Business
Safe Harbor Financial Reports Financial Results for Second Quarter and Six Months Ended June 30, 2024
--Net Income increased to $0.9 million in the second quarter of 2024 --Loan Interest Income increased 203.6% year-over-year --Excluding impairment expense in
About this update from Shf Holdings, Inc.
[{"type":"text","content":"--Net Income increased to $0.9 million in the second quarter of 2024 --Loan Interest Income increased 203.6% year-over-year --Excluding impairment expense in 2023, Operating Expenses decreased 34.5% versus 2023 --Cash and cash equivalents increased 25% to $6.1 million GOLDEN, Colo., Aug. 14, 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 its financial results for the second quarter and six months ended June 30, 2024. Second Quarter 2024 Financial and Operational Summary Net Income increased to approximately $0.9 million, compared to a net loss of approximately $17.6 million in the same period of 2023;Revenue was approximately $4.0 million, compared to approximately $4.6 million for the second quarter of 2023;Operating Expenses decreased to $3.7 million, compared to $22.5 million in the second quarter of 2023;Adjusted EBITDA(1) increased 14.5% to approximately $0.97 million, compared to approximately $850,000 for the second quarter of 2023(1). Six-month 2024 Financial & Operational Summary Net Income increased to approximately $3.0 million, compared to a net loss of approximately $19.0 million in the first half of 2023;Revenue was approximately $8.1 million, compared to approximately $8.8 million for the first half of 2023;Operating Expenses decreased to approximately $7.5 million, compared to approximately $28.3 million in the first half of 2023;Adjusted EBITDA(1) increased 63.5% to approximately $2.06 million, compared to approximately $1.26 million for the first half of 2023(1). (1) Adjusted EBITDA is a non-GAAP financial metric. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release. “During the quarter, we experienced strength across our business, as well as operated more efficiently, both of which contributed meaningfully to our strong results,” said Sundie Seefried, Chief Executive Officer of Safe Harbor Financial. “A major contributor to our favorable results was our lending platform, which posted record quarterly loan income of approximately $1.8 million in the second quarter of 2024, an increase of over 203% year-over year. This improvement helped to drive our gross margins substantially higher a...