SHF Holdings, Inc. Q4 FY2023 earnings call

• 2023 was a strong year with record revenue of $17.56 million, up 85.3% from 2022. • Served as a trusted intermediary between CRBs and financial institutions, with compliant cannabis infrastructure. • Customer deposit activity since 2015 facilitated over $21.5 billion in deposits across 41 states, and in 2023, facilitated approximately $4.2 billion in deposits. • Average monthly fee revenue per account increased 35% year-over-year to $8,298. • Average per account balance in 2023 was $219,835 compared to $215,269 in 2022. • Loan book increased 194% to $55.66 million by end of 2023. • Investment income rose to $5.84 million in 2023 from $2.12 million in 2022.

In 2023, Safe Harbor Financial achieved record revenue of $17.56 million, an increase of 85.3% from $9.48 million in 2022. Deposit and onboarding income for 2023 increased by 42% to $8.6 million. Investment income soared by 175.6% to $5.84 million. Loan interest income jumped by 163% to $2.97 million, with the loan book growing from $18.9 million at the end of 2022 to $55.66 million at the end of 2023. Deposit and onboarding income contributed a significant portion to the revenue, followed by investment income and loan interest income.

• Expect opportunities throughout 2024 to increase deposit activity and number of accounts. • Optimistic about continued growth in 2024 and beyond as cannabis-related businesses expand with loosening restrictions on cannabis-involved businesses and advancement of the Safer Banking Act. • Believe expertise in streamlining operations and compliance management will keep them at the forefront of the larger market.

• Termination of master services and revenue sharing agreement with Central Bank led to total number of clients decreasing from 1,040 as of March 30, 2023 to 721 as of December 31, 2023, with effect on deposit related fees recognized in Q4 2023. • BSA requires maintaining rigorous compliance standards, which are crucial to uphold.

Q: A: Q: A: