Surging 147%, Safe Harbor Financial Reports Q2 2023 Revenue $4.6M, Total Deposits Reach $1.1B

Safe Harbor Financial SHFS, a facilitator of financial services and credit solutions for the cannabis industry, release its financial results Monday for the quarter ending June 30, 2023 (Q2 2023).

Safe Harbor's Q2 2023 Revenue And Operational Highlights

Safe Harbor Financial (SHF) reported a 147% increase in revenue in Q2 2023: $4.6 million compared to $1.9 million in Q2 2022.

The company reported its total deposits rose by 36% to reach $1.1 billion compared to $808.4 million in Q2 2022.

The monthly average number of accounts held with financial institution clients surged by 65% to 1,002, while monthly average balances on deposits with these clients increased by 60% to $230.7 million.

However, operating expenses for Q2 2023 expanded to $22.5 million from $1.5 million in the previous year's quarter.

"Our Q2 results reflect team effort, customer trust, and compliance in the cannabis industry," stated Sundie Seefried, CEO of Safe Harbor.

"Increasing deposits and lending led to record revenue and positive Adjusted EBITDA, driven by our emerging lending practice with $15 million in originated loans. Our Five Star Bank partnership grows, expanding deposit capacity by $1 billion, fueling national expansion and shareholder value."

Net Loss And Cash Position

• SHF's net loss for Q2 2023 was reported as $17.6 million, in contrast to the net income of $ 336,437 y-o-y.
• SHF reported maintaining a cash position of $8.2 million as of June 30, 2023.

Price Action

SHF stocks were trading higher by 2.07% at $0.4899 at the time of market close on Monday. 

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Photo: Charles Thompson via Pixabay.