Dave Inc-A 2025年度报告

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ As of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of voting ordinary shares held by non-affiliates of the registrant was approximately$3.052billion, determinedusing the per share closing price of $268.41 on The Nasdaq Global Market on June 30, 2025, as adjusted for the 1-for-32 reverse stock split of Dave Inc.’s common stock effected on January 5, 2023. Ordinary shares held by each director and executive officer(and their respective affiliates) and each person who owns 10 percent or more of the outstanding ordinary shares or who is otherwise believed by the registrant to be in a control position have been excluded. This determination of affiliate status is notnecessarily a conclusive determination for other purposes. DOCUMENTS INCORPORATED BY REFERENCEPart III incorporates by reference certain information from the registrant’s definitive proxy statement (the “Proxy Statement”) relating to its Annual Meeting of Stockholders to be held in2026. The Proxy Statement will be filed with the Securities and DAVE INC.ANNUAL REPORT ON FORM 10-KFOR THE FISCAL YEAR ENDED DECEMBER 31, 2025TABLE OF CONTENTS Cautionary Note Regarding Forward-Looking StatementsBasis of Presentation PART I BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures ITEM 1.ITEM 1A.ITEM 1B.ITEM 1C.ITEM 2.ITEM 3.ITEM 4. PART II ITEM 5.Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities55ITEM 6.[Reserved]56ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations57ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk76ITEM 8.Financial Statements and Supplementary Data77ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure121ITEM 9A.Controls and Procedures121ITEM 9B.Other Information123ITEM 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections123 PART III Directors, Executive Officers and Corporate Governance124Executive Compensation124Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters124Certain Relationships and Related Transactions, and Director Independence124Principal Accountant Fees and Services124 ITEM 10.ITEM 11.ITEM 12.ITEM 13.ITEM 14. PART IV ITEM 15.Exhibits and Financial Statement Schedules125ITEM 16.Form 10-K Summary129Signatures130 CAUTIONARY NOTE REGARDINGFORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this “report” or this “Annual Report on Form 10-K”) contains forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the“Exchange Act”). All statements contained in this report other than statements of historical fact, including statements regarding our future results ofoperations, financial position, market size and opportunity, our business strategy and plans, the factors affecting our performance and our objectives forfuture operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “should,”“would,” “can,” “expect,” “project,” “outlook,” “forecast,” “objective,” “plan,” “potential,” “seek,” “grow,” “target,” “if” and similar expressions areintended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections aboutfuture events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term businessoperations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, includingthose described in the section titled “Risk Factors” set forth in Part I, Item 1A of this report and in our other filings with the Securities and ExchangeCommission (the “SEC”). Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is notpossible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, orcombination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of theserisks, uncertainties and assumptions, the future events and trends discussed in this report may not occur, and actual results could differ materiall