Financial Service Provider In Cannabis Reports 4Q & 2023 Results: Annual Revenue Up By 85.3%
Portfolio Pulse from Nicolás Jose Rodriguez
Safe Harbor Financial (NASDAQ:SHFS), a key player in financial services for the cannabis industry, reported a significant increase in its annual revenue for 2023, with a 85.3% rise to $17.6 million from $9.5 million in 2022. The company also saw a 25% increase in Q4 revenue to $4.5 million and a 176.9% surge in Adjusted EBITDA to $3.6 million. This growth is attributed to new product introductions, an increase in deposit and activity income, and the acquisition of Rockview Digital Solutions Inc. Despite these positive results, SHFS's stock dropped by 3.63% to $0.93 per share.
April 02, 2024 | 1:35 am
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Safe Harbor Financial reported an 85.3% increase in annual revenue for 2023 and a 176.9% surge in Adjusted EBITDA, alongside a 25% increase in Q4 revenue. Despite these positive financial results, SHFS's stock price dropped by 3.63%.
The significant increase in annual revenue, Q4 revenue, and Adjusted EBITDA for Safe Harbor Financial indicates strong financial performance and growth. However, the stock price drop suggests market reactions may be influenced by factors beyond just earnings reports, such as broader market trends or investor expectations not being met.
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