DAVEWHIGH SIGNALFINANCIAL10-K

DAVEW delivered exceptional financial performance with net income surging 238% to $195.9M and revenue growing 60% to $554.2M, while significantly strengthening its balance sheet.

This represents a dramatic transformation for the neobank, demonstrating strong operational leverage as revenue growth translated into even stronger profitability gains. The company appears to have reached an inflection point in its business model maturity, moving from growth-focused to profitable growth execution.

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

DAVEW showed remarkable financial acceleration across all key metrics, with net income exploding 238% while revenue grew a robust 60%, indicating significant margin expansion and operational efficiency gains. The balance sheet strengthened considerably with stockholders' equity nearly doubling to $352.7M and operating cash flow more than doubling to $290M, though current liabilities also tripled to $114M which warrants monitoring. Overall, the financial picture signals a maturing neobank that has successfully scaled its platform to achieve substantial profitability while maintaining strong cash generation and balance sheet growth.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+238.4%
$57.9M→$195.9M

Net income grew 238.4% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
+225.1%
$35.1M→$114.0M

Current liabilities surged 225.1% — significant near-term obligations; verify ability to meet short-term debt.

Operating Cash Flow
Cash Flow
+131.8%
$125.1M→$290.0M

Operating cash flow surged 131.8% — exceptional cash generation, highest quality earnings signal.

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.
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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.
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