What is SHF's operating income?

SHF's total operating income in 2025 was -$5.40 million, based on the following breakdown: Total Gross Profit: $7.85 million Total Operating Expenses: $13.25 million

SHF (SHFS) Financials

$0.21 +0.00 (+0.28%)

As of 03:27 PM Eastern

Compare

Annual Income Statements for SHF

This table shows SHF's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	3.29	-35	-17	-48	-2.40
Consolidated Net Income / (Loss)	3.29	-35	-17	-48	-2.16
Net Income / (Loss) Continuing Operations	3.29	-35	-17	-48	-2.16
Total Pre-Tax Income	3.29	-44	-19	-4.46	-2.22
Total Operating Income	3.29	-2.20	-21	-7.09	-5.40
Total Gross Profit	7.01	9.48	18	17	7.85
Total Revenue	7.01	9.48	18	15	7.67
Operating Revenue	7.01	9.48	18	15	7.67
Total Cost of Revenue	0.00	0.00	0.00	-1.39	-0.18
Other Cost of Revenue	-	-	-	-1.39	-0.18
Total Operating Expenses	3.72	12	38	24	13
Selling, General & Admin Expense	0.86	4.38	8.45	6.54	6.62
Amortization Expense	-	-	-	0.00	0.13
Other Operating Expenses / (Income)	2.86	7.30	11	8.04	6.50
Impairment Charge	-	0.00	19	9.15	0.00
Total Other Income / (Expense), net	0.00	-42	1.62	2.63	3.18
Interest Expense	0.00	0.71	1.09	0.53	-1.86
Other Income / (Expense), net	0.00	-41	2.72	3.17	1.32
Income Tax Expense	0.00	-9.25	-1.83	44	-0.06
Preferred Stock Dividends Declared	-	-	-	0.00	0.24
Basic Earnings per Share	$0.00	($1.85)	($8.12)	($17.43)	($0.82)
Weighted Average Basic Shares Outstanding	0.00	18.99M	2.13M	2.77M	2.92M
Diluted Earnings per Share	$0.00	($1.85)	($8.12)	($17.43)	($0.82)
Weighted Average Diluted Shares Outstanding	0.00	18.99M	2.13M	2.77M	2.92M

This table shows SHF's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-0.75	2.49	2.05	0.94	0.35	-52	-0.83	-0.93	0.18	-0.82	-1.87
Consolidated Net Income / (Loss)	-0.75	2.49	2.05	0.94	0.35	-52	-0.83	-0.93	0.18	-0.58	-1.78
Net Income / (Loss) Continuing Operations	-0.75	2.49	2.05	0.94	0.35	-52	-0.83	-0.93	0.18	-0.58	-1.78
Total Pre-Tax Income	-0.69	1.86	1.61	1.43	0.36	-7.86	-0.83	-0.99	0.18	-0.58	-1.78
Total Operating Income	0.53	-1.73	0.32	0.30	0.18	-7.89	-1.99	-0.97	-1.22	-1.22	-1.76
Total Gross Profit	4.53	4.28	4.12	4.13	3.48	4.91	1.93	1.85	1.83	2.24	2.29
Total Revenue	4.33	4.48	4.05	4.04	3.48	3.67	1.93	1.85	1.83	2.06	1.98
Operating Revenue	4.33	4.48	4.05	4.04	3.48	3.67	1.93	1.85	1.83	2.06	1.98
Total Cost of Revenue	-0.20	0.20	-0.07	-0.10	0.01	-1.23	0.00	0.00	0.00	-0.18	-0.32
Other Cost of Revenue	-0.20	-	-0.07	-0.10	0.01	-1.23	0.00	0.00	0.00	-0.18	-0.32
Total Operating Expenses	4.00	6.00	3.79	3.83	3.30	13	3.92	2.82	3.05	3.46	4.06
Selling, General & Admin Expense	1.84	2.14	1.45	1.51	1.39	2.19	2.49	1.17	1.30	1.66	2.21
Amortization Expense	-	-	-	-	-	-	0.00	-	-	-	0.13
Other Operating Expenses / (Income)	2.16	1.85	2.35	2.33	1.91	1.46	1.43	1.65	1.75	1.67	1.71
Total Other Income / (Expense), net	-1.22	3.58	1.29	1.13	0.18	0.03	1.16	-0.02	1.40	0.64	-0.02
Interest Expense	0.16	0.13	0.15	0.17	0.16	0.05	0.11	0.12	-3.08	1.00	0.00
Other Income / (Expense), net	-1.06	3.72	1.44	1.30	0.35	0.08	1.28	0.10	-1.69	1.64	-0.01
Preferred Stock Dividends Declared	-	-	-	-	-	-	0.00	-	-	-	0.09
Basic Earnings per Share	($0.02)	$1.17	$0.74	$0.34	$0.13	($18.63)	($0.30)	($0.33)	$0.06	($0.28)	($0.43)
Weighted Average Basic Shares Outstanding	49.26M	2.13M	2.76M	2.77M	2.78M	2.77M	2.79M	2.83M	2.91M	2.92M	4.35M
Diluted Earnings per Share	($0.02)	$1.17	$0.73	$0.33	$0.13	($18.63)	($0.30)	($0.33)	$0.06	($0.28)	($0.43)
Weighted Average Diluted Shares Outstanding	49.26M	2.13M	2.81M	2.82M	2.83M	2.77M	2.79M	2.83M	3.11M	2.92M	4.35M
Weighted Average Basic & Diluted Shares Outstanding	-	55.43M	55.43M	55.43M	55.67M	2.78M	2.78M	2.92M	3.08M	0.00	6.46M

