Dave Inc. restates prior financials; Q2 revenue $47M, adj EBITDA loss $28.5M

Dave Inc./DE

Non-reliance on 2021/2020 audited financials and Q1 2022 unaudited financials due to cash flow and earnout accounting errors.
Q2 2022 non-GAAP operating revenue $47.0M (+22.4% YoY); adjusted EBITDA loss $28.5M vs loss $4.5M in Q2 2021.
Revised FY2022 outlook: non-GAAP operating revenue $200-215M; variable profit margin 40-44%.
Cash flow reclassification (member advances) and earnout reclassification (equity to liability) are non-cash with no impact to cash or net income.
Material weaknesses in internal control over financial reporting persist; remediation plan ongoing.

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