S
SHF Holdings, Inc.
SHFSCIK 0001854963NasdaqEmerging GrowthFinance ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$7.67M
Net Income
$-2.16M
Total Assets
$17.21M
Equity
$8.24M
Shares Out
4.51M
Op. Cash Flow
$-3.40M
Business
SHF Holdings, Inc. provides compliance-driven financial services that enable banks and credit unions to offer banking to cannabis-related businesses. It offers a proprietary financial services platform, KYC/BSA compliance consulting and software, onboarding and monitoring of cannabis-related deposit accounts, and sourcing, underwriting and servicing of commercial loans to the cannabis industry. Key business areas include its fintech platform, CRB deposit onboarding and monitoring services, and a commercial lending program delivered in partnership with financial institutions. The company distributes services nationally through partner financial institutions and its digital platform.
Summary from filing dated 2025-04-10
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 8 | 15 | 18 | 9 | 7 | |
| Compensation and employee benefits | 6 | 8 | 10 | 7 | 2 | |
| General and administrative expenses | 3 | 4 | 7 | 2 | 567,892 | |
| Professional services | 3 | 3 | 2 | 2 | 292,143 | |
| Lease expense | 232,773 | 258,477 | 315,614 | — | — | |
| Amortization of contract asset | 129,072 | — | — | — | — | |
| Credit loss (benefit) expense | −177,917 | −1 | — | — | — | |
| Impairment of goodwill | — | 6 | 13 | — | — | |
| Impairment of long-lived intangible assets | — | 3 | 6 | — | — | |
| Total operating expenses | 13 | 22 | 38 | 12 | 4 | |
| Operating loss | −5 | −7 | −21 | −2 | 3 | |
| Interest expense | −492,643 | −533,390 | 1 | — | — | |
| Change in fair value of warrant liabilities | 1 | 3 | 2 | −939,019 | — | |
| Gain on extinguishment of forward purchase derivative | 3 | — | — | — | — | |
| Costs incurred to secure financing | −987,621 | — | — | — | — | |
| Discount on common stock sold pursuant to the ELOC | −76,553 | — | — | — | — | |
| Change in the fair value of deferred consideration | 79,475 | 361,449 | −5 | 97,593 | — | |
| Total other income | 3 | 3 | −2 | 42 | — | |
| Net loss before provision (benefit) for income taxes | −2 | −4 | −19 | −44 | 3 | |
| Provision (benefit) for income taxes | −58,470 | 44 | −2 | −9 | — | |
| Net loss | −2 | −48 | −17 | −35 | 3 | |
| Deemed dividend on Series B Preferred Stock redemption | −241,435 | — | — | — | — | |
| Net loss attributable to common stockholders | −2 | −48 | — | — | — | |
| Weighted average shares outstanding, basic | 3 | 3 | 2 | 19 | — | |
| Weighted average shares outstanding, diluted | 3 | 3 | 2 | 19 | — | |
| Basic net loss per share | −0.82 | −17.43 | −8.12 | −1.85 | — | |
| Diluted net loss per share | −0.82 | −17.43 | −8.12 | −1.85 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 7 | 2 | 5 | 8 | 5 | |
| Accounts receivable | 1 | 1 | — | 1 | 522,896 | |
| Prepaid expenses | 862,400 | 659,536 | 546,437 | 175,585 | 6,021 | |
| Accrued interest receivable | — | 16,319 | 13,780 | 7,320 | 7,556 | |
| Forward purchase receivable | — | 5 | — | — | — | |
| Loans receivable, net | — | 13,332 | — | — | — | |
| Contract asset | 516,283 | — | — | — | — | |
| Other current assets | 3 | 3 | 82,657 | 150,817 | — | |
| Total Current Assets | 12 | 12 | 8 | 10 | 6 | |
| Long-term loans receivable, net | — | 378,854 | 381,463 | 1 | 1 | |
| Operating lease right to use assets | 500,000 | 700,000 | 859,861 | 1 | — | |
| Investment in preferred securities | 1 | — | — | — | — | |
| Prepaid expenses | 414,329 | 412,500 | 562,500 | 712,500 | — | |
| Contract asset | 3 | — | — | — | — | |
| Other assets | 15,510 | 22,722 | — | — | — | |
| Total Assets | 17 | 13 | 68 | 99 | 8 | |
| Accrued expenses | 1 | 1 | 1 | 1 | 129,546 | |
| Deferred revenue | 15,415 | 28,335 | — | — | — | |
| Lease liabilities | 181,963 | 161,952 | 132,546 | 20,124 | — | |
| Senior secured promissory note | — | 255,765 | 3 | — | — | |
| Deferred consideration | 3 | 3 | 3 | 14 | — | |
| Forward purchase derivative liability | — | 7 | — | — | — | |
| Stand-ready guarantee liability | 711,667 | — | — | — | — | |
| Financial indemnification liability | 433,968 | — | — | — | — | |
| Other current liabilities | 485,055 | 72,836 | 41,639 | 11,291 | — | |
| Total Current Liabilities | 6 | 13 | 8 | 50 | 181,505 | |
| Warrant liabilities | 39,620 | 1 | 4 | 666,510 | — | |
| Senior secured promissory note | — | 11 | 11 | — | — | |
| Stand-ready guarantee liability | 1 | — | — | — | — | |
| Financial indemnification liability | 657,804 | — | — | — | — | |
| Lease liabilities | 528,552 | 712,882 | 875,447 | 1 | — | |
