SHF Holdings, Inc.
- Open
- 0.24
- Day high
- 0.24
- Day low
- 0.23
- Prev close
- 0.24
- Volume
- 87K
- Mkt cap
- $1M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.2
- P/S
- 0.1
- Yield
- —
- Per share
- —
- ▲Insiders net buying $134K over the last 3 months (8 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
SHF Holdings, Inc. (SHFS) is a Financial Services company listed on NASDAQ. The stock is down 89% over the past year. Over the trailing 3 months, insiders filed 8 open-market buys and 0 sales (SEC Form 4).
SHF Holdings, Inc. (SHFS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SHFS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 15, 2026 | — | $-0.43 | — | $6M | — |
| Nov 12, 2025 | — | $-0.79 | — | $2M | — |
| Aug 14, 2025 | — | $-0.33 | — | $2M | — |
| May 20, 2025 | — | $-0.11 | — | $3M | — |
| Aug 14, 2024 | — | $0.40 | — | $4M | — |
| Apr 1, 2024 | — | $0.20 | — | $4M | — |
| Mar 14, 2024 | — | $0.05 | — | $4M | — |
| Nov 14, 2023 | — | $-0.40 | — | $3M | — |
| Aug 14, 2023 | — | $-8.00 | — | $4M | — |
| May 15, 2023 | — | $-1.20 | — | $4M | — |
| Nov 14, 2022 | — | $1.20 | — | $3M | — |
| Aug 22, 2022 | — | $0.02 | — | $2M | — |
SHFS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 8, 2026 | Regan Michaelofficer: Chief Inv. & Strat. Officer | Grant | 45,875 | $2.40 |
| May 8, 2026 | Mendez Terrance Elliotdirector, officer: Director, CEO and CFO | Buy | 8,050 | $7.76 |
| May 8, 2026 | Mendez Terrance Elliotdirector, officer: Director, CEO and CFO | Buy | 125 | $7.76 |
| May 8, 2026 | Mendez Terrance Elliotdirector, officer: Director, CEO and CFO | Grant | 91,751 | $2.40 |
| May 8, 2026 | Kay Jeffrey R.officer: Chief Marketing Officer | Buy | 4,057 | $7.76 |
| May 8, 2026 | Kay Jeffrey R.officer: Chief Marketing Officer | Buy | 63 | $7.76 |
| May 8, 2026 | BECK DOUGLASofficer: PAO SVP of Finance Controller | Grant | 45,875 | $2.40 |
| May 8, 2026 | Carleton Richarddirector | Buy | 837 | $7.76 |
| May 8, 2026 | Carleton Richarddirector | Buy | 13 | $7.76 |
| May 8, 2026 | Regan Michaelofficer: Chief Inv. & Strat. Officer | Buy | 4,057 | $7.76 |
| May 8, 2026 | Regan Michaelofficer: Chief Inv. & Strat. Officer | Buy | 63 | $7.76 |
| Sep 17, 2025 | Braun III Francis Adirector | Grant | 53,144 | $2.40 |
| Sep 17, 2025 | Mendez Terrance Elliotdirector, officer: CEO and Interim CFO | Grant | 91,751 | $2.40 |
| Jun 6, 2025 | Emmi Donaldofficer: Chief Legal Officer | Grant | 2,795 | — |
| Jun 6, 2025 | Emmi Donaldofficer: Chief Legal Officer | Tax | 310 | $28.40 |
Source: SHFS SEC Form 4 filings, latest May 8, 2026. For informational purposes only — not investment advice.
See the full SHFS insider & 13F page →SHF Holdings, Inc. company profile
Overview
SHF Holdings, Inc. (NASDAQ:SHFS) is a specialized financial services company founded in 2015 and based in Arvada, Colorado, that went public in August 2021. The company operates as a financial technology intermediary serving the cannabis industry, which faces significant banking challenges due to federal regulatory restrictions. SHF Holdings provides a proprietary platform that connects cannabis-related businesses with traditional financial institutions willing to serve this sector, enabling these businesses to access essential banking services that are otherwise difficult to obtain.
Business
SHF Holdings operates in the cannabis banking sector, a niche within financial services that addresses the unique challenges faced by legal cannabis businesses. The cannabis industry, while legal in many states, remains federally illegal, creating a complex regulatory environment that makes most traditional banks reluctant to serve cannabis businesses due to compliance concerns and potential federal penalties. The company's core offering is Safe Harbor Financial, a proprietary fintech platform that serves as an intermediary between cannabis-related businesses (CRBs) and willing financial institutions. The platform provides access to essential banking services including business checking and savings accounts, cash management solutions, commercial lending, remote deposit services, automated clearing house (ACH) payments, wire transfers, and courier services. These services allow cannabis businesses to operate with proper financial infrastructure rather than relying on cash-only transactions. The business operates through multiple revenue streams. Deposit activity and onboarding services represent the largest segment, generating approximately 45-50% of total revenue through fees charged for account setup and ongoing deposit processing. Loan interest income has become increasingly important, representing about 35-40% of revenue as the company has expanded its lending operations. Investment income from cash management activities contributes the remaining 10-15% of revenue. The company serves over 750 clients across 41 states, processing billions of dollars in deposits annually.
