| 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 and nine months ended September 30, 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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For The Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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September 30, 2026 |
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September 30, 2025 |
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Operating revenues: |
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Service based revenue, net |
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$ |
186,349 |
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$ |
139,229 |
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$ |
493,983 |
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$ |
358,673 |
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Transaction based revenue, net |
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11,355 |
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11,496 |
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32,928 |
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31,788 |
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Total operating revenues, net |
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197,704 |
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150,725 |
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526,911 |
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390,461 |
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Operating expenses: |
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Provision for credit losses |
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36,549 |
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29,846 |
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91,953 |
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65,744 |
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Processing and servicing costs |
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12,832 |
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9,404 |
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32,691 |
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23,561 |
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Financial network and transaction costs |
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10,383 |
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7,378 |
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26,102 |
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21,644 |
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Advertising and activation costs |
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27,959 |
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18,911 |
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62,577 |
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46,297 |
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Employee salaries and bonuses |
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17,622 |
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14,887 |
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48,745 |
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45,307 |
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Capitalized compensation costs |
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(2,069 |
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(1,703 |
) |
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(6,062 |
) |
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(4,805 |
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Stock-based compensation |
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22,013 |
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7,209 |
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45,464 |
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23,011 |
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Temporary labor and contractors |
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2,355 |
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1,722 |
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6,477 |
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4,569 |
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Other compensation, benefits and payroll taxes |
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3,375 |
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2,727 |
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12,001 |
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10,441 |
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Technology and infrastructure |
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4,487 |
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3,192 |
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11,733 |
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8,812 |
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Other operating expenses |
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14,181 |
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11,254 |
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35,406 |
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23,751 |
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Total operating expenses |
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149,687 |
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104,827 |
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367,087 |
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268,332 |
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Other (income) expenses: |
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Interest income |
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(2,196 |
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(294 |
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(4,348 |
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(1,313 |
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Interest expense |
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2,062 |
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1,789 |
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5,811 |
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5,324 |
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Changes in fair value of earnout liabilities |
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(8,467 |
) |
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(4,841 |
) |
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(415 |
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2,655 |
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Changes in fair value of warrant liabilities |
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(17,881 |
) |
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(9,186 |
) |
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(554 |
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11,657 |
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Total other (income) expense, net |
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(26,482 |
) |
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(12,532 |
) |
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494 |
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18,323 |
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Net income before provision for income taxes |
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74,499 |
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58,430 |
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159,330 |
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103,806 |
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Provision (benefit) for income taxes |
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10,712 |
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(33,642 |
) |
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30,920 |
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(26,118 |
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Net income |
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$ |
63,787 |
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$ |
92,072 |
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$ |
128,410 |
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$ |
129,924 |
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