SHF (SHFS) Q4 2025 earnings summary

Executive summary

• Achieved 12% sequential revenue growth in Q4 2025, with total revenue of $2.1 million, but revenue declined 44% year-over-year from Q4 2024.

• Eliminated nearly all debt, ending 2025 with $6.8 million in cash and $8.2 million in stockholders' equity, a $20.5 million improvement from a deficit the prior year.

• Net loss for Q4 2025 was $0.6 million, including a $0.5 million success-based employee bonus; full-year net loss was $2.2 million, a significant improvement from a $48.3 million loss in 2024.

Financial highlights

• Q4 2025 revenue rose 12% sequentially to $2.1 million, but fell 44% year-over-year.

• Loan program income increased 70% sequentially in Q4 2025 due to a new agreement, but was down year-over-year.

• Operating expenses for Q4 2025 were $3.3 million, down 72% year-over-year and up 8% sequentially; full-year operating expenses fell 41% to $13.1 million.

• Adjusted EBITDA for Q4 2025 was $(1.1) million; full-year Adjusted EBITDA was $(3.9) million.

Outlook and guidance

• Extended key financial institution agreement through 2031, expected to increase cash flow by over $10 million and nearly double the share of loan program income.

• Entering 2026 with a clean balance sheet, expanded revenue lines, and improved financial position.