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SHFS

SHF Holdings, Inc.

SHFS

SHF Holdings, Inc. • NASDAQ
$1.48 ▲ 3.50% (+0.05)
Market Cap $4.18 M
52w High $10.54
52w Low $1.29
Dividend Yield 0%
P/E -0.08
Volume 33.15K
Outstanding Shares 2.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.834M ▼ $3.05M ▲ $179.508K ▲ 9.789% ▲ $0.06 ▲ $432.782K ▲
Q2-2025 $1.943M ▼ $2.816M ▼ $-930.715K ▼ -47.912% ▼ $-0.33 ▼ $-988.108K ▼
Q1-2025 $3.209M ▼ $3.924M ▼ $-827.199K ▲ -25.774% ▲ $-0.11 ▲ $-825.758K ▲
Q4-2024 $3.753M ▼ $12.8M ▲ $-51.664M ▼ -1.376K% ▼ $-18.56 ▼ $-7.7M ▼
Q3-2024 $3.828M $3.298M $353.817K 9.243% $0.13 $521.511K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $861.722K ▲ $13.664M ▲ $6.668M ▼ $6.997M ▲
Q2-2025 $247.318K ▼ $5.956M ▼ $23.815M ▲ $-17.859M ▼
Q1-2025 $951.201K ▼ $6.655M ▼ $23.605M ▼ $-16.949M ▼
Q4-2024 $2.325M ▼ $13.218M ▼ $25.506M ▼ $-12.288M ▼
Q3-2024 $5.861M $66.873M $27.521M $39.352M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $179.508K ▲ $-538.037K ▲ $385.641K ▲ $766.8K ▲ $614.404K ▲ $-538.04K ▲
Q2-2025 $-930.715K ▼ $-674.608K ▲ $3.3K ▲ $-12.771K ▲ $-684.079K ▲ $-674.608K ▲
Q1-2025 $-313.627K ▲ $-1.141M ▲ $3.245K ▼ $-255.765K ▲ $-1.393M ▲ $-1.141M ▲
Q4-2024 $-51.664M ▼ $-2.777M ▼ $4.221K ▲ $-764.457K ▼ $-3.537M ▼ $-2.777M ▼
Q3-2024 $353.817K $502.432K $2.09K $-755.029K $-250.507K $502.432K

Five-Year Company Overview

Income Statement

Income Statement SHFS looks more like an early‑stage platform than a mature financial firm. Revenue has stayed very small and hasn’t grown meaningfully over the last several years. At the same time, profits have swung from roughly breakeven/positive earlier on to consistent and widening losses more recently. That combination — flat sales with rising losses — suggests that expenses, including compliance, technology, and growth investments, are running well ahead of what the current revenue base can support. The earnings per share figures reflect this strain, with a sharp deterioration over time.

Balance Sheet

Balance Sheet The balance sheet appears thin and increasingly stressed. The company operates with a small asset base and only modest cash, while debt has crept up. Most notably, shareholder equity has flipped from positive to negative, which means accumulated losses now exceed the capital put into the business. That often signals limited financial cushion, a higher dependence on outside funding, and less room to absorb future setbacks. In short, the balance sheet is highly lean relative to the risks of its niche.

Cash Flow

Cash Flow Reported cash flow data are effectively flat, but the pattern of recurring losses strongly implies ongoing pressure on operating cash generation. The business seems capital‑light in terms of physical investment, which helps, but that also means there is less flexibility if external funding tightens. With limited cash, rising losses, and some debt in place, the key question is whether SHFS can turn its niche into steadier, self‑funding cash flows before it needs additional capital support.

Competitive Edge

Competitive Edge Within cannabis banking, SHFS occupies a specialized and differentiated niche. It was an early mover, built deep expertise in cannabis compliance, and partners with insured financial institutions instead of competing directly with them. This gives it a notable edge in know‑how and relationships, and its platform can become more valuable as more banks and credit unions join. However, the moat relies heavily on regulatory complexity. If U.S. banking rules around cannabis soften and larger mainstream banks fully enter the market, SHFS could face intense competition. Its concentration in one heavily regulated, politically sensitive industry also adds risk if sector conditions or laws move against it.

Innovation and R&D

Innovation and R&D Instead of traditional lab R&D, SHFS invests in financial technology and compliance infrastructure. Its four‑pillar model — Bank, Borrow, Operate, Grow — and its managed cannabis banking program are designed to be a turnkey solution for institutions that want cannabis exposure without building their own compliance engines. This is a clear innovation in a difficult space. The company’s proprietary platform and programmatic approach to BSA/AML and cannabis regulations could scale well if more partners sign on. The flip side is execution risk: SHFS must keep its tech, data, and processes ahead of regulatory changes and potential new entrants, while proving that this innovation can translate into durable, profitable revenue growth.

Summary

SHFS is a small, highly specialized financial platform built around serving cannabis businesses and the banks that want to reach them. Strategically, it has several strengths: early entry, deep regulatory know‑how, a compliance‑heavy fintech platform, and a differentiated partnership model. These features give it a real edge in a complex niche. Financially, though, the picture is challenging. Revenue remains very modest, losses have grown over time, the balance sheet is thin with negative equity, and the business appears reliant on outside capital to fund operations and growth. Future outcomes hinge on whether SHFS can scale its partner network and loan activities fast enough to convert its competitive position into a more stable, self‑sustaining financial profile, all while navigating regulatory uncertainty and the possibility of larger players entering the field.

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