SHF Holdings Inc Financials
This page shows SHF Holdings Inc (SHFS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
SHF Holdings’ balance-sheet recovery came from external financing, while the core business still consumed cash at a smaller scale.
The latest year looked cleaner on the income statement, but the operating engine weakened. Revenue fell to$7.7M from$15.2M , showing the business was working with far less scale. Operating cash flow moved to-$3.4M from$430K even though the net loss shrank sharply, so the better earnings figure did not represent better cash conversion.
The clearest improvement was the balance sheet: cash rose to
Management did cut overhead, with SG&A down to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of SHF Holdings Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
SHF Holdings Inc scores -10.09, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.5M) relative to total liabilities ($9.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
SHF Holdings Inc passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, SHF Holdings Inc generates $1.58 in operating cash flow (-$3.4M OCF vs -$2.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
SHF Holdings Inc earns $-11.0 in operating income for every $1 of interest expense (-$5.4M vs $493K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
SHF Holdings Inc generated $7.7M in revenue in fiscal year 2025. This represents a decrease of 49.7% from the prior year.
SHF Holdings Inc's EBITDA was -$5.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.4% from the prior year.
SHF Holdings Inc reported -$2.2M in net income in fiscal year 2025. This represents an increase of 95.5% from the prior year.
SHF Holdings Inc earned $-0.82 per diluted share (EPS) in fiscal year 2025. This represents an increase of 95.3% from the prior year.
Cash & Balance Sheet
SHF Holdings Inc held $6.8M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
SHF Holdings Inc's operating margin was -70.4% in fiscal year 2025, reflecting core business profitability. This is down 23.8 percentage points from the prior year.
SHF Holdings Inc's net profit margin was -28.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 288.8 percentage points from the prior year.
SHF Holdings Inc's ROE was -26.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
SHFS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0M-4.2% | $2.1M+12.5% | $1.8M-0.6% | $1.8M-4.5% | $1.9M-47.4% | $3.7M+5.4% | $3.5M-13.7% | $4.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.1M+8.0% | $989K+15.5% | $856K+87.1% | $458K-53.8% | $991K-10.1% | $1.1M+18.6% | $929K-7.2% | $1.0M |
| Operating Income | -$1.8M-44.6% | -$1.2M-0.2% | -$1.2M-25.4% | -$971K+51.2% | -$2.0M+74.8% | -$7.9M-4561.9% | $177K-41.1% | $300K |
| Interest Expense | $5K-61.4% | $12K-95.3% | $253K+119.0% | $115K+2.3% | $113K+131.7% | $49K-69.9% | $162K-4.2% | $169K |
| Income Tax | N/A | N/A | N/A | -$58K | N/A | $43.8M+640591.9% | $7K-98.6% | $488K |
| Net Income | -$1.8M-205.4% | -$583K-424.5% | $180K+119.3% | -$931K-12.5% | -$827K+98.4% | -$51.7M-14702.0% | $354K-62.4% | $942K |
| EPS (Diluted) | $-0.43 | N/A | $0.06+118.2% | $-0.33-10.0% | $-0.30 | N/A | $0.13-60.6% | $0.33 |
SHFS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.7M-8.8% | $17.2M+25.9% | $13.7M+129.4% | $6.0M-10.5% | $6.7M-49.7% | $13.2M-80.2% | $66.9M-0.7% | $67.3M |
| Current Assets | $12.4M+1.5% | $12.2M+9.9% | $11.1M+123.8% | $5.0M-5.0% | $5.2M-55.4% | $11.7M-3.9% | $12.2M+55.4% | $7.8M |
| Cash & Equivalents | $5.9M-13.0% | $6.8M+686.7% | $862K+248.4% | $247K-73.4% | $931K-59.9% | $2.3M-60.3% | $5.9M-4.1% | $6.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $800K-20.0% | $1.0M | N/A | N/A | N/A | $1.0M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $6.1M0.0% | $6.1M |
| Total Liabilities | $9.0M-0.1% | $9.0M+34.5% | $6.7M-72.0% | $23.8M+0.9% | $23.6M-7.5% | $25.5M-7.3% | $27.5M-4.7% | $28.9M |
| Current Liabilities | $6.9M+5.4% | $6.5M+21.9% | $5.3M-56.8% | $12.3M+3.3% | $11.9M-5.8% | $12.7M-13.7% | $14.7M+95.1% | $7.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $6.7M-18.3% | $8.2M+17.7% | $7.0M+139.2% | -$17.9M-5.4% | -$16.9M-37.9% | -$12.3M-131.2% | $39.4M+2.3% | $38.5M |
