Dave Q2 Earnings Call Highlights

Strong Q2 performance: Revenue rose 30% year over year to $171 million, while adjusted EBITDA increased 48% to $76 million, resulting in a 44% margin. Member growth accelerated, with 951,000 new members and monthly transacting members reaching 3.08 million. ExtraCash expansion and improving credit trends: ExtraCash originations climbed 27% to $2.3 billion, with the average advance reaching a record $215. Dave is expanding fee and advance limits while rolling out CashAI v6, which has shown higher originations and lower loss rates in early testing. 2026 outlook raised: Dave increased full-year revenue guidance to $725 million-$735 million and adjusted EBITDA guidance to $315 million-$325 million. The company also secured a $225 million funding facility with Coastal Community Bank, unlocking nearly $100 million in cash, while investing more heavily in customer acquisition.

Dave NASDAQ: DAVE reported second-quarter results marked by 30% revenue growth, expanding profitability and increased investment in customer acquisition, while raising its full-year outlook. Revenue for the quarter ended June 30 rose 30% year over year to $171 million. Adjusted EBITDA increased 48% to $76 million, producing a 44% adjusted EBITDA margin. CEO Jason Wilk said the quarter represented the company’s ninth consecutive period of revenue growth above 30%.

“Our growth engine remains incredibly strong,” Wilk said, citing marketing efficiency, user growth and additional opportunities to increase average revenue per user, or ARPU. Member Growth and ExtraCash Activity Dave added 951,000 new members during the quarter, a 32% increase from a year earlier and its fastest member growth in nearly four years, according to Wilk. Customer acquisition cost remained flat at $19 while the company increased acquisition activity. Monthly transacting members rose 17% year over year to 3.08 million, while ARPU increased 11%. CFO and COO Kyle Beilman said the company’s growth mix shifted toward member acquisition during the quarter as it increased spending at the top of the marketing funnel. ExtraCash originations reached $2.3 billion, up 27% year over year. The average ExtraCash advance rose to a record $215. Wilk said the company has removed its $15 fee cap for new members and has begun removing the cap for a large portion of existing members. The remaining grandfathered members are expected to receive a higher $20 fee cap effective in August. Beilman said the pricing changes had little effect on second-quarter results because they initially applied primarily to new customers, whose limits tend to be smaller. However, he said the impact should build over time as the changes reach more of the member base. The company also plans to raise maximum ExtraCash limits beyond the current $500 threshold. Management said higher-limit customers are generally more tenured members with lower loss rates, potentially allowing the company to increase dollar-weighted originations without worsening credit performance. CashAI Upgrade and Credit Performance Dave began rolling out CashAI v6, the latest version of its cash-flow underwriting system. Wilk said the upgraded model uses more than 700 features, including nearly 400 new ones. The company said the model is intended to expand gross-profit dollars while keeping losses within its targeted range, rather than simply minimizing loss rates. Beilman said the model had been rolled out to roughly one-third of the user base and early results pointed to higher average originations and lower loss rates. The company