Revenue: As of FY2026 Q1, the actual value is USD 1.975 M.

EPS: As of FY2026 Q1, the actual value is USD -0.43.

EBIT: As of FY2026 Q1, the actual value is USD -1.759 M.

SHF Holdings, Inc. operates as a single reportable segment, focusing on financial services and banking solutions for cannabis-related businesses .

Revenue

Total revenue for the three months ended March 31, 2026, increased by 2.2% to $1,975,439 from $1,932,352 in the same period of 2025 . Account Fee Income: Decreased by -19.0% to $868,629 in 2026 from $1,072,465 in 2025, primarily due to a renegotiated revenue-sharing arrangement and client attrition . Loan Program Income: Increased by 55.6% to $840,672 in 2026 from $540,222 in 2025, largely due to an increased share of loan program income under the Second Amended Commercial Alliance Agreement (CAA) . The loan portfolio decreased to $51.5 million in 2026 from $56.8 million in 2025 . Investment Income: Decreased by -17.8% to $246,908 in 2026 from $300,435 in 2025, despite an increase in the net average daily investable deposit base to $45.0 million from $34.5 million, due to a decline in the Interest on Reserve Balances (IORB) rate . Safe Harbor Program Income: Remained constant at $19,230 for both periods .

Operating Expenses

Total operating expenses decreased by -4.7% to $3,738,795 for the three months ended March 31, 2026, compared to $3,923,847 in 2025 . Compensation and Employee Benefits: Increased by 21.0% to $1,660,658 in 2026 from $1,372,481 in 2025, driven by higher bonus accruals, increased employee salaries (including costs from the 420 IT Solutions acquisition), and hiring for strategic initiatives . General and Administrative Expenses: Increased by 7.8% to $1,068,400 in 2026 from $990,826 in 2025, primarily due to marketing activities, partially offset by lower asset hosting fees . Professional Services: Decreased by -23.6% to $1,145,809 in 2026 from $1,499,534 in 2025, mainly due to reduced stock awards to directors, partially offset by increased cash bonuses and legal fees . Rent Expense: Decreased by -15.7% to $51,432 in 2026 from $61,006 in 2025, due to the closure of the Arkansas office . Amortization of Contract Asset: Was $129,072 in 2026, compared to $0 in 2025, reflecting the amortization of costs capitalized under the Second Amended CAA . Credit Benefit: A benefit of - $316,576 was recognized in 2026, compared to $0 in 2025, resulting from the amortization of the ASC 460 stand-ready guarantee liability and a downward remeasurement of the ASC 326 expected credit loss liability .

Operating and Net Loss

Operating loss for the three months ended March 31, 2026, was - $1,763,356, an improvement from - $1,991,495 in 2025 . Net loss was - $1,779,217 in 2026, compared to - $827,199 in 2025 .

Other Income (Expenses)

Total other income (expenses) was - $15,861 in 2026, a significant decline from $1,164,296 in 2025, primarily due to a - $1,099,483 decrease in the change in fair value of warrant liabilities .

EBITDA and Adjusted EBITDA

EBITDA was - $1,592,815 in 2026, compared to - $712,972 in 2025 . Adjusted EBITDA was - $1,839,202 in 2026, compared to - $1,227,243 in 2025, reflecting a $0.6 million decrease driven by higher operating expenses and reduced stock options grants .

Operational Metrics

• Average Deposit Balance: Increased by 8.6% to $105,360,624 in 2026 from $97,023,799 in 2025 .
• Trailing 14-day Average Account Balance: Decreased by -2.9% to $104,605,687 in 2026 from $107,781,165 in 2025 .
• Average Active Accounts: Decreased by -2.4% to 763 in 2026 from 782 in 2025 .
• Average Account Balance: Increased by 11.2% to $138,027 in 2026 from $124,071 in 2025 .
• Average Fees per Account: Decreased by -16.1% to $947 in 2026 from $1,129 in 2025 .

Cash Flows (Three Months Ended March 31)

• Net Cash Used in Operating Activities: - $1,078,657 in 2026, an improvement from - $1,140,730 in 2025 .
• Net Cash Provided by Investing Activities: $25,017 in 2026, compared to $3,245 in 2025 .
• Net Cash Provided by (Used in) Financing Activities: $172,070 in 2026, primarily from ELOC proceeds, compared to - $255,765 in 2025 .
• Net Decrease in Cash and Cash Equivalents: - $881,570 in 2026, compared to - $1,393,250 in 2025 .
• Cash and Cash Equivalents – End of Period: $5,897,470 in 2026, compared to $931,397 in 2025 .

Outlook and Strategy

Management’s strategy for the remainder of 2026 focuses on improving client retention through expanded lending, enhanced client service technology, and new marketing initiatives . The company is implementing measures to preserve liquidity, including an increased loan program income share, access to a $150.0 million Equity Line of Credit (ELOC), identified cost-reduction measures, and bi-weekly cash flow monitoring . However, the company continues to incur operating losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern, while also monitoring federal regulatory developments regarding cannabis rescheduling .