Q2 2026 Dave Inc Earnings Call Transcript

Aug 5, 2026 / 09:00 PM GMT

Release Date Price: €372.6 (+7.69%)

Transcript 10-Q8-K

Key Points

Positve

Dave Inc (DAVE) delivered strong Q2 2026 results with revenue up 30% year-over-year to $171 million and adjusted EBITDA up 48% to $76 million, marking the ninth consecutive quarter of 30%+ revenue growth.
Member acquisition accelerated significantly, adding 951,000 new members (up 32% year-over-year), the fastest growth in nearly four years, while keeping customer acquisition costs flat at $19.
The company is successfully monetizing its user base by removing fee caps for new and grandfathered members, planning to raise the cap to $20, and exploring increasing maximum extra cash limits above $500, which should drive ARPU growth.
The rollout of CashAI v6.0, a new underwriting engine with 700+ model features, is delivering higher credit limits and expanded gross profit dollars without increasing loss rates, improving unit economics.
The new funding structure with Coastal Community Bank is enhancing capital efficiency, unlocking nearly $100 million in cash, and shifting net cash from extra cash receivables from a use of cash to a source of cash.
Credit performance remains strong, with the 28-day past due rate improving 14 basis points year-over-year to 2.12%, and the company raised its full-year 2026 guidance for revenue, adjusted EBITDA, and adjusted diluted EPS.

Negative

Dave Inc (DAVE) faces ongoing legal uncertainty from the Department of Justice (DOJ) matter, with no updates provided and the company continuing to vigorously defend its position.
The company recorded $37 million in non-cash charges from the mark-to-market of warrant and earn-out liabilities due to share price appreciation, which negatively impacted GAAP net income.
The removal of fee caps and increased marketing investment in the second half of 2026 are expected to temper fixed cost leverage over the next two quarters, potentially slowing margin expansion.
The Dave Flex Card is still in early testing phases and is not expected to contribute meaningful revenue in 2026, creating uncertainty about its future impact and potential cannibalization of extra cash volumes.
Sequential credit performance showed a slight increase in the 28-day past due rate due to seasonal normalization following Q1's tax refund season, indicating potential volatility in credit metrics.
The company's strategic shift away from direct deposit initiatives toward credit products may limit its ability to capture primary banking relationships, potentially capping long-term customer engagement.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DAVE.OQ - Dave Inc.
Q2 2026 Dave Inc Earnings Call
Aug 05, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon, everyone, and thank you for participating in today's conference call to discuss Dave's financial results for the second quarter ended June 30th, 2026. Joining us today are Dave's CEO, Mr. Jason Wilk, and the company's CFO and COO, Mr. Kyle Bileman.

By now, everyone should have access to the second quarter 2026 earnings press release, which was issued today after the market closed. The release is available in the Investor Relations section of Dave's website at investors.dave.com. This call will also be available for webcast replay on the company's website. Please note that this call is being recorded. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer

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