SHFS · SHF Holdings, Inc.

SHF Holdings, Inc. reported transformative FY2025 results driven by a September 2025 recapitalization that eliminated $18 million in debt and raised $6.7 million in new capital, flipping stockholders’ equity to a positive $8.2 million from a $12.3 million deficit at year-end 2024. Cash swelled to $6.8 million, providing liquidity for operations. Q4 revenue hit $2.1 million, up 12% sequentially from Q3 due to a 70% surge in loan program income under the new PCCU agreement effective October 1, 2025, which boosts the Company’s share to 65% from 35% and extends to 2031. However, Q4 revenue fell 44% year-over-year amid a shift from $1.8 million loan interest in Q4 2024 to $0.9 million in 2025. Full-year revenue declined to $7.7 million from $15.2 million, reflecting lower loan program income of $2.5 million versus $6.6 million prior year. Operating expenses dropped sharply: Q4 at $3.3 million (down 72% YoY, though up 8% QoQ including $0.5 million success bonus), and full-year 41% lower at $13.1 million. Net loss narrowed dramatically to $0.6 million in Q4 (versus $51.7 million loss in Q4 2024, adjusted for $53.1 million non-cash write-downs) and $2.2 million full-year. CEO Terrance Mendez emphasized operating leverage, with expenses down 10% QoQ excluding bonus, and new insurance, payments, and consulting launches to diversify beyond banking/lending. The clean balance sheet and enhanced PCCU terms position the Company strongly entering 2026, as validated post-audit.