DAVE

Dave Inc./DE

NASDAQ · FINANCIALS · FINANCE SERVICES

354.60

−27.79 −7.27%

USD · close Oct 23

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order

WATCH · shorts 52

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

0 / 0

no disclosures naming it

Big money

0 / 15

none of the tracked funds disclose it

Calls on record

nobody we score has called it yet

MKT CAP —P/E 23.0DIV YIELD —FCF YIELD —REV TTM $643.7M +48.6%NET INCOME $222.6M +303.9%NET CASH $209.6M52W 155.92 – 442.53SEC XBRL · TTM TO Invalid Date

How DAVE rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

27%

of sentences unchanged

Added

595

new sentences

Dropped

389

sentences removed

Length

+7,447

words, now 36,985

New in FY2025

Overview Company Overview Dave was founded in 2017 to provide a faster, more transparent, and lower-cost alternative to traditional financial institutions for Americans living paycheck to paycheck.
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.
We have provided Members with over $22 billion in ExtraCash, offering critical liquidity when they need it most, and have donated over $25 million to charity and important causes.
Customers value our products, as demonstrated by more than 750,000 App Store reviews with an average 4.8-star rating.
Dave has earned multiple Best Place to Work recognitions from Built In over the past several years, reflecting our ongoing investment in becoming an exceptional workplace.
Market Opportunity According to the Financial Health Network in 2025, approximately 185 million Americans, representing 69% of the U.S. population, are classified as financially "coping" or "vulnerable," up from 66% in 2021.
A December 2025 PYMNTS report found that 67% of U.S. consumers were living paycheck to paycheck, up from 57% in 2021.
This population pays approximately $43 billion annually in basic checking fees and over $225 billion in annual fees and interest for short-term credit, according to FHN research.
We estimate our total addressable market to be approximately 185 million Americans who do not have access to affordable and effective banking solutions.
We believe these high costs reflect the cost structure of incumbents.
Legacy institutions with brick-and-mortar networks, antiquated technology, and inefficient customer acquisition strategies have significant costs to serve, which they pass on to customers.
By leveraging technology and AI, we have dramatically reduced our cost to serve, enabling us to provide banking and credit products at lower costs with a stronger value proposition.
Key Factors Affecting Operating Results Our future operating results and cash flows depend on Member growth and activity, product expansion, competition, industry trends, and general economic conditions.
Member Acquisition and Engagement Revenue growth depends on efficiently acquiring new Members and driving product cross-sell.
In fiscal year 2025, customer acquisition cost remained stable at approximately $19 while payback periods have improved to under four months, our fastest on record, reflecting our focus on directing acquisition spend toward the highest return opportunities.
ARPU expansion is primarily driven by ExtraCash volume and the adoption of Dave Checking by Members.
Dave Debit Card actives generate approximately 1.7x higher monthly ARPU than non-card users and 11 times the average monthly transaction volume, indicating materially higher engagement and lifetime value.
Dave Debit Card spend reached $534 million in the fourth quarter of 2025, a 17% increase year-over-year.
Our mid-2025 subscription fee increase from $1 to $3 improved customer lifetime value without materially affecting conversion or retention.
Subscription revenue grew 92% year-over-year in the fourth quarter of 2025.
Credit Performance ExtraCash profitability depends on approving creditworthy Members while maintaining disciplined delinquency and write-off rates.
In fiscal year 2025, approval rates reached all-time highs, improving conversion efficiency.
In February 2025, we completed the transition to a simplified fee structure with a mandatory 5% overdraft service fee (including a $5 minimum), enhancing unit economics and monetization.
In September 2025, we deployed CashAI v5.5, which nearly doubles the feature set of prior versions.
Early results demonstrate improved risk ranking, higher average approval amounts, and lower delinquency rates.
CashAI has leveraged insights from over 180 million ExtraCash originations, a proprietary cash flow dataset that we believe provides a structural advantage in real-time credit decisioning.
The short average term of ExtraCash (approximately 11 days) creates rapid feedback loops, enabling iterative model refinement.
Economic conditions, particularly unemployment and consumer spending, materially influence Members' settlement capacity.
Our real-time underwriting continuously evaluates transaction-level data to detect changes in income, spending, and employment.
However, severe economic deterioration could materially increase delinquencies and write-offs despite model refinements.
Funding and Interest Rate Sensitivity ExtraCash receivables funding costs are a material operating expense.
Our variable-rate Debt Facility exposes us to interest rate risk, and elevated rates have increased borrowing costs, reducing ExtraCash unit economics.
In March 2025, we entered into the Program Agreement with Coastal under which Coastal issues and maintains deposit accounts and sponsors access to debit and ACH networks.
As of the fourth quarter of 2025, all new Members are being onboarded to Coastal, and we expect the transition of existing Members to be substantially finalized by the end of 2026.
This partnership is expected to reduce our funding obligations and free up capital as we transition ExtraCash receivables to an off-balance-sheet structure.
Coastal retains interest in an amount equal to a variable rate based on the Fed Funds Rate plus a margin while such receivables are on Coastal's balance sheet.
Elevated rates have increased borrowing costs, reducing ExtraCash unit economics.
Higher interest rates create dual impacts: increased funding costs reduce gross margins, while elevated rates may increase Member demand for supplemental liquidity but simultaneously reduce settlement capacity.
We actively manage funding costs through bank partner relationships and debt facility negotiations.
Competition We compete with traditional banks and credit unions, neobanks such as Chime and Varo Bank, short-term credit and earned wage access providers such as Earnin, MoneyLion, and Brigit, and broader fintech platforms such as Affirm, Cash App, and Venmo.

and 555 more.

