SHF Holdings (SHFS)
NASDAQ:SHFS
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SHF Holdings
(NASDAQ:SHFS)
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Rating:41Neutral
Price Target:
$0.37
▼(-64.27% Downside)
Action:Reiterated
Date:05/16/26
SHFS scores low primarily due to weak financial performance (persistent losses and negative operating/free cash flow) and bearish technicals (price below key moving averages with negative MACD). Valuation lacks support because earnings are negative and no dividend yield is available, while corporate events are mixed with growth initiatives offset by legal uncertainty and potentially dilutive financing terms.
Positive Factors
Niche compliance-first business model
SHF’s focus on compliance-first banking and payments for state-legal cannabis businesses targets a structurally underserved market with high regulatory complexity. This specialization creates durable customer stickiness with partner FIs and recurring program fee opportunities tied to ongoing compliance needs.
Negative Factors
Persistent negative cash flow
Sustained negative operating and free cash flow (~-$3.36M TTM) limits the company’s ability to self-fund growth or absorb shocks. Over months, continued cash burn increases reliance on external financing, raising dilution risk and constraining investment in product scale or margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Niche compliance-first business model
SHF’s focus on compliance-first banking and payments for state-legal cannabis businesses targets a structurally underserved market with high regulatory complexity. This specialization creates durable customer stickiness with partner FIs and recurring program fee opportunities tied to ongoing compliance needs.
Read all positive factors
SHF Holdings (SHFS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.49M
Dividend YieldN/A
Average Volume (3M)1.64M
Price to Earnings (P/E)―
Beta (1Y)1.97
Revenue Growth-41.20%
EPS Growth94.76%
CountryUS
Employees41
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)-0.97
Shares Outstanding6,455,796
10 Day Avg. Volume77,234
30 Day Avg. Volume1,636,468
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.38
Price to Sales (P/S)0.40
P/FCF Ratio-0.91
Enterprise Value/Market Cap-1.53
Enterprise Value/Revenue-0.34
Enterprise Value/Gross Profit-0.38
Enterprise Value/Ebitda1.20
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
SHF Holdings Business Overview & Revenue Model
Company Description
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 business check...
How the Company Makes Money
SHF Holdings makes money primarily by generating fees associated with its compliance and payments platform used to support banking services for regulated businesses (notably cannabis-related businesses) through partner financial institutions. Key ...
SHF Holdings Earnings Call Summary
Earnings Call Date:Nov 12, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted substantial growth in net income and loan interest income, alongside decreased operating expenses and strategic partnerships. However, these positives were offset by significant declines in overall revenue, deposit and onboarding revenue, and investment income, largely due to challenging market conditions. Despite improvements in certain financial metrics, the overall sentiment is balanced due to the mixed results.Positive Updates
Significant Increase in Net Income
Net income increased 147% year-over-year to $354,000 compared to a net loss of $748,000 for the year ago period.
Negative Updates
Revenue Decline
Revenue decreased 19.6% from the prior year period, with total revenue for 9 months down 11.6%.
Read all updates
Q3-2024 Updates
Positive
Negative
Significant Increase in Net Income
Net income increased 147% year-over-year to $354,000 compared to a net loss of $748,000 for the year ago period.
