SHF Holdings, Inc.
SHFS Nasdaq Finance Services Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$7.7M
49.7%
vs prior year
Operating margin
Operating income as a share of revenue.
−70.4%
23.8 pts
Net income
Profit after all expenses, interest and tax.
−$2.2M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.98 EPS (TTM)
What SHF Holdings, Inc. does
No business description yet.
- Legal name
- SHF Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Apr 15, 2026
- Accession · CIK
- 0001493152-26-016778
0001854963
Revenue and margins
SHF Holdings, Inc. had $7.7M of revenue in fiscal 2025, down 49.7% on the year before.
FY21
Revenue $7.0M
FY22
Revenue $9.5M
FY23
Revenue $17.6M
FY24
Revenue $15.2M
FY25
Revenue $7.7M
Q3 '23
Revenue $4.3M
Q4 '23
Revenue $4.5M
Q1 '24
Revenue $4.1M
Q2 '24
Revenue $4.0M
Q3 '24
Revenue $3.5M
Q4 '24
Revenue $3.7M
Q1 '25
Revenue $1.9M
Q2 '25
Revenue $1.8M
Q3 '25
Revenue $1.8M
Q4 '25
Revenue $2.1M
Q1 '26
Revenue $2.0M
Q2 '26
Revenue $1.9M
FY21
Gross —
Operating 46.9%
Net 46.9%
FCF 42.0%
FY22
Gross —
Operating −23.2%
Net −370.6%
FCF 17.7%
FY23
Gross —
Operating −118.0%
Net −98.4%
FCF −5.9%
FY24
Gross —
Operating −46.5%
Net −317.0%
FCF —
FY25
Gross —
Operating −70.4%
Net −28.2%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 12.3%
Net −17.3%
FCF 17.1%
Q4 '23
Gross —
Operating −38.6%
Net 55.5%
FCF −13.6%
Q1 '24
Gross —
Operating 8.0%
Net 50.6%
FCF —
Q2 '24
Gross —
Operating 7.4%
Net 23.3%
FCF —
Q3 '24
Gross —
Operating 5.1%
Net 10.2%
FCF —
Q4 '24
Gross —
Operating −215.0%
Net −1,407.1%
FCF —
Q1 '25
Gross —
Operating −103.1%
Net −42.8%
FCF —
Q2 '25
Gross —
Operating −52.6%
Net −50.4%
FCF —
Q3 '25
Gross —
Operating −66.4%
Net 9.8%
FCF —
Q4 '25
Gross —
Operating −59.1%
Net −28.3%
FCF —
Q1 '26
Gross —
Operating −89.3%
Net −90.1%
FCF —
Q2 '26
Gross —
Operating −53.1%
Net −78.2%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $3.3M
FY22
Net income −$35.1M
FY23
Net income −$17.3M
FY24
Net income −$48.3M
FY25
Net income −$2.2M
Q3 '23
Net income −$0.7M
Q4 '23
Net income $2.5M
Q1 '24
Net income $2.0M
Q2 '24
Net income $0.9M
Q3 '24
Net income $0.4M
Q4 '24
Net income −$51.7M
Q1 '25
Net income −$0.8M
Q2 '25
Net income −$0.9M
Q3 '25
Net income $0.2M
Q4 '25
Net income −$0.6M
Q1 '26
Net income −$1.8M
Q2 '26
Net income −$1.5M
FY21
Diluted EPS —
FY22
Diluted EPS −$1.85
FY23
Diluted EPS −$8.12
FY24
Diluted EPS −$17.43
FY25
Diluted EPS −$0.82
Q3 '23
Diluted EPS −$0.02
Q4 '23
Diluted EPS −$7.64
Q1 '24
Diluted EPS $0.73
Q2 '24
Diluted EPS $0.33
Q3 '24
Diluted EPS $0.13
Q4 '24
Diluted EPS −$18.62
Q1 '25
Diluted EPS −$0.30
Q2 '25
Diluted EPS −$0.33
Q3 '25
Diluted EPS $0.06
Q4 '25
Diluted EPS −$0.25
Q1 '26
Diluted EPS −$0.43
Q2 '26
Diluted EPS −$0.36
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity 44.8%
Return on assets 43.7%
FY22
Return on capital −11.1%
Return on equity −564.2%
Return on assets −65.7%
FY23
Return on capital −19.2%
Return on equity −87.6%
Return on assets −20.7%
FY24
Return on capital —
