📈 Price History

Ratio Health

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By Category

Shareholding

About

Dave Inc. provides various financial products and services through its financial services platform in the United States.

Key Ratios Snapshot

📊 Sector Averages

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding DAVE

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	431.8K	$75.2M	0.12%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2025

Mixed

'accelerating revenue growth of 64%', 'Adjusted EBITDA more than tripling', and 'once again raise our full year guidance', supported by specific numbers and forward-looking optimism.

Q3 2025

Mixed

'all-time highs', 'exceptional performance', and provides specific percentages and dollar amounts (e.g., revenue up 63%, adjusted EBITDA up 137%, net monetization per transaction up 32%).

Q4 2025

Mixed

'raised guidance every quarter', 'nearly doubled the original EBITDA guidance', and 'record gross profit' without hedging, demonstrating strong conviction in their performance and outlook.

Q1 2026 latest

Mixed

'record Q1 loss rate', 'raising full year guidance across all three dimensions', and provides specific numbers (revenue +47%, adjusted EBITDA +57%, DPD 1.69%) to reinforce execution.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Revenue growth is durable (47% in Q1) with raised full-year guidance, and credit performance hit a record low DPD rate, reinforcing the competitive moat from CashAI. The launch of Dave Flex offers a new growth vector beyond ExtraCash, though it will not contribute in 2026. Capital allocation is shareholder-friendly with aggressive buybacks reducing the share count 6% sequentially. The main watch items are the DOJ lawsuit (no update) and the Coastal funding transition timing; both are binary risks but not detracting from current momentum. Next quarter, look for further credit improvement from CashAI v6.0 testing, initial Flex unit economics, and calendar-related gross margin expansion into the mid-70s.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Dave Reports Record Q1: Revenue $158M (+47%), Adj EBITDA $69M (+57%), Raises FY Guidance

Revenue & Profitability

Q1 2026 revenue was $158.4 million, up 47% year-over-year. GAAP net income was $57.9 million, up 101%. Adjusted EBITDA was $69.3 million, up 57%, with a 44% margin. Adjusted net income was $52.3 million, up 61%, and adjusted diluted EPS was $3.64, up 64%.

Outlook

Management noted the business is performing well against its medium-term growth algorithm of mid-teen MTM growth and low-double-digit ARPU growth. Q1 is seasonally the softest quarter due to tax refunds, but despite higher refunds this year, demand remained strong. The company sees no evidence of consumer trade-down behavior or increasing leverage in its customer base, with income holding up and spending flat year-over-year.

Growth Drivers

Key growth levers include member acquisition (695,000 new members in Q1 at a CAC of $18), engagement through ExtraCash (originations up 37% to $2.1 billion), and deepening engagement via the Dave Card (spend up 9% to $534 million). New features like removing the $15 fee cap for new members and the 'Second Draw' feature are expected to drive ARPU and origination size. The launch of Dave Flex, a pay-in-four credit product, is positioned as a future growth driver, though not expected to contribute materially in 2026.

Balance Sheet & CapEx

The company is making targeted investments in product development headcount, expecting to grow from under 300 employees at year-end 2025 to around 325 by the end of 2026, representing an annualized incremental expense of approximately $10 million. CashAI v6.0 is expected to begin testing within the next couple of months. The off-balance sheet funding structure with Coastal Community Bank is expected to unlock over $200 million in incremental liquidity this summer.

Margins

Non-GAAP gross margin was 72% in Q1, consistent with the low-70s framework, but management expects Q1 to be the low point for the year, with margins expanding to the mid-70s for the balance of 2026. Adjusted EBITDA margin was 44%, representing approximately 300 basis points of year-over-year expansion. The company expects operating leverage to continue building as revenue scales throughout the year.

Key Risks

Management flagged the DOJ matter, stating 'we have no material update and continue to vigorously defend our position.' Seasonal tax refund dynamics temporarily reduce demand for ExtraCash, making Q1 the softest quarter. The company also highlighted that quarter-end calendar timing (ending on a Tuesday) can mechanically increase the loss reserve, as it did in Q1 2026, impacting provision and gross margin. No other specific risks were discussed in detail.

Generated by AI · Q1 2026 results · Not investment advice

📊 Analysis Methodology

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