Gone since FY2024

Risk Factors” and elsewhere in this Annual Report on Form 10-K.
On January 5, 2023, the Board of Directors approved an amendment to the Company’s certificate of incorporation to complete a 1-for-32 reverse stock split effective January 5, 2023.
The effects of the reverse stock split have been reflected in the consolidated financial statements and the footnotes.
Overview 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.
Goliath, we set out to challenge legacy banking by leveraging technology to expand financial access and improve consumer financial health.
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.
Dave has been recognized by Built In as a Best Place to Work for five consecutive years, reinforcing our commitment to both our Members and employees.
Market Opportunity The U.S. financial system has historically failed to address the needs of the millions of Americans who are living paycheck to paycheck.
According to the Financial Health Network (“FHN”) in 2024, approximately 180 million Americans are classified as financially “coping” or “vulnerable” representing over 70% of the U.S. population, up from 66% in 2021.
A December 2024 report by PYMNTS also found that 65% of U.S. consumers were living paycheck to paycheck, up from 60% a year earlier.
This market includes both young and financially challenged individuals who have trouble managing cash flow, have minimal savings, regularly overdraft, and pay high fees for access to financial services.
FHN research estimates there is approximately $38 billion of fees paid annually for access to basic checking services, including account maintenance fees, overdraft fees and ATM fees and that financially vulnerable and coping populations pay over $200 billion in annual fees and interest for short-term credit.
We believe these insights are supported by a Dave study of our Members which reveals that traditional financial institutions charge consumers between $350-$400 of fees annually for access to basic checking services.
We also believe these trends underscore a growing need for better financial solutions and illustrate the depth of our total addressable market (“TAM”), which we estimate to be approximately 180 million Americans that do not have access to affordable and effective banking solutions.
We believe that these high costs are the result of the cost structure of incumbents.
With expensive brick-and-mortar bank branch networks, antiquated technology, large employee bases, and inefficient customer acquisition strategies, legacy institutions have significant costs to serve their customers, which drives the high price that customers have to pay for access to their services.
By leveraging world-class technology and harnessing the power of data and artificial intelligence, we believe that we have dramatically reduced the costs to serve customers in this market.
Through this structural advantage, we are able to provide increased access to banking and credit products at lower costs, resulting in a much stronger value proposition to our Members.
Key Factors Affecting Operating Results Our future operating results and cash flows are dependent upon a number of opportunities, challenges and other factors, including Member growth and activity, product expansion, competition, industry trends and general economic conditions.
Member Growth and Activity We have made significant investments in our platform, and our business is dependent on continued Member growth, as well as our ability to offer new products and services and generate additional revenues from our existing Members using such additional products and services.
Member growth and activity are critical to our ability to increase our scale, capture market share and earn an attractive return on our technology, product and marketing investments.
Growth in Members and Member activity will depend heavily on our ability to continue to offer attractive products and services and the success of our marketing and Member acquisition efforts.
Product Expansion We aim to develop and offer a best-in-class financial services platform with integrated products and services that improve the financial well-being of our Members.
We have invested and continue to make significant investments in the development, improvement and marketing of our financial products and are focused on continual growth in the number of products we offer that are utilized by our Members.
Competition We face competition from several financial services-oriented institutions.
In our reportable segment, as well as in potential new lines of business, we may compete with more established institutions, some of which have more financial resources.
We compete at multiple levels, including competition among other financial institutions and lenders in our ExtraCash business, competition for deposits in and debit card spending from our Dave Banking product from traditional banks and digital banking products and competition for subscribers to our personal financial management tools.
Some of our competitors may at times seek to increase their market share by undercutting pricing terms prevalent in that market, which could adversely affect our market share for any of our products and services or require us to incur higher member acquisition costs.
Concentration We rely on agreements with Evolve, currently our only active bank partner, to provide ExtraCash and other deposit accounts, debit card services and other transaction services to us and our Members.
See Part II Item 1A, “Risk Factors” for additional information.
Given the size and consistent growth of our Member base as well as how our product capabilities have been expanding, we recently announced an additional financial institution with which we will partner.
Industry Trends/General Economic Conditions We expect economic cycles to affect our business, financial performance, and financial condition.
Macroeconomic conditions, including, but not limited to, regulatory uncertainty, fluctuating interest rates, inflation, unemployment rates, and consumer sentiment may impact consumer spending behavior and consumer demand for financial products.
Although the Company’s business operations have not been materially impacted as of the date of this report, our business, financial condition, results of operations and prospects may be adversely affected due to the ongoing nature of these macroeconomic factors.

and 349 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch DAVE. Know when insiders buy.

One email the day a filing lands. Free.