Dave Inc. · NASDAQ:DAVE
Dave — Q4 2025 Earnings Presentation
43 slides from Dave's earnings presentation, Mar 2, 2026
Slide 1: 4Q 25 Earnings Presentation
4Q 25 Earnings Presentation March 2, 2026
Slide 2: Disclaimer
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
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: 4Q25 Highlights
4Q25 Highlights Total Monthly Transacting ExtraCash ® Adjusted Revenue Members Origination Volume EBITDA Adj. EBITDA Margin expanded ~1,100bps Y-o-Y to 45% $164M $2.2B $73MM 2.93M 62% 19% 50% Y-o-Y Y-o-Y $1.5B Y-o-Y 118% Growth 2.45M Growth Growth Y-o-Y Growth $101M $33M 4Q24 4Q25 4Q24 4Q25 4Q24 4Q2
Slide 6: Exceeded 2025 guidance
Exceeded 2025 guidance ($MM) Original FY Latest Revised FY FY25 Actual Total Revenue: $415 - $435 $544 - $547 $554 Y-o-Y Growth: 20% - 25% 57% - 58% 60% ($MM) Original FY Latest Revised FY FY25 Actual Adjusted EBITDA(1): $110 - $120 $215 - $218 $227 Y-o-Y Improvement: 27% - 39% 149% - 152% 162% 6 1)
Slide 7: Establishing 2026 guidance
Establishing 2026 guidance ($MM) Low High Total Revenue: $690 $710 Y-o-Y Growth: 25% 28% Adjusted EBITDA(1): $290 $305 Adjusted EPS (Diluted)(1): $14.00 $15.00 1) See Glossary for the definition of Adjusted EBITDA and Adjusted EPS (Diluted) which are Non-GAAP measures. The Company does not provide a
Slide 8: Build a superior banking solution for everyday Americans
Our strategy Build a superior banking solution for everyday Americans. 8
Slide 9: The majority of Americans are struggling with their finances
The majority of Americans are struggling with their finances TAM TAM Grew ~20MM Customers ~185MM Customers(1) since 2021(1) Dec. ‘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% 66%
Slide 10: 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 11: 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 12: 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 13: 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: $214(1) essential expenses, e.g., rent, gas, ● Strategic entry point into banking groceries re
Slide 14: 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 15: Business Strategy
Business Strategy 15
Slide 16: 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, Enabled
Slide 17: 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 17
Slide 18: Highly efficient member acquisition at scale
Highly efficient member Non-GAAP Gross Profit per MTM and CAC acquisition at scale In 4Q25, we acquired 867k new members, up 13% YoY, at a CAC of $20. It is our strategy to deploy marketing spend to maximize gross profit rather than minimize CAC. This approach, combined with improvements to our unit ec
Slide 19: Significant member scale
Significant Total Members (MMs) member scale We differentiate by first addressing members’ most crucial need—liquidity—and then building long-term banking relationships. This formula, bolstered by Dave’s brand strength and acquisition efficiency, has continued to drive substantial growth in our member
Slide 20: Business strategy: Acquire, Engage, Deepen
Business strategy Acquire Engage Deepen ExtraCash provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enabled
Slide 21: Solid engagement
Solid engagement Total Monthly Transacting Members (MMs) Total MTM growth accelerated to 19% YoY as our product and marketing initiatives have continued to drive improvements in new member conversion and dormant member reactivation. Notably, member retention on a cohort basis has improved even as mo
Slide 22: Sustained growth in originations
Sustained growth ExtraCash Origination Volume ($B) in originations We originated a record of over $2.2bn of ExtraCash in 4Q. We believe our ability to sustain growth in originations demonstrates the depth and breadth of our TAM as well as our core competency in addressing members’ needs for short-te
Slide 23: Avg. Size, Net Monetization Rate & Revenue per ExtraCash
Avg. Size, Net Monetization Rate & Revenue per ExtraCash Average ExtraCash Size and Net Monetization Rate Average Revenue per ExtraCash(1)(2) (1) Average Revenue per ExtraCash defined as sum of Tips (GAAP) + Fees (GAAP) generated divided by total # of ExtraCash taken over a given period; Tips were di
