Dave Inc.

Dave reported second-quarter 2026 revenue of $171 million, up 30% year over year and nearly 8% sequentially. Adjusted EBITDA was $76 million, up 48% year over year, with adjusted EBITDA margin at 44%, up nearly 600 basis points year over year. Non-GAAP gross profit was $124 million, up 34% year over year, and non-GAAP gross margin was 72%, up about 300 basis points year over year. Adjusted net income was $56 million, up 39% year over year, and adjusted diluted EPS was $4.12, up 48% year over year. For the full year 2026, the company now expects revenue of $725 million to $735 million, adjusted EBITDA of $315 million to $325 million, and adjusted diluted EPS of $17 to $17.50, assuming a 23% effective tax rate.

Jason Wilk’s tone was highly confident and focused on multiple growth levers working at once: strong member acquisition, better monetization, and more efficient funding. He emphasized that the business is still early in a large U.S. TAM of 185 million customers, and said Dave can keep pushing ExtraCash limits higher without compromising margins. He also framed Flex as a differentiated long-term opportunity, but said the company is prioritizing credit products and top-of-wallet engagement rather than direct deposit as the main strategic focus right now.

Kyle Beilman emphasized durable revenue growth, strong credit performance, and operating leverage. He cited 28-day past due at 2.12%, provision for credit losses of $29 million, non-GAAP gross margin of 72%, and adjusted EBITDA margin of 44%, while noting the quarter included $37 million of noncash warrant and earn-out remeasurement charges and $4.4 million of nonrecurring other operating expenses. He also highlighted capital efficiency gains from Coastal: cash, investments and restricted cash ended at $254 million, up from $178 million at March 31, with $93 million funded through the Coastal arrangement and $19 million of share repurchases completed in the quarter. He said the company raised guidance while planning higher advertising and activation spend in the second half, and expects gross margin to expand into the mid-70s over the balance of the year.

Analysts pressed on how much the fee-cap removal should lift monetization, and management said the Q2 impact was minimal because the change only affected new cohorts, but should compound meaningfully as newer users make up more of the MTM base; Kyle said the impacted advance band above $300 was roughly the majority of those new-cohort advances. Questions on higher ExtraCash limits led management to say the highest-limit users are mostly tenured members with very low loss rates, so expanding limits could even be additive on a weighted credit basis. On Flex, management said early conversion trends and credit results are positive, cannibalization of ExtraCash has not been material, and the product is being rolled out in test cohorts with no meaningful revenue contribution expected in 2026. Analysts also asked about direct deposit, and Jason said it is not a current strategic focus versus deepening credit engagement and winning top of wallet.