On Monday, SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (NASDAQ: SHFS), announced its financial results for the quarter ended March 31, 2023, revealing net revenue of $4.2 million in Q1 2023, an increase of 150% compared to $1.7 million in Q1 2022.
Q1 2023 Financial Highlights
- Processed deposits increased 33% to $1.1 billion compared to $808.5 million in Q1 2022.
- The monthly average number of accounts held with a financial institution (“FI”) clients increased 68% to 993, compared to 590 in Q1 2022.
- Monthly average balances on deposits held with FI clients increased 55% to $213.6 million, compared to $137.7 million in Q1 2022.
- Balance sheet debt decreased approximately 60%; resolving more than $68.6 million of debt payables reported at year-end 2022.
- Ended Q1 2023 with $8.6 million in cash.
Q1 2023 Financial Results:
- Q1 2023 total revenue increased to $4.2 million, compared to $1.7 million in the prior year period, driven by higher investment and income from deposits, activity, and onboarding.
- Operating expenses for Q1 2023 rose to $5.8 million, compared to $1.2 million in the prior year period, mainly due to increased compensation, stock-based compensation, professional services, advertising, and depreciation expenses.
- Q1 2023 net loss was $1.4 million, compared to …