Company: AFRM
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050295
Chunk: 2

Company: Affirm Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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6,455,621 Total net assets of consolidated VIEs$332,742 $205,707 

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 September 30,20252024RevenueMerchant network revenue$251,147 $184,339 Card network revenue69,330 47,480 Total network revenue320,477 231,819 Interest income454,122 377,064 Gain on sales of loans119,049 63,613 Servicing income39,689 25,983 Total revenue, net$933,337 $698,479 Operating expensesLoss on loan purchase commitment$71,552 $54,237 Provision for credit losses162,752 159,824 Funding costs110,027 104,145 Processing and servicing133,807 95,146 Technology and data analytics168,106 134,290 Sales and marketing78,491 145,233 General and administrative144,941 138,482 Restructuring and other— (255)Total operating expenses$869,676 $831,102 Operating income (loss)$63,661 $(132,623)Other income, net19,358 34,303 Income (loss) before income taxes$83,019 $(98,320)Income tax expense2,326 1,902 Net income (loss)$80,694 $(100,222)Other comprehensive income (loss)Foreign currency translation adjustments$(10,003)$8,346 Unrealized gain on securities available for sale, net812 5,589 Loss on cash flow hedges(129)(1,492)Net other comprehensive income (loss)$(9,320)$12,443 Comprehensive income (loss)$71,373 $(87,779)Per share data:Net income (loss) per share attributable to common stockholders for Class A and Class BBasic$0.24 $(0.31)Diluted$0.23 $(0.31)Weighted average common shares outstandingBasic330,238,205 318,234,555 Diluted348,278