secwatch.observer — SEC 8-K summary
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Issuer:     Dave Inc./DE (DAVE)
CIK:        0001841408
Form:       8-K
Filed at:   2022-08-12T23:59:59+00:00
Accession:  0001193125-22-218761
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 4.02, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1841408/000119312522218761/0001193125-22-218761-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1841408/000119312522218761/d375988d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-218761

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