Dave Raises 2026 Outlook After Revenue Growth Reaccelerates

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue reached $198 million, up 31%, and the neobank lifted full-year revenue guidance to $746 million–$750 million.

Dave Inc. (DAVE), a U.S. neobank, reported third-quarter revenue of $198 million, with year-over-year growth accelerating to 31% from 30% in the second quarter.

The company said the pickup was driven by faster monthly transacting member growth, continued ARPU expansion, and record new-member acquisition. Adjusted EBITDA rose 39% to $82 million, a 41% margin, after 48% year-over-year growth to $75.5 million and a 44% margin in the prior quarter. GAAP net income was $64 million.

New members increased 35% to 1,135,000, at a customer acquisition cost of $22, versus a 32% increase to 951,000 at $19 in the second quarter. Monthly transacting members rose 18% to 3.15 million. Beginning in the third quarter, Dave recast MTMs to exclude members whose only monthly activity was low-engagement, non-monetized Goals-account activity. ExtraCash originations increased 23% to $2.5 billion. Dave Debit Card spend increased 5% to $533 million.

ExtraCash monetization net of losses expanded about 40 basis points to 5.2%, the highest level in five years, after expanding nearly 9 basis points to 4.8% in the second quarter. The 28-day past due rate improved to 2.09% from 2.15% a year earlier. In September, with CashAI v6.0 fully deployed, the company said average ExtraCash size reached $225, the 28-day past due rate fell below 2.00%, and gross monetization was approximately 7.0% as legacy fee caps were relaxed.

Non-GAAP gross profit margin compressed to 70% from 72% in the second quarter. CFO and COO Kyle Beilman said Coastal funding costs accounted for about 100 basis points of the sequential change as the transition moved faster than expected, and that provision accounted for most of the remaining change. He said the provision reflects portfolio growth, mix, and credit performance, and that static pool loss rates were tracking flat to down year-over-year. The company recalibrated its provision forecast after prior assumptions had assumed a larger improvement based on early repayment performance out of spring.

Adjusted net income was $60 million, down 7% from a year earlier, after 39% year-over-year growth to $56.4 million in the second quarter. Adjusted diluted earnings were $4.39 a share.

Cash, cash equivalents, investments, and restricted cash were $315 million at September 30, 2026, versus $254 million at June 30. Coastal Community Bank funding was about $159 million outstanding, up from $93 million. During the quarter the company deployed about $20 million to reduce its share count through restricted stock unit net settlements and open-market repurchases, leaving $88 million under its authorization. In early October it repaid the $75 million Victory Park debt facility.

Dave Flex, a new Pay in Four credit card, saw adoption grow from single- to double-digit thousand actives during the quarter through cross-selling and direct acquisition at better-than-expected costs, the company said. A broader rollout is planned for 2027.

The company raised full-year 2026 guidance for GAAP operating revenues, net to $746 million–$750 million, implying 35% year-over-year growth, from $725 million–$735 million. Adjusted EBITDA guidance moved to $327 million–$330 million from $315 million–$325 million. Adjusted diluted EPS guidance moved to $17.45–$17.65 from $17.00–$17.50.

Beilman said fourth-quarter credit is tracking in line with September and that the company expects the quarter’s 28-day past due rate to be below 2.00%, better sequential loss rates, and fourth-quarter non-GAAP gross margin above second-quarter levels.