Safe Harbor Financial reported approximately $1.9 million in revenue for the second quarter of 2026, an increase of 4.8% compared with the same period last year, as the cannabis-focused financial services company saw strong growth in lending income and deposit balances.
SHF Holdings, Inc., which operates as Safe Harbor Financial (NASDAQ: SHFS), said loan program income reached approximately $800,000 during the quarter, up 50.7% from approximately $600,000 in the second quarter of 2025. For the first six months of the year, loan program income increased 53.1% to approximately $1.7 million.
The company attributed the increase in part to an amended agreement with Partner Colorado Credit Union that increased Safe Harbor’s share of loan program income to as much as 65%, compared with approximately 35% under the previous agreement.
Average deposit balances increased 6.8% year-over-year to $108.4 million, while the trailing 14-day average reached $108.9 million. Average account balances increased 6.3% to approximately $141,500.
Account fee income declined 18.4% to approximately $800,000, primarily due to lower revenue from a merchant services partner. Investment income remained roughly unchanged at $300,000 despite the company’s average investable deposit base increasing 30%, from $35.3 million to $45.8 million.
Safe Harbor reported a net loss of approximately $1.5 million for the quarter, compared with a $900,000 loss during the same period in 2025. Total operating expenses increased 5.1% to approximately $3 million. For the first six months of 2026, however, operating expenses declined 0.6% to approximately $6.7 million.
As of June 30, Safe Harbor held approximately $5.7 million in cash and cash equivalents and reported $6.1 million in stockholders’ equity.
The company also highlighted the continued expansion of its cannabis-focused services. Safe Harbor launched a pooled employer 401(k) plan in April that has since onboarded six clients, including a multistate cannabis operator. In July, it introduced an Infrastructure-as-a-Service model designed to help financial institutions establish and operate compliant cannabis banking programs.
Safe Harbor describes itself as a cannabis-exclusive financial technology platform providing banking, lending, payments and other business services through regulated financial institution partners. The company says it has helped process more than $36 billion in cannabis-related depository funds across 41 states and U.S. territories.
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