Valuation for SHFS - findataslice

	SHF Holdings, Inc. (SHFS)
	Q2-CY2026	Q1-CY2026	Q4-CY2025	Q3-CY2025	Q2-CY2025	Q1-CY2025	Q4-CY2024	Q3-CY2024	Q2-CY2024	Q1-CY2024	Q4-CY2023	Q3-CY2023	Q2-CY2023	Q1-CY2023	Q4-CY2022	Q3-CY2022	Q2-CY2022	Q1-CY2022	Q4-CY2021	Q3-CY2021	Q2-CY2021	Q1-CY2021	Q4-CY2020	Q3-CY2020	Q2-CY2020	Q1-CY2020	Q4-CY2019	Q3-CY2019	Q2-CY2019	Q1-CY2019	Q4-CY2018	Q3-CY2018	Q2-CY2018	Q1-CY2018	Q4-CY2017	Q3-CY2017	Q2-CY2017	Q1-CY2017	Q4-CY2016	Q3-CY2016	Q2-CY2016	Q1-CY2016	Q4-CY2015	Q3-CY2015	Q2-CY2015	Q1-CY2015	Q4-CY2014	Q3-CY2014	Q2-CY2014
Balance Sheet Date			2025-Dec-31	2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31	2024-Sep-30	2024-Jun-30	2024-Mar-31	2023-Dec-31
Fiscal Period			Q4-FY2025	Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024	Q3-FY2024	Q2-FY2024	Q1-FY2024	Q4-FY2023
Close Price of Common Stock	0.76$	0.86$	1.07$	7.20$	2.25$	4.29$	0.44$	0.51$	0.54$	0.97$	1.37$	0.79$	0.52$	0.52$	1.90$	6.55$
Market Cap of Common Stock	2,340,693$	2,638,942$	3,281,346$	20,994,883$	6,265,031$	238,838,573$	24,440,591$	28,269,811$	29,788,620$
QoQ%	(11.30%)	(19.58%)	(84.37%)	235.11%	(97.38%)	877.22%	(13.55%)	(5.10%)
YoY%	(62.64%)	(98.90%)	(86.57%)	(25.73%)	(78.97%)
Common Shares Outstanding	4,505,486		3,081,076	2,915,956	2,826,648	2,786,538	2,783,667	55,673,327	55,431,001	55,431,001	2,728,169	49,257,988	43,859,305	25,670,730	23,732,889
QoQ%			5.66%	3.16%	1.44%	.10%	(95.00%)	.44%	.00%	1,931.80%	(94.46%)	12.31%	70.85%	8.17%
YoY%	59.39%		10.68%	(94.76%)	(94.90%)	(94.97%)	2.03%	13.02%	26.38%	115.93%	(88.51%)
Price to Sales	.31x	.34x	.43x	2.26x	.57x	18.20x	1.60x	1.76x	1.76x
Price to Earnings	-	-	-	-	-	-	-	4.85x	6.30x
Price to Book	.28x	.32x	.40x	3.00x	-	-	-	.72x	.77x
Total Revenue			2,062,076$	1,833,770$	1,845,334$	1,932,352$	3,671,596$	3,482,630$	4,037,535$	4,050,799$	4,477,042$	4,332,974$	4,572,508$	4,180,379$
QoQ%			12.45%	(.63%)	(4.50%)	(47.37%)	5.43%	(13.74%)	(.33%)	(9.52%)	3.33%	(5.24%)	9.38%
YoY%			(43.84%)	(47.35%)	(54.30%)	(52.30%)	(17.99%)	(19.63%)	(11.70%)	(3.10%)
TTM			7,673,532$	9,283,052$	10,931,912$	13,124,113$	15,242,560$	16,048,006$	16,898,350$	17,433,323$	17,562,903$
TTM_QoQ%			(17.34%)	(15.08%)	(16.70%)	(13.90%)	(5.02%)	(5.03%)	(3.07%)	(.74%)
TTM_YoY%			(49.66%)	(42.15%)	(35.31%)	(24.72%)	(13.21%)
Gross Margin			100.00%	100.00%	100.00%	100.00%	137.94%	99.79%	102.41%	101.70%	93.50%	104.64%	88.81%	98.41%
QoQ			.00%	.00%	.00%	(37.94%)	38.16%	(2.62%)	.71%	8.20%	(11.13%)	15.83%	(9.60%)
YoY			(37.94%)	.21%	(2.41%)	(1.70%)	44.44%	(4.85%)	13.60%	3.29%
