DAVEW — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-05

• Customers value our products, as demonstrated by more than 800,000 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.

• 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 February 2026 PYMNTS report found that 67% of U.S. consumers were living paycheck to paychec…

• 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 …

• Our future operating results and cash flows depend on Member growth and activity, product expansion, competition, industry trends, and general economic conditions.

• Revenue growth depends on efficiently acquiring new Members and driving product cross-sell. During the three months ended March 31, 2026, customer acquisition cost improved to approximately $18 while payback periods have improved to nearly three months, our fastest on record, reflecting our focus on…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• Customers value our products, as demonstrated by more than 744,000 App Store reviews with an average 4.8-star rating as of October 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 b…

• 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.

• 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 2025, approximately 185 million Americans are classified as financially “coping” or “vulnerable” representing …

• 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…

• Our future results of operations and financial position may not be comparable to historical results as a result of the consummation of the Business Combination.

Text added vs the prior filing · source: 10-Q · 2026-05-05

• We are exposed to market risk primarily through interest rate fluctuations on our Debt Facility, a delayed draw senior secured loan facility with total commitments of $150.0 million maturing in December 2026. The Debt Facility bears interest at a base rate plus 5.00% per annum, where the base rate i…

• Because our variable-rate exposure is limited to the $75.0 million drawn on the facility, the impact of interest rate fluctuations on our results of operations is not significant. A hypothetical 200 basis point increase in SOFR would increase the remaining annual interest expense by approximately $1…

• We do not use derivative instruments to hedge interest rate risk. Over time, our Program Agreement with Coastal Community Bank is expected to reduce our reliance on the Debt Facility as ExtraCash receivables transition to an off-balance-sheet structure, though we will become indirectly exposed to a …

• ExtraCash receivables are short-duration assets with an average term of approximately 12 days. Due to their quick turnover, the fair value of these receivables is not materially sensitive to changes in market interest rates. However, macroeconomic conditions, including the interest rate environment,…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• Not required until after the first fiscal year-end in which Item 305(c) of Regulation S-K is applicable for former smaller reporting companies.

Text added vs the prior filing · source: 10-Q · 2026-05-05

• We may not have the ability to raise the funds necessary to settle conversions of the 2031 Notes, repay the 2031 Notes at maturity or repurchase the 2031 Notes upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of the 2031 …

• In March 2026, we completed a private offering of $200.0 million aggregate principal amount of 0% Convertible Senior Notes due 2031 (the "2031 Notes"). Holders of the 2031 Notes have the right, subject to certain conditions and limited exceptions, to require us to repurchase all or a portion of thei…

• However, we may not have enough available cash or be able to obtain financing at the time we are required to make repurchases of notes surrendered therefor or pay cash with respect to notes being converted or at their maturity. In addition, our ability to repurchase the 2031 Notes or to pay cash upo…

• Our failure to repurchase notes at a time when the repurchase is required by the indenture or to pay cash upon conversion or at the maturity date of the 2031 Notes as required by the indenture would constitute a default under the indenture. A default under the indenture or the fundamental change its…

• The conditional conversion feature of the 2031 Notes, if triggered, may adversely affect our financial condition and operating results.