The following is a summary of the SHF Holdings, Inc. (SHFS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 net income increased to $354,000 from a net loss of $748,000 year-over-year.

• Loan interest income for Q3 grew by 48%, and for the first nine months of the year, it increased by 143.5%.

• Q3 and 9-month operating expenses decreased by 13% and 66% year-over-year, respectively.

• Total Q3 revenue was $3.5 million, a 19.6% decrease from the previous year.

• Net income for the first nine months was $3.3 million, up from a net loss of $19.8 million year-over-year.

Business Progress:

• Safe Harbor has continued to enhance its position as a leading financial services provider in the cannabis industry.

• They have inaugurated a $1.07 million secured credit facility as part of a $5 million commitment to a Missouri-based cannabis operator.

• Announced a partnership with BIPOCann to support minority-owned cannabis businesses.

• Plans to concentrate on acquiring account portfolios and expanding its deposit base.

Opportunities:

• The continued legalization of cannabis across additional states presents growth opportunities.

• The potential reclassification of cannabis from Schedule I to Schedule III could significantly reduce tax burdens and level the playing field for cannabis businesses.

Risks:

• Challenging market conditions including pricing pressures, excess supply, and increased competition have negatively impacted revenue.

• Regulatory risks associated with the lack of consistent state-level regulation for CBD and THC derivatives under the 2018 Farm Bill.

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