This table details how cash moves in and out of SHF's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	2.49	2.89	-3.50	-2.56	4.45
Net Cash From Operating Activities	2.95	1.70	-0.83	0.43	-3.42
Net Cash From Continuing Operating Activities	2.95	1.70	-0.83	0.43	-3.42
Net Income / (Loss) Continuing Operations	3.29	-35	-17	-48	-2.16
Consolidated Net Income / (Loss)	3.29	-35	-17	-48	-2.16
Depreciation Expense	0.00	0.19	1.37	0.71	0.00
Amortization Expense	-	-	-	0.00	0.19
Non-Cash Adjustments To Reconcile Net Income	0.00	45	26	6.59	-2.11
Changes in Operating Assets and Liabilities, net	-0.34	-8.75	-11	41	0.66
Net Cash From Investing Activities	1.04	-2.90	-2.18	0.01	0.44
Net Cash From Continuing Investing Activities	1.04	-2.90	-2.18	0.01	0.44
Sale and/or Maturity of Investments	-	-	-	0.01	0.44
Net Cash From Financing Activities	-1.49	4.09	-0.49	-3.01	7.43
Net Cash From Continuing Financing Activities	-1.49	4.09	-0.49	-3.01	7.43
Repayment of Debt	-	0.00	-0.49	-3.01	-0.37
Repurchase of Preferred Equity	-	-	-	0.00	5.84
Issuance of Debt	-	-	-	0.00	0.55
Issuance of Common Equity	-	-	-	0.00	1.78
Other Financing Activities, net	-1.49	4.09	-	0.00	-0.36
Cash Interest Paid	-	0.00	0.45	0.42	0.39

This table details how cash moves in and out of SHF's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	0.71	-4.06	0.74	0.49	-0.25	-3.54	-1.39	-0.68	0.61	5.92	-0.88
Net Cash From Operating Activities	0.74	-0.61	1.48	1.23	0.50	-2.78	-1.14	-0.67	-0.54	-1.06	-1.08
Net Cash From Continuing Operating Activities	0.74	-0.61	1.48	1.23	0.50	-2.78	-1.14	-0.67	-0.54	-1.06	-1.08
Net Income / (Loss) Continuing Operations	-0.75	2.49	2.05	0.94	0.35	-52	-0.83	-1.44	0.18	-0.58	-1.78
Consolidated Net Income / (Loss)	-0.75	2.49	2.05	0.94	0.35	-52	-0.83	-1.44	0.18	-0.58	-1.78
Depreciation Expense	0.29	0.29	0.20	0.19	0.16	0.16	0.00	0.00	0.00	-	0.00
Amortization Expense	0.03	-	-0.03	-0.03	0.01	0.05	0.05	-0.05	-	0.19	0.18
Non-Cash Adjustments To Reconcile Net Income	1.24	3.86	-0.80	-0.17	-0.02	7.58	-0.37	0.41	-0.95	-0.69	-0.25
Changes in Operating Assets and Liabilities, net	-0.07	-7.24	0.06	0.29	-0.00	41	0.00	0.41	0.23	0.01	0.77
Net Cash From Investing Activities	-0.03	-2.96	0.00	0.00	0.00	0.00	0.00	0.00	0.39	0.05	0.03
Net Cash From Continuing Investing Activities	-0.03	-2.96	0.00	0.00	0.00	0.00	0.00	0.00	0.39	0.05	0.03
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	0.03
Net Cash From Financing Activities	-	-0.49	-0.74	-0.75	-0.76	-0.76	-0.26	-0.01	0.77	6.93	0.17
Net Cash From Continuing Financing Activities	-	-0.49	-0.74	-0.75	-0.76	-0.76	-0.26	-0.01	0.77	6.93	0.17
Repayment of Debt	-	-0.49	-0.74	-0.75	-0.76	-0.76	-0.26	-	-	-0.12	0.00
Issuance of Common Equity	-	-	-	-	-	-	0.00	-	-	-	0.17
Cash Interest Paid	0.16	0.19	0.16	0.17	0.09	-	0.11	0.12	0.12	0.04	0.00

This table presents SHF's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7.52	99	68	13	17
Total Current Assets	6.10	10	7.76	12	12
Cash & Equivalents	5.50	8.39	4.89	2.32	6.78
Short-Term Investments	-	-	-	-	0.00
Accounts Receivable	0.58	1.49	2.23	1.00	1.04
Prepaid Expenses	0.01	0.18	0.55	0.66	0.86
Other Current Assets	0.02	0.17	0.08	7.58	3.52
Plant, Property, & Equipment, net	0.01	0.05	0.08	0.00	0.00
Total Noncurrent Assets	1.41	89	60	1.52	5.01
Long-Term Investments	-	1.36	-	0.00	1.45
Other Noncurrent Operating Assets	0.00	6.33	6.03	1.14	3.56
Total Liabilities & Shareholders' Equity	7.52	99	68	13	17
Total Liabilities	0.18	94	34	26	8.97
Total Current Liabilities	0.18	50	7.90	13	6.50
Accounts Payable	0.04	7.73	0.79	0.22	0.36
Accrued Expenses	0.13	1.47	1.01	1.30	1.31
Current Deferred Revenue	0.01	-	-	0.03	0.02
Current Employee Benefit Liabilities	0.00	14	2.89	3.34	3.00
Other Current Liabilities	0.00	26	0.20	7.54	1.81
Total Noncurrent Liabilities	0.00	45	26	13	2.47
Capital Lease Obligations	-	1.01	0.88	-	0.53
Other Noncurrent Operating Liabilities	0.00	41	13	2.07	1.94
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7.34	5.11	34	-12	8.24
Total Preferred & Common Equity	7.34	5.11	34	-12	8.24
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7.34	5.11	34	-12	8.24
Common Stock	0.00	45	106	108	131
Retained Earnings	0.00	-40	-72	-121	-123