Return on equity −437.9%
Return on assets −119.2%
FY25
Return on capital —
Return on equity —
Return on assets −14.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY21
Free cash flow $2.9M
FY22
Free cash flow $1.7M
FY23
Free cash flow −$1.0M
FY24
Free cash flow —
FY25
Free cash flow —
Q3 '23
Free cash flow $0.7M
Q4 '23
Free cash flow −$0.6M
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow —
Q4 '24
Free cash flow —
Q1 '25
Free cash flow —
Q2 '25
Free cash flow —
Q3 '25
Free cash flow —
Q4 '25
Free cash flow —
Q1 '26
Free cash flow —
Q2 '26
Free cash flow —
FY21
Cash from operations $2.9M
Capital spending $0.0M
FY22
Cash from operations $1.7M
Capital spending $0.0M
FY23
Cash from operations −$0.8M
Capital spending $0.2M
FY24
Cash from operations $0.4M
Capital spending —
FY25
Cash from operations −$3.4M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $0.7M
Capital spending $0.0M
Q4 '23
Cash from operations −$0.6M
Capital spending $0.0M
Q1 '24
Cash from operations $1.5M
Capital spending —
Q2 '24
Cash from operations $1.2M
Capital spending —
Q3 '24
Cash from operations $0.5M
Capital spending —
Q4 '24
Cash from operations −$2.8M
Capital spending —
Q1 '25
Cash from operations −$1.1M
Capital spending —
Q2 '25
Cash from operations −$0.7M
Capital spending —
Q3 '25
Cash from operations −$0.5M
Capital spending —
Q4 '25
Cash from operations −$1.1M
Capital spending —
Q1 '26
Cash from operations −$1.1M
Capital spending —
Q2 '26
Cash from operations −$1.8M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
SHF Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 5.4%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares —
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably SHF Holdings, Inc. can carry it.
FY21
Cash $5.5M
Debt —
FY22
Cash $8.4M
Debt $18.9M
FY23
Cash $4.9M
Debt $55.6M
FY24
Cash $2.3M
Debt —
FY25
Cash $6.8M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.5M | $8.4M | $4.9M | $2.3M | $6.8M |
| Debt incl. finance leases | — | $18.9M | $55.6M | — | — |
| Debt / equity | — | 3.7x | 1.6x | — | — |
| Interest coverage | — | −3.1x | −18.6x | −13.3x | −11.0x |
| Current ratio | 33.6x | 0.2x | 1.0x | 0.9x | 1.9x |
| Quick ratio | 33.6x | 0.2x | 1.0x | 0.9x | 1.9x |
| Total assets | $7.5M | $99.5M | $67.9M | $13.2M | $17.2M |
| Total liabilities | $0.2M | $94.3M | $33.5M | $25.5M | $9.0M |
| Shareholders' equity | $7.3M | $5.1M | $34.4M | −$12.3M | $8.2M |
| Net debt (− = net cash) | — | $10.5M | $50.8M | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✕ | ✓ | ✕ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | — | ✕ | — | — |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 6 | 5 / 8 | 3 / 7 | 2 / 7 |
| Accruals ratio | 4.5% | −68.9% | −19.7% | −120.3% | 8.3% |
| Altman Z'' | 47.62 | −3.99 | −4.43 | −34.38 | −22.26 |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $7.0M | $9.5M | $17.6M | $15.2M | $7.7M |
| Provision for credit losses | $0.0M | $0.5M | $0.3M | — | — |
| Operating income | $3.3M | −$2.2M | −$20.7M | −$7.1M | −$5.4M |
