<div>
 <ul>
 <li>
 
 Dave reported losses per share of USD 1.90 in Q2 2023 (vs loss per share of USD 2.34 in Q2 2022), better than analysts&rsquo; estimated loss per share of USD 1.97. Its net loss amounted to USD 22.6 million, an improvement of 16.6% YoY. This was primarily due to an increase in operating revenues, as well as lower compensation and benefits spend (down 38.8% YoY), and advertising and marketing expenses (down 27.9% YoY).
 
 </li>
 <li>
 
 Its adjusted (non-GAAP) gross profit increased 77.8% YoY to USD 32.9 million during the quarter, while the adjusted gross profit margin improved to 52.7% from 39.4% over the same period last year.
 
 </li>
 <li>
 
 Dave&rsquo;s operating revenues improved 33.7% YoY to USD 61.2 million in Q2 2023, primarily due to higher service-based revenues, which increased 27.9% YoY to USD 55.0 million. Its adjusted operating revenue also increased to USD 62.4 million from USD 47.0 million in Q2 2022.
 
 </li>
 <li>
 
 The bank added ~739,000 net new members during the quarter, bringing its total members to ~9.2 million as of end-June 2022, with ~1.9 million of these transacting on a monthly basis (down 5.3% QoQ and up 26.7% YoY). Customer acquisition costs (CAC) fell YoY to USD 20 in Q2 2023 from USD 30 over the same period last year, while average revenue per monthly transacting member (ARPU) increased 5.7% YoY to USD 129.
 
 </li>
 <li>
 
 In terms of guidance for FY2023, Dave expects to generate adjusted operating revenues between USD 235 million and USD 260 million, implying a growth rate of 11.3%&ndash;23.2% YoY. It also projects adjusted gross profit margin to be between 47% and 51%, implying a growth rate between 6.5 pp and 10.5 pp YoY.
 
 </li>
 </ul>
 
 
</div>

<div>
 
 <a href="https://investors.dave.com/news-releases/news-release-details/dave-announces-second-quarter-2023-results">
 Earnings release&nbsp;
 </a>
 
 
 <a href="https://investors.dave.com/static-files/3442fee0-0709-4ebe-902b-7275c74eb527">
 Earnings presentation&nbsp;
 </a>
 
 
 <a href="https://investors.dave.com/static-files/c0dbecb1-854a-447e-a201-9771b1794edc">
 Quarterly report 
 </a>
 
 
 
</div>

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