Operating Income			(1,219,427$)	(1,217,246$)	(971,042$)	(1,991,495$)	(7,893,499$)	176,909$	300,163$	324,941$	(1,728,062$)	531,449$	(17,912,767$)	(1,621,669$)
QoQ%			(.18%)	(25.36%)	51.24%	74.77%	(4,561.90%)	(41.06%)	(7.63%)	118.80%	(425.16%)	102.97%	(1,004.59%)
YoY%			84.55%	(788.06%)	(423.51%)	(712.88%)	(356.78%)	(66.71%)	101.68%	120.04%
TTM			(5,399,210$)	(12,073,282$)	(10,679,127$)	(9,407,922$)	(7,091,486$)	(926,049$)	(571,509$)	(18,784,439$)	(20,731,049$)
TTM_QoQ%			55.28%	(13.06%)	(13.51%)	(32.67%)	(665.78%)	(62.04%)	96.96%	9.39%
TTM_YoY%			23.86%	(1,203.74%)	(1,768.58%)	49.92%	65.79%
Operating Margin			(59.14%)	(66.38%)	(52.62%)	(103.06%)	(214.99%)	5.08%	7.43%	8.02%	(38.60%)	12.27%	(391.75%)	(38.79%)
QoQ			7.24%	(13.76%)	50.44%	111.93%	(220.07%)	(2.35%)	(.59%)	46.62%	(50.86%)	404.01%	(352.96%)
YoY			155.85%	(71.46%)	(60.06%)	(111.08%)	(176.39%)	(7.19%)	399.18%	46.81%
Net Income			(582,592$)	179,508$	(930,715$)	(827,199$)	(51,664,495$)	353,817$	941,527$	2,049,676$	2,486,234$	(748,067$)	(17,604,567$)	(1,413,447$)
QoQ%			(424.55%)	119.29%	(12.51%)	98.40%	(14,702.04%)	(62.42%)	(54.07%)	(17.56%)	432.35%	95.75%	(1,145.51%)
YoY%			98.87%	(49.27%)	(198.85%)	(140.36%)	(2,178.02%)	147.30%	105.35%	245.01%
TTM			(2,160,998$)	(53,242,901$)	(53,068,592$)	(51,196,350$)	(48,319,475$)	5,831,254$	4,729,370$	(13,816,724$)	(17,279,847$)
TTM_QoQ%			95.94%	(.33%)	(3.66%)	(5.95%)	(928.63%)	23.30%	134.23%	20.04%
TTM_YoY%			95.53%	(1,013.06%)	(1,222.11%)	(270.54%)	(179.63%)
Profit Margin			(28.25%)	9.79%	(50.44%)	(42.81%)	(1,407.14%)	10.16%	23.32%	50.60%	55.53%	(17.27%)	(385.01%)	(33.81%)
QoQ			(38.04%)	60.23%	(7.63%)	1,364.33%	(1,417.30%)	(13.16%)	(27.28%)	(4.93%)	72.80%	367.74%	(351.20%)
YoY			1,378.89%	(.37%)	(73.76%)	(93.41%)	(1,462.67%)	27.42%	408.33%	84.41%
Equity to Common Shareholders			8,235,908$	6,996,611$	(17,859,171$)	(16,949,407$)	(12,288,014$)	39,352,460$	38,460,981$	36,967,317$	34,355,311$	27,023,967$	27,349,740$	43,996,046$	5,113,125$				7,339,101$			24,205$
QoQ			1,239,297$	24,855,782$	(909,764$)	(4,661,393$)	(51,640,474$)	891,479$	1,493,664$	2,612,006$	7,331,344$	(325,773$)	(16,646,306$)	38,882,921$
QoQ%			17.71%	139.18%	(5.37%)	(37.93%)	(131.23%)	2.32%	4.04%	7.60%	27.13%	(1.19%)	(37.84%)	760.45%
YoY			20,523,922$	(32,355,849$)	(56,320,152$)	(53,916,724$)	(46,643,325$)	12,328,493$	11,111,241$	(7,028,729$)	29,242,186$				(2,225,976$)
YoY%			167.02%	(82.22%)	(146.44%)	(145.85%)	(135.77%)	45.62%	40.63%	(15.98%)	571.90%				(30.33%)
