Slide 1: 2Q 25 Earnings Presentation
2Q 25 Earnings Presentation August 6, 2025
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer FORWARD-LOOKING STATEMENTS This presentation of Dave Inc. (“Dave” or the “Company”) includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use
Slide 3: Disclaimer: Use of Non-GAAP Financial Measures
Disclaimer USE OF NON-GAAP FINANCIAL MEASURES The financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended. Accordingly, such information and data may not be included in, may be adjusted
Slide 4: Our strategy: Build a superior banking solution for everyday Americans
Our strategy Build a superior banking solution for everyday Americans. 4
Slide 5: The majority of Americans are struggling with their finances
The majority of Americans are struggling with their finances TAM TAM Grew ~15MM Customers ~180MM Customers(1) since 2021(1) Jun. ‘25 Elevated inflation and interest rates are ● Trouble managing cash flow 2021 causing more Americans to live paycheck to paycheck…(3) ● Minimal to moderate savings 57% 68%
Slide 6: Legacy banks need to charge high fees to everyday consumers
Legacy banks need to charge high fees to everyday consumers… $300 - $400 Average fees paid per year by financially struggling Americans to legacy banks(2) Overdraft Cost to Access (3) $100(1) $34 $35 $36 $36 $5 Annual bank account maintenance fees(1) $144 $120 $144 $84 $0 Minimum balance to avoid acc
Slide 7: Legacy banks' higher cost to serve, inefficient CACs, limited interchange revenue
…Due to legacy banks’ higher cost to serve, inefficient CACs, and limited interchange revenue Legacy Cost to Serve Comparison(1),(2) CAC Comparison(3) Banks ● Antiquated tech stacks ● Scalable best-in-class Technology e.g., mainframe cloud-native ● Scalable CashAITM ● Antiquated models underwriting e
Slide 8: Differentiated business strategy
Differentiated business strategy Achieve highly-efficient CAC by addressing members’ most crucial need—Liquidity—and then deepening into long-term banking relationships Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficien
Slide 9: Dave's ExtraCash product overview
Dave’s ExtraCash™ product overview ExtraCash™ Attribute Benefits to Member Benefits to Dave ● Efficient CAC by quickly addressing ● Bridges gaps between paychecks for $25 - $500 member pain point Size Average: $206(1) essential expenses, e.g., rent, gas, ● Strategic entry point into banking groceries r
Slide 10: Dave Card product overview
Dave Card product overview Dave Card Attribute Benefits to Member Benefits to Dave ● Builds deeper payment relationship ● Members automatically receive Dave Spending Dave Debit Card Checking account with members ● Better member retention ExtraCash™ ● ExtraCash™ instantly available ● Incentivizes cross
Slide 11: Highlights
Highlights 11
Slide 12: 2Q25 Highlights
2Q25 Highlights Total ExtraCash ™ Non-GAAP Adjusted Revenue Origination Volume Gross Profit EBITDA Adj. EBITDA Margin expanded ~2,000bps Y-o-Y to 39% $132M $1,793M $92M $51M 64% 51% 78% Y-o-Y $1,186M Y-o-Y Y-o-Y 236% Growth Growth Growth Y-o-Y $52M Growth $80M $15M 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24
Slide 13: Raising 2025 Revenue and Adj. EBITDA guidance
Raising 2025 Revenue and Adj. EBITDA guidance ($MM) Prior New Total Revenue: $460 - $475 $505 - $515 Y-o-Y Growth: 33% - 37% 46% - 48% ($MM) Prior New Adjusted EBITDA(1): $155 - $165 $180 - $190 Y-o-Y Growth: 79% - 91% 108% - 120% (1) See Glossary for the definition of Adjusted EBITDA which is a Non-
Slide 14: Business Strategy
Business Strategy 14
Slide 15: Business strategy
Business strategy Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enable
Slide 16: Dave's marketing focuses on the primary need of our target segments: liquidity
Dave’s marketing focuses on the primary need of our target segments: liquidity 16
Slide 17: Highly efficient member acquisition at scale
Highly efficient member CAC and New Member Acquisition (000s) acquisition at scale Our member acquisition performance reflects our disciplined focus on ensuring efficient allocation of marketing investments and optimizing new member MTM conversion. In 2Q25, we acquired 722k new members, up 27% QoQ whil
Slide 18: Significant member scale
Significant Total Members (MMs) member scale We differentiate by first addressing members’ most crucial need—liquidity—and then building long-term banking relationships. This formula, bolstered by Dave’s brand strength and acquisition efficiency, has continued to drive substantial growth in our member
Slide 19: Business strategy
Business strategy Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enable
Slide 20: Solid engagement
Solid engagement Total Monthly Transacting Members (MMs) Total MTM growth accelerated to 16% YoY as our credit-first value proposition and banking product suite continued to drive improvements in new member conversion and dormant member reactivation. Notably, member retention remained consistent even
