Affirm Holdings Inc. saw a notable increase in its stock, climbing over 12% in premarket trading following a strong first-quarter fiscal 2026 earnings report. The company posted adjusted earnings per share of $0.23, significantly exceeding the analyst expectation of $0.11. Revenue grew 34% year-over-year to $933 million, surpassing the forecast of $881.84 million. A key metric, gross merchandise volume (GMV), surged 42% to $10.8 billion, highlighting robust performance in its direct-to-consumer segment. CEO Max Levchin pointed out the record GMV achieved during a quarter with limited shopping holidays, indicating solid operational consistency. Affirm's Card business was particularly impressive, with GMV up 135% year-over-year and active cardholders rising by 500,000 to 2.8 million. The overall active consumer base expanded by 24% to 24.1 million, marking the seventh consecutive quarter of growth in active users. For the next quarter, Affirm expects revenue between $1.03 billion and $1.06 billion, slightly lower than the analyst consensus of $1.06 billion. Despite this, the company raised its GMV guidance for fiscal 2026 to more than $47.5 billion, up from a previous target of $46 billion. The revenue-to-GMV ratio remains around 8.4%, suggesting expected revenue over $3.99 billion. Analysts from Bank of America acknowledged the strong quarter but noted concerns about maintaining the Revenue Less Transaction Costs (RLTC) guidance at roughly 4% for the fiscal year, hinting at potential deceleration in the second half. Affirm also extended its agreement with Amazon for five more years, indicating confidence from a major partner.