8-KEarnings & ResultsMaterial AgreementsSecurities & Listing+1

Affirm Holdings, Inc. 8-K Report, Material Agreement (Nov 6, 2025)

Filed November 6, 2025For Securities:AFRM

Summary

Affirm Holdings, Inc. (AFRM) has filed an 8-K detailing a material amendment to its long-standing financing services agreement with Amazon. The "Second Amended and Restated Installment Financing Services Agreement" extends Affirm's offering of closed-end installment loans to eligible consumers on Amazon.com and through the Amazon Pay widget. This renewed partnership is secured for an initial term of five years, commencing February 1, 2026, with provisions for automatic annual extensions thereafter, signaling a significant commitment from both parties and providing a stable revenue stream visibility for Affirm. Furthermore, the filing discloses a "Second Amendment to Warrant" tied to this new Amazon agreement. This amendment adjusts the exercise price for warrants based on new user acquisition, introducing a lower exercise price for users acquired after February 1, 2026. This tiered approach may incentivize further growth and user adoption on the Amazon platform. The company also released its first fiscal quarter 2025 shareholder letter, providing financial results for the period ending September 30, 2025, though specific details from this letter are not elaborated within the 8-K's provided text.

Key Highlights

  • 1Affirm has entered into a Second Amended and Restated Installment Financing Services Agreement with Amazon, extending their partnership.
  • 2The new agreement will commence on February 1, 2026, and has an initial term of five years, running through January 2031.
  • 3Affirm will continue to offer its closed-end installment loan products to eligible Amazon consumers and through the Amazon Pay widget.
  • 4The agreement includes provisions for automatic one-year extensions beyond the initial five-year term, providing long-term visibility.
  • 5A Second Amendment to a warrant agreement with Amazon adjusts exercise prices based on new user acquisition dates, with a lower price for users acquired post-February 1, 2026.
  • 6The company also issued a Shareholder Letter on November 6, 2025, with financial results for the first fiscal quarter ended September 30, 2025.

Frequently Asked Questions

The agreement's primary purpose is to continue Affirm's provision of closed-end installment loan products to eligible consumers on Amazon.com and through the Amazon Pay widget, extending their existing partnership.

The agreement has an initial term of five years, commencing on February 1, 2026, and will extend through January 2031. It will then automatically renew for successive one-year terms unless either party provides notice not to extend.

The Second Amendment to the warrant adjusts the exercise price for shares based on when new users are acquired. Warrant shares tied to users acquired before February 1, 2026, retain an exercise price of $100.00, while those tied to users acquired on or after February 1, 2026, will have an exercise price of $63.06. This could potentially influence future dilution depending on warrant exercises and user acquisition.

Yes, the 8-K references a Shareholder Letter issued on November 6, 2025, that contains the Company's financial results for the first fiscal quarter ended September 30, 2025. However, the specific financial details are not elaborated within the 8-K itself but are referenced as being in the attached Exhibit 99.1.