SHF Holdings, Inc. Earnings Per Share Disclosure
Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares and potentially dilutive securities outstanding for the period. For the Company’s diluted earnings per share calculation, the Company uses the “if-converted” method for preferred stock and convertible debt and the “treasury stock” method for Warrants and Options.
| For year Ended December 31 | 2024 | 2023 | ||||||
| Net loss | $ | (48,319,475 | ) | $ | (17,279,847 | ) | ||
| Weighted average shares outstanding – basic | 2,772,867 | 2,128,728 | ||||||
| Basic net loss per share | $ | (17.43 | ) | $ | (8.12 | ) | ||
| Weighted average shares outstanding – diluted | 2,772,867 | 2,128,728 | ||||||
| Diluted net loss per share | $ | (17.43 | ) | $ | (8.12 | ) | ||
| Weighted average shares calculation – basic | December 31, 2024 | December 31, 2023 | ||||||
| Company public shares | 196,330 | 196,330 | ||||||
| Company initial stockholders | 170,159 | 170,159 | ||||||
| PCCU stockholders | 1,129,307 | 998,896 | ||||||
| Issuance of Equity for Marketing Services | 3,939 | |||||||
| Shares issued for Abaca acquisition | 396,790 | 157,762 | ||||||
| Restricted stock units issued | 65,404 | 49,980 | ||||||
| Conversion of Preferred stock | 810,938 | 555,601 | ||||||
| Grand total | 2,772,867 | 2,128,728 | ||||||
| For year Ended December 31 | 2024 | 2023 | ||||||
| Warrants | 601,829 | 639,329 | ||||||
| Share based payments | 113,673 | 132,164 | ||||||
| Shares to be issued to Abaca shareholders | 37,500 | 37,500 | ||||||
| Conversion of preferred stock | 4,440 | 44,040 | ||||||
| Grand total | 757,442 | 853,033 | ||||||
The holders of Series A Convertible Preferred Stock shall be entitled to receive, and the Company shall pay, dividends on shares of Series A Convertible Preferred Stock equal (on an as-if-converted-to-Class-A-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Class A Common Stock when, as and if such dividends are paid on shares of the Class A Common Stock. No other dividends shall be paid on shares of Series A Convertible Preferred Stock.
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.