EX-99.1

2 dave-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Dave Reports Third Quarter 2026 Financial Results

Q3 Revenue Growth Accelerates to 31% Y/Y to $198 Million, Driven by Record New Member Acquisition as well as Continued MTM Growth and ARPU Expansion

28-DPD Rate Improves Y/Y and Q/Q to 2.09%, Falling Below 2.00% in September; Net Monetization Rate Expands to 5.2%, Its Highest Level in Five Years

Net Income of $64 Million; Adj. EBITDA Increases 39% Y/Y to $82 Million, Representing a 41% Margin

Raises 2026 Revenue, Adj. EBITDA and Adj. Diluted EPS Guidance

LOS ANGELES, CA – November 4, 2026 – Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the third quarter ended September 30, 2026.

“Q3 was another strong quarter, with revenue growth accelerating to 31% year-over-year, driven by faster MTM growth and continued ARPU expansion,” said Jason Wilk, Founder and CEO of Dave. “Our 28-day past due rate improved year-over-year and sequentially to 2.09%, even as originations grew 23% from a year ago. In September, with CashAI v6.0 fully deployed, average ExtraCash size reached $225, our 28-day past due rate fell below 2.00%, and our gross monetization rate was approximately 7.0% as we relaxed legacy fee caps. Together, these changes let us responsibly extend more credit while delivering greater value to members and strengthening unit economics. Based on this momentum, we are raising our full-year 2026 guidance for Revenue, Adjusted EBITDA and Adjusted Diluted EPS.”

Wilk added, “We are also seeing solid early traction with Dave Flex, our new Pay in Four credit card that gives members greater flexibility in managing everyday purchases. During Q3, we grew Dave Flex adoption from single- to double-digit thousand actives, through both cross-selling to existing members and direct customer acquisition at better-than-expected acquisition costs. We are additionally encouraged by strong cross product adoption with ExtraCash that suggests significant upside to baseline member lifetime value. We are excited to continue expanding access to more members ahead of a broader rollout planned for 2027.”

Quarterly Financial Highlights ($ in millions, except for per share amounts, unaudited)

3Q25

4Q25

1Q26

2Q26

3Q26

GAAP Operating Revenues, Net

$151

$164

$158

$171

$198

% Change vs. prior year period

63%

62%

47%

30%

31%

Non-GAAP Gross Profit*

$104

$122

$114

$124

$138

% Change vs. prior year period

62%

68%

37%

34%

33%

Non-GAAP Gross Profit Margin*

69%

74%

72%

72%

70%

Change vs. prior year period

0 bps

300 bps

(500) bps

300 bps

100 bps

GAAP Net Income

$92

$66

$58

$7

$64

% Change vs. prior year period

19,658%

292%

101%

(26%)

(31%)

Adjusted Net Income*

$65

$53

$52

$56

$60

% Change vs. prior year period

208%

92%

61%

39%

(7%)

Adjusted EBITDA*

$59

$73

$69

$76

$82

% Change vs. prior year period

137%

118%

57%

48%

39%

Adj. Net Income per Diluted Share*(1)

$4.45

$3.69

$3.64

$4.12

$4.39

% Change vs. prior year period

196%

93%

64%

48%

(1%)

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

(1) Diluted shares used to calculate Adj. Net Income per Diluted Share include the benefit expected to be provided by existing capped call transactions entered into in connection with the 2031 convertible notes to offset the dilutive impact of the notes.

Third Quarter 2026 Operating Highlights (vs. Third Quarter 2025)

• New members increased 35% to 1,135,000, at a customer acquisition cost of $22

• Monthly Transacting Members (“MTMs”) increased 18% to 3.15 million1

• ExtraCash originations increased 23% to $2.5 billion, while ExtraCash Monetization Rate Net of Losses expanded approximately 40 basis points to 5.2%

• 28-day past due rate improved to 2.09% from 2.15%

• Dave Debit Card spend increased 5% to $533 million

Liquidity Summary

As of September 30, 2026, the Company had $315 million in cash and cash equivalents, investments, and restricted cash, compared to $254 million as of June 30, 2026. The Company’s funding structure with Coastal Community Bank had approximately $159 million outstanding at quarter end, up from $93 million as of June 30, 2026. During the third quarter, the Company deployed approximately $20 million to reduce its share count through restricted stock unit net settlements and open market share repurchases, leaving $88 million available under its share repurchase authorization. Subsequent to quarter end, in early October 2026, the Company repaid the $75 million outstanding under its debt facility with Victory Park Management, LLC.

1 Beginning in the third quarter of 2026, the Company updated its calculation of MTMs to exclude Members whose only monthly activity was low-engagement, non-monetized activity related to Goals accounts. Prior periods have been recast to ensure comparability.

2

2026 Financial Guidance