SHF (SHFS) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was $1.83M, down 47% year-over-year, with a net income of $0.18M compared to $0.35M in Q3 2024.

• Nine-month revenue was $5.6M, a 51% decrease from the prior year, and a net loss of $1.58M versus a $3.35M profit in 2024.

• Major capital restructuring included the issuance of Series B Convertible Preferred Stock and Warrants, raising $24.8M in equity and eliminating $10.75M in debt.

• The company regained Nasdaq compliance by increasing stockholders' equity to $7.0M as of September 30, 2025.

Financial highlights

• Q3 2025 revenue declined 47% year-over-year, primarily due to lower account fee and loan interest income.

• Operating expenses for Q3 2025 decreased 7.7% year-over-year, reflecting cost-reduction initiatives.

• Adjusted EBITDA for Q3 2025 was $(0.62)M, down from $0.76M in Q3 2024; nine-month Adjusted EBITDA was $(2.8)M.

• Cash and cash equivalents were $0.9M at quarter-end, with no material debt outstanding.

Outlook and guidance

• Management expects continued cost reductions and improved cash generation as operational efficiencies take hold.

• Existing cash and access to a $150M equity line of credit are expected to fund operations for at least 12 months.