Cannabis Lender Safe Harbor Q2: Net Income Hits $0.9M Amid Cost Cuts, Adjusted EBITDA Up 14.5%
Portfolio Pulse from Patricio Liddle
SHF Holdings, Inc. (NASDAQ:SHFS), operating as Safe Harbor Financial, reported a significant turnaround in Q2 2024 with net income of $0.9 million, up from a net loss of $17.6 million in Q2 2023. Despite a revenue drop to $4 million from $4.6 million, the company achieved a 14.5% increase in adjusted EBITDA to $0.97 million. The improvements were driven by a sharp reduction in operating expenses and strategic shifts towards higher-margin products. SHFS shares rose 2.44% to $0.6249 following the announcement.
August 15, 2024 | 12:49 pm
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SHF Holdings, Inc. (NASDAQ:SHFS) reported a significant turnaround in Q2 2024 with net income of $0.9 million, up from a net loss of $17.6 million in Q2 2023. Despite a revenue drop to $4 million from $4.6 million, the company achieved a 14.5% increase in adjusted EBITDA to $0.97 million. The improvements were driven by a sharp reduction in operating expenses and strategic shifts towards higher-margin products. SHFS shares rose 2.44% to $0.6249 following the announcement.
The significant improvement in net income and adjusted EBITDA, despite lower revenue, indicates strong operational efficiency and strategic shifts towards higher-margin products. This positive financial performance is likely to boost investor confidence, leading to a short-term increase in the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100