Financial Performance - Adjusted EBITDA for Q4 2024 was positive at 1.3 million in Q4 2023[4] - Total revenue for Q4 2024 was approximately 4.5 million in Q4 2023, while full-year revenue was approximately 17.6 million in 2023[4][10] - The company recognized a net loss of approximately 17.3 million in 2023[11] - Revenue for the year ended December 31, 2024, was 17,562,903 in 2023[17] - Net loss for 2024 was 17,279,847 in 2023, representing an increase in loss of 179.5%[17] - Basic and diluted net loss per share for 2024 was (8.12) in 2023, indicating a significant increase in loss per share[17] - Adjusted EBITDA for 2024 was 3,607,681 in 2023[25] Operating Expenses - Operating expenses for the full year 2024 decreased over 42% to approximately 38.3 million in 2023[11] - Total operating expenses decreased to 38,293,952 in 2023, reflecting a reduction of 41.6%[17] - Compensation and Employee Benefits expense decreased 32% to approximately 2.1 million in Q4 2023[4] - The company incurred interest expense of 1,094,736 in 2023[17] Cash and Working Capital - Cash and cash equivalents as of December 31, 2024, were 4.9 million at the end of 2023[12] - Adjusted Working Capital was approximately 983,833 at the end of 2024, but adjusted working capital was 2,324,647, down from 6 million in cash flow over the next two years[7] - The company recognized a deferred tax benefit of (1,829,701) in 2023[25] - Impairment of goodwill in 2024 was 13,208,276 in 2023, showing a reduction of 54.1%[17] Business Operations and Market Position - The company processed over 25 billion in deposit transactions for cannabis-related businesses across more than 41 states and US territories[28] - The company provides compliance, monitoring, and validation services to financial institutions serving the cannabis industry[28] - Safe Harbor aims to drive growth in local economies and foster long-term partnerships through its services[28] - The company emphasizes high standards of accountability, transparency, and risk mitigation measures in line with Bank Secrecy Act obligations[28] - Future growth prospects and market size for Safe Harbor are subject to trends in the cannabis industry and potential changes in U.S. and state laws[29] - Safe Harbor's projected financial and operational performance will be compared to its competitors and historical performance[29] - The company may introduce new product and service offerings in the future[29] - Safe Harbor's securities may be affected by volatility in capital markets[29] - The company does not undertake any duty to update forward-looking statements made in its communications[29] - Contact information for investor relations is provided for further inquiries[30]
SHF (SHFS) - 2024 Q4 - Annual Results