As filed with the Securities and Exchange Commission on November 7, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________________ Launchpad Streetlight Acquisition Corp (Exact name of registrant as specified in its charter) _____________________________________ | Cayman Islands | 6770 | 61-2291171 | | --- | --- | --- | | (State or ...

Core Insights - The American consumer remains healthy and engaged in shopping, driven by upcoming holidays, countering recent market concerns about consumer spending [2][3] - The growth in consumer behavior is reflected in the increasing demand for services and products, particularly in the buy now, pay later sector [9][10] Consumer Behavior - Different segments of consumers exhibit varied spending behaviors, with some focusing on saving money through promotions while others prioritize cash flow over total costs [7][8] - The Affirm platform has seen a rise in active consumers, indicating a diverse range of spending habits among users [6] Company Strategy - The company emphasizes transparency and control for users, which helps maintain customer loyalty and repeat usage [4][8] - Partnerships with major retailers like Amazon, Shopify, and Apple enhance the company's service offerings and market reach [8][10] Market Position - The competitive landscape includes smaller firms that often rely on late fees, which positions the company favorably due to its customer-friendly approach [11] - Current growth trajectories are strong enough that the company is not actively pursuing mergers and acquisitions at this time [11] Future Outlook - The company is focused on executing its existing strategies and is cautious about announcing new products until they are fully developed [15] - There is an ongoing interest in adapting to generational wealth transfer trends and expanding product offerings to meet diverse consumer needs [12][13]

Core Insights - Block Inc. shares experienced a significant decline following the release of third-quarter results that fell short of Wall Street expectations, indicating a slowdown in profit growth within its primary Square business [1] Financial Performance - The third-quarter results revealed that Block Inc. did not meet analysts' forecasts, which has raised concerns about the company's financial trajectory [1] - The core Square business is showing signs of slowing profit growth, which is critical for the company's overall performance [1]

Core Insights - Affirm Holdings, Inc. reported strong fiscal first-quarter results, exceeding analyst expectations and boosting investor confidence in its growth potential [1][2] - The company achieved earnings of $0.23 per share, significantly higher than the consensus estimate of $0.11, with revenue reaching $933.33 million, surpassing the forecast of $883.14 million and increasing from $698.47 million year-over-year [2] - Affirm's CEO attributed the record performance to consistent execution and operational strength, noting the highest-ever gross merchandise value (GMV) achieved during the quarter [3] Financial Performance - Earnings per share for the first quarter were $0.23, more than double the expected $0.11 [2] - Revenue for the quarter was $933.33 million, exceeding the forecast of $883.14 million and up from $698.47 million in the same quarter last year [2] - Affirm's gross merchandise value (GMV) reached a record high despite fewer shopping holidays [3] Analyst Ratings and Price Targets - JPMorgan analyst Reginald L. Smith maintained an Overweight rating with a price target of $94, anticipating further GMV and revenue growth [3] - BofA Securities analyst Jason Kupferberg kept a Buy rating and raised the price target from $94 to $98 following the earnings release [4] - Morgan Stanley's James Faucette maintained an Equal-Weight rating but lowered his target from $90 to $83, indicating differing views on valuation post-earnings [4] Strategic Partnerships - Affirm announced an expanded financing partnership with Amazon, entering into a new five-year agreement to offer installment loans to eligible Amazon shoppers [5] - The agreement will be effective from February 1, 2026, and includes automatic annual renewals unless terminated [5] Stock Performance - Following the earnings report, Affirm's shares rose by 9.15%, trading at $71.90 [6]

