Dave | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 170.8 M

Revenue: As of FY2026 Q2, the actual value is USD 170.8 M, missing the estimate of USD 171.11 M.

EPS: As of FY2026 Q2, the actual value is USD 0.49, missing the estimate of USD 3.3552.

EBIT: As of FY2026 Q2, the actual value is USD 15.4 M.

Financial Highlights (Second Quarter 2026 vs. Second Quarter 2025)

Dave Inc. reported GAAP Operating Revenues, Net of $170.8 million for Q2 2026, an increase of 30% year-over-year from $131.7 million in Q2 2025.

Non-GAAP Gross Profit was $123.8 million in Q2 2026, up 34% from $92.0 million in Q2 2025. The Non-GAAP Gross Profit Margin expanded by 300 basis points year-over-year to 72% in Q2 2026, compared to 70% in Q2 2025.

GAAP Net Income for Q2 2026 was $6.7 million, a decrease of -26% from $9.1 million in Q2 2025, including $36.9 million of non-cash warrant and earnout remeasurement charges. Adjusted Net Income increased by 39% year-over-year to $56.4 million in Q2 2026, up from $40.5 million in Q2 2025. Adjusted EBITDA grew 48% year-over-year to $75.5 million in Q2 2026, representing a 44% margin.

Operating Revenues, Net (Second Quarter 2026)

Service based revenue, net totaled $160.0 million, which included $144.9 million from processing and overdraft service fees, net, and $15.1 million from subscriptions. Transaction based revenue, net was $10.8 million, comprising $6.0 million from interchange revenue, net, and $0.6 million from ATM revenue, net.

Operating Expenses (Second Quarter 2026)

Total operating expenses were $118.5 million. Key components included provision for credit losses at $28.8 million, processing and servicing costs at $10.3 million, financial network and transaction costs at $7.9 million, advertising and activation costs at $20.3 million, compensation and benefits at $35.7 million, technology and infrastructure at $3.8 million, and other operating expenses at $11.7 million.

Other (Income) Expenses (Second Quarter 2026)

Interest expense, net was $0.7 million. Changes in fair value of earnout liabilities were $11.3 million, and changes in fair value of public and private warrant liabilities were $25.6 million.

Liquidity Summary (as of June 30, 2026)

Dave Inc. had $254.4 million in cash and cash equivalents, investments, and restricted cash, an increase of $76.6 million from $177.8 million as of March 31, 2026. This increase was primarily driven by $93.0 million funded through the Coastal Community Bank arrangement. The company repurchased $19.1 million of shares during the quarter, with $94.1 million remaining available under its share repurchase authorization.

Operational Metrics (Second Quarter 2026 vs. Second Quarter 2025)

New members increased 32% to 951,000, with a customer acquisition cost of $19. Monthly Transacting Members (MTMs) increased 17% to 3.08 million. ExtraCash originations increased 27% to $2.3 billion, and the ExtraCash Monetization Rate Net of Losses expanded nearly 9 basis points to 4.8%. The 28-day past due rate improved 6% to 2.12%, and Dave Debit Card spend increased 7% to $530 million.

2026 Financial Guidance

Dave Inc. raised its full-year 2026 guidance, now expecting GAAP Operating Revenues, Net to be between $725 million and $735 million, representing 31% to 33% year-over-year growth. Adjusted EBITDA is projected to be between $315 million and $325 million. Adjusted Net Income per Diluted Share is expected to be between $17.00 and $17.50.