Safe Harbor Q1 Revenue $2.0M (+2.2%); Loan Income +55.6% YoY
Safe Harbor Financial announced its first quarter 2026 financial results, reporting approximately $2.0 million in revenue, a 2.2% increase year-over-year. Loan program income significantly grew by 55.6% to $0.8 million, driven by a restructured PCCU agreement. The company also reduced total operating expenses by 4.7% year-over-year. Despite these improvements, the net loss widened to ($1.8) million from ($0.8) million in Q1 2025, primarily due to a non-cash benefit in the prior year. Safe Harbor highlighted a fundamental transformation of its balance sheet, ending the quarter with $5.9 million in cash and $6.7 million in stockholders' equity, alongside strategic expansions into insurance, retirement solutions, and a broader lending platform, and favorable regulatory developments in the cannabis industry.
Key Highlights
- Loan program income increased 55.6% year-over-year to approximately $0.8 million.
- Total revenue was approximately $2.0 million, up 2.2% compared to Q1 2025.
- Total operating expenses decreased 4.7% year-over-year to approximately $3.7 million.
- Net loss was approximately ($1.8) million, compared to a net loss of ($0.8) million in Q1 2025.
- Cash and cash equivalents stood at $5.9 million as of March 31, 2026.
- Stockholders' equity reached $6.7 million as of March 31, 2026, from a ($16.9) million deficit a year prior.
- Second Amended PCCU Agreement increased Safe Harbor's share of loan interest income to 65% from 37%.
- Emerging market deposit balances grew 29% YoY, adding over 100 new customer accounts.
Price Impact
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