This table presents SHF's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	68	67	67	6.66	5.96	14	16
Total Current Assets	7.43	7.83	12	5.22	4.96	11	12
Cash & Equivalents	5.63	6.11	5.86	0.93	0.25	0.86	5.90
Short-Term Investments	-	-	-	-	-	-	1.42
Accounts Receivable	1.28	1.32	1.22	0.74	0.63	0.71	0.76
Prepaid Expenses	0.51	0.38	0.49	0.55	0.40	0.40	0.79
Other Current Assets	0.00	0.00	4.58	3.00	3.67	9.12	3.52
Plant, Property, & Equipment, net	0.05	0.01	0.01	0.00	0.00	0.00	0.00
Total Noncurrent Assets	60	60	55	1.43	1.00	2.57	3.31
Long-Term Investments	0.38	0.38	-	0.38	0.00	1.50	0.00
Other Noncurrent Operating Assets	5.95	5.87	1.21	1.06	1.00	1.07	3.31
Total Liabilities & Shareholders' Equity	68	67	67	6.66	5.96	14	16
Total Liabilities	31	29	28	24	24	6.67	8.96
Total Current Liabilities	7.11	7.53	15	12	12	5.33	6.85
Accounts Payable	0.30	0.26	0.23	0.43	0.79	0.95	1.04
Accrued Expenses	0.65	0.95	0.79	0.77	0.82	0.88	1.07
Current Deferred Revenue	-	-	-	-	-	-	0.02
Current Employee Benefit Liabilities	2.92	2.95	2.98	3.18	3.22	3.26	3.00
Other Current Liabilities	0.21	0.30	7.58	7.57	7.51	0.24	1.73
Total Noncurrent Liabilities	24	21	13	12	11	1.34	2.11
Capital Lease Obligations	0.84	0.80	0.75	0.67	0.62	-	0.48
Other Noncurrent Operating Liabilities	12	11	3.02	0.24	0.11	1.34	1.63
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	37	38	39	-17	-18	7.00	6.73
Total Preferred & Common Equity	37	38	39	-17	-18	7.00	6.73
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	37	38	39	-17	-18	7.00	6.73
Common Stock	107	108	108	105	105	129	131
Retained Earnings	-70	-69	-69	-122	-123	-122	-125