Dividends Paid
Additional Paid-In Capital QoQ			1,821,752$	24,676,262$	20,947$	(3,834,194$)	29,312$	537,638$	552,137$	1,423,307$
Treasury Stock
QoQ
Goodwill								6,058,000$	6,058,000$	6,058,000$	6,058,000$				19,266,276$
QoQ%								.00%	.00%	.00%
YoY%											(68.56%)
Other Intangible Assets							8,790,347$	3,249,459$	3,408,036$	3,564,890$	5,699,464$				10,621,087$
QoQ							5,540,888$	(158,577$)	(156,854$)	(2,134,574$)
Amortization of Intangible Assets							5,627,714$	158,578$			245,028$	244,968$
Total Assets			17,207,024$	13,664,414$	5,955,577$	6,655,102$	13,218,287$	66,873,071$	67,348,514$	67,702,471$	67,860,909$				99,451,937$							102,164$
QoQ			3,542,610$	7,708,837$	(699,525$)	(6,563,185$)	(53,654,784$)	(475,443$)	(353,957$)	(158,438$)
YoY			3,988,737$	(53,208,657$)	(61,392,937$)	(61,047,369$)	(54,642,622$)				(31,591,028$)
Total Liabilities			8,971,116$	6,667,803$	23,814,748$	23,604,509$	25,506,301$	27,520,611$	28,887,533$	30,735,154$	33,505,598$				94,338,812$							77,959$
QoQ			2,303,313$	(17,146,945$)	210,239$	(1,901,792$)	(2,014,310$)	(1,366,922$)	(1,847,621$)	(2,770,444$)
YoY			(16,535,185$)	(20,852,808$)	(5,072,785$)	(7,130,645$)	(7,999,297$)				(60,833,214$)
Current Ratio			1.88x	2.08x	.40x	.44x	.92x	.83x	1.04x	1.04x	.98x				.21x
Total Current Assets			12,198,582$	11,096,887$	4,958,603$	5,218,781$	11,700,687$	12,171,163$	7,832,187$	7,427,105$	7,761,229$				10,231,172$
QoQ			1,101,695$	6,138,284$	(260,178$)	(6,481,906$)	(470,476$)	4,338,976$	405,082$	(334,124$)
Total Current Liabilities			6,499,724$	5,330,713$	12,339,915$	11,942,676$	12,684,520$	14,691,604$	7,530,449$	7,108,280$	7,896,584$				49,571,192$
QoQ			1,169,011$	(7,009,202$)	397,239$	(741,844$)	(2,007,084$)	7,161,155$	422,169$	(788,304$)
Debt to Asset Ratio			.52x	.49x	4.00x	3.55x	1.93x	.41x	.43x	.45x	.49x				.95x							.76x
Long Term Debt								54,832,395$	54,959,933$	58,168,928$	55,646,653$				18,898,042$
QoQ								(127,538$)	(3,208,995$)	2,522,275$
YoY											36,748,611$
Capital Lease Obligations			710,515$	753,431$	794,493$	834,858$	900,000$	913,208$	948,419$	978,461$	1,007,993$				1,028,233$
Cash and Cash Equivalents			6,779,040$	861,722$	247,318$	931,397$	2,324,647$	5,861,475$	6,111,982$	5,626,362$	4,888,769$				8,390,195$
QoQ			5,917,318$	614,404$	(684,079$)	(1,393,250$)	(3,536,828$)	(250,507$)	485,620$	737,593$
YoY			4,454,393$	(4,999,753$)	(5,864,664$)	(4,694,965$)	(2,564,122$)				(3,501,426$)
Interest Expenses										154,172$				643,260$
Interest Income