| Total Liabilities | 9 | 26 | 34 | 94 | 181,505 | |
| Commitment and Contingencies (Note 20) | — | — | — | — | — | |
| Class A Common Stock, $.0001 par value, 1 billion and 130 million shares authorized, 4,281,523 and 2,783,666 issued and outstanding on December 31, 2025, and December 31, 2024, respectively | 428 | 278 | 273 | 2,374 | — | |
| Additional paid-in capital | 131 | 108 | 106 | 45 | — | |
| Accumulated deficit | −123 | −121 | −72 | −40 | — | |
| Total Stockholders Equity (Deficit) | 8 | −12 | 34 | 5 | 7 | |
| Total Liabilities and Stockholders Equity (Deficit) | 17 | 13 | 68 | 99 | 8 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization expense | 3,155 | 711,929 | 1 | 189,274 | 1,921 | |
| Stock compensation expense | 2 | 2 | 4 | 3 | — | |
| Amortization of prepaid consulting from the issuance of Series B Convertible Preferred Stock and Series B Warrants | 59,857 | — | — | — | — | |
| Net deferred indemnified loan origination fees | — | −63,275 | −45,806 | — | — | |
| Other non-cash issuance costs related to the ELOC | 800,000 | — | — | — | — | |
| Shares issued in settlement of a legal dispute | 200,000 | — | — | — | — | |
| Non-cash interest on issuance of convertible notes | 137,500 | — | — | — | — | |
| Lease expense | −7,981 | 23,181 | — | — | — | |
| Deferred tax expense, net | — | 44 | −2 | — | — | |
| Marketing expense settled via Common Stock | — | 100,000 | — | — | — | |
| Accounts receivable trade | 103,233 | −12,734 | 81,183 | 24,798 | −293,355 | |
| Accounts receivable related party | −41,460 | 1 | −863,593 | −710,698 | — | |
| Prepaid expenses | 561,913 | 86,901 | −220,852 | 55,997 | −3,468 | |
| Other current liabilities | −48,960 | 527 | — | — | — | |
| Accrued interest receivable | 16,319 | −2,542 | −6,460 | −236 | −7,556 | |
| Other current assets | 4,057 | −3 | 40,370 | −150,817 | — | |
| Accounts payable | 49,105 | −76,672 | −3 | 355,202 | — | |
| Accounts payable related party | 95,757 | −501,709 | 386,660 | −231,875 | — | |
| Accrued expenses | 9,085 | 292,396 | −464,424 | 402,767 | 37,742 | |
| Deferred revenue | −12,920 | 6,413 | — | — | −12,287 | |
| Net cash (used in) provided by operating activities | −3 | 430,477 | −832,144 | 2 | 3 | |
| Proceeds from sale of preferred securities | 50,000 | — | — | — | — | |
| Proceeds from loan repayment and sale | 392,186 | 12,394 | — | — | — | |
| Net cash provided by investing activities | 442,186 | 12,394 | −2 | −3 | 1 | |
| Tax withholding payments on vesting of restricted stock units | −12,771 | — | — | — | — | |
| Proceeds from convertible debt | 550,000 | — | — | — | — | |
| Redemption of Series B Convertible Preferred Stock | −292,800 | — | — | — | — | |
| Gross proceeds from issuance of Series B Convertible Preferred Stock and Series B Warrants | 6 | — | — | — | — | |
| Offering cost | −351,646 | — | — | — | — | |
| Proceeds from the sale of Class A Common Stock | 2 | — | — | — | — | |
| Repayment of financed insurance contract | −116,098 | — | — | — | — | |
| Repayment of senior secured promissory note | −255,765 | −3 | −488,834 | — | — | |
| Net cash provided by (used in) financing activities | 7 | −3 | −488,834 | 4 | −1 | |
| Net increase (decrease) in cash and cash equivalents | 4 | −3 | −4 | 3 | 2 | |
| Interest paid | 388,457 | 416,852 | 450,258 | — | — | |
| Reclassification of forward purchase receivable | −5 | — | — | — | — | |
| Marketing expense settled by the issuance of Common Stock | — | 50,000 | — | — | — | |
| Investment in preferred securities | 2 | — | — | — | — | |
| Prepaid consulting expense from the issuance of the Series B Convertible Preferred Stock and Series B Warrants | 371,307 | — | — | — | — | |
| Extinguishment of debt for issuance of Series B Convertible Preferred Stock and Series B Warrants | 11 | — | — | — | — | |
| Exchange of forward purchase derivative liability for the issuance of Series B Convertible Preferred Stock and Series B Warrants | 4 | — | — | — | — | |
| Exchange of convertible notes for Series B Convertible Preferred Stock and Series B warrants | 659,997 | — | — | — | — | |
| Financed insurance contract (classified in accrued expense) | 395,900 | — | — | — | — | |
| Issuance of stock to Abaca shareholders | 258,868 | — | 4 | 8 | — | |
| Accrued redemption payable to Series B holders | 181,378 | — | — | — | — | |
| Recognition of contract asset with corresponding stand-ready guarantee liability | 2 | — | — | — | — | |
| Recognition of contract asset with corresponding financial indemnification liability | 1 | — | — | — | — |
Filings
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