Slide 1: 2Q 26 Earnings Presentation
2Q 26 Earnings Presentation August 5, 2026
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. These statements may be identified by words such as “an
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: Highlights
Highlights 4
Slide 5: 2Q26 Highlights
2Q26 Highlights Total 28 Day Past Due (1) New Member Adjusted Revenue (DPD) Rate Acquisition EBITDA Adj. EBITDA Margin CAC remained flat expanded ~600bps at $19 Y-o-Y Y-o-Y to 44% 2.26% $171M 951K $76M 2.12% $132M 30% 14 bps 32% $51M 48% Y-o-Y Y-o-Y 722K Y-o-Y Y-o-Y Growth Improvement Growth Increase
Slide 6: Raising 2026 guidance
Raising 2026 guidance ($MM) Prior New Total Revenue: $710 - $720 $725 - $735 Y-o-Y Growth: 28% - 30% 31% - 33% Adjusted EBITDA(1): $305 - $315 $315 - $325 Adjusted EPS (Diluted)(1): $16.25 - $16.75 $17.00 - $17.50 (1) See Glossary for the definition of Adjusted EBITDA and Adjusted EPS (Diluted) which
Slide 7: Our strategy
Our strategy A U.S. neobank pioneering innovative credit products for everyday Americans. 7
Slide 8: The majority of Americans are struggling with their finances
The majority of Americans are struggling with their finances TAM TAM Grew ~20M Customers since ~185M Customers(1) 2021(1) 2025 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% 67% ● Over
Slide 9: 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 $100(1) $34 $35 $36 $36 $5(3) Annual bank account maintenance fees(1)(4) $180 $180 $144 $84 $0 Minimum balance to avoid a
Slide 10: …Due to legacy banks' higher cost to serve, inefficient CACs, and 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 11: Differentiated business strategy
Differentiated business strategy Achieve highly-efficient CAC by addressing members’ most crucial need—Liquidity—and then deepening into long-term payments relationships Acquire Engage Deepen Create longer-term payments ExtraCash® provides short-term relationship outside of ExtraCash liquidity to mem
Slide 12: 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: $215(1) essential expenses, e.g., rent, gas, ● Strategic entry point into longer-term groceries
Slide 13: 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 Paycheck ● 2-day early
Slide 14: Business Strategy
Business Strategy 14
Slide 15: Business strategy
Business strategy Acquire Engage Deepen Create longer-term payments ExtraCash provides short-term relationship outside of ExtraCash liquidity to members in lieu of use cases Acquire efficiently by marketing expensive overdraft fees top of mind liquidity pain points Dave Flex (in beta) is a pay-in-4 E
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 Acquired 951K new members, up 32% YoY, our fastest growth in nearly four years, while holding CAC flat at $19. Member acquisition up 37% QoQ (CAC up $1) as we increased spend following Q1 tax refund season. Payback peri
Slide 18: Significant member scale
Significant Total Members (Ms) member scale Total members reached 15.2M in 2Q26, up 17% YoY, driven by efficient acquisition and Dave's brand strength. Our model — addressing liquidity first, then deepening into payments — continues to compound member growth. Addressable market remains large at ~185M U
Slide 19: Business strategy
Business strategy Acquire Engage Deepen Create longer-term payments ExtraCash provides short-term relationship outside of ExtraCash liquidity to members in lieu of use cases Acquire efficiently by marketing expensive overdraft fees top of mind liquidity pain points Dave Flex (in beta) is a pay-in-4 E
Slide 20: Solid engagement
Solid engagement Total Monthly Transacting Members (Ms) Total MTMs grew 17% YoY driven by strong new member acquisition and conversion, existing member retention, and dormant member reactivation. Average member tenure continues to lengthen, reflecting long-term, recurring member engagement. We expect
Slide 21: Sustained growth in originations
Sustained growth ExtraCash Origination Volume ($B) in originations Originations of $2.3B, up 27% YoY, driven mainly by 17% MTM growth and 4% larger average origination size, as CashAI v5.5 enhancements and longer member tenure expanded approval limits. Originations grew 9% QoQ as demand picked up fo
Slide 22: Avg. Size, Net Monetization Rate & Revenue per ExtraCash
Avg. Size, Net Monetization Rate & Revenue per ExtraCash Average ExtraCash Size and Net Monetization Rate Average Revenue per ExtraCash(1)(2) (1) Average Revenue per ExtraCash defined as Fees (GAAP) generated divided by total # of ExtraCash taken over a given period. 22 (2) 2Q26 Average Revenue per E