This table displays calculated financial ratios and metrics derived from SHF's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	14,903,175.00	18,715,912.00	46,265,317.00	55,673,327.00	3,081,076.00
DEI Adjusted Shares Outstanding	745,159.00	935,796.00	2,313,266.00	2,783,666.00	3,081,076.00
DEI Earnings Per Adjusted Shares Outstanding	4.41	-37.54	-7.47	-17.36	-0.78
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	35.30%	85.29%	-13.21%	-49.66%
EBITDA Growth	0.00%	-1,419.29%	61.65%	80.68%	-20.81%
EBIT Growth	0.00%	-1,425.82%	58.66%	78.20%	-3.80%
NOPAT Growth	0.00%	-146.81%	-843.25%	65.79%	23.86%
Net Income Growth	0.00%	-1,168.73%	50.81%	-179.63%	95.53%
EPS Growth	0.00%	0.00%	50.81%	-179.63%	95.30%
Operating Cash Flow Growth	0.00%	-42.39%	-149.03%	151.73%	-893.93%
Free Cash Flow Firm Growth	0.00%	0.00%	-1,688.78%	168.97%	-118.62%
Invested Capital Growth	0.00%	-296.87%	1,322.28%	-108.37%	114.43%
Revenue Q/Q Growth	0.00%	0.00%	5.41%	-5.02%	-17.34%
EBITDA Q/Q Growth	0.00%	0.00%	74.09%	-147.90%	68.01%
EBIT Q/Q Growth	0.00%	0.00%	72.50%	-166.86%	66.88%
NOPAT Q/Q Growth	0.00%	0.00%	9.33%	-383.22%	55.28%
Net Income Q/Q Growth	0.00%	0.00%	69.57%	-928.63%	95.94%
EPS Q/Q Growth	0.00%	0.00%	69.57%	-928.63%	95.52%
Operating Cash Flow Q/Q Growth	0.00%	-37.97%	-66.28%	-83.44%	33.38%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	191.62%	-124.37%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-108.07%	-88.45%
Profitability Metrics	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	109.14%	102.32%
EBITDA Margin	46.95%	-457.75%	-94.75%	-21.09%	-50.61%
Operating Margin	46.92%	-23.19%	-118.04%	-46.52%	-70.36%
EBIT Margin	46.92%	-459.74%	-102.57%	-25.76%	-53.11%
Profit (Net Income) Margin	46.92%	-370.60%	-98.39%	-317.00%	-28.16%
Tax Burden Percent	100.00%	79.15%	90.43%	1,083.45%	97.37%
Interest Burden Percent	100.00%	101.84%	106.08%	113.58%	54.46%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	178.33%	0.00%	-71.27%	-24.43%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	178.33%	0.00%	-512.06%	-491.25%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-133.54%	0.00%	-16.29%	-413.50%	0.00%
Return on Equity (ROE)	44.79%	-564.21%	-87.56%	-437.93%	106.66%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-140.90%	0.00%	-1,499.01%
Operating Return on Assets (OROA)	43.71%	-81.48%	-21.53%	-9.69%	-26.79%
Return on Assets (ROA)	43.71%	-65.68%	-20.66%	-119.19%	-14.21%
Return on Common Equity (ROCE)	44.79%	-564.21%	-87.56%	-437.93%	106.66%
Return on Equity Simple (ROE_SIMPLE)	44.79%	-687.02%	-50.30%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	3.29	-1.54	-15	-4.96	-3.78
NOPAT Margin	46.92%	-16.23%	-82.63%	-32.57%	-49.25%
Net Nonoperating Expense Percent (NNEP)	0.00%	-471.84%	440.79%	466.82%	-369.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-29.47%	386.66%	-43.12%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	-9.14%	-2.32%
SG&A Expenses to Revenue	12.28%	46.16%	48.09%	42.88%	86.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	53.08%	123.19%	218.04%	155.66%	172.68%
Earnings before Interest and Taxes (EBIT)	3.29	-44	-18	-3.93	-4.08
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3.29	-43	-17	-3.21	-3.88
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	20.45	6.50	1.91	0.00	0.40
Price to Tangible Book Value (P/TBV)	20.45	0.00	2.67	0.00	0.40
Price to Revenue (P/Rev)	21.42	3.50	3.74	1.64	0.43
Price to Earnings (P/E)	45.66	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.19%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	78.44	0.00	1.71	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	20.64	2.58	4.31	2.21	0.00
Enterprise Value to EBITDA (EV/EBITDA)	43.96	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	43.99	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	43.99	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	49.07	14.42	0.00	78.40	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.22	0.00	0.78	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.20	0.43	-0.90	0.06
Long-Term Debt to Equity	0.00	0.20	0.35	-0.87	0.06
Financial Leverage	-0.75	-1.14	0.03	0.84	-0.22
Leverage Ratio	1.02	8.59	4.24	3.67	-7.51
Compound Leverage Factor	1.02	8.75	4.50	4.17	-4.09
Debt to Total Capital	0.00%	16.47%	30.23%	-857.13%	6.03%
Short-Term Debt to Total Capital	0.00%	0.00%	6.11%	-19.92%	0.00%
Long-Term Debt to Total Capital	0.00%	16.47%	24.13%	-837.21%	6.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	83.53%	69.77%	957.13%	93.97%
Debt to EBITDA	0.00	-0.02	-0.89	-3.42	-0.14
Net Debt to EBITDA	0.00	0.20	-0.60	-2.70	1.98
Long-Term Debt to EBITDA	0.00	-0.02	-0.71	-3.34	-0.14
Debt to NOPAT	0.00	-0.66	-1.03	-2.22	-0.14
Net Debt to NOPAT	0.00	5.68	-0.69	-1.75	2.04
Long-Term Debt to NOPAT	0.00	-0.66	-0.82	-2.17	-0.14
Altman Z-Score	499.42	-2.17	-0.92	-12.12	-9.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	33.63	0.21	0.98	0.92	1.88
Quick Ratio	33.49	0.20	0.90	0.26	1.20