Core Insights - SoFi Technologies' third-quarter results exceeded expectations, with shares dropping approximately 14% post-release, indicating a short-term sentiment correction rather than a fundamental issue [1] Financial Performance - SoFi reported record adjusted net revenue of $950 million, a 38% year-over-year increase, surpassing estimates by 6.6%, marking the eighth consecutive profitable quarter [2][6] - Net income reached $139 million, translating to earnings per share of 11 cents, exceeding consensus estimates by 22% [2] - Adjusted EBITDA was a record $277 million with a 29% margin, while non-lending revenues surged 57% year over year [19] Membership and Product Growth - The membership base expanded by 905,000 new members in the quarter, totaling 12.6 million [5][6] - The company reported 1.4 million new products, with 40% opened by existing members, indicating strong cross-sell capabilities [10] - Fee-based revenues reached a record $409 million, up 57% from the previous year, and are annualizing at over $1.6 billion [12] Strategic Initiatives - SoFi launched SoFi Pay for international payments via blockchain and plans to introduce a SoFi USD stablecoin in 2026 [13] - The relaunch of crypto trading features and the introduction of the AI-driven SoFi Coach are aimed at enhancing user engagement [14] - The SoFi Smart Card was unveiled, offering 5% cash back on food purchases and credit-building features [15] Marketing and Brand Awareness - A partnership with NFL MVP Josh Allen to promote SoFi Plus has increased brand awareness, which has reached an all-time high of 9.1% among U.S. consumers [16] Future Outlook - Management raised 2025 guidance across all metrics, expecting to add about 3.5 million members, adjusted net revenues of $3.54 billion, and adjusted EBITDA of $1.035 billion [21][22] - The company’s tangible book value growth is forecasted at approximately $2.5 billion, significantly above prior guidance [21] Industry Position - SoFi is positioned as a dynamic player in the digital finance sector, with a focus on innovation, brand building, and diversification across capital-light revenue streams [23][24]

Core Insights - The CEO of Affirm, Max Levchin, indicated that while there is no significant credit stress among federally employed borrowers due to the government shutdown, there are emerging changes in shopping habits among this group [1][2] - The ongoing federal funding lapse, which started on October 1, is the longest in U.S. history and has affected not only government employees but also programs like SNAP, which serves 42 million Americans [2] Group 1 - Affirm is observing a subtle decline in shopping interest among federal employees, with a noted change of a couple of basis points [1] - Approximately 670,000 federal employees have been furloughed, and around 730,000 are working without pay due to the shutdown [1] - The company is monitoring employment data for potential disruptions but currently reports no major disturbances in its operations [2] Group 2 - Affirm has the capability to adjust its credit standards if necessary, indicating a proactive approach to potential economic changes [2] - The impact of the federal funding lapse extends beyond government employees, affecting various sectors and programs [2]

Core Insights - BILL Holdings reported earnings of 61 cents per share for Q1 fiscal 2026, exceeding the Zacks Consensus Estimate of 51 cents but down from 63 cents in the same quarter last year [1] - Revenues reached $395.7 million, surpassing the consensus by 1.3% and reflecting a year-over-year increase of 10.4%, driven by growth in subscription and transaction fees [2][10] - Core revenues, which include subscription and transaction fees, totaled $358.0 million, marking a 13.7% year-over-year increase [5] Revenue Breakdown - Subscription fees amounted to $70.8 million, up 5% due to increased software usage among small and midsize businesses [5] - Transaction fees surged 16% to $287.2 million, driven by strong payment volume growth [5] - Float revenues decreased by 13.3% to $37.7 million compared to the prior year [5] Operational Performance - Total payment volume (TPV) processed was $89 billion, reflecting a 12% year-over-year increase, with 33 million transactions processed, up approximately 16% [6][10] - Non-GAAP gross profit was $332.1 million, with a slight contraction in gross margin to 83.9% from 85.7% [7] - Non-GAAP operating income increased to $68.2 million, up from $67.1 million in the previous year [7] Financial Position - As of September 30, 2025, cash and short-term investments totaled $2.31 billion, an increase from $2.22 billion at the end of fiscal 2025 [8] - Cash flow from operations was $96.85 million, compared to $88.6 million a year ago, with free cash flow of $82.3 million reported [8] Future Guidance - For Q2 fiscal 2026, revenues are expected to be between $394.5 million and $404.5 million, indicating 9-12% year-over-year growth [9] - For the full fiscal 2026, revenues are projected between $1.596 billion and $1.626 billion, implying 9-11% growth, with core revenues expected to increase by 12-15% [11] - Non-GAAP EPS for fiscal 2026 is anticipated to be between $2.11 and $2.25 per share [11] Market Performance - Shares of BILL Holdings rose in after-market trading, with a 15.6% increase over the past three months, contrasting with a 9.2% decline in the Zacks Computer & Technology sector [4]

