Q2 2024 SHF Holdings Inc Earnings Call Transcript
Key Points
- SHF Holdings Inc (SHFS) generated positive net income and gross profit for the second quarter of 2024.
- Operating expenses were reduced by almost 84% compared to the same period last year.
- Loan interest income for the second quarter of 2024 was up approximately 204% year over year to approximately $1.8 million.
- Successfully exited a $3.1 million defaulted loan, recovering the full principal plus over $200,000 in accrued interest.
- Cash and cash equivalents increased to $6.1 million as of June 30, 2024, compared to $4.9 million at December 31, 2023.
- Total revenue for the second quarter of 2024 was $4 million, down approximately 12% from the prior-year period.
- The number of active accounts and aggregate deposit balances were lower by approximately 33% versus the prior-year period.
- Total revenue for the six months ending June 30, 2024, was down approximately 7.6% from the comparable prior-year period.
- Lower interest income and lower deposit activity contributed to the decrease in total revenue.
- Net working capital was only $302,000 as of June 30, 2024, indicating limited liquidity.
Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Safe Harbor Financial's second-quarter 2024 earnings conference call. (Operator Instructions)
Thank you. And I would now like to turn the conference over to Mr. Phil Carlson of KCSA. You may begin.
Thank you. Hello, everyone, and welcome to the second-quarter 2024 earnings conference call for SHF Holdings, Inc., doing business as Safe Harbor Financial, which we refer to as Safe Harbor or the company throughout the duration of the presentation.
Before we start, I would like to remind everyone that certain comments made on this call include forward-looking statements, which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to the company's outlook and the company's expectations regarding its market
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