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	3.93	-62	43	-8.03
Operating Cash Flow to CapEx	49,769.98%	9,801.25%	-399.24%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	5.58	-57.09	80.80	0.00
Operating Cash Flow to Interest Expense	0.00	2.41	-0.76	0.81	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	2.38	-0.95	0.81	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.93	0.18	0.21	0.38	0.50
Accounts Receivable Turnover	12.17	9.19	9.45	9.44	7.52
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1,103.07	338.74	262.46	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	30.00	39.70	38.61	38.67	48.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	30.00	39.70	38.61	38.67	48.54
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	1.84	-3.63	44	-3.71	0.54
Invested Capital Turnover	3.80	-10.62	0.86	0.75	-4.83
Increase / (Decrease) in Invested Capital	0.00	-5.47	48	-48	4.25
Enterprise Value (EV)	145	24	76	34	-4.43
Market Capitalization	150	33	66	25	3.27
Book Value per Share	$0.49	$0.27	$0.74	($0.22)	$2.67
Tangible Book Value per Share	$0.49	($1.32)	$0.53	($0.22)	$2.67
Total Capital	7.34	6.12	49	-1.28	8.76
Total Debt	0.00	1.01	15	11	0.53
Total Long-Term Debt	0.00	1.01	12	11	0.53
Net Debt	-5.50	-8.74	10.00	8.68	-7.70
Capital Expenditures (CapEx)	0.01	0.02	0.21	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.43	-48	-2.02	-3.05	-1.08
Debt-free Net Working Capital (DFNWC)	5.92	-39	2.87	-0.73	5.70
Net Working Capital (NWC)	5.92	-39	-0.14	-0.98	5.70
Net Nonoperating Expense (NNE)	0.00	34	2.77	43	-1.62
Net Nonoperating Obligations (NNO)	-5.50	-8.74	10.00	8.58	-7.70
Total Depreciation and Amortization (D&A)	0.00	0.19	1.37	0.71	0.19
Debt-free, Cash-free Net Working Capital to Revenue	6.08%	-503.55%	-11.49%	-20.03%	-14.08%
Debt-free Net Working Capital to Revenue	84.53%	-415.03%	16.35%	-4.78%	74.27%
Net Working Capital to Revenue	84.53%	-415.03%	-0.77%	-6.45%	74.27%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.85)	($8.20)	($17.43)	($0.82)
Adjusted Weighted Average Basic Shares Outstanding	0.00	18.99M	2.13M	2.77M	2.92M
Adjusted Diluted Earnings per Share	$0.00	($1.85)	($8.20)	($17.43)	($0.82)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	18.99M	2.13M	2.77M	2.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	2.77M	2.78M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	2.30	-1.54	-1.28	1.44	-3.78
Normalized NOPAT Margin	32.84%	-16.23%	-7.27%	9.45%	-49.25%
Pre Tax Income Margin	46.92%	-468.21%	-108.81%	-29.26%	-28.92%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	-61.80	-16.46	-7.36	0.00
NOPAT to Interest Expense	0.00	-2.18	-13.26	-9.31	0.00
EBIT Less CapEx to Interest Expense	0.00	-61.82	-16.65	-7.36	0.00
NOPAT Less CapEx to Interest Expense	0.00	-2.21	-13.45	-9.31	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from SHF's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	46,265,317.00	46,265,317.00	55,430,976.00	55,431,001.00	55,431,001.00	55,673,327.00	2,784,458.00	2,784,458.00	5,831,912.00	3,081,076.00	3,081,076.00
DEI Adjusted Shares Outstanding	2,313,266.00	2,313,266.00	2,771,549.00	2,771,550.00	2,771,550.00	2,783,666.00	2,784,458.00	2,784,458.00	5,831,912.00	3,081,076.00	3,081,076.00
DEI Earnings Per Adjusted Shares Outstanding	-0.32	1.07	0.74	0.34	0.13	-18.56	-0.30	-0.33	0.03	-0.27	-0.61
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	82.11%	25.21%	-3.10%	-11.70%	-19.63%	-17.99%	-52.30%	-54.30%	-47.35%	-43.84%	2.23%
EBITDA Growth	-119.18%	105.02%	409.44%	109.76%	428.38%	-434.19%	-134.30%	-152.28%	-521.44%	107.97%	-140.25%
EBIT Growth	-148.21%	104.37%	227.95%	108.83%	199.20%	-493.08%	-140.48%	-154.68%	-655.94%	105.34%	-148.40%
NOPAT Growth	-54.93%	14.36%	136.42%	101.58%	-53.35%	-138.70%	-437.15%	-443.74%	-801.36%	84.55%	11.46%
Net Income Growth	-170.82%	106.72%	245.01%	105.35%	147.30%	-2,178.02%	-140.36%	-198.85%	-49.27%	98.87%	-115.09%
EPS Growth	-133.33%	106.72%	245.01%	105.35%	147.30%	-2,178.02%	-141.10%	-200.00%	-53.85%	98.50%	-43.33%
Operating Cash Flow Growth	0.32%	-120.43%	735.72%	267.80%	-32.08%	-357.34%	-177.33%	-154.87%	-207.09%	61.67%	5.44%
Free Cash Flow Firm Growth	189.70%	0.00%	110.22%	80.09%	-198.31%	184.58%	753.86%	571.17%	187.61%	-111.99%	-115.75%
Invested Capital Growth	0.00%	1,322.28%	-10.88%	32.45%	0.00%	-108.37%	-115.17%	-114.88%	-89.93%	114.43%	98.30%
Revenue Q/Q Growth	-5.24%	3.32%	-9.52%	-0.33%	-13.74%	5.43%	-47.37%	-4.50%	-0.63%	12.45%	-4.20%
EBITDA Q/Q Growth	98.84%	1,184.11%	-15.03%	-8.68%	-60.96%	-1,203.30%	91.28%	-517.65%	-214.64%	120.87%	-362.91%
EBIT Q/Q Growth	97.09%	477.39%	-11.19%	-9.46%	-67.31%	-1,595.44%	90.85%	-335.09%	-232.33%	114.36%	-525.67%
NOPAT Q/Q Growth	102.97%	-722.24%	117.86%	-52.17%	-12.23%	-3,283.68%	74.77%	34.30%	-79.08%	29.87%	-44.61%
Net Income Q/Q Growth	95.75%	432.35%	-17.56%	-54.06%	-62.42%	-14,702.04%	98.40%	-196.76%	119.29%	-424.55%	-205.40%
EPS Q/Q Growth	95.00%	432.35%	-17.56%	-54.06%	-62.42%	-14,702.04%	98.39%	-200.00%	118.18%	-566.67%	-53.57%
