| Summary of Financial Information with Respect to the Company's Single Operating and Reportable Segment |
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:
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Dave Inc.
Condensed Consolidated Statements of Operations
(in thousands)
(unaudited) |
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For the Three Months Ended |
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March 31, 2026 |
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March 31, 2025 |
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Operating revenues: |
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Service based revenue, net |
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$ |
147,587 |
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$ |
97,851 |
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Transaction based revenue, net |
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10,827 |
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10,128 |
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Total operating revenues, net |
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158,414 |
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107,979 |
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Operating expenses: |
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Provision for credit losses |
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26,586 |
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10,603 |
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Processing and servicing costs |
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9,560 |
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6,987 |
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Financial network and transaction costs |
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7,752 |
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7,039 |
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Advertising and activation costs |
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14,260 |
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11,930 |
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Employee salaries and bonuses |
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15,311 |
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15,521 |
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Capitalized compensation costs |
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(1,543 |
) |
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(1,370 |
) |
Stock-based compensation |
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7,102 |
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7,517 |
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Temporary labor and contractors |
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1,965 |
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1,384 |
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Other compensation, benefits and payroll taxes |
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4,755 |
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4,199 |
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Technology and infrastructure |
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3,395 |
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2,726 |
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Other operating expenses |
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9,705 |
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6,294 |
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Total operating expenses |
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98,848 |
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72,830 |
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Other (income) expenses: |
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Interest income |
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(824 |
) |
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(431 |
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Interest expense |
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1,729 |
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1,758 |
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Changes in fair value of earnout liabilities |
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(3,190 |
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(398 |
) |
Changes in fair value of public and private warrant liabilities |
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(8,309 |
) |
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352 |
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Total other (income) expense, net |
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(10,594 |
) |
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1,281 |
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Net income before provision for income taxes |
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70,160 |
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33,868 |
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Provision for income taxes |
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12,224 |
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5,056 |
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Net income |
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$ |
57,936 |
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$ |
28,812 |
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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.
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