Dave Q1 Revenue Surges 47% to $158.4M, Raises 2026 Guidance
Dave’s first-quarter revenue jumped 47% year-over-year to $158.4 million, while net income more than doubled to $57.9 million and adjusted EBITDA rose 57% to $69.3 million. Dave repurchased $195 million of shares, cut its past-due rate to 1.69% and raised full-year revenue guidance to 28%-30% with forecast EPS of $16.25–$16.75.
1. Strong First-Quarter Financial Performance
Dave reported $158.4 million in Q1 revenue, a 47% year-over-year increase, with GAAP net income of $57.9 million, up 101%. Adjusted EBITDA rose 57% to $69.3 million, while adjusted EPS reached $3.64, driven by record monetization metrics.
2. Record Credit Metrics and Product Rollout
The 28-day past-due rate improved to a record Q1 low of 1.69%, and monthly transacting members grew 18% to 2.99 million. ARPU expanded 24% year-over-year, and the company began member testing of its new Pay in 4 card, leveraging its CashAI underwriting.
3. Share Repurchases and Upgraded Guidance
Dave deployed $195 million to repurchase 7.0% of outstanding shares and ended the quarter with $177.8 million of liquidity. Management raised full-year revenue guidance to $710–$720 million and boosted adjusted EPS forecasts to $16.25–$16.75, reflecting Q1 outperformance.