Operating Cash Flow Q/Q Growth	200.96%	-182.07%	342.97%	-16.65%	-59.14%	-652.63%	58.92%	40.86%	20.24%	-97.82%	-1.35%
Free Cash Flow Firm Q/Q Growth	185.20%	-207.86%	111.76%	-284.23%	-320.61%	192.80%	18.74%	0.94%	-21.79%	-112.70%	-56.01%
Invested Capital Q/Q Growth	-100.00%	0.00%	1.61%	0.50%	1.60%	-108.07%	-84.28%	1.47%	168.79%	-88.45%	-121.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	104.64%	95.51%	101.70%	102.41%	99.79%	133.62%	100.00%	100.00%	100.00%	108.63%	116.03%
EBITDA Margin	-4.84%	50.80%	47.71%	43.71%	19.78%	-207.02%	-34.31%	-50.01%	-158.33%	29.38%	-80.63%
Operating Margin	12.27%	-38.60%	8.02%	7.43%	5.08%	-214.99%	-103.06%	-52.62%	-66.38%	-59.14%	-89.26%
EBIT Margin	-12.15%	44.39%	43.57%	39.58%	15.00%	-212.76%	-36.97%	-47.35%	-158.37%	20.22%	-89.84%
Profit (Net Income) Margin	-17.26%	55.53%	50.60%	23.32%	10.16%	-1,407.14%	-42.81%	-50.44%	9.79%	-28.25%	-90.07%
Tax Burden Percent	109.03%	133.96%	127.25%	65.88%	98.10%	657.28%	100.00%	94.09%	100.00%	100.00%	100.00%
Interest Burden Percent	130.30%	93.39%	91.26%	89.43%	69.04%	100.62%	115.79%	113.20%	-6.18%	-139.74%	100.26%
Effective Tax Rate	0.00%	-33.96%	-27.25%	34.12%	1.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-44.60%	3.72%	2.08%	3.48%	-112.88%	-49.53%	-20.89%	-24.33%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	719.91%	26.02%	12.96%	8.89%	-609.68%	-43.31%	-23.69%	40.64%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	22.91%	4.72%	2.69%	1.50%	-513.18%	-39.40%	-20.64%	3.77%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-21.69%	8.44%	4.78%	4.98%	-626.07%	-88.93%	-41.53%	-20.56%	106.66%	60.90%
Cash Return on Invested Capital (CROIC)	0.00%	-140.90%	-15.99%	-29.54%	-204.47%	0.00%	0.00%	0.00%	130.02%	-1,499.01%	0.00%
Operating Return on Assets (OROA)	0.00%	9.32%	9.69%	9.59%	3.60%	-80.00%	-13.05%	-14.12%	-36.51%	10.20%	-62.05%
Return on Assets (ROA)	0.00%	11.66%	11.25%	5.65%	2.44%	-529.07%	-15.11%	-15.04%	2.26%	-14.25%	-62.21%
Return on Common Equity (ROCE)	0.00%	-21.69%	8.44%	4.78%	4.98%	-626.07%	-88.93%	-41.53%	-20.56%	106.66%	60.90%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.37	-2.31	0.41	0.20	0.17	-5.53	-1.39	-0.68	-1.22	-0.85	-1.23
NOPAT Margin	8.59%	-51.70%	10.21%	4.90%	4.98%	-150.49%	-72.14%	-36.84%	-66.38%	-41.40%	-62.48%
Net Nonoperating Expense Percent (NNEP)	0.00%	-764.51%	-22.30%	-10.88%	-5.41%	496.79%	-6.23%	2.80%	-64.98%	-61.85%	33.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-4.70%	0.81%	0.38%	0.33%	430.38%	25.20%	10.47%	-17.40%	-9.74%	-17.13%
Cost of Revenue to Revenue	-4.64%	4.49%	-1.70%	-2.41%	0.21%	-33.62%	0.00%	0.00%	0.00%	-8.63%	-16.03%
SG&A Expenses to Revenue	42.57%	47.79%	35.68%	37.29%	39.99%	59.73%	128.88%	63.41%	70.82%	80.66%	112.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	92.37%	134.11%	93.68%	94.97%	94.71%	348.61%	203.06%	152.62%	166.38%	167.76%	205.29%
Earnings before Interest and Taxes (EBIT)	-0.53	1.99	1.76	1.60	0.52	-7.81	-0.71	-0.87	-2.90	0.42	-1.77
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.21	2.27	1.93	1.76	0.69	-7.60	-0.66	-0.92	-2.90	0.61	-1.59
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.91	1.21	0.77	0.78	0.00	0.00	0.00	2.98	0.40	0.38
Price to Tangible Book Value (P/TBV)	0.00	2.67	1.63	1.02	1.02	0.00	0.00	0.00	2.98	0.40	0.38
Price to Revenue (P/Rev)	2.19	3.74	2.56	1.76	1.91	1.64	0.91	0.55	2.25	0.43	0.33
Price to Earnings (P/E)	0.00	0.00	0.00	6.28	5.26	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	15.92%	19.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.71	1.17	0.81	0.81	0.00	0.00	0.00	4.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	4.31	3.03	2.16	2.33	2.21	1.68	1.57	1.99	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	6.31	5.56	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	7.57	6.36	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	60.28	12.88	14.36	78.40	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.78	0.49	0.38	0.56	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.43	0.38	0.35	0.32	-0.90	-0.67	-0.64	0.00	0.06	0.07
Long-Term Debt to Equity	0.00	0.35	0.30	0.27	0.24	-0.87	-0.67	-0.64	0.00	0.06	0.07
Financial Leverage	0.00	0.03	0.18	0.21	0.17	0.84	0.91	0.87	0.09	-0.22	-0.32
Leverage Ratio	0.00	4.24	1.94	2.12	1.70	3.67	3.71	3.56	1.74	-7.51	-2.19
Compound Leverage Factor	0.00	3.96	1.77	1.89	1.17	3.70	4.30	4.03	-0.11	10.49	-2.19
Debt to Total Capital	0.00%	30.23%	27.62%	25.72%	24.14%	-857.13%	-206.39%	-175.15%	0.00%	6.03%	6.67%
Short-Term Debt to Total Capital	0.00%	6.11%	5.93%	5.93%	5.99%	-19.92%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	24.13%	21.69%	19.79%	18.15%	-837.21%	-206.39%	-175.15%	0.00%	6.03%	6.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	69.77%	72.38%	74.28%	75.86%	957.13%	306.39%	275.15%	100.00%	93.97%	93.33%
Debt to EBITDA	0.00	-0.89	-1.00	2.30	1.87	-3.42	-1.97	-1.41	0.00	-0.14	-0.10
Net Debt to EBITDA	0.00	-0.60	-0.58	1.18	0.99	-2.70	-1.74	-1.38	0.00	1.98	1.42
