Green Dot narrowed its net loss as banking-as-a-service revenue grew nearly 29%, ahead of a pending sale

Green Dot Corporation, the prepaid-card issuer and banking-as-a-service provider, reported second-quarter 2026 total operating revenue of $595.9 million, up 18% from a year earlier, while narrowing its GAAP net loss to $2.1 million from a $47.0 million loss in the same quarter of 2025. Adjusted EBITDA, the profitability measure the company has emphasized to investors, declined 12% to $40.2 million even as revenue grew — a divergence that points to rising costs or an unfavorable revenue mix alongside the top-line growth.

The segment detail explains where that growth came from: Green Dot’s B2B Services division, which includes its banking-as-a-service business supplying the regulatory and account infrastructure other fintech companies build consumer products on top of, grew 28.6%. That is a notably different growth engine than Green Dot’s legacy prepaid-card and tax-refund businesses, and it reflects the same industry-wide shift toward BaaS infrastructure that has lifted other bank-charter and card-issuing platforms as more consumer fintech apps choose to rent bank rails rather than pursue their own charters.

The most consequential fact in the release may be what Green Dot did not do: the company skipped its usual earnings conference call and declined to provide 2026 financial guidance, explicitly citing its pending acquisition by Smith Ventures and CommerceOne. Public companies routinely go quiet on forward guidance once they have agreed to be acquired, since forecasting the future of a business under new ownership carries different disclosure obligations and incentives than guiding a standalone company’s stock price.

That pending sale reframes how this quarter’s numbers should be read. A narrowing net loss and accelerating BaaS revenue would ordinarily be the kind of turnaround story that matters to Green Dot’s own shareholders and strategy; with the company already committed to new ownership, the results instead mostly inform what Smith Ventures and CommerceOne are acquiring, and further public detail on Green Dot’s standalone strategy is likely to be limited until the transaction closes.