v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

Note 18 Segment Information

In accordance with ASC 280, Segment Reporting, the operations of the Company constitute a single operating and reportable segment. This conclusion reflects the manner in which the Chief Operating Decision Maker ("CODM"), a joint responsibility, shared by the Chief Executive Officer and Chief Financial Officer, reviews financial information and makes operating decisions. The determination of the reportable segment is based on the nature of the Company’s products and services, as well as the financial performance, on a consolidated entity-wide basis, that are regularly reviewed by the CODM to guide resource allocation and assess performance.

The Company’s operations, all of which are located in the United States, collectively support this single-segment structure. No Member individually contributed to 10% or more of the Company’s revenues for the three months ended March 31, 2026 and 2025.

For further information regarding the Company’s products, services, and the accounting policies applied to its reportable segment, refer to Note 2 Significant Accounting Policies.

The key performance measure used by the CODM to make key operating decisions is consolidated net income, as reported in the Consolidated Statement of Operations. This measure is used to assess overall financial performance, identify areas for operation improvement, resource allocation and the allocation of budget between the provision for credit losses, processing and servicing costs, advertising and activation costs, compensation and benefits and other operating expenses. This measure helps to ensure alignment with the Company’s long-term financial objectives and supports consistent evaluation across all business activities.

The segment assets and liabilities reviewed by the CODM are those reported on the Company’s consolidated balance sheets, with particular focus on available liquidity, including cash, cash equivalents, investments, restricted cash, and ExtraCash receivables, offset by current liabilities and outstanding debt.

 

The following table presents selected financial information with respect to the Company’s single operating and reportable segment for the three months ended March 31, 2026 and 2025, respectively:

 

Dave Inc.
Condensed Consolidated Statements of Operations
(in thousands)
(unaudited)

 

 

 

For the Three Months Ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

Operating revenues:

 

 

 

 

 

 

Service based revenue, net

 

$

147,587

 

 

$

97,851

 

Transaction based revenue, net

 

 

10,827

 

 

 

10,128

 

Total operating revenues, net

 

 

158,414

 

 

 

107,979

 

Operating expenses:

 

 

 

 

 

 

Provision for credit losses

 

 

26,586

 

 

 

10,603

 

Processing and servicing costs

 

 

9,560

 

 

 

6,987

 

Financial network and transaction costs

 

 

7,752

 

 

 

7,039

 

Advertising and activation costs

 

 

14,260

 

 

 

11,930

 

Employee salaries and bonuses

 

 

15,311

 

 

 

15,521

 

Capitalized compensation costs

 

 

(1,543

)

 

 

(1,370

)

Stock-based compensation

 

 

7,102

 

 

 

7,517

 

Temporary labor and contractors

 

 

1,965

 

 

 

1,384

 

Other compensation, benefits and payroll taxes

 

 

4,755

 

 

 

4,199

 

Technology and infrastructure

 

 

3,395

 

 

 

2,726

 

Other operating expenses

 

 

9,705

 

 

 

6,294

 

Total operating expenses

 

 

98,848

 

 

 

72,830

 

Other (income) expenses:

 

 

 

 

 

 

Interest income

 

 

(824

)

 

 

(431

)

Interest expense

 

 

1,729

 

 

 

1,758

 

Changes in fair value of earnout liabilities

 

 

(3,190

)

 

 

(398

)

Changes in fair value of public and private warrant liabilities

 

 

(8,309

)

 

 

352

 

Total other (income) expense, net

 

 

(10,594

)

 

 

1,281

 

Net income before provision for income taxes

 

 

70,160

 

 

 

33,868

 

Provision for income taxes

 

 

12,224

 

 

 

5,056

 

Net income

 

$

57,936

 

 

$

28,812

 

 

Other operating expenses primarily include legal fees and settlements, depreciation and amortization of property and equipment and internally developed software, charitable contributions, travel and entertainment, office and occupancy costs, insurance, sales tax and other taxes, computer expenses, licenses and fees, dues and subscriptions, and other general and administrative costs. These costs generally reflect our investments in infrastructure, business development, risk management, and administrative operations, and may vary period to period based on operational needs and strategic initiatives.

Significant noncash items that impact net income include provision for credit losses (see Note 5, ExtraCash Receivables, Net), stock-based compensation (see Note 15, Stock-Based Compensation), depreciation and amortization expense (see Note 6, Intangible Assets, Net and Note 8, Convertible Notes), changes in fair value of earnout liabilities, and changes in fair value of public and private warrant liabilities (see Note 13, Fair Value of Financial Instruments).