Although we've been highlighting Afûrm Card progress in the last couple of these letters, the Card is proving to be a gift that keeps on giving, so a brief update is warranted. In ûscal Q1, Card growth accelerated on both the top and bottom line, each more than doubling year over year. We had over 1.4 million active cardholders at quarter end. As cohorts mature, we are observing all the right signs and signals: annualized GMV per user grew from $2,500 to over $3,000, and in-store usage grew from approximately 25% in early FY’24 to 40% in FQ4’24 and 45% in FQ1’25. Card credit outcomes and unit economics remain in-line with (or better than) the rest of the Afûrm ecosystem, and we are excited about a few upcoming launches, including the rollout of Visa Flexible Credential to our current cardholders over the next few months, which should improve the economics further. Our Revenue team has been working hard to harmonize our many 0% and reduced-APR programs across the channels where Afûrm is offered: point of sale, platforms, our app, digital wallets, and the Card. These offerings boost consumer uptake with deals truly unique to Afûrm, and we are excited to see them offered to our most loyal and active consumers on the Afûrm Card. We expect to continue expanding both card eligibility and individual purchasing power for cardholders. A few more brief highlights: ● Apple Pay: Went live with Apple Pay towards the end of the quarter in September, providing consumers with the option to pay over time with Afûrm when checking out on Apple Pay online and in-app on iPhone and iPad. Excited to be working together to bring users even more ways to pay. ● You hear that, Doug? I’m coming to London! Launched in the United Kingdom with our ûrst few merchant partners and are expanding our distribution partnerships to support UK integrations. Immediate goal is to be ready to support enterprise-scale partners in the UK in the second ûscal half. ● Accelerated merchant onboarding in the quarter, growing our active merchant count by over 20 thousand, including several major enterprises to launch in CY’25. Completed contract renewals with several top-10 merchant partners. ● Expanded our existing partnership with WooCommerce, improved the onboarding process for Stripe merchants, and signed on several new merchant platforms. ● Shop Pay Installments (powered by Afûrm) has now surpassed $10 billion in cumulative GMV – we’ve come a really long way since Shopapalooza! Very much looking forward to growing our joint programs with Shopify, which now include Shop Pay Commerce Component, aka off-Shopify Shop Pay. Affirm FQ1’25 Shareholder Letter 4