Financial Data and Key Metrics Changes - Net income increased by 147% year-over-year to $354,000 compared to a net loss of $748,000 for the same period last year [7] - Loan interest income rose by 48% year-over-year for the third quarter and by 143.5% for the nine months [7] - Total revenue for the third quarter decreased by 19.6% to $3.5 million from $4.3 million in the prior year [20] - Total revenue for the nine months decreased by 11.6% to $11.6 million from $13.1 million in the prior year [20] - Operating expenses decreased by 13% year-over-year for the third quarter and by 66% for the nine months [8][22] Business Line Data and Key Metrics Changes - Revenue from deposit activity and onboarding decreased by 26% to $1.6 million for the third quarter [20] - Investment income for the third quarter decreased by approximately 60% to $475,000 [21] - Loan interest income for the third quarter grew by 48% to $1.3 million [21] Market Data and Key Metrics Changes - The cannabis market is expected to reach $33.6 billion in 2024 with a CAGR growth rate of 12.1% from 2024 through 2030 [12] - 24 states have legalized adult-use cannabis and 38 states have legalized medicinal use, indicating a growing market [11] Company Strategy and Development Direction - The company is focusing on expanding its customer base and delivering best-in-class service while developing innovative offerings [19] - Safe Harbor is adapting its platform to meet the demands of cannabis-related businesses and is looking to acquire account portfolios from banks exiting the business [19] - The company is making competitive changes to attract incoming cannabis entities, including adjusting fees and offering competitive pricing [13] Management's Comments on Operating Environment and Future Outlook - Management noted headwinds in the cannabis sector, including pricing pressures and increased competition, but still managed to increase net income and cash flow [9] - The company is optimistic about the potential for cannabis industry growth following the recent elections and upcoming regulatory changes [16][18] - Management believes that reclassification of cannabis could strengthen the balance sheets of customers and improve the company's position in the market [18] Other Important Information - The company reported cash and cash equivalents of $5.9 million as of September 30, 2024, compared to $4.9 million at the end of 2023 [25] - The company expects full-year revenue for 2024 to be in the range of $15 million to $15.5 million [25] Q&A Session Summary - The call concluded without a detailed Q&A session, as the operator thanked participants and indicated the next update would be in March [26][27]

--Net Income increased to $0.4 million in the third quarter of 2024 --Loan Interest Income increased 48% and 143.5% year-over-year for three and nine months ended September 30, 2024, respectively --Operating Expenses decreased 13.2% versus Q3 2023 and by 66.4% for the nine-month period in 2024 GOLDEN, Colo., Nov. 12, 2024 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to t ...

Financial Performance - The Company reported a net income of $941,527 for the three months ended June 30, 2024, compared to a net loss of $17,604,567 for the same period in 2023[133]. - EBITDA for the six months ended June 30, 2024, was $3,753,446, a significant improvement from a loss of $18,677,843 in the prior year[133]. - Adjusted EBITDA for the six months ended June 30, 2024, was $2,061,002, compared to $1,260,302 for the same period in 2023[133]. - Total revenue for the six months ended June 30, 2024, was $8,088,334, a decrease of 7.59% compared to $8,752,887 in 2023[141]. - Total revenue for the three months ended June 30, 2024, was $274,884, compared to $459,001 for the same period in 2023, representing a decrease of approximately 40%[173]. - Total revenue for the six months ended June 30, 2024, was $575,145, down from $849,660 in the same period in 2023, indicating a decline of about 32%[173]. - The revenue from the Commercial Alliance Agreement for the three months ended June 30, 2024, was $3,478,251, compared to $3,411,218 for the same period in 2023[172]. - The total revenue from commercial alliance agreements for the six months ended June 30, 2024, was $575,145, compared to $459,001 for the same period in 2023, showing an increase of about 25%[173]. Operational Metrics - The Company launched a commercial lending program in 2020, which has become the largest revenue component, focusing on senior secured lending with stringent collateral requirements[125]. - The Company expects that fees based on deposits and interest on daily balances will represent a significant portion of revenue by 2024[124]. - The average account balance at period end is calculated by dividing total account balances by the number of accounts, which is crucial for assessing lending capacity[134]. - The Company monitors key metrics such as total account balances, number of accounts, and average account balances to assess business operations[134]. - For the six months ended June 30, 2024, average monthly ending deposit balance decreased to $125,852,436, down 44.51% from $226,798,931 in 2023[136]. - Average active accounts declined to 752, a decrease of 25.51% from 1,010 in the previous year[136]. - The company serviced 24 loans in the six months ended June 30, 2024, compared to 12 loans in the same period of 2023[145]. Income Sources - The Company earns income from onboarding fees and deposit activity, which historically has been the majority of revenue[123]. - Investment income is primarily derived from CRB client deposits, with 25% of this income paid to PCCU as a hosting cost[124]. - Loan interest income increased significantly to $3,472,848, up 224.22% from $1,071,124 in the same period last year[141]. - Investment income for the six months ended June 30, 2024, was $1,274,436, down 55.09% from $2,837,694 in the previous year[141]. Expenses - Operating expenses for the six months ended June 30, 2024, totaled $7,463,230, a decrease of 73.62% from $28,287,323 in 2023[146]. - General and administrative expenses decreased by 41.44% to $1,985,984 in the six months ended June 30, 2024, from $3,391,463 in 2023[146]. - Total operating expenses for the three months ended June 30, 2024, decreased to $3,737,372, a reduction of $1,859,164 or 83.38% compared to $22,485,275 for the same period in 2023[152]. - General and administrative expenses decreased by approximately $850,825 or 45.93% to $1,001,764 for the three months ended June 30, 2024, compared to $1,852,589 in 2023[152]. Cash Flow - The company generated $2,704,637 in cash from operations for the six months ended June 30, 2024, compared to cash used of $964,786 for the same period in 2023, reflecting improved operational efficiency[155]. - For the six months ended June 30, 2024, the company used $1,487,507 in cash for financing activities, primarily due to repayments on the senior secured promissory note[155]. - Cash and cash equivalents increased to $6,111,982 as of June 30, 2024, up from $4,888,769 as of December 31, 2023[154]. Concerns and Future Outlook - The company acknowledges substantial doubt about its ability to continue as a going concern for at least twelve months from the date of the financial statements due to historical negative operating income[158]. - The company expects a shift in trends as it enhances its lending platform, which typically requires borrowers to place deposits[138]. - The company experienced a significant decrease in impairment of goodwill and finite lived intangible assets, with both categories showing a 100% reduction compared to the previous year[152]. - CRB related deposits decreased to $90,562,105 as of June 30, 2024, down from $129,350,998 as of December 31, 2023[171]. Miscellaneous - The company is classified as a smaller reporting company and is not required to provide detailed market risk disclosures[174].

