Revenue: As of FY2025, the actual value is USD 7.674 M.

EPS: As of FY2025, the actual value is USD -0.82.

EBIT: As of FY2025, the actual value is USD -4.907 M.

Balance Sheet Transformation and Highlights (as of December 31, 2025)

Cash and Cash Equivalents

• Cash and cash equivalents were $6,779,040 at December 31, 2025, an increase of $4.5 million compared to $2,324,647 at December 31, 2024, and significantly up from $861,722 at September 30, 2025.

Total Assets

• Total Assets stood at $17,207,024 at December 31, 2025, compared to $13,664,414 at September 30, 2025, and $13,218,287 at December 31, 2024.

Total Debt and Forward Purchase Liability

• Total Debt and Forward Purchase Liability was $0 at December 31, 2025, and September 30, 2025, a significant reduction from $18,313,753 at December 31, 2024.
• SHF Holdings, Inc. eliminated substantially all of its $18 million in debt and raised $6.7 million in new capital during the September 30, 2025 recapitalization.

Total Liabilities

• Total Liabilities were $8,971,116 at December 31, 2025, down from $25,506,301 at December 31, 2024, and up from $6,667,803 at September 30, 2025.
• Liabilities at December 31, 2025, include approximately $3.0 million of non-cash liabilities, offset by approximately $3.1 million in non-cash contract assets, both related to the indemnification of loan losses under the Second Amended and Restated Commercial Alliance Agreement with PCCU.

Total Stockholders’ Equity

• Total Stockholders’ Equity was positive $8,235,908 at December 31, 2025, a $20.5 million improvement compared to a deficit of -$12,288,014 at December 31, 2024.

Working Capital

• Working Capital was $5,698,858 at December 31, 2025, compared to $5,766,174 at September 30, 2025, and a deficit of -$983,833 at December 31, 2024.

Fourth Quarter 2025 Financial Summary

Total Revenue

• Total Revenue was approximately $2.1 million in the fourth quarter of 2025, representing a 12% sequential increase compared to approximately $1.8 million in the third quarter of 2025, but a 44% decline compared to the fourth quarter of 2024.

Loan Program Income

• Loan program income for the fourth quarter of 2025 was approximately $0.9 million, increasing approximately 70% compared to the third quarter of 2025, primarily due to a higher share of interest revenue under the Second Amended and Restated Commercial Alliance Agreement, effective October 1, 2025.
• This compares to approximately $1.8 million for the fourth quarter of 2024.

Operating Expenses

• Operating expenses for the fourth quarter of 2025 decreased 72% year-over-year to approximately $3.3 million, compared to approximately $11.6 million in the fourth quarter of 2024, and increased 8% compared to approximately $3.1 million in the third quarter of 2025.
• These expenses included approximately $0.5 million of success-based employee bonus.
• Excluding non-cash impairment of goodwill, intangibles, loan loss provisions, and amortization of contract asset, operating expenses declined 9% to approximately $3.3 million from approximately $3.7 million in the prior year period.

Operating Loss

• Operating loss was approximately -$1.2 million, compared to a loss of approximately -$7.9 million in the fourth quarter of 2024 and approximately -$1.2 million in the third quarter of 2025.

Net Loss

• Net loss was approximately -$0.6 million for the fourth quarter of 2025, compared to net income of approximately $0.2 million in the third quarter of 2025 and a loss of approximately -$51.7 million in the fourth quarter of 2024.
• Fourth quarter 2025 results include approximately $0.5 million of success-based employee bonus.

Adjusted EBITDA

• Adjusted EBITDA for the fourth quarter of 2025 was approximately -$1.1 million, compared to approximately $0.1 million for the fourth quarter of 2024.

Full Year 2025 Financial Summary

Net Loss

• Net loss for the year ended December 31, 2025, was approximately -$2.2 million, a significant improvement compared to a net loss of approximately -$48.3 million for the year ended December 31, 2024.

Total Revenue

• Total Revenue for the year ended December 31, 2025, was approximately $7.7 million, compared to approximately $15.2 million for the year ended December 31, 2024.

Operating Expenses

• Operating expenses decreased 41% for the year ended December 31, 2025, to approximately $13.1 million, compared to approximately $22.3 million for the year ended December 31, 2024.

Loan Program Income

• Loan program income for the year ended December 31, 2025, was approximately $2.5 million, versus approximately $6.6 million for the year ended December 31, 2024.

Adjusted EBITDA

• Adjusted EBITDA for the year ended December 31, 2025, was approximately -$3.9 million, compared to Adjusted EBITDA of approximately $2.9 million for the year ended December 31, 2024.

Operational Highlights

• The agreement with Partner Colorado Credit Union (PCCU) was updated and extended through 2031, which is expected to increase cash flow by over $10 million over the period.
• The Company’s share of loan program income increased to up to 65% from 35%.
• Asset Hosting Fee saw a 23% reduction with a graduated calculation, saving approximately $0.2 million annually.
• Safe Harbor Financial has expanded beyond core banking and lending by launching insurance, payments, and consulting solutions.

Outlook / Guidance

Safe Harbor Financial anticipates entering 2026 in a fundamentally different financial position due to a clean balance sheet and an extended financial institution agreement. The updated agreement with PCCU is expected to increase cash flow by over $10 million over its term. The company also projects continued operational leverage from its expanded service offerings, including insurance, payments, and consulting solutions.