Long-Term Debt to EBITDA	0.00	-0.71	-0.79	1.77	1.40	-3.34	-1.97	-1.41	0.00	-0.14	-0.10
Debt to NOPAT	0.00	-1.03	-1.07	-20.74	-12.19	-2.22	-1.73	-1.60	0.00	-0.14	-0.13
Net Debt to NOPAT	0.00	-0.69	-0.62	-10.64	-6.48	-1.75	-1.54	-1.56	0.00	2.04	1.89
Long-Term Debt to NOPAT	0.00	-0.82	-0.84	-15.96	-9.17	-2.17	-1.73	-1.60	0.00	-0.14	-0.13
Altman Z-Score	0.00	0.05	-0.23	-0.49	-0.56	-13.09	-24.87	-28.78	-10.17	-8.86	-10.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.98	1.04	1.04	0.83	0.92	0.44	0.40	2.08	1.88	1.81
Quick Ratio	0.00	0.90	0.97	0.99	0.48	0.26	0.14	0.07	0.30	1.20	1.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	47	-50	5.92	-11	-46	43	51	51	40	-5.10	-7.96
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	292.29	-383.15	38.37	-64.55	-283.46	873.99	447.86	445.19	0.00	-5.10	-1,737.27
Operating Cash Flow to Interest Expense	4.64	-4.62	9.57	7.28	3.11	-57.05	-10.11	-5.85	0.00	-1.06	-235.51
Operating Cash Flow Less CapEx to Interest Expense	4.64	-4.62	9.57	7.28	3.11	-57.05	-10.11	-5.85	0.00	-1.06	-235.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.21	0.22	0.24	0.24	0.38	0.35	0.30	0.23	0.50	0.69
Accounts Receivable Turnover	0.00	9.45	13.73	12.26	13.18	9.44	13.02	11.20	9.63	7.52	10.33
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	262.46	140.97	190.26	3,115.51	0.00	557.54	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.18	0.00	0.00	0.32	0.27	0.00	0.00
Days Sales Outstanding (DSO)	0.00	38.61	26.58	29.77	27.69	38.67	28.03	32.60	37.92	48.54	35.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	1,998.63	0.00	0.00	1,154.30	1,355.95	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	38.61	26.58	29.77	-1,970.94	38.67	28.03	-1,121.70	-1,318.03	48.54	35.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	44	45	45	46	-3.71	-6.84	-6.74	4.63	0.54	-0.12
Invested Capital Turnover	0.00	0.86	0.36	0.43	0.70	0.75	0.69	0.57	0.37	-4.83	-2.22
Increase / (Decrease) in Invested Capital	-46	48	-5.50	11	46	-48	-52	-52	-41	4.25	6.72
Enterprise Value (EV)	0.00	76	53	37	37	34	22	17	19	-4.43	-4.28
Market Capitalization	37	66	45	30	31	25	12	6.04	21	3.27	2.56
Book Value per Share	$0.00	$0.74	$0.80	$0.69	$0.71	($0.22)	($0.30)	($6.41)	$2.40	$2.67	$2.18
Tangible Book Value per Share	$0.00	$0.53	$0.59	$0.52	$0.54	($0.22)	($0.30)	($6.41)	$2.40	$2.67	$2.18
Total Capital	0.00	49	51	52	52	-1.28	-5.53	-6.49	7.00	8.76	7.21
Total Debt	0.00	15	14	13	13	11	11	11	0.00	0.53	0.48
Total Long-Term Debt	0.00	12	11	10	9.42	11	11	11	0.00	0.53	0.48
Net Debt	0.00	10.00	8.10	6.83	6.66	8.68	10	11	-2.36	-7.70	-6.84
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-2.02	-2.28	-2.74	-5.28	-3.05	-7.66	-7.63	4.90	-1.08	-1.79
Debt-free Net Working Capital (DFNWC)	0.00	2.87	3.35	3.37	0.59	-0.73	-6.72	-7.38	5.77	5.70	5.53
Net Working Capital (NWC)	0.00	-0.14	0.32	0.30	-2.52	-0.98	-6.72	-7.38	5.77	5.70	5.53
Net Nonoperating Expense (NNE)	1.12	-4.80	-1.64	-0.74	-0.18	46	-0.57	0.25	-1.40	-0.27	0.54
Net Nonoperating Obligations (NNO)	0.00	10.00	8.10	6.83	6.66	8.58	10	11	-2.36	-7.70	-6.84
Total Depreciation and Amortization (D&A)	0.32	0.29	0.17	0.17	0.17	0.21	0.05	-0.05	0.00	0.19	0.18
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-11.49%	-13.07%	-16.20%	-32.88%	-20.03%	-58.33%	-69.78%	52.83%	-14.08%	-23.23%
Debt-free Net Working Capital to Revenue	0.00%	16.35%	19.20%	19.97%	3.65%	-4.78%	-51.23%	-67.52%	62.12%	74.27%	71.67%
Net Working Capital to Revenue	0.00%	-0.77%	1.83%	1.79%	-15.71%	-6.45%	-51.23%	-67.52%	62.12%	74.27%	71.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$23.40	$0.80	$0.40	$0.20	($372.60)	$0.00	($0.33)	$0.06	($0.28)	($0.43)
Adjusted Weighted Average Basic Shares Outstanding	0.00	106.44K	2.76M	2.77M	2.78M	138.64K	0.00	2.83M	2.91M	2.92M	4.35M
Adjusted Diluted Earnings per Share	$0.00	$23.40	$0.80	$0.40	$0.20	($372.60)	$0.00	($0.33)	$0.06	($0.28)	($0.43)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	106.44K	2.81M	2.82M	2.83M	138.64K	0.00	2.83M	3.11M	2.92M	4.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$23.40	$0.00	$0.00	$0.00	($372.60)	$0.00	$0.00	$0.00	($0.28)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	2.77M	2.77M	2.77M	2.78M	139.22K	0.00	2.92M	3.08M	0.00	6.46M
Normalized Net Operating Profit after Tax (NOPAT)	0.37	-1.21	0.23	0.20	0.17	-5.53	-1.39	-0.68	-0.85	-0.85	-1.23
Normalized NOPAT Margin	8.59%	-27.02%	5.62%	4.90%	4.98%	-150.49%	-72.14%	-36.84%	-46.47%	-41.40%	-62.48%
Pre Tax Income Margin	-15.84%	41.46%	39.76%	35.40%	10.36%	-214.09%	-42.81%	-53.60%	9.79%	-28.25%	-90.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.30	15.14	11.45	9.47	3.23	-160.50	-6.33	-7.58	0.00	0.42	-387.48
NOPAT to Interest Expense	2.33	-17.63	2.68	1.17	1.07	-113.52	-12.36	-5.89	0.00	-0.85	-269.51
EBIT Less CapEx to Interest Expense	-3.30	15.14	11.45	9.47	3.23	-160.50	-6.33	-7.58	0.00	0.42	-387.48
NOPAT Less CapEx to Interest Expense	2.33	-17.63	2.68	1.17	1.07	-113.52	-12.36	-5.89	0.00	-0.85	-269.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

