Company: AFRM
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001820953-25-000052
Chunk: 134

Company: Affirm Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 134
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2025, we had approximately 21.9 million active consumers, which represented an increase of 21% compared to approximately 18.1 million active consumers as of March 31, 2024. The increase was primarily due to a high retention rate of existing consumers, as well as continued adoption of the Affirm Card, and the acquisition of new consumers through an expansion in active merchants and platform partnerships. 

Transactions per Active Consumer

We believe the value of our network is amplified with greater consumer engagement and repeat usage, highlighted by increased transactions per active consumer. Transactions per active consumer is defined as the average number of transactions that an active consumer has conducted on our platform during the 12 months prior to the measurement date. 

As of March 31, 2025, we had approximately 5.6 transactions per active consumer, an increase of 20% compared to March 31, 2024. The increase was primarily due to platform growth, a higher frequency of repeat users driven by consumer engagement, and growth of Affirm Card active consumers. As of March 31, 2025, Affirm Card represented approximately 10% of the total number of transactions compared to approximately 6% as of March 31, 2024.

64

Results of Operations 

The following tables set forth selected interim condensed consolidated statements of operations and comprehensive income (loss) data for each of the periods presented:

Three Months Ended March 31,Nine Months Ended March 31,20252024$%20252024$%(in thousands, except percentages)RevenueMerchant network revenue$213,973 $159,292 $54,681 34 %$643,207 $493,599 $149,608 30 %Card network revenue58,572 35,676 22,896 64 %164,194 108,421 55,773 51 %Total network revenue272,545 194,968 77,577 40 %807,401 602,020 205,381 34 %Interest income (1)402,701 315,712 86,989 28 %1,189,132 866,737 322,395 37 %Gain on sales of loans (1)75,838 40,183 35,655 89 %264,739 127,170 137,569 108 %Servicing income32,050 25,294 6,756