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DAVE

Dave Inc./DE
7 filings tracked
financialscloud computingSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Dave Inc. has reached a significant financial inflection point, transitioning from a growth-oriented fintech to a highly profitable financial services platform.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the headline growth, Dave's financial health is clouded by a sharp increase in credit risk and aggressive capital maneuvers.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing reveals a company in a high-stakes transition. On one hand, Dave has successfully monetized its user base through fee increases and subscription growth, resulting in impressive net income and cash flow figures. The aggressive share buyback program and the issuance of zero-coupon convertible notes signal management's extreme confidence in the company's valuation and future cash flows. However, the underlying credit metrics and regulatory landscape provide a sobering counter-narrative. The massive spike in credit loss provisions and the ongoing DOJ litigation suggest that the operational risks are scaling alongside the revenues. Investors are left to weigh the immediate benefits of high growth and capital returns against the systemic risks of a deteriorating credit portfolio and potential regulatory sanctions. The ultimate success of the business will likely depend on whether the transition to an off-balance-sheet model with Coastal Community Bank can successfully mitigate these funding and credit risks.

Selected Quarter

Core Takeaway

Dave is successfully scaling its monetization and profitability, but is doing so while absorbing significantly higher credit losses and leveraging its balance sheet via convertible debt.

Investor Lens

The trade-off between immediate GAAP profitability and the long-term sustainability of the credit portfolio.

Watch Next

The maturity of the $75M Debt Facility in December 2026 and the outcome of the DOJ civil complaint.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.38Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 5

Net income more than doubled to $57.9 million with a 47% increase in total operating revenues.

earnings beat
90%
bullishMay 5

Adjusted EBITDA expanded 57% to $69.3 million due to operating leverage and fee increases.

margin expansion
70%
neutralMay 5

Issued $200 million in convertible notes to fund general corporate purposes and share repurches.

capital raise
60%
bearishMay 5

Facing a DOJ civil complaint and maintaining a $7.9 million legal settlement accrual.

regulatory action
50%
bullishMay 5

Repurchased 912,622 shares for approximately $186.7 million in Q1 2026.

buyback
80%
bullishMay 5

Net income more than doubled to $57.9 million with a 47% increase in total operating revenues.

earnings beat
90%
bullishMay 5

Adjusted EBITDA expanded 57% to $69.3 million due to operating leverage and fee increases.

margin expansion
70%
neutralMay 5

Issued $200 million in convertible notes to fund general corporate purposes and share repurches.

capital raise
60%
bearishMay 5

Facing a DOJ civil complaint and maintaining a $7.9 million legal settlement accrual.

regulatory action
50%
bullishMay 5

Repurchased 912,622 shares for approximately $186.7 million in Q1 2026.

buyback
80%
bullishMay 5

Net income more than doubled to $57.9 million with a 47% increase in total operating revenues.

earnings beat
90%
bullishMay 5

Adjusted EBITDA expanded 57% to $69.3 million due to operating leverage and fee increases.

margin expansion
70%
neutralMay 5

Issued $200 million in convertible notes to fund general corporate purposes and share repurches.

capital raise
60%
bearishMay 5

Facing a DOJ civil complaint and maintaining a $7.9 million legal settlement accrual.

regulatory action
50%
bullishMay 5

Repurchased 912,622 shares for approximately $186.7 million in Q1 2026.

buyback
80%
bullishMay 5

Net income more than doubled to $57.9 million with a 47% increase in total operating revenues.

earnings beat
90%
bullishMay 5

Adjusted EBITDA expanded 57% to $69.3 million due to operating leverage and fee increases.

margin expansion
70%
neutralMay 5

Issued $200 million in convertible notes to fund general corporate purposes and share repurches.

capital raise
60%
bearishMay 5

Facing a DOJ civil complaint and maintaining a $7.9 million legal settlement accrual.

regulatory action
50%
bullishMay 5

Repurchased 912,622 shares for approximately $186.7 million in Q1 2026.

buyback
80%
bullishMay 5

Net income more than doubled to $57.9 million with a 47% increase in total operating revenues.

earnings beat
90%
bullishMay 5

Adjusted EBITDA expanded 57% to $69.3 million due to operating leverage and fee increases.

margin expansion
70%
neutralMay 5

Issued $200 million in convertible notes to fund general corporate purposes and share repurches.

capital raise
60%
bearishMay 5

Facing a DOJ civil complaint and maintaining a $7.9 million legal settlement accrual.

regulatory action
50%
bullishMay 5

Repurchased 912,622 shares for approximately $186.7 million in Q1 2026.

buyback
80%
bullishMay 5

Net income more than doubled to $57.9 million with a 47% increase in total operating revenues.

earnings beat
90%
bullishMay 5

Adjusted EBITDA expanded 57% to $69.3 million due to operating leverage and fee increases.

margin expansion
70%
neutralMay 5

Issued $200 million in convertible notes to fund general corporate purposes and share repurches.

capital raise
60%
bearishMay 5

Facing a DOJ civil complaint and maintaining a $7.9 million legal settlement accrual.

regulatory action
50%
bullishMay 5

Repurchased 912,622 shares for approximately $186.7 million in Q1 2026.

buyback
80%
bullishMay 5

Net income more than doubled to $57.9 million with a 47% increase in total operating revenues.

earnings beat
90%
bullishMay 5

Adjusted EBITDA expanded 57% to $69.3 million due to operating leverage and fee increases.

margin expansion
70%
neutralMay 5

Issued $200 million in convertible notes to fund general corporate purposes and share repurches.

capital raise
60%
bearishMay 5

Facing a DOJ civil complaint and maintaining a $7.9 million legal settlement accrual.

regulatory action
50%
bullishMay 5

Repurchased 912,622 shares for approximately $186.7 million in Q1 2026.

buyback
80%

Filing History

10-QMay 5, 2026
Expand Sequence

The Q1 2026 filing reveals a company in a high-stakes transition. On one hand, Dave has successfully monetized its user base through fee increases and subscription growth, resulting in impressive net income and cash flow figures. The aggressive share buyback program and the issuance of zero-coupon convertible notes signal management's extreme confidence in the company's valuation and future cash flows. However, the underlying credit metrics and regulatory landscape provide a sobering counter-narrative. The massive spike in credit loss provisions and the ongoing DOJ litigation suggest that the operational risks are scaling alongside the revenues. Investors are left to weigh the immediate benefits of high growth and capital returns against the systemic risks of a deteriorating credit portfolio and potential regulatory sanctions. The ultimate success of the business will likely depend on whether the transition to an off-balance-sheet model with Coastal Community Bank can successfully mitigate these funding and credit risks.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.