The widening net loss and accelerating cash burn are concerning for a $2M market cap company. Monitor the cash runway closely — at the current burn rate of ~$1.4M/quarter, the $5.7M cash balance provides about 4 quarters of runway. The massive share dilution (shares outstanding tripled) will continue to pressure EPS. The loan program income growth is a bright spot but insufficient to offset core operating losses.
Price Chart
Executive Summary
SHF Holdings reported Q2 2026 revenue of $1.93M, up 4.8% YoY, driven by a 50.7% increase in loan program income to $0.8M. However, net loss widened to $(1.5M) from $(0.9M) YoY, and net loss attributable to common stockholders was $(2.5M) due to a $1.0M non-cash deemed dividend from Series B preferred conversions. The company continues to burn cash, with operating cash flow of $(2.8M) in H1 2026, and stockholders' equity declined to $6.1M from $8.2M at year-end 2025. While loan program income growth is positive, the widening losses, cash burn, and massive share dilution (shares outstanding tripled to 12.3M from 4.3M) are significant negatives for this micro-cap stock.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $1.93M, up 4.8% YoY from $1.85M
- Loan program income $0.8M, up 50.7% YoY
- Net loss $(1.5M) vs $(0.9M) YoY; net loss to common $(2.5M) vs $(0.9M)
- Basic EPS $(0.36) vs $(0.33) YoY; shares outstanding tripled to 12.3M from 4.3M
- Operating cash flow H1 2026 $(2.8M) vs $(1.8M) H1 2025
- Cash burn continues: cash $5.7M vs $6.8M at Dec 2025; equity $6.1M vs $8.2M
- Account fee income fell 18.4% YoY to $0.8M
Financial Impact
Net loss widened 63% YoY to $(1.5M); net loss to common holders $(2.5M) due to $1.0M deemed dividend from preferred conversions. Operating cash burn accelerated to $(2.8M) in H1 2026.
Risk Factors
- Cash burn rate may exhaust reserves within 4 quarters without additional financing
- Massive share dilution from Series B conversions (shares outstanding tripled to 12.3M)
- Account fee income declining 18.4% YoY signals core banking revenue erosion
- Micro-cap ($2M market cap) with high volatility and low liquidity risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-036747 |
| Document: form8-k.htm | 0001493152-26-036747 |
| Document: 0001493152-26-036747-index-headers.html | 0001493152-26-036747 |
| Document: 0001493152-26-036747-index.html | 0001493152-26-036747 |
| Document: 0001493152-26-036747.txt | 0001493152-26-036747 |
| 8-K Data (Synthetic) | 0001493152-26-036747 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | EFFECT | $0.1751 $0.1557 | ▲ +11.08% | ▲ +10.02% | $1.30 (−642.43%) |
Aug 10, 2026 7w ago | 8-K | $0.1822 $0.1536 | ▲ +15.70% | ▲ +14.78% | $1.30 (−613.50%) |
Aug 10, 2026 7w ago | Press Release | $0.1822 $0.1536 | ▲ +15.70% | ▲ +14.78% | $1.30 (−613.50%) |
May 18, 2026 19w ago | Press Release | $0.4790 $0.2848 | ▼ −40.54% | ▼ −42.12% | $1.30 (+171.40%) |
Apr 16, 2026 24w ago | Press Release | $0.8700 $0.4380 | ▼ −49.66% | ▼ −55.47% | $1.30 (+49.43%) |
Apr 1, 2026 26w ago | Press Release | $0.8000 $0.8280 | ▲ +3.50% | ▼ −6.22% | $1.30 (+62.50%) |
Mar 3, 2026 30w ago | 8-K | $0.8600 $0.8310 | ▼ −3.37% | ▲ +1.03% | $1.30 (+51.16%) |
Sep 30, 2025 12mo ago | Insider Cluster | $7.16 $3.05 | ▼ −57.40% | ▼ −60.54% | $1.30 (−81.84%) |
US Market Status
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