Dave Inc./DE Revenue Disclosure
Revenue Recognition
Below is detail of operating revenues (in thousands):
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For the Years Ended December 31, |
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2025 |
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2024 |
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2023 |
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Service based revenue, net |
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Processing and overdraft service fees, net |
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$ |
466,841 |
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$ |
218,802 |
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$ |
152,490 |
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Tips |
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7,496 |
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67,563 |
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56,945 |
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Subscriptions |
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37,224 |
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24,599 |
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21,483 |
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Other |
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349 |
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|
462 |
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1,323 |
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Transaction based revenue, net |
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Interchange revenue, net |
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24,364 |
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19,990 |
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17,004 |
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ATM revenue, net |
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2,253 |
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3,087 |
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2,605 |
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Other |
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15,655 |
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12,573 |
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7,243 |
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Total operating revenues, net |
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$ |
554,182 |
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$ |
347,076 |
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$ |
259,093 |
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Service Based Revenue, Net:
Service based revenue, net primarily consists of optional tips, optional processing fees, and subscriptions charged to Members, net of processor costs associated with ExtraCash originations. The Company operates concurrent receivable programs where receivables originated and held under legacy arrangements are accounted for as financial receivables in accordance with ASC 310, Receivables. Receivables originated and subsequently purchased under partner arrangements meet the criteria of sales accounting in accordance with ASC 860, Transfers and Servicing, and are accounted for as purchases of financial assets. These receivables are purchased at par value, which approximates the fair value, within one business day since the initial origination of the loans to Members. Processing and overdraft service fees, net and tips are recognized under the effective interest method for both arrangements.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 4, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 13, 2023 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.