Safe Harbor Financial (NASDAQ: SHFS), a leader in facilitating financial services to the regulated cannabis industry, announced Monday evening its financial results for the third quarter ended September 30, 2022.
Third Quarter Financial and Operational Highlights
- Safe Harbor has completed its business combination transaction with Northern Lights Acquisition Company and started trading on the NASDAQ September 29, 2022.
- Revenue increased 38.6% to $2.38 million for the quarter ended September 30, 2022 from $1.72 million for the third quarter of 2021. The increase was primarily due to the increase of the Company’s investment income due to the recent Federal Reserve interest rate. increases and an increase in interest income on loans.
- Adjusted EBITDA was $1.28 millioncompared to $947,000 in the same period of 2021.
- As of September 30, 2022, Safe Harbor had cash and marketable securities of $7.27 million.
“2022 has been a transformational year for Safe Harbor, highlighted by our successful Nasdaq listing in September,” said the Founder and CEO. Sundie Seefried.
“I am pleased to report that we have totaled nearly 700 accounts placed with us and increased our loan interest income by 1,400% in the third quarter of 2022 thanks to our ability to place a greater volume of credit by high quality We remain focused on growing our deposit base and expanding our lending services platform in the future.
Originations and loan activity: For the nine-month period ended September 30, 2022, Safe Harbor issued loans totaling $18,886,500, compared to $3,600,000 for the full year in 2021 and $1,267,753 in 2020.
For the quarter ended September 30, 2022, total revenue increased 38.6% to $2.37 million, up from $1.72 million in the same period last year, according to the report. “For the nine months ended September 30, 2022, total revenue increased 11.4% to $5.90 million from $5.30 million for the same period in 2021,” says- he.
For the quarter ended September 30, 2022, net profit was $1.06 millioncompared to $946,000 during the same three-month period ended September 30, 2021. In addition, for the nine months ended September 30, 2022: Net income was $1.89 million compared to $2.57 million dollars for the same period in 2021.
Balance sheet: As of September 30, 2022, the Company had cash and cash equivalents of $7,273,012, compared to $4,354,827 for the same period ended September 30, 2021.
“As of November 2, 2022, we had approximately $24.4 million in Safe Harbor-issued loans underwriting, which will continue to drive Safe Harbor’s financial growth. We remain true to our mission to serve the growing banking needs of the cannabis industry with our platform while executing our strategy,” concluded Seefried.
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