Affirm Holdings, Inc.

13. Stockholders’ Equity

Common Stock

We had shares of common stock reserved for issuance as follows:

The common stock is not redeemable. We havetwo classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right toone vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time intoone share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors.

Common Stock Warrants

Common stock warrants are included as a component of additional paid in capital within the interim condensed consolidated balance sheets.

In November 2025, in connection with the execution of an amended commercial agreement with Amazon, we modified the exercise price of the warrants vesting February 2026 and thereafter from $100 per share to $63.06 per share. The fair value of the warrants was remeasured as of the modification date using the Black Scholes-Merton option pricing model with the following assumptions: a dividend yield ofzero; remaining years to maturity of 3.6; volatility of 94%; and a risk-free rate of 3.63%. The remaining fair value of the warrants, including the incremental cost resulting from the modification, will be recognized within our consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions.

During the three and six months ended December 31, 2025, we recognized $61.2 million and $102.2 million, respectively, within sales and marketing expense, compared to $86.8 million and $194.0 million for the three and six months ended December 31, 2024, respectively, based upon the grant-date fair value of the warrant shares that vested. Refer to Note 5. Balance Sheet Components for more information on the commercial agreement asset recognized in connection with the warrants and the related amortization.

The following table summarizes the warrants activity for the six months ended December 31, 2025:

As of December 31, 2025, unrecognized compensation expense related to the unvested warrants was approximately $519.5 million, which is expected to be recognized over a remaining weighted-average period of 2.9 years.

Share Repurchases

There were no share repurchases during the three and six months ended December 31, 2025.