Page 1

affirm Affirm Reports Fiscal Year 2021 Second Quarter Results Company Provides Outlook for Fiscal Third Quarter and Fiscal Full Year 2021 SAN FRANCISCO - February 11 , 2021 – Affirm Holdings , Inc. ( NASDAQ : AFRM ) ( " Affirm " or the " Company " ) , a more flexible and transparent alternative to credit cards , today reported financial results for its fiscal 2021 second quarter ended December 31 , 2020 . " Since we founded Affirm and through to this day , our mission has been to build honest financial products that improve lives . We've aligned our success with the success of both sides of the commerce ecosystem , winning when our consumers and our merchants win . And during the last quarter , we continued to demonstrate that this approach translates into results , " said Max Levchin , Founder and CEO of Affirm . " We grew our active consumers 52 % and our merchant base 90 % year - over - year , driving revenue growth of 57 % year - over - year and a 55 % year - over - year increase in quarterly gross merchandise volume to a record $ 2.1 billion . As we look ahead , we remain committed to empowering consumers to take control of their finances , helping merchants grow their revenue on our platform , and developing new innovative solutions to establish the ubiquity of our network and breath of our platform . " Second Quarter of Fiscal Year 2021 Operating Highlights : Gross merchandise volume ( " GMV " ) for the second quarter of fiscal 2021 was $ 2.1 billion , an increase of 55 % when compared to the second quarter of fiscal 2020 The Company had 4.5 million active consumers as of December 31 , 2020 , an increase of 52 % when compared to the second quarter of fiscal 2020 ● Transactions per active consumer were approximately 2.2 as of December 31 , 2020 , an increase of 7 % when compared to the second quarter of fiscal 2020 Second Quarter of Fiscal Year 2021 Financial Highlights : Total revenue for the second quarter of fiscal 2021 was $ 204.0 million , a 57 % increase when compared to the second quarter of fiscal 2020 Total revenue less transaction costs¹ for the second quarter of fiscal 2021 was $ 89.9 million , a 141 % increase when compared to the second quarter of fiscal 2020 Operating loss for the second quarter of fiscal 2021 was $ 31.7 million compared to $ 32.6 million in the second quarter of fiscal 2020 , a decrease of 3 % Adjusted operating loss¹ for the second quarter of fiscal 2021 was $ 1.8 million compared to $ 21.9 million in the second quarter of fiscal 2020 , a decrease of 92 % Net loss for the second quarter of fiscal 2021 was $ 31.6 million compared to $ 31.0 million in the second quarter of fiscal 2020 Recent Developments On January 1 , 2021 , the Company completed its acquisition of PayBright Inc. , one of Canada's leading buy now , pay later providers . 1 Information about Affirm's use of non - GAAP financial measures is provided under " Use of Non - GAAP Financial Measures " below , and reconciliations of GAAP results to non - GAAP results are provided in the tables at the end of this press release .