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Affirm, the provider of buy now, pay later loans, reported better-than-expected fiscal first-quarter results.

Here is how the company did, compared to analysts’ consensus estimates from LSEG.

  • Loss per share: 31 cents adjusted vs. a loss of 35 cents expected
  • Revenue: $698 million vs. $664 million expected

Affirm reported gross merchandise volume, or GMV, of $7.6 billion, topping the average estimate of $7.28 billion, according to StreetAccount. GMV, a key metric that helps gauge the total value of transactions, increased 35% from a year earlier.

Revenue in the fiscal first quarter rose 41% from $496.5 million a year earlier.

Revenue less transaction costs, or RLTC, came in at $285 million, ahead of earlier guidance of $265 million to $280 million.

Affirm said it expects to achieve profitability on a GAAP basis in its fiscal fourth quarter of 2025. Last quarter, CEO Max Levchin said in a note to shareholders that the company had set a new goal of hitting operating profitability on a GAAP basis by the end of its fiscal year.

The company sees second-quarter revenue of between $770 million and $810 million, or $790 million in the middle of the range, versus the average estimate of $785 million, according to LSEG. Affirm is guiding to GMV in the range of $9.35 billion to $9.75 billion. Analysts polled by StreetAccount called for GMV of $9.48 billion.

Affirm shares were about flat for the year as of Thursday’s close, but have been trending higher lately, up more than 70% since the end of August.

The company’s new relationship with Apple plus other partnerships with Amazon and Shopify are helping results. In June, Affirm and Apple announced plans for U.S. Apple Pay users on iPhones and iPads to be able to apply for loans directly through Affirm.

“Affirm’s growth story has continued, particularly as they add new strategic distribution partners,” Kevin Kennedy, an analyst at global research firm Third Bridge, said in an email.

Kennedy added that the quality of Affirm’s underwriting, specifically for higher-priced orders and interest-bearing BNPL purchases, sets the company apart from the growing list of competitors.

“The payments space is constantly facing commoditization risk, and BNPL, while nascent, is facing the same challenge,” he wrote. “However, large ticket interest bearing purchases, which are becoming more accessible through Affirm, are better protected” compared with offerings from peers, he added.

Square parent Block, which also reported earnings after the bell, acquired BNPL firm Afterpay for $29 billion in 2021.

Affirm’s quarterly earnings call starts at 5:00 p.m. ET.

CNBC’s Robert Hum contributed to this report.

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Why some Scrooges want to stop California from handing out $2,000 e-bike vouchers

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Why some Scrooges want to stop California from handing out ,000 e-bike vouchers

In what couldn’t have been more on-the-nose timing, a group of local California newspapers published an editorial on Christmas Eve calling for the end of a generous $2,000 voucher program intended to help low-income Californians afford electric bicycles for transportation.

The editorial was provided by the Southern California News Group, a collection of California newspapers owned by the hedge fund Alden Global Capital.

In it, the writers air a number of grievances against the program, which recently closed its first round of applications intended to provide around 1,500 e-bike vouchers of between US $1,750 to $2,000 each. The vouchers can be used to offset the price of electric bicycles and associated gear such as protective equipment, locks, etc.

The first complaint in the op-ed is that the total number of vouchers provided in the first round was relatively small compared to the large size of the California e-bike market. However, instead of suggesting that the budget be increased to help more Californians achieve transportation independence, as we called for recently, the editorial takes the opposite position of suggesting that the program simply be canceled.

Next, the writers bemoan an increase in electric bicycle and electric scooter accidents in recent years, suggesting that this should be weighed against the benefits of helping more Californians afford such vehicles.

However, the argument seems to conveniently overlook the fact that the vast majority of such accidents aren’t caused by e-bike riders, but rather those riders are in fact usually the victims. The actual danger to safety on roads is vehicular traffic, i.e. cars and trucks.

Furthermore, many studies have shown that in crashes caused by e-bike riders, such as when an e-bike rider hits another cyclist or pedestrian, the injuries are on average considerably lighter and more recoverable than in car-related crashes.

If the goal was to protect Californians, then instead of firmly clutching their pearls, perhaps the editorial writers should have urged a reduction in the use of cars and trucks, not a reduction in e-bike vouchers.

The op-ed even goes on to lament the number of children riding electric bicycles in California, though admits further on that children aren’t eligible to receive vouchers as part of California’s e-bike incentive program.