GOLDEN, Colo., July 25, 2024 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial ("Safe Harbor" or the "Company") (NASDAQ:SHFS), a leader in providing banking, payments, and financial services to the regulated cannabis industry, announced a new partnership with BIPOCann, a Denver-based consulting firm dedicated to aiding social equity and minority entrepreneurs in the cannabis sector. Under this partnership, BIPOCann will offer its full suite of membership benefits, valued at $600, to all o ...

For the past 54 years, cannabis has been categorized as a Schedule I controlled substance under the Controlled Substances Act. Schedule I drugs, substances or chemicals are defined as drugs with no currently accepted medical use and a high potential for abuse. First and foremost, the reclassification does not make marijuana legal, as it remains an illegal substance under federal law. From a banking perspective, the compliance requirements under the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regu ...

GOLDEN, Colo., July 09, 2024 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial ("Safe Harbor" or the "Company") (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today that it successfully exited a $3.1 million loan that was previously in default. In addition to the full repayment of the principal, Safe Harbor received $202,175 in accrued interest, all of which will be reallocated into its lending and credit lin ...

GOLDEN, Colo., June 05, 2024 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial ("Safe Harbor" or the "Company") (NASDAQ:SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today the formal launch of its new small business line of credit program with the origination of new loans to three Colorado-based operators which are long-standing clients of Safe Harbor. "We're pleased to be able to offer our longstanding clients acces ...

DATE: June 5th TIME: 2:30 pm Eastern LINK: https://bit.ly/3QVIu08 If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event. It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates. Learn more about the event at www.virtualinvestorconferences.com. Recent Company Highlights GOLDEN, Colo., May 30, 2024 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/ ...

SHF Holdings Inc. (NASDAQ:SHFS) Q1 2024 Earnings Conference Call May 13, 2024 4:30 PM ET Company Participants Erika Kay - KCSA Strategic Communications Sundie Seefried - Founder and CEO James Dennedy - CFO Conference Call Participants Operator Thank you for standing by. My name is Benjamin and I will be your conference operator today. At this time, I would like to welcome everyone to Safe Harbor Financial First Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. A ...

Exhibit 99.1 Safe Harbor Financial Announces First Quarter 2024 Results —Net Income increased 245% year-over-year to approximately $2.0 million in the first quarter of 2024 —Adjusted EBITDA increased 165.3% to approximately $1.1 million —Operating Expenses decreased 35.8% versus the same period in 2023 GOLDEN, Colo., May 13, 2024 — SHF Holdings, Inc., d/b/a/ Safe Harbor Financial ("Safe Harbor" or the "Company") (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulat ...