Dave Lifts 2026 Revenue Outlook To $746 Million-$750 Million As Third-Quarter Sales Climb 31%
The neobank's net income fell 31% in the quarter, though adjusted EBITDA rose 39% to $82 million.
Dave, the mobile banking app that offers short-term credit and fee-free checking, raised its full-year 2026 forecast on Wednesday after third-quarter revenue rose 31% to $198 million, even as net income fell 31% to $64 million.
A higher bar for 2026
The company now targets revenue of $746 million to $750 million, up from $725 million to $735 million. That works out to 35% growth, against a prior range of 31% to 33%.
Adjusted EBITDA guidance moved to $327 million to $330 million from $315 million to $325 million. Adjusted diluted earnings per share guidance rose to $17.45 to $17.65 from $17.00 to $17.50.
CEO Jason Wilk said the company is raising the outlook "based on this momentum," crediting faster growth in monthly transacting members and higher revenue per user.
Sales up, profit mixed
Dave's release headlines the quarter as one of "Record New Member Acquisition." New members rose 35% to 1,135,000 at a customer acquisition cost of $22, and monthly transacting members rose 18% to 3.15 million.
Adjusted EBITDA rose 39% to $82 million, a 41% margin. Adjusted net income fell 7% to $60 million, and GAAP net income dropped 31% from $92 million a year earlier, when the company booked a large tax benefit.
CFO Kyle Beilman said Dave raised marketing investment by more than 50% and still grew adjusted EBITDA. Non-GAAP gross margin was 70%, up from 69% a year ago but down from 72% last quarter. Beilman said Coastal funding costs explained about 100 basis points of that sequential drop.
Credit quality and the ExtraCash engine
ExtraCash, Dave's advance of up to $500 with no interest or credit checks, saw originations grow 23% to $2.5 billion. The 28-day past due rate improved to 2.09% from 2.15% a year earlier, and the company said it fell below 2.00% in September. The net monetization rate rose to 5.2%, which Dave called its highest in five years.
Beilman said he expects the fourth-quarter 28-day past due rate to be below 2.00%. Wilk said Dave Flex, its new Pay in Four credit card, grew from single- to double-digit thousand actives, with a broader rollout planned for 2027.
Funding and cash
Dave ended September with $315 million in cash, investments and restricted cash, up from $254 million at June 30. In early October it repaid the $75 million outstanding on its Victory Park debt facility.
In an 8-K, Dave said an amendment signed November 3 with Coastal Community Bank raises the ExtraCash receivables Coastal can carry to as much as $325 million, plus up to $25 million of credit card receivables. Dave spent about $20 million on share reductions in the quarter and has $88 million left on its buyback authorization.
Management said it will discuss the results on a conference call at 4:30 p.m. Eastern on Wednesday.
Sources
- 8-K Filing — Dave Inc./DE (DAVE) — SEC EDGAR
- Exhibit dave-ex99_1.htm — Dave Inc./DE 8-K exhibit — SEC EDGAR
- Dave Reports Third Quarter 2026 Financial Results — prnewswire.com
