Dave Tops $73M Q4 EBITDA, $2.2B Originations; $300M Buyback Set
Dave reported record Q4 EBITDA of $73 million on 50% year-over-year originations growth to $2.2 billion and over 60% top-line increase. Management raised share repurchase authorization to $300 million, plans pay-in-4 tests in Q2, and guided 2026 revenue around $700 million with $300 million EBITDA.
1. Q4 Financial Highlights
Dave delivered record fourth-quarter EBITDA of $73 million on over 60% revenue growth, driving originations to $2.2 billion (up 50% year-over-year). Monthly Transacting Members reached 2.9 million while days-past-due improved to 1.89%, reflecting CashAI underwriting gains.
2. Capital Return and Buyback
Management increased share repurchase authorization to $300 million and expects aggressive execution to boost shareholder value. Transitioning to a partner-bank-funded facility will free about $200 million in cash for capital deployment.
3. Pay-in-4 and Product Roadmap
The company will begin pay-in-4 testing in Q2 as a longer-duration alternative to ExtraCash, aiming for significant contribution in 2027. Ongoing AI innovations, including a v6 CashAI model planned for mid-year, support larger advances and lower loss rates.
4. 2026 Guidance and Strategy
Dave guided to mid-$700 million revenue and roughly $300 million EBITDA for 2026, projecting 25–28% top-line growth. Management outlined a baseline algorithm targeting mid-teens MTM and low-double-digit ARPU expansion within a 180 million consumer market.