Q3 2024 SHF Holdings Inc Earnings Call Transcript
Key Points
- Net income increased by 147% year-over-year to $354,000, compared to a net loss of $748,000 in the previous year.
- Loan interest income grew significantly by 48% in the third quarter and 143.5% for the nine months year-over-year.
- Operating expenses decreased by 13% in the third quarter and 66% for the nine months year-over-year.
- The company originated a new $1.07 million secured credit facility for a Missouri-based cannabis operator, showcasing strategic growth.
- Partnership with BIPOCann to support minority-owned businesses in the cannabis sector, enhancing social equity initiatives.
- Revenue for the third quarter decreased by 19.6% year-over-year to $3.5 million.
- Revenue from deposit activity and onboarding fell by 26% in the third quarter compared to the prior year.
- Investment income decreased by approximately 60% in the third quarter year-over-year.
- The company reported a net working capital deficit of $2.5 million as of September 30, 2024.
- Challenging market conditions for cannabis-related businesses negatively impacted fee, loan, and investment income.
Greetings, and welcome to Safe Harbor Financial's third-quarter 2024 earnings conference call. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Phil Carlson from KCSA. Thank you. You may begin.
Thank you. Hello, everyone, and welcome to the third-quarter nine months 2024 earnings conference call for Safe Harbor Financial. Before we start, please note that remarks made today include forward-looking statements, including statements with respect to the company's outlook, and the company's expectations regarding its market opportunities and other financial operational matters.
Each forward-looking statement discussed on today's call is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Actual results and the timing of certain events may differ materially from the results or timing predicted or implied by such forward-looking statements and reported results should not
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