Slide 24: Improving credit performance
Improving credit Quarterly Static Pool Delinquency and Charge-Off Rates(1) performance (2) ExtraCash is powered by CashAI™, which underwrites using real-time bank transaction data rather than traditional credit scores. With an avg. duration of 11 days, we have completed over 180mm originations, buil
Slide 25: Business strategy: Acquire, Engage, Deepen
Business strategy Acquire Engage Deepen ExtraCash provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enabled
Slide 26: ExtraCash incentivizes trialing Dave Card as members have instant access to funds
ExtraCash incentivizes trialing Dave Card as members have instant access to funds at no additional cost 26
Slide 27: Dave Card spend volumes
Dave Card Dave Card Spend Volumes ($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 17% YoY and 5% QoQ driven by growth in a
Slide 28: ARPU / member monetization
ARPU / member Annualized Revenue per Monthly Transacting Member monetization ARPU grew 36% YoY (3% QoQ) primarily driven by: ● Growth in ExtraCash ARPU due to our new fee model as well as improvements in both ExtraCash engagement and monetization, powered by ongoing CashAI™ optimizations ● Growth in
Slide 29: Financial Overview
Financial Overview 29
Slide 30: Consistent revenue growth
Consistent Total Revenue ($MM) revenue growth Revenue expanded 62% YoY to $163.7mm driven by: ● 19% growth in MTMs resulted from improvements in new member conversion and dormant member reactivation as well as strong MTM retention ● Higher ExtraCash size and monetization as a result of the new fee m
Slide 31: Expanding gross profit
Gross Profit (Non-GAAP)(1) Expanding gross profit Gross profit increased 68% YoY to a record $121.9mm, reflecting continued scalability and disciplined execution of acquisition and underwriting strategies focused on profitable growth. Gross margin was 74%, up approximately 300 basis points YoY and 500 ba
Slide 32: Achieving operating leverage
Achieving operating Fixed Expenses as a % of Total Revenue leverage We continue to generate operating leverage as we scale. Annual revenue per employee grew from $1.5 to $2.3 million YoY Fixed expenses as a percentage of revenue increased sequentially by ~100 bps due to a non-recurring expense in 4Q
Slide 33: Significant Adj. EBITDA generation
Significant Adj. Adjusted EBITDA (Non-GAAP) ($MM) EBITDA generation 4Q25 Adj. EBITDA of $72.9mm represents 118% or $39.5mm YoY growth which was driven by: ● Revenue and Gross Profit growth ● Efficient, return-based deployment of marketing spend ● Improved operating leverage through fixed cost discipline
Slide 34: Investment summary
Investment summary Acquire Engage Deepen Strong product market fit Proprietary CashAI™ ™ Dave Card adoption unlocks drives efficient CAC within a underwriting engine drives additional lifetime value with large and growing TAM profitable unit economics more products in the pipeline without significant ca
Slide 35: Appendix
Appendix 35
Slide 36: Glossary
Glossary 28 Day Average Quarterly Delinquency Rate defined and calculated as the amount of ExtraCash Origination Volume and ExtraCash Revenue which remains outstanding 28 days after the end of the month in which the ExtraCash was disbursed divided by the ExtraCash Origination Volume and ExtraCash Rev
Slide 37: 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 38: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations 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: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures (1) (1) 41 (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 42: Summary Balance Sheet
Summary Balance Sheet DAVE INC. SUMMARY BALANCE SHEET (in millions) (unaudited) December 31, December 31, 2025 2024 Cash, cash equivalents, restricted cash, marketable securities, and investments 123.2 91.9 ExtraCash receivables, net of allowance for credit losses 297.3 175.9 Other assets 66.9 31.5
Slide 43: Thank you
Thank you 43