Business
Safe Harbor Financial Announces Preliminary Fourth Quarter and Full Year 2022 Financial Results
- Full year revenue increased 34% to $9.4 million, number of active accounts increased 82% to 1040 compared to 2021 - - Recent agreement to resolve $64.7
About this update from Shf Holdings, Inc.
[{"type":"text","content":"- Full year revenue increased 34% to $9.4 million, number of active accounts increased 82% to 1040 compared to 2021 - - Recent agreement to resolve $64.7 million in payment obligations significantly strengthens balance sheet, strongly positions the Company for further growth in 2023 - GOLDEN, Colo., March 30, 2023 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating banking, payments, and financial services to the regulated cannabis industry, today announced certain preliminary (unaudited) financial results for the quarter and year ended December 31, 2022. All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles (“GAAP”). Full Year 2022 Financial Highlights1 Revenue increased 34% to $9.4 million, compared to $7.0 million in 2021Increased the number of active accounts by 82% to 1040, compared to 572 at the end of 2021The Company originated $15.8 million in loans, compared to $4.3 million in 2021Ended 2022 with $8.4 million in cash “Safe Harbor had a pivotal year: we completed our go-public transaction to list on the Nasdaq exchange, executed on the strategic acquisition of Abaca, and significantly grew our client base to establish a solid foundation for success in 2023 and beyond,” said Sundie Seefried, Chief Executive Officer at Safe Harbor. “During the year, we expanded topline revenue by 34% and increased our client base by approximately 82%, demonstrating the considerable industry need for the services we provide. We are committed to providing essential banking services to cannabis-related businesses, or CRBs, using the most sophisticated fintech to optimize our customers’ experience. Our recent acquisition of Abaca is perfectly aligned with this goal as it meaningfully enhanced and added key elements to our fintech platform to expedite transactions with our banking partners. “This momentum has continued in 2023, and we are pleased to have reached an agreement with Partner Colorado Credit Union to resolve our payment obligations to them, which removes a considerable financial constraint and further enhances our ability to execute on our growth strategy. The cannabis industry is maturing, and the fully complaint cannabis banking infrastructure we p...