Read all positive updates
Company Guidance
During Safe Harbor Financial's Q3 2024 earnings call, the company reported several key financial metrics, showcasing a significant turnaround. Net income increased by 147% year-over-year to $354,000, reversing a net loss of $748,000 from the previous year. Loan interest income saw substantial growth, rising by 48% for the quarter and 143.5% over the nine months, while operating expenses decreased by 13% and 66% for the respective periods. Despite a 19.6% drop in quarterly revenue to $3.5 million and a 26% decline in deposit activity revenue, Safe Harbor managed to enhance its cash flow and liquidity, ending the quarter with $5.9 million in cash and cash equivalents. The company remains focused on leveraging market growth opportunities, particularly in the expanding cannabis sector, while navigating challenges like decreased deposit activity and regulatory uncertainties. Looking forward, Safe Harbor anticipates full-year 2024 revenue to be in the range of $15 million to $15.5 million.SHF Holdings Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
55
Neutral
Cash Flow
24
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.67M | 18.41M | 20.28M | -32.00M | 7.01M |
| Gross Profit | 4.35M | 19.27M | 18.89M | -33.21M | 7.00M |
| EBITDA | -5.40M | -3.75M | -17.74M | -44.19M | 3.29M |
| Net Income | -2.16M | -48.32M | -17.28M | -35.13M | 3.29M |
Balance Sheet | |||||
| Total Assets | 17.21M | 13.22M | 67.86M | 99.45M | 7.52M |
| Cash, Cash Equivalents and Short-Term Investments | 6.78M | 2.34M | 4.91M | 8.39M | 5.50M |
| Total Debt | 710.51K | 11.88M | 15.02M | 58.59M | 0.00 |
| Total Liabilities | 8.97M | 25.51M | 33.51M | 94.34M | 181.50K |
| Stockholders Equity | 8.24M | -12.29M | 34.36M | 5.11M | 7.34M |
Cash Flow | |||||
| Free Cash Flow | -3.42M | 430.48K | -1.04M | 1.68M | 2.94M |
| Operating Cash Flow | -3.42M | 430.48K | -832.14K | 1.70M | 2.95M |
| Investing Cash Flow | 442.19K | 12.39K | -2.18M | -2.90M | 1.04M |
| Financing Cash Flow | 7.43M | -3.01M | -488.83K | 4.09M | -1.49M |
SHF Holdings Technical Analysis
Negative
1.03
Price Trends
0.67
Negative
0.82
Negative
1.83
Negative
Market Momentum
-0.07
Negative
31.87
Neutral
5.59
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SHFS, the sentiment is Negative. The current price of 1.03 is above the 20-day moving average (MA) of 0.45, above the 50-day MA of 0.67, and below the 200-day MA of 1.83, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 31.87 is Neutral, neither overbought nor oversold. The STOCH value of 5.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SHFS.
SHF Holdings Risk Analysis
SHF Holdings disclosed 56 risk factors in its most recent earnings report. SHF Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Recent developments in shareholder litigation against us on certain counterclaims could result in a material adverse effect on our financial position, results of operations, and cash flows. Q1, 2026
SHF Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | $38.56M | 27.45 | 1.71% | ― | 10.06% | ― | |
55 Neutral | $22.18M | -0.78 | -23.19% | 4.10% | -18.73% | -401.58% | |
51 Neutral | $13.59M | -139.73 | 0.09% | ― | 8.13% | -357.58% | |
41 Neutral | $2.49M | -0.54 | -229.75% | ― | -41.20% | 94.76% |
* Financial Sector Average
SHFS
SHF Holdings
0.39
-2.17
-84.90%
CARV
Carver Bancorp
1.41
-0.04
-2.76%
GLBZ
Glen Burnie Bancorp
4.65
0.12
2.72%
KFFB
Kentucky First Federal Bancorp
4.77
2.15
81.98%
BAFN
BayFirst Financial Corp
5.40
-9.90
-64.71%
MBBC
Marathon Bancorp
14.40
4.41
44.14%
SHF Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
SHF Holdings Announces Board Transition and Committee Leadership Changes
Neutral
May 11, 2026
On May 8, 2026, SHF Holdings, Inc. disclosed that director Richard Carleton chose not to stand for reelection at the company’s 2026 annual stockholders’ meeting, with the company emphasizing that his decision did not stem from any disa...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
SHF Holdings Lowers Series B Conversion and Warrant Prices
Positive
May 6, 2026
On May 6, 2026, SHF Holdings, Inc. informed investors that it was voluntarily reducing the conversion price of its Series B Convertible Preferred Stock to $0.65 and the cash exercise price of its Series B Warrants to the same level, with the lower...
Business Operations and StrategyProduct-Related Announcements
SHF Holdings Expands Lending Platform for Cannabis Businesses
Positive
Apr 30, 2026
On April 30, 2026, Safe Harbor announced a major expansion of its lending platform for cannabis-related businesses, adding products such as commercial real estate financing, working capital loans and lines of credit, equipment financing, cash flow...
Business Operations and StrategyLegal Proceedings
SHF Holdings Faces Court Ruling in Abaca Dispute
Negative
Apr 24, 2026
On April 23, 2026, a Denver District Court issued an omnibus order on cross-motions for summary judgment in SHF Holdings, Inc.’s dispute tied to its October 2022 acquisition of Rockview Digital Solutions, Inc. d/b/a Abaca, ruling that a Seco...
Business Operations and StrategyProduct-Related Announcements
SHF Holdings Launches Cannabis-Focused Pooled 401(k) Plan
Positive
Apr 21, 2026
On April 21, 2026, Safe Harbor launched the Safe Harbor Retirement Plan, a pooled employer 401(k) product tailored for state-legal cannabis businesses and their service providers. The plan’s investment structure is designed to accommodate ca...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.