$DAVE

Dave Inc./DE

CIK:0001841408|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating revenues:
Revenues	$ 170,793	$ 131,757	$ 329,207	$ 239,736
Operating expenses:
Provision for credit losses	28,818	25,295	55,404	35,898
Processing and servicing costs	10,299	7,170	19,859	14,157
Financial network and transaction costs	7,967	7,227	15,719	14,266
Advertising and activation costs	20,358	15,456	34,618	27,386
Compensation and benefits	35,739	26,430	63,329	53,681
Technology and infrastructure	3,851	2,894	7,246	5,620
Other operating expenses	11,520	6,203	21,225	12,497
Total operating expenses	118,552	90,675	217,400	163,505
Other (income) expenses:
Interest income	(1,328)	(588)	(2,152)	(1,019)
Interest expense	2,020	1,777	3,749	3,535
Changes in fair value of earnout liabilities	11,242	7,894	8,052	7,496
Changes in fair value of public and private warrant liabilities	25,636	20,491	17,327	20,843
Total other (income) expense, net	37,570	29,574	26,976	30,855
Net income before provision for income taxes	14,671	11,508	84,831	45,376
Provision for income taxes	7,984	2,468	20,208	7,524
Net income	$ 6,687	$ 9,040	$ 64,623	$ 37,852
Net income per share:
Basic	$ 0.53	$ 0.68	$ 4.94	$ 2.86
Diluted	$ 0.49	$ 0.62	$ 4.6	$ 2.61
Weighted-average shares used to compute net income per share
Basic	12,719,166	13,364,926	13,075,038	13,246,266
Diluted	13,679,803	14,554,218	14,037,743	14,475,435
Service based revenue, net [Member]
Operating revenues:
Revenues	$ 160,047	$ 121,593	$ 307,634	$ 219,444
Transaction based revenue, net [Member]
Operating revenues:
Revenues	$ 10,746	$ 10,164	$ 21,573	$ 20,292

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net Income (Loss)	$ 64,623	$ 37,852
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,676	3,157
Provision for credit losses	55,404	35,898
Changes in fair value of earnout liabilities	8,052	7,496
Changes in fair value of public and private warrant liabilities	17,327	20,843
Stock-based compensation	23,451	15,802
Non-cash interest expense from the convertible notes	439	0
Deferred income taxes	(277)	0
Non-cash lease expense	0	(20)
Changes in fair value of marketable securities and investments	0	66
Changes in operating assets and liabilities:
Member receivables, service based revenue	(10,090)	(7,909)
Prepaid income taxes	(10,529)	0
Prepaid expenses and other current assets	(5,764)	(1,719)
Accounts payable	(1,290)	965
Accrued expenses	4,148	458
Income taxes payable	(1,651)	0
Legal settlement accrual	1,872	159
Other current liabilities	235	(164)
Other non-current liabilities	788	608
Other non-current assets	(7)	(8)
Net cash provided by operating activities	150,407	113,484
Investing activities
Payments for internally developed software costs	(3,993)	(3,101)
Purchase of property and equipment	(251)	(164)
Net originations, purchases and collections of Member receivables	23,770	(77,794)
Purchase of investments	(47,355)	(108,849)
Sale and maturity of investments	45,107	108,065
Purchase of marketable securities	0	(2)
Net cash provided by (used in) investing activities	17,278	(81,845)
Financing activities
Repurchases of Class A common stock	(205,856)	(6,891)
Proceeds from issuance of common stock for stock option exercises	100	722
Proceeds from issuance of convertible notes, net	192,695	0
Purchase of capped calls	(17,364)	0
Payment of taxes for shares withheld related to net share settlement	(8,170)	(13,319)
Net cash used in financing activities	(38,595)	(19,488)
Net increase in cash and cash equivalents and restricted cash	129,090	12,151
Cash and cash equivalents and restricted cash, beginning of the period	82,364	51,377
Cash and cash equivalents and restricted cash, end of the period	211,454	63,528
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases in accounts payable and accrued liabilities	105	0
Operating lease right of use assets recognized	311	0
Operating lease liabilities recognized	311	0
Accrued excise taxes for repurchases of Class A common stock	1,564	69
Supplemental disclosure of cash paid for:
Income taxes	31,587	1,615
Interest	3,250	3,490
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the condensed consolidated balance sheets with the same as shown in the condensed consolidated statement of cash flows
Cash and cash equivalents	209,613	61,687
Restricted cash	1,841	1,841
Total cash, cash equivalents, and restricted cash, end of the period	$ 211,454	$ 63,528

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 209,613	$ 80,523
Member receivables, net of allowance for credit losses of $40,924 and $37,641 as of June 30, 2026 and December 31, 2025, respectively	232,220	297,307
Investments	42,979	40,788
Prepaid income taxes	10,529	0
Prepaid expenses and other current assets	23,759	18,078
Total current assets	519,100	436,696
Property and equipment, net	489	474
Lease right-of-use assets (related-party of $324 and $195 as of June 30, 2026 and December 31, 2025, respectively)	324	195
Intangible assets, net	14,201	13,670
Restricted cash	1,841	1,841
Deferred tax assets, net	34,462	34,185
Other non-current assets	364	357
Total assets	570,781	487,418
Current liabilities:
Accounts payable	6,963	8,358
Accrued expenses	17,195	13,047
Debt facility, current	75,000	75,000
Lease liabilities, short-term (related-party of $227 and $63 as of June 30, 2026 and December 31, 2025, respectively)	227	63
Legal settlement accrual	9,710	7,838
Income taxes payable	(0)	1,651
Other current liabilities	13,836	8,040
Total current liabilities	122,931	113,997
Lease liabilities, long-term (related-party of $106 and $141 as of June 30, 2026 and December 31, 2025, respectively)	106	141
Convertible notes, net of discount and issuance costs	193,134	0
Warrant and earnout liabilities	41,456	16,077
Other non-current liabilities	5,264	4,476
Total liabilities	362,891	134,691
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, par value per share $0.0001, 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	350,681	352,664
Treasury shares, at cost (Class A common stock, 1,266,722 and 274,490 shares at June 30, 2026 and December 31, 2025, respectively)	(251,150)	(43,730)
Accumulated other comprehensive income	317	374
Retained earnings	108,041	43,418
Total stockholders' equity	207,890	352,727
Total liabilities, and stockholders' equity	570,781	487,418
Class A common stock [Member]
Stockholders' equity:
Common stock	1	1
Class V common stock [Member]
Stockholders' equity:
Common stock	$ 0	$ 0