DAVE — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-05

• Revenue growth depends on efficiently acquiring new Members and driving product cross-sell. During the three months ended June 30, 2026, customer acquisition costs remained approximately flat compared to the three months ended June 30, 2025 at approximately $19, while payback periods improved to und…

• During the first quarter of 2025, we entered into the Program Agreement with Coastal under which Coastal issues and maintains deposit accounts and sponsors access to debit and ACH networks. As of the fourth quarter of 2025, all new Members are being onboarded to Coastal, and we expect the transition…

• Our business is sensitive to macroeconomic conditions. Interest rate changes directly impact funding costs and Members' settlement capacity. Unemployment affects Members' ability to repay ExtraCash. Consumer spending patterns and inflation influence cash flow and credit demand.

• Recent and proposed changes in U.S. trade policy, including tariffs and related measures, together with associated legal and regulatory developments, may contribute to higher consumer prices and inflationary pressure. While we do not import goods and have no direct tariff exposure, such conditions c…

• Effective June 1, 2026, the amended Program Agreement with Coastal Community Bank ("Coastal") became effective, under which Coastal originates and retains ExtraCash receivables on its balance sheet and we hold a commitment to purchase, and provide a financial guarantee with respect to, those receiva…

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

• 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…

• decisioning. The short average term of ExtraCash (approximately 12 days) creates rapid feedback loops, enabling iterative model refinement.

• In March 2025, we entered into the Program Agreement with Coastal under which Coastal issues and maintains deposit accounts and sponsors access to debit and ACH networks. As of the fourth quarter of 2025, all new Members are being onboarded to Coastal, and we expect the transition of existing Member…

• Our business is sensitive to macroeconomic conditions. Interest rate changes directly impact funding costs and Members' settlement capacity.

• Unemployment affects Members' ability to repay ExtraCash. Consumer spending patterns and inflation influence cash flow and credit demand.

Text added vs the prior filing · source: 10-Q · 2026-08-05

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

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

• 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 …

Text added vs the prior filing · source: 10-Q · 2026-08-05

• If we were found to be operating without having obtained necessary state or local licenses, it could adversely affect our business, results of operations, financial condition, and future prospects.

• Certain states have adopted laws regulating and requiring licensing, registration, notice filing, or other approval by parties that engage in certain activities regarding consumer finance transactions. For example, several states, including California, Kansas, Missouri, Nevada, South Carolina, and W…

• In addition, certain states have adopted laws regulating and requiring licensing by parties that engage in certain activity regarding consumer finance transactions, including facilitating and assisting such transactions in certain circumstances. These laws also may contain restrictions on the chargi…

• We have also received inquiries from state regulatory agencies regarding requirements to obtain licenses from or register with those states, including in states where we have determined that we are not required to obtain such a license or be registered with the state, and we expect to continue to re…

• We have received an inquiry from the Connecticut banking regulator relating to licensing and the State Regulatory Changes, our relationship with our bank partner, and other issues relating to earned wage access and related products we offer in Connecticut. We have also received an inquiry from the M…

Text removed 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.