Safe Harbor Financial Smashes Revenue Records
Safe Harbor Financial SHFS, a prominent player in the provision of financial services to the regulated cannabis sector, unveiled its financial performance for the fourth quarter and full year ending December 31, 2023.
In a stunning announcement, Safe Harbor disclosed that its annual revenue had skyrocketed by an impressive 85.3%, reaching $17.6 million in 2023, a substantial leap from $9.5 million in the previous year, showcasing the company’s remarkable growth trajectory.
Since its inception, Safe Harbor has overseen over $21.5 billion in deposit transactions spread across 41 states, underscoring its substantial footprint and escalating influence in the financial domain.
Sundie Seefried, the CEO of Safe Harbor Financial, emphasized the successful rollout of novel lending and deposit products in 2023, resulting in heightened account fees, investment returns, and loan proceeds. Seefried, in a press release, emphasized the significance of fostering a diverse revenue mix and diminishing reliance on deposit fees through a high-margin lending scheme.
Robust Financial Performance in 4Q 2023
During the final quarter of 2023, total revenue surged by 25% to $4.5 million compared to the corresponding period in the previous year.
Benefiting from a reduction of approximately 16.2% in operating expenses, the company posted a net income of $2.5 million for the quarter.
As of December 31, 2023, Safe Harbor Financial reported cash and cash equivalents of $4.9 million, symbolizing its financial solidity and preparedness for upcoming opportunities.
In 2023, Safe Harbor Financial saw its Adjusted EBITDA surge by a remarkable 176.9% to $3.6 million, compared to $1.3 million in 2022, a feat attributed to a range of factors, including a rise in deposits and activity income driven by the expansion of account numbers following the acquisition of cannabis banking and payments platform Rockview Digital Solutions Inc., also known as Abaca.
Moreover, augmented employee benefits and general administrative expenses, coupled with reduced professional costs, played a pivotal role in this notable financial upswing.
Price Action and Future Outlook
At the time of writing, Safe Harbor’s stocks were trading at -3.63%, at $0.93 per share on Monday night.