Slide 21: Sustained growth in originations
Sustained growth ExtraCash™ Origination Volume ($MM) in originations We originated a record of nearly $1.8bn of ExtraCashTM in Q2. We believe our ability to sustain growth in originations demonstrates the depth and breadth of our TAM as well as our core competency in addressing members’ needs for sh
Slide 22: Average Size and Revenue per ExtraCash
Average Size and Revenue per ExtraCash™ Average ExtraCash™ Size Average Revenue per ExtraCash™(1)(2) (1) Average Revenue per ExtraCashTM defined as sum of Tips (GAAP) + Fees (GAAP) generated divided by total # of ExtraCashTM taken over a given period; Tips were discontinued as part of Dave’s fee stru
Slide 23: Improving credit performance
Improving credit Quarterly Static Pool Delinquency and Charge-Off Rates(1) performance (3) (2) (2) ExtraCashTM is powered by CashAITM, our proprietary underwriting engine that enables real-time credit risk assessment through fully automated analysis of bank account transaction data. With ~150 millio
Slide 24: Business strategy
Business strategy Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enable
Slide 25: ExtraCash incentivizes trialing Dave Card with instant access to funds
ExtraCash incentivizes trialing Dave Card as members have instant access to funds at no additional cost 25
Slide 26: Dave Card spend volumes
Dave Card Dave Card Spend Volumes ($MM) spend volumes Our Dave Card strategy leverages our market-leading ExtraCash™ value proposition to drive top-of-wallet spending behavior and build long-term banking relationships with our members. Dave Card spend expanded 1% QoQ as Q1 benefits from seasonal high
Slide 27: ARPU / member monetization
ARPU / member Annualized Revenue per Monthly Transacting Member monetization ARPU grew 42% YoY and 17% QoQ primarily driven by: ● Growth in ExtraCash™ ARPU due to the full quarter realization of the change to our new fee model and from improvements in both ExtraCash™ engagement and monetization, pow
Slide 28: Financial Overview
Financial Overview 28
Slide 29: Consistent revenue growth
Consistent Total Revenue ($MM) revenue growth Revenue expanded 64% YoY to $132mm driven by: ● 16% growth in MTMs resulted from improvements in new member conversion and dormant member reactivation as well as consistent MTM retention ● Higher ExtraCash™ approval limits and monetization as a result of
Slide 30: Expanding gross profit & margin
Gross Profit (Non-GAAP)(1) Expanding gross profit & margin Gross profit expanded 78% YoY to a record $92mm, representing the third consecutive quarter of accelerating annual growth, demonstrating profit growth of our unit economics. Gross margin expanded ~500bps YoY from continued processing cost optimi
Slide 31: Achieving operating leverage
Achieving operating Fixed Expenses as a % of Total Revenue leverage We continue to generate operating leverage due to our consistent fixed expense base as we scale the business. Fixed expenses as a percentage of revenue declined by ~1,100bps YoY due to: ● ~700bps improvement in compensation expense,
Slide 32: Significant Adj. EBITDA generation
Significant Adj. Adjusted EBITDA (Non-GAAP) ($MM) EBITDA generation 2Q25 Adj. EBITDA of $50.9mm represents 236% or $35.7mm YoY growth which was driven by: ● Revenue growth ● Gross margin expansion ● Improved operating leverage from remaining disciplined on our fixed cost base $104.7mm of cash and cash
Slide 33: Investment summary
Investment summary Acquire Engage Deepen Strong product market fit Proprietary CashAI™ ™ Dave Card adoption unlocks drives efficient CAC within a underwriting drives profitable additional lifetime value with large and growing TAM unit economics without more products in the pipeline significant capital n
Slide 34: Appendix
Appendix 34
Slide 35: Glossary
Glossary 28-Day Average Quarterly Delinquency Rate defined and calculated as the amount of ExtraCashTM Origination Volume and ExtraCashTM Revenue which is past due 28 days after the end of the month in which the ExtraCashTM was disbursed divided by the ExtraCashTM Origination Volume and ExtraCashTM R
Slide 36: Glossary (Cont'd)
Glossary (Cont’d) Monthly Transacting Members (“MTMs”) defined as the unique number of Members who have made a funding, spending, ExtraCashTM or subscription transaction within a particular month, measured as the average over a given period. Non-GAAP Adjusted Net Income Per Share-Basic and Non-GAAP A
Slide 37: Condensed consolidated Statement of Operations
Condensed consolidated Statement of Operations 37
Slide 38: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 38
Slide 39: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 39
Slide 40: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 40
Slide 41: Thank you
Thank you 41