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Safe Harbor Financial (NASDAQ:SHFS), a leading facilitator of financial services to the regulated cannabis industry, reported its financial results late Monday for the fourth quarter and full year concluded on December 31, 2023.
Safe Harbor reported record annual revenue surging by 85.3% to $17.6 million in 2023 compared to $9.5 million in 2022.
The company has facilitated over $21.5 billion in deposit activity across 41 states since its inception, showcasing its widespread impact and growing presence in the financial sector.
Sundie Seefried, CEO of Safe Harbor Financial, highlighted the successful introduction of new lending and deposit products in 2023, leading to increased account fees, investment income and loan income. In a press release, Seefried stressed the importance of creating a diversified revenue mix and reducing dependency on deposit fees through a high-margin lending program.
For the fourth quarter of 2023, total revenue increased by 25% to $4.5 million compared to the prior year.
Operating expenses decreased by approximately 16.2%, contributing to a net income of $2.5 million for the quarter.
As of December 31, 2023, the company reported cash and cash equivalents of $4.9 million, indicating its financial stability and readiness for future opportunities.
In 2023, Safe Harbor Financial's Adjusted EBITDA surged by 176.9% to $3.6 million, compared to $1.3 million in 2022.
The company attributes this substantial income increase to multiple factors, including a rise in deposits and activity income, driven by the expansion of account numbers after acquiring cannabis banking and payments platform Rockview Digital Solutions Inc., also known as Abaca.
Additionally, increased employee benefits and general administrative expenses, alongside reduced professional expenses, contributed to this noteworthy financial growth.
Safe Harbor's stocks were trading -3.63% at $0.93 per share at the time of writing on Monday night.
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Posted In: SHFS
