SHF Holdings, Inc. Q2 FY26 Results

Our second quarter results reflect the continued execution of the growth strategy we have been building over the past several quarters. Loan program income grew more than 50% year over year for the second consecutive quarter, and average deposit balances increased 6.8% year over year to $108.4 million, with our trailing 14-day average balance up 7.9%. We believe this deposit growth is a direct result of the enhanced marketing and customer-focused initiatives we have put in place, which are winning new customers and increasing average balances across our platform. As expected, general and administrative expenses increased year over year, primarily reflecting continued strategic investment in marketing, brand awareness and systems, together with a franchise tax refund recognized in the second quarter of 2025 that did not recur this year. Our underlying expense trends remain consistent with our commitment to disciplined cost management, and we continue to identify further opportunities for efficiency even as we invest in the platform. Growth and execution remain our top priorities for the remainder of 2026. We are continuing to invest in the people, systems and products that support that our growth, including the expansion of our consulting and managed services offering and our purpose-built pooled employer retirement plan, which has already onboarded multiple clients and earned the endorsement of Canopy HR as the recommended retirement solution for its cannabis-focused clients. Combined with the continued build-out of our Safe Harbor Institutional Infrastructure-as-a-Service model for financial institutions, we believe these investments, paired with continued expense control, position Safe Harbor to capture the growing opportunity in front of us. The Department of Justice’s April 23 order placing state-licensed medical cannabis on Schedule III, followed by the DEA’s expedited hearing on broader rescheduling held between June 29 and July 15, reflect continued momentum toward a more favorable federal cannabis policy environment. While the timing and ultimate scope of further federal action remain uncertain, we believe Safe Harbor remains well positioned to benefit as the addressable market for our compliance platform continues to expand.