| Retained Earnings | -$124.7M-1.4% | -$122.9M-0.5% | -$122.3M+0.1% | -$122.5M-0.8% | -$121.6M-0.7% | -$120.8M-74.8% | -$69.1M+0.5% | -$69.4M |
SHFS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.1M-1.3% | -$1.1M-97.8% | -$538K+20.2% | -$675K+40.9% | -$1.1M+58.9% | -$2.8M-652.6% | $502K-59.1% | $1.2M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $25K-50.0% | $50K-87.0% | $386K+11586.1% | $3K+1.7% | $3K-23.1% | $4K+102.0% | $2K-31.9% | $3K |
| Financing Cash Flow | $172K-97.5% | $6.9M+804.0% | $767K+6104.2% | -$13K+95.0% | -$256K+66.5% | -$764K-1.2% | -$755K-1.1% | -$747K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SHFS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -89.3%-30.1pp | -59.1%+7.2pp | -66.4%-13.8pp | -52.6%+50.4pp | -103.1%+111.9pp | -215.0%-220.1pp | 5.1%-2.4pp | 7.4% |
| Net Margin | -90.1%-61.8pp | -28.2%-38.0pp | 9.8%+60.2pp | -50.4%-7.6pp | -42.8%+1364.3pp | -1407.1%-1417.3pp | 10.2%-13.2pp | 23.3% |
| Return on Equity | -26.5%-19.4pp | -7.1%-9.6pp | 2.6% | N/A | N/A | N/A | 0.9%-1.6pp | 2.5% |
| Return on Assets | -11.3%-8.0pp | -3.4%-4.7pp | 1.3%+16.9pp | -15.6%-3.2pp | -12.4%+378.4pp | -390.9%-391.4pp | 0.5%-0.9pp | 1.4% |
| Current Ratio | 1.81-0.1 | 1.88-0.2 | 2.08+1.7 | 0.40-0.0 | 0.44-0.5 | 0.92+0.1 | 0.83-0.2 | 1.04 |
| Debt-to-Equity | 1.33+0.2 | 1.09+0.1 | 0.95+2.3 | -1.33+0.1 | -1.39+0.7 | -2.08-2.8 | 0.70-0.1 | 0.75 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is SHF Holdings Inc's annual revenue?
SHF Holdings Inc (SHFS) reported $7.7M in total revenue for fiscal year 2025. This represents a -49.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is SHF Holdings Inc's revenue growing?
SHF Holdings Inc (SHFS) revenue declined by 49.7% year-over-year, from $15.2M to $7.7M in fiscal year 2025.
Is SHF Holdings Inc profitable?
No, SHF Holdings Inc (SHFS) reported a net income of -$2.2M in fiscal year 2025, with a net profit margin of -28.2%.
What is SHF Holdings Inc's EBITDA?
SHF Holdings Inc (SHFS) had EBITDA of -$5.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is SHF Holdings Inc's operating margin?
SHF Holdings Inc (SHFS) had an operating margin of -70.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is SHF Holdings Inc's net profit margin?
SHF Holdings Inc (SHFS) had a net profit margin of -28.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is SHF Holdings Inc's return on equity (ROE)?
SHF Holdings Inc (SHFS) has a return on equity of -26.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is SHF Holdings Inc's operating cash flow?
SHF Holdings Inc (SHFS) generated -$3.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are SHF Holdings Inc's total assets?
SHF Holdings Inc (SHFS) had $17.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What is SHF Holdings Inc's current ratio?
SHF Holdings Inc (SHFS) had a current ratio of 1.88 as of fiscal year 2025, which is generally considered healthy.
What is SHF Holdings Inc's debt-to-equity ratio?
SHF Holdings Inc (SHFS) had a debt-to-equity ratio of 1.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SHF Holdings Inc's return on assets (ROA)?
SHF Holdings Inc (SHFS) had a return on assets of -12.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is SHF Holdings Inc's cash runway?
Based on fiscal year 2025 data, SHF Holdings Inc (SHFS) had $6.8M in cash against an annual operating cash burn of $3.4M. This gives an estimated cash runway of approximately 24 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is SHF Holdings Inc's Altman Z-Score?
SHF Holdings Inc (SHFS) has an Altman Z-Score of -10.09, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is SHF Holdings Inc's Piotroski F-Score?
SHF Holdings Inc (SHFS) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SHF Holdings Inc's earnings high quality?
SHF Holdings Inc (SHFS) has an earnings quality ratio of 1.58x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can SHF Holdings Inc cover its interest payments?
SHF Holdings Inc (SHFS) has an interest coverage ratio of -11.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is SHF Holdings Inc?
SHF Holdings Inc (SHFS) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.