| Interest expense | — | $0.7M | $1.1M | $0.5M | $0.5M |
| Pretax income | $3.3M | −$44.4M | −$19.1M | −$4.5M | −$2.2M |
| Income tax | — | −$9.3M | −$1.8M | $43.9M | −$0.1M |
| Net income | $3.3M | −$35.1M | −$17.3M | −$48.3M | −$2.2M |
| Net income to common | — | — | — | −$48.3M | −$2.4M |
| Diluted EPS | — | −$1.85 | −$8.12 | −$17.43 | −$0.82 |
| Diluted shares | — | 0.02B | 0.00B | 0.00B | 0.00B |
| Cash flow | |||||
| Cash from operations | $2.9M | $1.7M | −$0.8M | $0.4M | −$3.4M |
| Capital expenditure | $0.0M | $0.0M | $0.2M | — | — |
| Free cash flow | $2.9M | $1.7M | −$1.0M | — | — |
| Depreciation and amortization | $0.0M | $0.2M | $1.4M | $0.7M | $0.0M |
| Stock-based compensation | $0.0M | $2.8M | $3.7M | $1.6M | $1.5M |
| Balance sheet | |||||
| Cash and short-term investments | $5.5M | $8.4M | $4.9M | $2.3M | $6.8M |
| Total debt | — | $18.9M | $55.6M | — | — |
| Deposits | — | $8.3M | $4.6M | $2.2M | — |
| Current assets | $6.1M | $10.2M | $7.8M | $11.7M | $12.2M |
| Current liabilities | $0.2M | $49.6M | $7.9M | $12.7M | $6.5M |
| Property and equipment, net | $0.0M | $0.0M | $0.1M | $0.0M | — |
| Goodwill | — | $19.3M | $6.1M | — | — |
| Intangible assets | — | $10.6M | $5.7M | $8.8M | — |
| Total assets | $7.5M | $99.5M | $67.9M | $13.2M | $17.2M |
| Total liabilities | $0.2M | $94.3M | $33.5M | $25.5M | $9.0M |
| Preferred stock | — | $0.0M | — | — | — |
| Shareholders' equity | $7.3M | $5.1M | $34.4M | −$12.3M | $8.2M |
| Margins | |||||
| Operating margin | 46.9% | −23.2% | −118.0% | −46.5% | −70.4% |
| EBITDA margin | 46.9% | −21.2% | −110.2% | −41.9% | −70.3% |
| Net margin | 46.9% | −370.6% | −98.4% | −317.0% | −28.2% |
| FCF margin | 42.0% | 17.7% | −5.9% | — | — |
| Returns | |||||
| Return on capital | — | −11.1% | −19.2% | — | — |
| Return on capital employed | 44.8% | −4.4% | −34.6% | −1,328.5% | −50.4% |
| Return on equity | 44.8% | −564.2% | −87.6% | −437.9% | — |
| Return on assets | 43.7% | −65.7% | −20.7% | −119.2% | −14.2% |
| Return on tangible equity | 44.8% | — | −76.5% | — | −29.2% |
| Growth | |||||
| Revenue growth | — | 35.3% | 85.3% | −13.2% | −49.7% |
| Net income growth | — | −1,168.7% | — | — | — |
| FCF growth | — | −42.9% | −161.9% | — | — |
| Share count change | — | — | −88.8% | 30.3% | 5.4% |
| Financial health | |||||
| Debt / equity | — | 3.7x | 1.6x | — | — |
| Interest coverage | — | −3.1x | −18.6x | −13.3x | −11.0x |
| Current ratio | 33.6x | 0.2x | 1.0x | 0.9x | 1.9x |
| Quick ratio | 33.6x | 0.2x | 1.0x | 0.9x | 1.9x |
| Capital allocation | |||||
| Capex / revenue | 0.1% | 0.2% | 1.2% | — | — |
| Stock comp / revenue | 0.0% | 29.6% | 21.3% | 10.3% | 19.9% |
| Quality scores | |||||
| Piotroski F-score | — | — | 5.0 | 3.0 | 2.0 |
| Altman Z'' | 47.6 | −4.0 | −4.4 | −34.4 | −22.3 |
| Accruals ratio | 4.5% | −68.9% | −19.7% | −120.3% | 8.3% |
Source: SEC EDGAR XBRL filings (CIK 0001854963). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.