Slide 1: 1Q 25 Earnings Presentation
1Q 25 Earnings Presentation May 8, 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) Mar. ‘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% 65%
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 CashAI ● Antiquated models underwriting eng
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: $192 essential expenses, e.g., rent, gas, ● Strategic entry point into banking groceries rela
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: 1Q25 Highlights
1Q25 Highlights Total Adjusted ExtraCash ™ 28-Day Revenue EBITDA Origination Volume Delinquency Rate Adj. EBITDA Margin expanded ~2,300bps Y-o-Y to 41% $108M $44M $1,531M 47% $31M 46% 33bps Y-o-Y Y-o-Y $1,050M Y-o-Y Y-o-Y Growth Growth Growth 1.83% Improvement $74M 1.50% $13M 1Q24 1Q25 1Q24 1Q25 1Q2
Slide 13: Raising 2025 Revenue and Adj. EBITDA guidance
Raising 2025 Revenue and Adj. EBITDA guidance ($MM) Prior New Total Revenue: $415 - $435 $460 - $475 Y-o-Y Growth: 20% - 25% 33% - 37% ($MM) Prior New Adjusted EBITDA(1): $110 - $120 $155 - $165 Y-o-Y Growth: 27% - 39% 79% - 91% 13 1) See Glossary for the definition of Adjusted EBITDA which is a Non-
Slide 14: Business Strategy
Business Strategy 14
Slide 15: Business strategy: Acquire, Engage, Deepen
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 Member acquisition performance reflects our disciplined focus on new member MTM conversion, existing member retention, and dormant member reactivation. In 1Q25, we acquired 569k new members, flat YoY based on 13% higher
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: Acquire, Engage, Deepen
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) MTMs grew 13% YoY as our credit-first value proposition and banking product suite continued to drive improvements in new member conversion, existing member retention, and dormant member reactivation. Total MTMs were up 3% QoQ as ExtraCash™ and
Slide 21: Sustained growth in originations
Sustained growth ExtraCash™ Origination Volume ($MM) in originations We originated a record $1.5bn of ExtraCash in 1Q. We believe our ability to sustain growth in originations demonstrates the depth and breadth of our TAM as well as our core competency in addressing members’ needs for short-term liq
Slide 22: Average Size and Revenue per ExtraCash
Average Size and Revenue per ExtraCash™ Average ExtraCash™ Size Average Revenue per ExtraCash™(1) 60% of ExtraCash™ originations in 1Q25 were on our new fee model; full benefit expected in 2Q onwards 22 (1) Average Revenue per ExtraCash defined as sum of Tips (GAAP) + Fees (GAAP) generated divided by
Slide 23: Improving credit performance
Improving credit Quarterly Static Pool Delinquency and Charge-Off Rates(1) performance (2) CashAI™ offers a differentiated underwriting advantage by leveraging bank account transaction data to assess risk, nearly in real-time, based on changes in income, spending, and employment. FICO-based models r
Slide 24: Business strategy: Acquire, Engage, Deepen
Business strategy Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enable
Slide 25: ExtraCash incentivizes trialing Dave Card
ExtraCash incentivizes trialing Dave Card as members have instant access to funds at no additional cost 25
Slide 26: Dave Card spend volumes
Dave Card Dave Card Spend Volumes ($MM) spend volumes Our Dave Card strategy leverages our market-leading ExtraCash™ value proposition to drive top-of-wallet spending behavior and build longer-term banking relationships with our members. Dave Card spend grew 24% YoY driven by growth in active bankin
Slide 27: ARPU / member monetization
ARPU / member Annualized Revenue per Monthly Transacting Member monetization ARPU grew 29% YoY primarily driven by: ● Growth in ExtraCash™ ARPU due to improvements in both ExtraCash™ engagement and monetization, powered by ongoing CashAI™ optimizations; 60% of ExtraCash™ originations in 1Q25 were on
Slide 28: Financial Overview
Financial Overview 28
Slide 29: Consistent revenue growth
Consistent Total Revenue ($MM) revenue growth Revenue expanded 47% YoY which was driven by: ● Increase in transacting member base unlocked through improvements in new member conversion, existing MTM retention and dormant member reactivation ● Higher ExtraCash™ approval limits and monetization as a r
Slide 30: Expanding variable margin
Variable Margin (Non-GAAP)(1) Expanding variable margin Variable margin expanded nearly 950bps (14%) YoY due to: ● Lower provision expense as % of revenue as a result of improvements in credit performance driven by CashAI™ ● Processing cost optimization ● Favorable renegotiations with key vendors in
Slide 31: Achieving operating leverage
Achieving operating Fixed Expenses as a % of Total Revenue leverage We continue to generate operating leverage due to discipline in and rationalization of our fixed expense base as we scale the business. Fixed expenses as a percentage of revenue declined by ~1,200bps YoY due to: ● ~600bps improvement
Slide 32: Significant Adj. EBITDA generation
Significant Adj. Adjusted EBITDA (Non-GAAP) ($MM) EBITDA generation 1Q25 Adj. EBITDA of $44.2mm represents 235% or $31.0mm YoY growth which was driven by: ● Revenue growth ● Variable margin expansion ● Improved operating leverage from remaining disciplined on our fixed cost base $89.7mm of cash and ca
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 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 ExtraCash was disbursed divided by the ExtraCash Origination Volume and ExtraCash Revenue in that disbur
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, ExtraCash or subscription transaction within a particular month, measured as the average over a given period. Non-GAAP Adjusted Basic EPS and Non-GAAP Adjusted Diluted EPS
Slide 37: Consolidated Statement of Operations
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