SHFS

MKT CAP:$3M

SHF Holdings, Inc.

Market Cap

$3M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$0.90-$0.14 (-13.49%)

Apr 22, 2026

Company Details

SHF Holdings, Inc., through its subsidiaries, provides access to banking, lending, and other financial services to financial institutions serving the cannabis industry. The company, through its proprietary platform, offers access to busines...

CEO

Terrance Elliot Mendez

IPO Date

Aug 20, 2021

Website

shfinancial.org

Key Metrics TTM

Revenue

$11M

-50.7% YoY

Net Income

-$52M

EPS (Diluted)

-$18.70

Free Cash Flow

-$3M

Revenue / Share

$3.68

Gross Margin

106.1%

Operating Margin

-77.7%

Net Margin

-486.5%

FCF Margin

-32.6%

P/S

0.2x

P/E

—

Earnings Reports

Q3 2025

Nov 12, 2025

$1M-69.3%EPS $0.06

Q2 2025

Aug 14, 2025

$2M-63.6%EPS -$0.33

FY 2024

Apr 10, 2025

$18M-9.2%EPS -$17.43

Q4 2024

Apr 10, 2025

$4M-50.7%EPS -$18.56

Q3 2024

Nov 12, 2024

$4M+16.9%EPS $0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$2M	$2M	$686.2K
Q3 21	$2M	$2M	$946.1K
Q4 21	$2M	$2M	$718.4K
Q1 22	$2M	$2M	$501.6K
Q2 22	$2M	$2M	$336.3K
Q3 22	$3M	$3M	$1M
Q1 23	$4M	$4M	-$2M
Q2 23	$4M	$4M	-$18M
Q3 23	$3M	$3M	-$686.1K
Q4 23	$8M	$8M	$2M
Q1 24	$5M	$5M	$2M
Q2 24	$5M	$5M	$1M
Q3 24	$4M	$4M	$360.7K
Q4 24	$4M	$5M	-$8M
Q2 25	$2M	$2M	-$989.2K
Q3 25	$1M	$923.7K	$179.5K

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q3 21	—	—
Q4 21	1.3x	2.9x
Q1 22	27.5x	66.0x
Q2 22	24.9x	69.3x
Q3 22	284.4x	857.5x
Q1 23	2.2x	47.4x
Q2 23	2.0x	—
Q3 23	59.1x	—
Q4 23	3.8x	—
Q1 24	2.6x	—
Q2 24	1.4x	6.3x
Q3 24	1.4x	5.3x
Q4 24	1.3x	—
Q2 25	0.4x	—
Q3 25	1.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$2M	$2M
Q4 21	$763.5K	$757.9K
Q1 22	$506.5K	$502.0K
Q2 22	$729.0K	$724.6K
Q3 22	$2M	$2M
Q4 22	-$275.4K	-$279.0K
Q1 23	-$232.0K	-$780.7K
Q2 23	-$732.7K	-$392.5K
Q3 23	$739.8K	$739.8K
Q4 23	-$607.1K	-$607.1K
Q1 24	$1M	$1M
Q2 24	$1M	$1M
Q3 24	$502.4K	$502.4K
Q4 24	-$3M	-$3M
Q2 25	-$674.6K	-$674.6K
Q3 25	-$538.0K	-$538.0K

Capital Expenditures

Quarter	CapEx
Q3 21	$345
Q4 21	$5.6K
Q1 22	$4.4K
Q2 22	$4.4K
Q3 22	$13.7K
Q4 22	$3.6K
Q1 23	$548.7K
Q2 23	$340.2K
Q3 23	$0
Q4 23	$0
Q1 24	$3
Q2 24	$4
Q3 24	$0
Q4 24	$0
Q2 25	$0
Q3 25	$3

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-4.5%	+35.7%
Q2 22	+1.6%	+33.3%
Q3 22	+54.1%	+106.3%
Q1 23	+158.9%	+551.2%
Q2 23	+162.7%	+1836.4%
Q3 23	+76.8%	+161.2%
Q4 23	+187.6%	+262.0%
Q1 24	+24.2%	-39.8%
Q2 24	+21.6%	-82.8%
Q3 24	+16.9%	-12.5%
Q4 24	-50.7%	+101.8%
Q2 25	-64.6%	-24.4%
Q3 25	-78.0%	-74.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	—
Q1 23	$2M	35.5%
Q2 23	$958.3K	21.8%
Q3 23	$422.3K	12.9%
Q4 23	$760.0K	10.0%
Q1 24	$562.3K	10.2%
Q2 24	$552.1K	10.3%
Q3 24	$387.7K	10.1%
Q4 24	$73.8K	2.0%
Q2 25	$33.7K	1.7%
Q3 25	$596.1K	50.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 21	$31.0K	$614.6K	$491.8K
Q3 21	—	$741.0K	—
Q4 21	—	$151.7K	—
Q1 22	—	$970.5K	—
Q2 22	—	$1M	—
Q3 22	—	$1M	—
Q1 23	—	$5M	—
Q2 23	—	$4M	—
Q3 23	—	$4M	—
Q4 23	$5M	$4M	—
Q1 24	—	$3M	—
Q2 24	—	$3M	—
Q3 24	—	$3M	—
Q4 24	—	$3M	—
Q2 25	—	$2M	—
Q3 25	—	$3M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$6M	$0	$6M
Q2 22	$172.4K	$0	$172.4K
Q3 22	$7M	$0	$7M
Q4 22	$8M	$0	$8M
Q1 23	$9M	$0	$9M
Q2 23	$8M	$0	$8M
Q3 23	$9M	$0	$9M
Q4 23	$5M	$0	$5M
Q1 24	$6M	$0	$6M
Q2 24	$6M	$0	$6M
Q3 24	$6M	$0	$6M
Q4 24	$2M	$0	$2M
Q1 25	$951.2K	$0	$951.2K
Q2 25	$247.3K	$0	$247.3K
Q3 25	$861.7K	$0	$861.7K
Q4 25	$7M	$0	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	745K	-20.4%	—
Q3 21	936K	+25.6%	—
Q4 21	15M	+1492.6%	—
Q1 22	936K	-93.7%	0.0%
Q2 22	936K	0.0%	+25.6%
Q3 22	1M	+10.9%	+10.9%
Q1 23	1M	+23.6%	-91.4%
Q2 23	2M	+70.9%	+134.3%
Q3 23	2M	+12.3%	+163.2%
Q4 23	55M	+2115.4%	+5156.4%
Q1 24	3M	-94.8%	+119.2%
Q2 24	3M	+0.4%	+28.8%
Q3 24	3M	+0.1%	+14.8%
Q4 24	3M	-1.5%	-94.9%
Q2 25	3M	+1.5%	+0.5%
Q3 25	3M	+2.9%	+2.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	$68.0K	65
Q2 23	$67.5K	65
Q3 23	$50.4K	65
Q4 23	$177.0K	43
Q1 24	$127.7K	43
Q2 24	$124.1K	43
Q3 24	$89.0K	43
Q4 24	$91.5K	41
Q2 25	$47.4K	41
Q3 25	$28.7K	41

Revenue / Employee