Dave Inc./DE

Listed Company

DAVECIK 0001841408NasdaqLarge AcceleratedFinance ServicesFY ends Dec 31

Period

FY 2025

Revenue

$554.18M

Net Income

$195.87M

Total Assets

$487.42M

Equity

$352.73M

Shares Out

104.02M

Op. Cash Flow

$290.02M

Business

Dave Inc./DE operates a mobile-first financial technology platform that provides banking and short-term credit solutions to underserved consumers to improve financial health. It offers products including ExtraCash overdraft advances, Dave Checking deposit accounts and debit cards, personal financial management tools like Budget, Side Hustle job matching, and paid Surveys. The company organizes its business around consumer-facing product lines and technology, underwriting/risk management, payments and bank partnership functions. Dave distributes services primarily through its mobile app and partner banks, payment processors and card networks across the United States.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	554	347	259	205	153
Provision for credit losses	91	55	58	—	—
Processing and servicing costs	33	29	28	32	23
Financial network and transaction costs	28	25	23	—	—
Advertising and activation costs	66	53	57	—	—
Compensation and benefits	103	106	93	103	50
Technology and infrastructure	12	11	11	—	—
Other operating expenses	33	34	32	69	43
Total operating expenses	368	312	301	339	200
Interest income	−2	−3	−5	−3	−287,000
Interest expense	7	8	12	9	3
Gain on extinguishment of convertible debt	0	−33	0	−4	0
Changes in fair value of earnout liabilities	3	965,000	−22,000	−10	0
Changes in fair value of public and private warrant liabilities	10	2	−260,000	−14	4
Total other (income) expense, net	19	−26	6	−5	−27
Net income (loss) before provision (benefit) for income taxes	168	60	−48	−129	−20
Provision (benefit) for income taxes	−28	2	120,000	−67,000	97,000
Net income (loss)	196	58	−49	−129	−20
Basic (per share)	14.65	4.62	−4.07	−11.12	−4.69
Diluted (per share)	13.53	4.19	−4.07	−11.12	−4.69
Basic (shares)	13	13	12	12	4
Diluted (shares)	14	14	12	12	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	81	50	42	23	32
Marketable securities	0	97,000	952,000	285,000	8
ExtraCash receivables, net of allowance for credit losses of $37,641 and $22,703 as of December 31, 2025 and December 31, 2024, respectively	297	176	113	104	49
Investments	41	40	113	169	0
Prepaid expenses and other current assets	18	16	8	12	4
Total current assets	437	282	277	309	100
Property and equipment, net	474,000	704,000	1	1	685,000
Lease right-of-use assets (related-party of $195 and $507 as of December 31, 2025 and December 31, 2024, respectively)	195,000	507,000	773,000	735,000	3
Intangible assets, net	14	14	13	10	8
Debt facility commitment fee, long-term	0	163,000	318,000	75,000	131,000
Restricted cash	2	2	1	788,000	363,000
Deferred tax assets, net	34	0	—	—	—
Other non-current assets	357,000	380,000	403,000	137,000	0
Total assets	487	299	294	321	147
Accounts payable	8	7	5	11	13
Accrued expenses	15	17	13	11	13
Debit facility, current	75	0	—	—	—
Lease liabilities, short-term (related-party of $63 and $350 as of December 31, 2025 and December 31, 2024, respectively)	63,000	350,000	298,000	273,000	2
Legal settlement accrual	8	7	3	9	4
Other current liabilities	8	4	4	4	1
Total current liabilities	114	35	26	36	69
Lease liabilities, long-term (related-party of $141 and $204 as of December 31, 2025 and December 31, 2024, respectively)	141,000	204,000	543,000	550,000	970,000
Debt facility, long-term	0	75	75	75	35
Warrant and earnout liabilities	16	3	233,000	516,000	—
Other non-current liabilities	4	3	129,000	124,000	119,000
Total liabilities	135	116	207	215	108
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, par value per share $0.0001, 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Additional paid-in capital	353	335	297	270	87
Treasury shares, at cost (Class A common stock, 274,490 shares at December 31, 2025)	−44	0	—	—	—
Accumulated other comprehensive gain	374,000	221,000	649,000	−2	0
Retained earnings (accumulated deficit)	43	−152	−210	−162	−33
Total stockholders' equity	353	183	87	107	39
Total liabilities, and stockholders' equity	487	299	294	321	147

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	7	8	6	7	3
Stock-based compensation	30	37	27	41	7
Deferred income taxes	−34	0	0	—	—
Non-cash interest	0	251,000	3	2	−233,000
Non-cash lease expense	−38,000	−21,000	−20,000	−100,000	78,000
Changes in fair value of marketable securities and investments	76,000	−16,000	44,000	−578,000	1,000
ExtraCash receivables, service based revenue	−17	−6	−4	−7	−2
Prepaid income taxes	0	148,000	683,000	550,000	3
Prepaid expenses and other current assets	−2	−8	3	−7	−311,000
Accounts payable	2	1	−6	330,000	3
Accrued expenses	−2	4	2	−2	7
Legal settlement accrual	733,000	4	−6	6	500,000
Other current liabilities	4	267,000	−446,000	−263,000	−2
Other non-current liabilities	1	3	5,000	0	−466,000
Other non-current assets	23,000	23,000	−266,000	−137,000	0
Net cash provided by operating activities	290	125	34	−45	−541,000
Payments for internally developed software costs	−6	−7	−8	−9	−6
Purchase of property and equipment	−317,000	−262,000	−688,000	−728,000	−371,000
Net originations, purchases and collections of ExtraCash receivables	−196	−111	−63	—	—
Purchase of investments	−190	−111	−120	−202	—
Sale and maturity of investments	190	184	178	32	—
Purchase of marketable securities	−3,000	−59	−34	−318	−5,000
Sale of marketable securities	100,000	60	34	326	9
Net cash used in investing activities	−203	−46	−14	−286	−37
Repurchases of Class A common stock	−44	0	0	−536,000	0
Payment for fractional shares on reverse stock split	0	0	−12,000	0	—
Proceeds from issuance of common stock for stock option exercises	761,000	1	34,000	620,000	2
Payment of taxes for shares withheld related to net share settlement	−13	0	0	—	—
Payment of costs for extinguishment of convertible debt	0	−1	0	—	—
Repayment of borrowings on convertible debt, long-term	0	−71	0	—	—
Net cash (used in) provided by financing activities	−56	−71	22,000	322	65
Net increase in cash and cash equivalents and restricted cash	31	8	19	−9	27
Property and equipment purchases in accounts payable and accrued liabilities	0	0	2,000	3,000	—
Operating lease right of use assets recognized	0	0	298,000	0	3
Operating lease liabilities recognized	0	0	298,000	0	3
Income taxes	6	109,000	−586,000	−622,000	−2
Interest	7	8	9	6	2

Filings

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