SHF Holdings (NASDAQ: SHFS) showed a sharp deterioration in profitability and operating cash flow in Q1 2026, despite relatively stable revenue. Revenue came in at $2.0 million, down modestly from $2.1 million in Q4 2025 and slightly above $1.8 million in Q3 2025, but the company still posted a net loss of $1.8 million and burned $1.1 million of cash from operations.

Revenue trend: Quarterly revenue has been fairly steady in the $1.8 million to $2.1 million range over the last few quarters, but that is well below the $3.5 million to $4.5 million range seen in parts of 2024. The top line looks stable recently, but not clearly growing.

Profitability trend: Q1 2026 was a loss-making quarter, with operating loss of $1.8 million and net loss of $1.8 million. That compares with a smaller loss in Q4 2025 and a profit in Q3 2025. Over the longer period, results have been volatile and are far weaker than the profitable quarters seen in early 2024.

Cash flow trend: Operating cash flow remained negative in Q1 2026 at $1.1 million, following negative operating cash flow in Q4 2025 and Q2 2025. That suggests the business is still not consistently generating cash from core operations.

Balance sheet: The company ended Q1 2026 with $5.9 million in cash and equivalents plus $1.4 million in short-term investments, for roughly $7.3 million in liquid resources. However, total liabilities of $9.0 million still exceeded common equity of $6.7 million, and retained earnings remained deeply negative.

Cash and equivalents rose to $5.9 million at March 31, 2026, providing some near-term liquidity.
The company also held $1.4 million in short-term investments, adding to liquid resources.
Q1 2026 revenue of $2.0 million was slightly above the prior-year comparable quarter’s recent sub-$2 million run rate seen in late 2025.
Current assets of $12.4 million were comfortably above current liabilities of $6.9 million, suggesting short-term working-capital coverage.
Revenue has been relatively stable in recent quarters, but growth has not yet reaccelerated in a meaningful way.
The company raised only $172,070 from common equity issuance in Q1 2026, which is modest relative to its cash burn.
Amortization remains a recurring non-cash expense, but it is not the main driver of the operating losses.
Q1 2026 operating cash flow was negative $1.1 million, indicating the core business is still consuming cash.
The company reported a net loss of $1.8 million in Q1 2026, widening from the prior quarter’s loss of $0.6 million.
Operating expenses of $4.1 million were more than double revenue in Q1 2026, showing poor expense leverage.

Longer-term context: The company’s quarterly results have been highly volatile since 2024. It had profitable quarters in early and mid-2024, but later periods turned sharply weaker, including a very large loss in Q4 2024. That pattern points to a business with inconsistent earnings power and limited visibility.

Bottom line: SHF Holdings has enough liquidity for now, but the core story remains difficult: revenue is not growing strongly, operating margins are deeply negative, and cash from operations is still negative. Until the company shows sustained improvement in both sales and expense control, the stock will likely remain high-risk for retail investors.

07/17/26 01:38 PM ETAI Generated. May Contain Errors.

SHF Financials - Frequently Asked Questions

According to the most recent income statement we have on file, SHF's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

SHF's net income appears to be on an upward trend, with a most recent value of -$2.16 million in 2025, falling from $3.29 million in 2021. The previous period was -$48.32 million in 2024. See where experts think SHF is headed by visiting SHF's forecast page.

SHF's total operating income in 2025 was -$5.40 million, based on the following breakdown:

Total Gross Profit: $7.85 million
Total Operating Expenses: $13.25 million

Over the last 4 years, SHF's total revenue changed from $7.01 million in 2021 to $7.67 million in 2025, a change of 9.5%.

SHF's total liabilities were at $8.97 million at the end of 2025, a 64.8% decrease from 2024, and a 4,842.6% increase since 2021.

In the past 4 years, SHF's cash and equivalents has ranged from $2.32 million in 2024 to $8.39 million in 2022, and is currently $6.78 million as of their latest financial filing in 2025.

Over the last 4 years, SHF's book value per share changed from 0.49 in 2021 to 2.67 in 2025, a change of 442.8%.

Related Companies

Financial statements for NASDAQ:SHFS last updated on 7/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

SHF (SHFS) Financials

Financials Breakdown Chart

Key Financial Trends

SHF Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

SHF (SHFS) Financials

Annual Income Statements for SHF

Quarterly Income Statements for SHF

Annual Cash Flow Statements for SHF

Quarterly Cash Flow Statements for SHF

Annual Balance Sheets for SHF

Quarterly Balance Sheets for SHF

Annual Metrics And Ratios for SHF

Quarterly Metrics And Ratios for SHF

Financials Breakdown Chart

Key Financial Trends

SHF Financials - Frequently Asked Questions

When does SHF's financial year end?

How has SHF's net income changed over the last 4 years?

What is SHF's operating income?

How has SHF's revenue changed over the last 4 years?

How much debt does SHF have?

How much cash does SHF have?

How has SHF's book value per share changed over the last 4 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools