Company: AFRM
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001820953-25-000052
Chunk: 2

Company: Affirm Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 2
---
978,278 5,070,022 Total net assets of consolidated VIEs$262,606 $308,113 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

6

Table of Contents

AFFIRM HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 (Unaudited)

(in thousands, except share and per share amounts)

Three Months Ended March 31,Nine Months Ended March 31,2025202420252024RevenueMerchant network revenue$213,973 $159,292 $643,207 $493,599 Card network revenue58,572 35,676 164,194 108,421 Total network revenue272,545 194,968 807,401 602,020 Interest income402,701 315,712 1,189,132 866,737 Gain on sales of loans75,838 40,183 264,739 127,170 Servicing income32,050 25,294 86,723 67,887 Total revenue, net$783,135 $576,157 $2,347,995 $1,663,814 Operating expensesLoss on loan purchase commitment$57,290 $44,143 $181,805 $132,639 Provision for credit losses147,252 122,443 460,056 343,019 Funding costs107,631 90,449 319,539 248,997 Processing and servicing118,398 88,209 329,504 254,083 Technology and data analytics152,620 124,828 435,123 377,626 Sales and marketing74,022 132,950 355,293 441,081 General and administrative134,303 128,721 412,196 401,832 Restructuring and other12 5,203 (184)6,924 Total operating expenses$791,527 $736,946 $2,493,332 $2,206,201 Operating loss$(8,393)$(160,789)$(145,337)$(542,387)Other income, net13,738 27,743 135,221 70,999 Income (loss) before income taxes$5,345 $(133,046)