DAVEHIGH SIGNALFINANCIAL10-K

DAVE demonstrated substantially higher revenue growth while dramatically strengthening its balance sheet position through increased stockholders' equity and cash reserves.

The company's financial transformation suggests successful execution of its neobanking strategy, with revenue growing meaningfully while maintaining disciplined cost management as evidenced by the modest liability increase. The near-doubling of stockholders' equity combined with strengthened cash position indicates improved financial stability and potential for sustained growth in the competitive fintech space.

Comparing 2026-03-02 vs 2025-03-04View on EDGAR →
FINANCIAL ANALYSIS

DAVE's financial profile strengthened considerably across key metrics, with revenue growing substantially while total assets expanded significantly to $487.4M. The balance sheet improvements were particularly notable, as stockholders' equity nearly doubled and cash reserves grew meaningfully to $80.5M, while liabilities increased only modestly. This combination of robust top-line growth and enhanced financial positioning signals a company gaining traction in the neobanking market while building a more resilient capital structure.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+92.6%
$183.1M→$352.7M

Equity base grew 92.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+62.8%
$299.3M→$487.4M

Asset base grew 62.8% — expansion through organic growth, acquisitions, or capital deployment.

Cash & Equivalents
Balance Sheet
+62%
$49.7M→$80.5M

Cash position surged 62% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
+59.7%
$347.1M→$554.2M

Strong top-line growth of 59.7% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+54.7%
$282.3M→$436.7M

Current assets grew 54.7% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
+21%
$262K→$317K

Capex increased 21% — ongoing investment in capacity or infrastructure for future growth.

Total Liabilities
Balance Sheet
+15.9%
$116.2M→$134.7M

Liabilities increased 15.9% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-04
ADDED
As of February 17, 2026, there were 12,569,569 and 12,245,516 shares of Class A common stock, $0.0001 par value, issued and outstanding, respectively.
As of February 17, 2026, there were 1,314,082 shares of Class V common stock, $0.0001 par value, issued and outstanding.
Each warrant was originally exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share.
In connection with the 1-for-32 reverse stock split effected on January 5, 2023, the exercise terms of the warrants were proportionately adjusted pursuant to the anti-dilution provisions of the warrant agreement, such that 32 warrants are now exercisable for one share of Class A Common Stock at an adjusted exercise price of $368.00 per share.
The number of warrants outstanding was not affected by the reverse stock split.
("Dave," the "Company," "we," "us," or "our") is one of the nation's leading neobanks, providing a mobile-first financial services platform designed to help everyday Americans manage their money more effectively.
We serve millions of Members who are often underserved by traditional financial institutions, offering them access to short-term liquidity, fee-free banking, and financial management tools at a fraction of the cost of incumbents.
Since inception, over 19 million Members have signed up for the Dave app, with over 14 million having used at least one of our products.
Our flagship product, ExtraCash, provides Members with up to $500 of short-term credit (in the form of discretionary overdraft through a bank partner) to bridge liquidity gaps between paychecks, without interest, late fees, or credit checks.
We use our proprietary AI-powered underwriting engine, CashAI, to evaluate each Member's cash flow in real-time, enabling us to extend credit responsibly while maintaining strong unit economics.
REMOVED
As of February 20, 2025, there were 11,580,041 shares of Class A common stock, $0.0001 par value and 1,514,082 shares of Class V common stock, $0.0001 par value, issued and outstanding.
Company Overview Dave was launched in 2017 to provide a faster, more transparent, and lower-cost alternative to traditional financial institutions, particularly for those living paycheck to paycheck.
Through our mobile-first platform, we deliver innovative financial products designed to help underserved consumers manage their money more effectively.
We have engineered a purpose-driven platform designed to deliver on our mission, making a significant impact across the stakeholder groups we serve.
Since our inception, more than 16 million Members have signed up for the Dave app, with over 12 million having used at least one of our products.
We have provided Members with more than $15 billion in ExtraCash, offering critical liquidity when they need it most.
To further support our communities, we have donated approximately $23 million to charity and important causes since inception.
Customers value our products, as demonstrated by more than 700,000 App Store reviews with an average 4.8-star rating as of February 2025.
Our business model is built on transparency and customer alignment and building relationships with our Members that drive positive outcomes for both them and our business.
At the core of our success is a world-class team dedicated to delivering on our mission.
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