Revenue model
SHF Holdings generates revenue through a multi-faceted business model centered on fee-based financial services and lending. The primary revenue source comes from deposit activity fees, where the company charges cannabis businesses for account setup, maintenance, and transaction processing services. These fees are typically higher than traditional banking fees due to the specialized compliance requirements and risk management needed for cannabis banking. The company's lending operations have become increasingly significant, generating interest income from commercial loans and lines of credit extended to cannabis businesses. This segment has shown strong growth, with loan interest income increasing 250% year-over-year in recent periods. The lending business offers higher margins than deposit services, as cannabis businesses often pay premium rates due to limited access to traditional credit. Investment income is generated from managing client cash balances and investing excess funds in short-term securities. The company also earns fees from ancillary services like courier services and compliance consulting. Several factors influence the company's margins and profitability. Positive factors include the expanding legal cannabis market across states, potential federal cannabis rescheduling that could reduce regulatory burden, and the company's ability to charge premium fees due to limited competition in cannabis banking. The growing maturity of cannabis businesses also creates demand for more sophisticated financial services. Negative factors include regulatory uncertainty that can impact client confidence, competition from other specialized cannabis banking providers, interest rate fluctuations affecting investment income, and the potential for traditional banks to enter the market if federal regulations change. The company's dependence on a limited number of partner financial institutions also creates concentration risk.
Competitive moat
SHF Holdings operates in a specialized niche with moderate competitive advantages, though its moat is not particularly strong or durable. The company's primary competitive advantage stems from regulatory expertise and compliance infrastructure built specifically for cannabis banking. This includes specialized know-your-customer (KYC) procedures, anti-money laundering (AML) systems, and state-by-state regulatory compliance capabilities that are complex and costly to replicate. The company benefits from first-mover advantage in cannabis banking, having established relationships with both cannabis businesses and willing financial institution partners since 2015. These relationships create some switching costs, as cannabis businesses value stability and proven compliance in their banking relationships. The company's track record of processing over $21.5 billion in deposits provides credibility in a sector where trust is paramount. However, the moat faces significant challenges. The regulatory environment that creates the need for specialized cannabis banking could change with federal cannabis rescheduling or banking reform, potentially allowing traditional banks to enter the market directly. The company's dependence on partner financial institutions creates vulnerability, as demonstrated by the termination of its relationship with Central Bank of Arkansas. Competition is increasing from other fintech companies and specialized cannabis banking providers, while the barriers to entry, while meaningful, are not insurmountable for well-capitalized competitors. The company's moat is best characterized as moderate but potentially temporary, dependent on the continuation of current regulatory restrictions that limit traditional banking access for cannabis businesses. Any significant federal regulatory changes could substantially reduce or eliminate this competitive advantage.
Risks & safety
The company presents significant financial risk with limited margin of safety based on current metrics. Overall Assessment: High financial risk with concerning liquidity and profitability trends. Cash and Solvency: • Cash position declined from $5.9M (Q3 2024) to $2.3M (Q4 2024) • Negative free cash flow of -$2.8M in Q4 2024 vs positive $502K in Q3 2024 • Current ratio deteriorated dramatically to 0.000009 in Q4 2024 due to massive current liabilities spike • Total liabilities of $25.7M against total assets of $13.2M indicates potential solvency issues Profitability and Valuation: • Net loss of -$51.6M in Q4 2024 vs profit of $354K in Q3 2024, indicating severe deterioration • Negative EBITDA of -$1.8M in Q4 2024 • Trading at 3.9x revenue (based on $17.9M annual revenue and $6.9M market cap) • Negative price-to-earnings ratio due to losses Other Considerations: • High dependence on cannabis industry regulatory environment • Limited diversification outside cannabis sector • Small market capitalization increases volatility risk
Recent development
Over the past few years, SHF Holdings has undergone significant strategic evolution focused on diversifying revenue streams and expanding its lending capabilities. The company has shifted from primarily being a deposit services facilitator to developing a more comprehensive financial services platform for cannabis businesses. Lending Expansion: The most significant development has been the aggressive expansion of the company's lending operations. Loan interest income grew from a minor revenue component to representing 35-40% of total revenue, with year-over-year increases of 250% in some quarters. The company has originated new secured credit facilities, including a $1.07 million facility for a Missouri-based cannabis operator, and successfully managed loan recoveries, including a $3.1 million defaulted loan where they recovered full principal plus accrued interest. Product Innovation: The company launched its first interest-bearing commercial deposit accounts specifically designed for cannabis businesses, addressing a significant need in the market. They also introduced nationwide line of credit products, expanding beyond their traditional deposit services model. Strategic Partnerships: SHF Holdings has diversified its banking relationships, expanding its partnership with Five Star Bank after terminating its relationship with Central Bank of Arkansas. The company also partnered with BIPOCann to support social equity and minority entrepreneurs in the cannabis industry, demonstrating commitment to market development. Regulatory Positioning: The company has actively engaged in regulatory advocacy, submitting comments to the Justice Department regarding potential cannabis reclassification from Schedule I to Schedule III. Management views potential federal cannabis rescheduling as a significant growth catalyst that could reduce client tax burdens and expand market opportunities. Operational Efficiency: The company has focused on cost reduction, achieving a 36% decrease in operational expenses while maintaining service quality and expanding its client base to over 750 businesses across 41 states.
SHFS company profile · for informational purposes only — not investment advice.
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