Electrek’s Take

California’s e-bike incentive program is certainly far from perfect. We even discussed many of its shortcomings last week. But the program’s essence is to do a good thing—using public tax money to benefit the public. The solution should be to improve the program, not to remove it. And the simple fact of the matter is that most people who are vehemently against the program are those who don’t directly benefit from it, even if they fail to realize that they will ultimately indirectly benefit.

Electric bicycles are one of the most cost-effective ways to provide transportation independence to marginalized and low-income groups. But it’s more than just that. They’re also the best way to get people out of cars and reduce traffic for everyone. Even ignoring the long-term environmental effects related to reducing the impacts of climate change, e-bikes are uniquely capable of making a larger impact on air quality today by helping to remove sources of emissions from a vehicle’s production all the way through its lifetime use and even to its eventual disposal/recycling. When someone rides an e-bike instead of taking a car, taxi, or bus, everyone’s lungs benefit.

Sure, the California program isn’t perfect. But if a media group owned by a wealthy hedgefund and catering to a well-to-do readership doesn’t like it, then that means it’s probably doing something helpful to people who actually need it. That’s the kind of world I want to live in, at least for as long as it’s still liveable.

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Hydrogen had a wild ride in 2024, but Honda has more to come in 2025

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Hydrogen had a wild ride in 2024, but Honda has more to come in 2025

On today’s high-powered episode of Quick Charge, we’ve got Honda fuel cell manager David Perzynski here to talk about Honda’s forty year history developing hydrogen powertrains, and the role Honda sees for HFCEVs in a battery dominated world.

In the course of the conversation we talk about several hydrogen articles posted in 2024, as well as some Honda projects related to CES. You’ll be able to read more about those, below. Enjoy!

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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Check out this awesome looking new four-wheeled electric bike

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Check out this awesome looking new four-wheeled electric bike

Sixthreezero’s wide range of electric bike models includes some fairly out-there models, but the company’s new four-wheeled electric bike really charts a new direction in the industry. Take a look at the new ANYterrain Stabilized 4-wheel Electric Bike.

It’s a mouthful of a name, but the ANYterrain Stabilized 4-wheel Electric Bike hauls more than just a bunch of extra words. The bike is rated to carry up to 350 lb (159 kg), and the 750W motor ensures it has the power to do so. With speeds of up to 20 mph (32 km/h), the quad bike is just as fast as most Class 1 and 2 e-bikes.

But the real game changer here is the design, offering four-wheeled stability that riders can’t get from a conventional three-wheeled trike.

Not only do four wheels provide better stability with a wider footprint, but the steering on the bike uses leaning geometry to take turns more naturally, helping riders feel even more stable.

With 20″ wheels in the rear and 16″ wheels in the front, the quad bike keeps a fairly low center of gravity. All four wheels use 4″ fat tires for better offroad riding and more comfortable shock absorption compared to narrow tires, and the rear wheels even feature a differential to better apply the motor’s power to the ground.

A twist throttle makes it easy to roll on that power, and a D/R switch on the bars lets riders put it in reverse for cases where they need a little help wiggling around in tight spaces. Pedaling backward from a stop can also engage the reverse. At 120 lbs (54 kg), this isn’t the type of bike you can just pick up and move around the garage without a little help so that reverse feature will likely come in handy.

A 48V and 20Ah battery offers 960Wh of capacity, which the company says translates into a range of up to 50 miles (80 km).

The battery is housed under a cargo basket in the rear, though a bench seat can be swapped for the basket, allowing riders to carry a passenger with them.

Electrek’s Take

This certainly won’t be a mass market type of e-bike, but I can see a real use case for neighborhood riding and local errands, especially for folks who don’t feel stable on a bicycle or even a trike.

Despite trikes offering great stability when going straight, some people can feel uncomfortable making turns on a trike, especially at higher speeds, because they can sometimes feel tippy under certain scenarios. This quad bike can still tip if you take a turn sharp enough, but the wider stance combined with the leaning steering means riders will even more stable than on a trike.

And since this will likely be used more by older riders, the reverse is an important feature for letting folks park the bike easily without dismounting and dragging it around.

There could be some legal hurdles in some areas that define “bicycles” as having either two or three wheels, but I’m guessing most cops aren’t jumping at the opportunity to ticket grandma for riding her quad bike on the local rails to trails network.

I love seeing more options like this, and I commend Sixthreezero for providing such interesting options to add to the market.

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