SHF Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 09:11 pm
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SHF Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 0.748067 million compared to net income of USD 1.06 million a year ago. Basic loss per share from continuing operations was USD 0.02 compared to basic earnings per share from continuing operations of USD 0.06 a year ago. Diluted loss per share from continuing operations was USD 0.02 compared to diluted earnings per share from continuing operations of USD 0.05 a year ago.
For the nine months, net loss was USD 19.77 million compared to net income of USD 1.89 million a year ago. Basic loss per share from continuing operations was USD 0.51 compared to basic earnings per share from continuing operations of USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.51 compared to diluted earnings per share from continuing operations of USD 0.09 a year ago.
SHF Holdings, Inc. is a service provider to offer compliance, monitoring, and validation services to financial institutions, providing traditional banking services to cannabis, hemp, cannabidiol (CBD), and ancillary operators. Its services include regulatory compliance consulting and software for maintaining Know Your Customer (KYC) and Bank Secrecy Act (BSA) compliance to financial institutions, principally conducted vis-a-vis its financial services platform; the origination, onboarding, verification, and servicing of cannabis-related deposit business for and on behalf of its partner financial institutions; and sourcing, underwriting, servicing, and administering loans issued to cannabis businesses and related entities, which are often also its customers, as well as being customers of its partner financial institutions. Through the Companyâs platform, its financial institution clients can provide cannabis-related businesses (CRBs) with access to traditional financial services.