Safe Harbor Financial reported a revenue of approximately $2.0 million for the first quarter of 2026, marking a 2.2% increase year-over-year. The company’s loan program income rose 55.6% to about $0.8 million, reflecting changes in their partnership agreements.
Total operating expenses declined by 4.7% year-over-year, bringing them to approximately $3.7 million. As of March 31, 2026, Safe Harbor maintained $5.9 million in cash and cash equivalents and $6.7 million in stockholders’ equity, a significant improvement from a deficit of $16.9 million a year earlier.
CEO Terrance Mendez highlighted the company’s progress in expanding its services, including new offerings in insurance and retirement solutions, a broader payments portfolio, and a comprehensive lending platform. Mendez also noted recent federal developments in cannabis policy that could further enhance their market opportunities.
Looking forward, the company emphasizes a stronger balance sheet and an expanded platform, positioning Safe Harbor for growth in the cannabis banking sector.
The primary source was GlobeNewswire.
