 2025 . - **Tips**: Decreased by - $7.5 million, from $7.5 million in Q1 2025 to $0 in Q1 2026 . - **Subscriptions**: Grew by $7.1 million (105%) to $13.9 million in Q1 2026, from $6.8 million in Q1 2025 . - **Transaction Based Revenue, Net**: Increased by $0.7 million (7%) to $10.8 million in Q1 2026, from $10.1 million in Q1 2025 . #### Operating Expenses - **Total Operating Expenses**: Increased by $26.0 million (36%) to $98.8 million in Q1 2026, from $72.8 million in Q1 2025 . - **Provision for Credit Losses**: Increased by $16.0 million (151%) to $26.6 million in Q1 2026, from $10.6 million in Q1 2025 . - **Processing and Servicing Costs**: Increased by $2.6 million (37%) to $9.6 million in Q1 2026, from $7.0 million in Q1 2025 . - **Financial Network and Transaction Costs**: Increased by $0.7 million (10%) to $7.8 million in Q1 2026, from $7.0 million in Q1 2025 . - **Advertising and Activation Costs**: Increased by $2.3 million (20%) to $14.3 million in Q1 2026, from $11.9 million in Q1 2025 . Customer acquisition cost improved to approximately $18, with payback periods improving to nearly three months . - **Compensation and Benefits**: Increased by $0.3 million (1%) to $27.6 million in Q1 2026, from $27.3 million in Q1 2025 . - **Technology and Infrastructure**: Increased by $0.7 million (25%) to $3.4 million in Q1 2026, from $2.7 million in Q1 2025 . - **Other Operating Expenses**: Increased by $3.4 million (54%) to $9.7 million in Q1 2026, from $6.3 million in Q1 2025 . #### Other (Income) Expenses - **Interest Income**: Increased by $0.4 million (91%) to - $0.8 million in Q1 2026, from - $0.4 million in Q1 2025 . - **Interest Expense**: Decreased by - $0.03 million (-2%) to $1.7 million in Q1 2026, from $1.8 million in Q1 2025 . - **Changes in Fair Value of Earnout Liabilities**: Resulted in a benefit of - $3.2 million in Q1 2026, compared to a benefit of - $0.4 million in Q1 2025 . - **Changes in Fair Value of Public and Private Warrant Liabilities**: Resulted in a benefit of - $8.3 million in Q1 2026, compared to a loss of $0.4 million in Q1 2025 . #### Net Income and Taxes - **Net Income Before Provision for Income Taxes**: Rose to $70.2 million in Q1 2026, from $33.9 million in Q1 2025 . - **Provision for Income Taxes**: Increased by $7.2 million (142%) to $12.2 million in Q1 2026, from $5.1 million in Q1 2025 . - **Net Income**: Increased to $57.9 million in Q1 2026, from $28.8 million in Q1 2025 . #### Cash Flow - **Net Cash Provided by Operating Activities**: Increased by $36.8 million to $82.0 million in Q1 2026, from $45.2 million in Q1 2025 . - **Net Cash Used in Investing Activities**: Was - $10.1 million in Q1 2026, compared to - $28.1 million in Q1 2025 . - **Net Cash Used in Financing Activities**: Was - $19.1 million in Q1 2026, compared to - $19.9 million in Q1 2025 . #### Unique Metrics - **ExtraCash Receivables, Net**: Totaled $279.1 million as of March 31, 2026, compared to $297.3 million as of December 31, 2025 . - **ExtraCash Origination Volume**: Increased from approximately $1.5 billion to $2.1 billion for the three months ended March 31, 2025 and 2026, respectively . - **Average ExtraCash Amounts**: Increased from $192 to $212 period over period . - **Dave Debit Card Spend**: $534 million in Q1 2026, a 9% increase year-over-year . - **Legal Settlement Accrual**: $7.9 million as of March 31, 2026 . - **Debt Facility Outstanding**: $75.0 million as of March 31, 2026, maturing in December 2026 . - **Convertible Notes**: $200.0 million aggregate principal amount of 0% Convertible Senior Notes due 2031 issued in March 2026, with net proceeds of approximately $193.4 million . - **Share Repurchases**: 912,622 shares of Class A common stock repurchased for approximately $186.7 million in Q1 2026, with approximately $113.3 million remaining available under the Repurchase Program as of March 31, 2026 . - **Capped Call Transactions Cost**: Approximately $17.3 million . - **Weighted-Average Remaining Lease Term - Operating Lease**: 1.57 years as of March 31, 2026 . - **Weighted-Average Discount Rate - Operating Lease**: 10% as of March 31, 2026 . - **401(k) Employer Matching Contributions**: $0.7 million for Q1 2026, up from $0.6 million for Q1 2025 . #### Future Outlook and Strategy Dave Inc. recently launched Dave Flex, a general purpose credit card, in a controlled market to validate economic assumptions and refine risk management for future expansion . The company anticipates transitioning ExtraCash receivables to an off-balance-sheet structure with Coastal Community Bank by the end of 2026 to reduce funding obligations and improve capital efficiency . Dave Inc. is evaluating alternatives for its $75.0 million Debt Facility maturing in December 2026, including refinancing, extending maturity, or full repayment, believing current liquidity and cash flow are sufficient to meet this obligation . ### Related Stocks - [DAVEW.US](https://longbridge.com/en/quote/DAVEW.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [American Power Group's CEO Provides Insights From The 2026 ACT Expo Held May 4-7, 2026 | APGI Stock News](https://longbridge.com/en/news/286786503.md) - [Correction: NextNRG to Host First Quarter 2026 Financial Results Conference Call on May 18, 2026 at 9:00 a.m. ET | NXXT Stock News](https://longbridge.com/en/news/286673001.md) - [Keysight Technologies Reports Second Quarter 2026 Results | KEYS Stock News](https://longbridge.com/en/news/286959830.md)