The following is a summary of the SHF Holdings Inc. (SHFS) Q1 2024 Earnings Call Transcript:
Financial Performance:
SHF Holdings Inc. reported Q1 2024 total revenue of $4.1 million.
The loan income for the company saw an impressive 250% year-over-year increase to $1.6 million.
The company managed to convert a net loss of $1.4 million in Q1 2023 to a net income of nearly $2 million in Q1 2024.
Operational expenses and depository fees saw a significant fall by 35% and 28% respectively in Q1 2024, compared to Q1 2023.
Business Progress:
Significant progress made in diversifying income streams, and the loan program now constitutes over 40% of revenue.
Acquisition strategies are underway for SHF, particularly towards portfolios from banks looking to exit.
Proactive steps taken to fulfil financial demands of cannabis-related businesses, which could spur more lending opportunities due to the rescheduling of cannabis.
A keen emphasis has been put on service expansion, including interest-bearing commercial deposit accounts and a slew of financial tools, while decreasing dependence on depository fees, thereby gaining a competitive edge in the market.
More details: SHF Holdings IR
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