Core Viewpoint - Block shares experienced a 10% decline following disappointing third-quarter earnings that did not meet Wall Street expectations, indicating a slowdown in profit growth for the Square service [1] Financial Performance - Earnings per share were reported at 54 cents adjusted, compared to the expected 67 cents [4] - Revenue for the quarter was $6.11 billion, falling short of the anticipated $6.31 billion [4] - Year-to-date, Block shares have decreased by 24% [1] Segment Performance - Square's gross payment volume increased by 12% year-over-year, but gross profit growth for the point-of-sale service was only 9%, a decline from the previous quarter's 11% growth [1] - Cash App's gross profit growth was significantly stronger at $1.62 billion, reflecting a 24% increase year-over-year, supported by 58 million monthly transacting active users [3] - The growth in Cash App was driven by services such as Cash App Borrow, Cash App Card, and Buy Now Pay Later [3] Strategic Insights - The company attributed the slower growth in Square to a change in processing partners and lower-margin hardware sales [2] - The Chief Financial Officer noted that the company's product and go-to-market strategies are effectively gaining profitable market share in targeted verticals like food and beverage, particularly with larger sellers and outside the U.S. [2]

Group 1: Affirm Holdings (AFRM) - Affirm Holdings reported an EPS of 23 cents, beating estimates by 12 cents [1][7] - Revenue reached $933.34 million, a 33.6% year-over-year increase, surpassing estimates by $49.98 million [1][7] - The company raised its gross merchandise volume (GMV) guidance to $47.5 billion from $46 billion and increased the adjusted operating margin outlook to 27.1% from 26.1% [1][7] Group 2: Expedia Group (EXPE) - Expedia Group's shares rose by about 17%, or $37.47 per share, driven by strong earnings [2] - The company raised its 2025 revenue growth forecast to between 6% and 7%, up from earlier estimates of 3% to 5% [2] - Bookings in the B2B segment increased by 26% to $9.38 billion during the third quarter [2] Group 3: Globus Medical (GMED) - Globus Medical's shares increased by about 29%, or $18 per share, following strong earnings [3] - The company reported an EPS of $1.18, beating estimates by 41 cents [3] - Revenue was $769 million, a 23% increase year-over-year, exceeding estimates by $34.33 million [3][4] Group 4: Akamai Technologies (AKAM) - Akamai Technologies' shares rose by about 10%, or $7.26 per share, due to strong earnings [5] - The company reported an EPS of $1.86, beating estimates by 22 cents [5] - Revenue was $1.05 billion, a 5% year-over-year increase, surpassing estimates by $10 million [5][6]

Financial Highlights - Adjusted total revenue reached $17.0 million, a 2% year-over-year increase[8] - Wealth revenue grew significantly by 27% year-over-year, reaching $3.6 million[8] - Assets Under Management (AUM) increased by 22% year-over-year, totaling $498 million[10] - Payments volume grew by 12% year-over-year, reaching $2.8 billion[11] Financial Performance - Adjusted EBITDA was $2.0 million for Q3 2025[40] - Adjusted net loss improved from $(6.3) million in Q3 2024 to $(3.4) million in Q3 2025[41] Balance Sheet - Cash and investments totaled $46 million[10] - The company's book value per share is $3.24, while the share price is $2.11[43] Future Outlook - Subscription & services revenue is expected to grow at a mid-to-high single-digit rate[48] - Wealth revenue is projected to increase by 20-25% in 2025[48] - Payments business is projected to grow in the mid- to-high teens percentages[48]