The core lending business is showing real operational leverage (55% loan income growth, opex down), but the net loss deterioration from non-repeating warrant gains masks underlying progress. The PCCU tailwind is now in the run-rate; watch for account fee income stabilization and cash flow breakeven trajectory in Q2-Q3 2026. The federal rescheduling catalyst (DEA hearing June-July) is a binary event that could expand TAM significantly.
Price Chart
Executive Summary
SHF Holdings (SHFSW) reported Q1 2026 revenue of $1.98M, up 2.2% YoY, driven by a 55.6% surge in loan program income from the restructured PCCU agreement. However, net loss widened to -$1.78M from -$0.83M a year ago, as a $1.1M non-cash warrant benefit in Q1 2025 did not repeat. The balance sheet remains debt-free with $5.9M cash, but the company is still pre-scale with negative operating cash flow.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $1,975,439, up 2.2% YoY from $1,932,352
- Loan program income $0.8M, up 55.6% YoY from $0.5M, reflecting improved PCCU economics
- Net loss widened to -$1,779,217 from -$827,199 YoY, primarily due to a $1.1M non-recurring warrant benefit in Q1 2025
- Operating expenses down 4.7% YoY to $3.74M from $3.92M
- Cash and cash equivalents $5.9M, down from $6.8M at year-end 2025; stockholders' equity $6.7M
- Operating cash flow -$1.08M vs -$1.14M in Q1 2025; no debt outstanding
- PCCU agreement extended through 2031 with up to 65% loan income share, expected to generate $9M+ incremental revenue over term
Financial Impact
Revenue growth of 2.2% YoY to $1.98M; net loss widened by $0.95M YoY to -$1.78M
Risk Factors
- Account fee income declined 19% YoY, pressured by money market account mix shift and lower merchant partner fees
- Cash burn continues: -$1.08M operating cash flow in Q1, cash balance declining from $6.8M to $5.9M
- Shareholder litigation and SEC filing costs are one-time but add to expense base
- Federal cannabis rescheduling timeline and scope remain uncertain
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-024066 |
| Document: form8-k.htm | 0001493152-26-024066 |
| Document: 0001493152-26-024066-index-headers.html | 0001493152-26-024066 |
| Document: 0001493152-26-024066-index.html | 0001493152-26-024066 |
| Document: 0001493152-26-024066.txt | 0001493152-26-024066 |
| 8-K Data (Synthetic) | 0001493152-26-024066 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 28, 2026 18w ago | DEFA14A | $0.0329 $0.0258 | ▼ −21.58% | ▼ −18.44% | — |
May 18, 2026 19w ago | 8-K | $0.0329 $0.0289 | ▼ −12.16% | ▼ −13.74% | — |
May 11, 2026 20w ago | DEFA14A | $0.0329 $0.0329 | · 0.00% | ▲ +1.73% | — |
May 9, 2026 20w ago | 3 | $0.0329 $0.0329 | · 0.00% | ▲ +0.30% | — |
May 6, 2026 21w ago | S-1 | $0.0329 $0.0329 | · 0.00% | ▲ +3.14% | — |
May 6, 2026 21w ago | 8-K | $0.0329 $0.0329 | · 0.00% | ▲ +3.14% | — |
Apr 30, 2026 22w ago | 8-K | $0.0329 $0.0329 | · 0.00% | ▼ −5.23% | — |
Apr 24, 2026 23w ago | 8-K | $0.0329 $0.0299 | ▲ +9.12% | ▲ +14.07% | — |
Apr 21, 2026 23w ago | 8-K | $0.0329 $0.0329 | · 0.00% | ▼ −4.92% | — |
Apr 16, 2026 24w ago | 8-K | $0.0329 $0.0329 | · 0.00% | ▼ −5.82% | — |
US Market Status
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