Slide 23: Improving credit performance
Improving credit Quarterly Static Pool Delinquency and Charge-Off Rates(1) performance (3) (2) 28-day past due (DPD) rate, which we believe is the most direct measure of underlying credit quality, improved 14bps YoY to 2.12% due to the benefits from CashAI v5.5, while originations grew 27%. YoY perfo
Slide 24: Business strategy
Business strategy Acquire Engage Deepen Create longer-term payments ExtraCash provides short-term relationship outside of ExtraCash liquidity to members in lieu of use cases Acquire efficiently by marketing expensive overdraft fees top of mind liquidity pain points Dave Flex (in beta) is a pay-in-4 E
Slide 25: ExtraCash incentivizes trialing Dave Card as members have instant access to funds at no additional cost
ExtraCash incentivizes trialing Dave Card as members have instant access to funds at no additional cost 25
Slide 26: Dave Card spend volumes
Dave Card Dave Card Spend Volumes ($M) spend volumes Dave Card spend grew 7% YoY, supported by growth in active Dave Card members and higher spend per active. We have shifted our focus from debit card initiatives to new credit products where we believe we can win top-of-wallet spend. These different
Slide 27: ARPU / member monetization
ARPU / member Annualized Revenue per Monthly Transacting Member monetization ARPU grew 11% YoY, driven by: ● ExtraCash ARPU gains from CashAI optimization and stronger engagement ● Subscription ARPU growth following $3 monthly fee introduced for new members in late 2Q25 ARPU was 5% higher QoQ as Ext
Slide 28: Financial Overview
Financial Overview 28
Slide 29: Durable revenue growth
Durable Total Revenue ($M) revenue growth Revenue grew 30% YoY to $170.8M, driven by: ● 17% MTM growth from new member conversion, dormant reactivation, and strong retention ● 11% ARPU growth from higher ExtraCash size and stronger engagement ● Subscription revenue up 87% due to increasing share of
Slide 30: Expanding gross profit
Gross Profit (Non-GAAP)(1) ($M) Expanding gross profit Non-GAAP gross profit grew 34% YoY to $123.8M, reflecting scalability and disciplined acquisition and underwriting execution. Gross margin was 72%, up ~300 bps YoY on lower provision expense as a % of revenue. With loss provision calendar dynamics t
Slide 31: Achieving operating leverage
Achieving operating Fixed Expenses as a % of Total Revenue leverage Fixed expenses as a % of revenue declined ~300 bps YoY: ● ~200 bps from compensation expense leverage, reflecting model scalability and AI-driven productivity gains ● ~100 bps from other fixed-expense rationalization Down ~300 bps QoQ
Slide 32: Significant Adj. EBITDA generation
Significant Adj. Adjusted EBITDA (Non-GAAP) ($M) EBITDA generation Adj. EBITDA of $75.5M, up 48% / $24.6M YoY, driven by: ● Revenue and gross profit growth ● Efficient, return-based marketing deployment ● Improved operating leverage from fixed-cost discipline Coastal Community Bank funding arrangement h
Slide 33: Investment summary
Investment summary Acquire Engage Deepen Strong product market fit Proprietary CashAI underwriting Create longer-term payments drives efficient CAC within a engine drives profitable unit relationship outside of large and growing TAM economics without significant ExtraCash use cases through capital needs
Slide 34: Appendix
Appendix 34
Slide 35: Glossary
Glossary 28 Day Average Quarterly Past Due Rate defined and calculated as the amount of ExtraCash Origination Volume and ExtraCash Revenue which remains past due 28 days after the respective settlement date divided by the ExtraCash Origination Volume and ExtraCash Revenue in that disbursement month (
Slide 36: Glossary (Cont'd)
Glossary (Cont’d) Dave Card Spend Volumes defined as the total dollar amount of Dave Card debit spending transactions over a given period. ExtraCash Net Monetization Rate defined and calculated as ExtraCash revenue (i.e. processing and service fees, net) less 121 day losses divided by total ExtraCash
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 (1) (1) 40 (1) Prior period Adjusted Net Income has been updated to include the income tax effect of stock-based compensation, conforming to the current period presentation.
Slide 41: Summary Balance Sheet
Summary Balance Sheet Cash, cash equivalents, restricted cash, and investments Member receivables, net of allowance for credit losses Other assets Total assets Debt facility, current Other current liabilities Convertible notes, net of discount and issuance costs Other liabilities Total liabilities T
Slide 42: Thank you
Thank you 42