Safe Harbor Financial announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2024. The company reported positive Adjusted EBITDA for each of the last three years and approximately $2 million in positive Adjusted Working Capital.
Loan interest income was a driving force, increasing 82% year-over-year for the fourth quarter and 123% for the full year 2024. Revenue for Q4 2024 increased 5% compared to Q3 2024, led by a 35% sequential increase in loan interest income.
For the full year 2024, total revenue was $15.2 million, down from $17.6 million in the prior year, primarily due to reduced deposit activity and onboarding income, offset by the growth in loan interest income. The company reported a net loss of approximately $48.3 million for the full year, compared to $17.3 million in the prior year, which included a $43.9 million non-cash valuation allowance on deferred tax assets and $9.1 million in non-cash Goodwill and Long-Lived Intangible Asset Impairment expenses. As of December 31, 2024, cash and cash equivalents stood at $2.3 million.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.