Dave Inc./DE DAVE
Unless otherwise noted or the context otherwise requires, the disclosures in this Item 1 refer to Dave Inc. and its consolidated subsidiaries following the consummation of the Business Combination.
Dave Inc. ("Dave," the "Company," "we," "us," or "our") is one of the nation's leading neobanks, providing a mobile-first financial services platform designed to help everyday Americans manage their money more effectively. We serve millions of Members who are often underserved by traditional financial institutions, offering them access to short-term liquidity, fee-free banking, and financial management tools at a fraction of the cost of incumbents.
Founded in 2017 and inspired by the story of David vs. Goliath, we set out to challenge legacy banking by leveraging technology to expand financial access and improve consumer financial health. Our mission is to level the financial playing field by providing intuitive, transparent, and accessible solutions that empower our Members to navigate life's financial challenges with confidence.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $554.2M | $347.1M | $259.1M | $204.8M | $153.0M | — |
| Total operating expenses | $367.6M | $312.5M | $301.3M | $339.2M | $199.9M | — |
| Operating income | — | — | — | — | -$6.4M | — |
| Interest expense | $7.0M | $8.0M | $11.8M | $9.2M | $2.5M | — |
| Pre-tax income | $168.0M | $60.4M | -$48.4M | -$129.0M | -$19.9M | — |
| Income tax | $27.8M | $2.5M | $120.0K | $67.0K | $97.0K | — |
| Net income | $196.0M | $58.0M | -$49.0M | -$128.9M | -$20.0M | — |
| EPS, basic | 14.65 | 4.62 | -4.07 | -11.12 | -4.69 | — |
| EPS, diluted | 13.53 | 4.19 | -4.07 | -11.12 | -4.69 | — |
| Shares, diluted (wtd. avg.) | $14.5M | $13.8M | $11.9M | $11.6M | $4.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $80.5M | $49.7M | $41.8M | $23.7M | $32.4M | $5.1M |
| Short-term investments | $40.8M | $40.5M | $113.2M | $168.8M | $0 | — |
| Total current assets | $436.7M | $282.3M | $276.9M | $308.6M | $100.2M | — |
| Property, plant and equipment | $474.0K | $704.0K | $1.1M | $1.0M | $685.0K | — |
| Other intangibles | $13.7M | $13.6M | $13.2M | $10.2M | $7.8M | — |
| Total assets | $487.4M | $299.3M | $294.0M | $321.5M | $147.2M | — |
| Accounts payable | $8.4M | $6.8M | $5.5M | $11.4M | $13.0M | — |
| Total current liabilities | $114.0M | $35.1M | $25.6M | $36.4M | $68.6M | — |
| Long-term debt | $0 | $75.0M | $75.0M | $75.0M | $35.0M | — |
| Total liabilities | $134.7M | $116.2M | $207.0M | $214.9M | $108.4M | — |
| Retained earnings | $43.4M | -$152.4M | -$210.3M | -$161.8M | -$32.9M | — |
| Total equity | $352.7M | $183.1M | $87.1M | $106.6M | $38.7M | $49.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $290.0M | $125.1M | $33.8M | -$44.9M | -$541.0K | — |
| Depreciation and amortisation | $7.1M | $7.7M | $5.5M | $7.1M | $3.1M | — |
| Stock-based compensation | — | — | — | — | $2.1M | — |
| Capital expenditure | $317.0K | $262.0K | $688.0K | $728.0K | $371.0K | — |
| Investing cash flow | -$202.7M | -$45.8M | -$14.4M | -$285.6M | -$37.2M | — |
| Financing cash flow | -$56.3M | -$71.0M | $22.0K | $321.8M | $65.0M | — |
| Buybacks | $43.7M | $0 | $0 | $536.0K | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-164199.
Others in SIC 6199
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| MSTR | Strategy Inc | $50.34B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $48.64B | 41.5x | 9.4% |
| SYF | Synchrony Financial | $26.00B | 8.6x | — |
| CRCL | Circle Internet Group, Inc. | $25.33B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $23.53B | 46.7x | 23.1% |
| IREN | IREN Ltd | $15.97B | — | 41.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $15.06B | 1.9x | 84.1% |