Beeline Q3 2026 Revenue Increases 30% Year-Over-Year; Net Loss Decreases 6% and Adjusted EBITDA Loss Narrows 33% Sequentially

Rhea-AI Summary

Beeline Holdings (Nasdaq: BLNE) reported third-quarter 2026 net revenue of $3.0 million, up 30% year over year as losses narrowed. Revenue rose 15% sequentially, and 268 loan originations increased 11% against both comparison periods. Mortgage margin reached 3.56%, while operating expenses fell 5% sequentially to $6.8 million. Net loss was $3.810 million versus $3.962 million a year earlier; adjusted EBITDA loss, a non-GAAP measure, was $1.758 million versus $2.701 million.

Beeline expects definitive TYTL acquisition agreements within days, subject to shareholder approval and closing conditions. Of nine million anticipated merger shares for CEO Nick Liuzza, approximately three million would be cancelled; 33% would depend on performance milestones. A $3 million annualized cost-reduction plan is underway. Management expects fourth-quarter seasonality and pressure from the interest-rate environment.

16 points · 0 major

PositiveiHow this balance works

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0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 net revenue of $3.0 million increased 30% year over year and 15% sequentially.
• Moderate point268 loan originations rose 11% from 242 a year earlier and 11% sequentially.
• Moderate pointQ3 adjusted EBITDA loss narrowed to $1.758 million from $2.701 million a year earlier; improved 33% sequentially.
• Moderate point. Forward-looking: it has not happened yet and may not happen.$3 million annualized cost-reduction plan is underway; $160,000 in monthly savings is expected in November.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed TYTL acquisition would combine Beeline’s mortgage and title infrastructure with TYTL’s blockchain securitization platform.

11 minor points

• Minor pointMortgage margin reached 3.56%, versus 3.07% in Q2 2026 and 2.78% in Q1 2026.
• Minor pointOperating expenses of $6.8 million declined 5% from $7.1 million in Q2 2026.
• Minor pointQ3 net loss narrowed to $3.810 million from $3.962 million a year earlier.
• Minor pointNine-month net loss narrowed to $13.122 million from $15.029 million in 2025.
• Minor pointNine-month adjusted EBITDA loss narrowed to $7.381 million from $9.026 million in 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Approximately three million CEO merger shares would be forfeited and cancelled upon closing, reducing potential dilution.
• Minor point. Forward-looking: it has not happened yet and may not happen.33% of anticipated CEO merger shares would remain restricted until specified market-capitalization milestones are met.
• Minor pointInterest expense fell to $55,000 from $69,000 for Q3 and $2.346 million for nine months.
• Minor pointNine-month depreciation and amortization declined to $2.466 million from $2.487 million in 2025.
• Minor pointNine-month remeasurement gain was $480,000, versus none in 2025.
• Minor pointDiscontinued-operation losses were zero, versus $361,000 for Q3 2025 and $719,000 for nine months.

Negative

• Moderate pointTYTL acquisition remains proposed; definitive agreements, shareholder approval and closing conditions remain outstanding.
• Moderate point. Forward-looking: it has not happened yet and may not happen.34% of nine million anticipated CEO merger shares would be issued at closing, subject to lockup restrictions.
• Moderate pointStock-based compensation rose to $1.089 million from zero in Q3 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter seasonality and a challenging interest-rate environment are expected by management.
• Minor pointNine-month stock-based compensation rose to $3.129 million from $130,000 in 2025.
• Minor pointQ3 depreciation and amortization increased to $845,000 from $831,000 a year earlier.

Argus 15 min delay 6 alerts

-3.44% vs previous close $0.5700 last price 1.0x rel. volume Open Argus

Details

Market move: BLNE -3.44% vs previous close. Q3 2026 earnings report

$0.56 – $0.65 Day Range

$18.77M Mkt Cap at Last Price

On Nov 12, the day this news came out, the latest delayed price for BLNE is 3.44% below the previous close. Our momentum scanner has recorded 6 alerts for this stock so far that day. The latest delayed price is $0.57.

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Key Figures

Net revenues: $3.0 million; up 30% year-over-year and 15% from Q2 2026 Overall margins: 3.56%, compared with 3.07% in Q2 2026 and 2.78% in Q1 2026 Operating expenses: $6.8 million, down 5% from $7.1 million in Q2 2026 +5 more

Net revenues

$3.0 million; up 30% year-over-year and 15% from Q2 2026

Q3 2026

Overall margins

3.56%, compared with 3.07% in Q2 2026 and 2.78% in Q1 2026

Q3 2026

Operating expenses

$6.8 million, down 5% from $7.1 million in Q2 2026

Q3 2026

Net loss

$3.8 million, compared with $4.0 million in Q3 2025 and Q2 2026

Q3 2026

Adjusted EBITDA loss

$1.8 million; improved 35% year-over-year and 33% sequentially

Q3 2026; non-GAAP financial measure

Monthly savings

$250,000 in progress; $160,000 expected to be realized in November

Cost-reduction plan

CEO merger shares

Of the anticipated 9 million TYTL shares, approximately 3 million will be forfeited and cancelled upon closing

Proposed acquisition; subject to closing

Merger share milestones

33% restricted until milestones; 16.5% at $100 million market capitalization and 16.5% at $200 million; remaining 34% issued at closing

Proposed TYTL merger shares; market-cap milestones require five consecutive trading days

Historical Context

2 past events · Latest: Oct 06

2 events

1. Oct 06

   Preliminary earnings

   24h Move

   -0.7%

   Preliminary Q3 outlook projected record margins and the lowest adjusted EBITDA loss in five years.

2. Oct 20

   Cost reduction plan

   24h Move

   -9.5%

   Set a $3 million annualized savings target; this release says monthly savings are underway.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap financial measure, regulation d, debt-service coverage ratio

4 terms

adjusted ebitda financial

"Adjusted EBITDA loss of $1.8 million improved 35% from $2.7 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial measure financial

"Adjusted EBITDA is a non-GAAP financial measure."

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

regulation d regulatory

"through Regulation D digital securities offerings"

Regulation D is a set of rules that govern how companies can raise money from investors without going through the full process required for public stock offerings. It provides simplified options for private placements, making it easier for companies to seek investments from a smaller group of investors. For investors, it offers opportunities to invest in private companies, often with fewer restrictions, but also with different levels of risk and disclosure.

debt-service coverage ratio financial

"to debt-service coverage ratio and bank statement loans"

The debt-service coverage ratio (DSCR) measures a borrower’s ability to pay required debt obligations by dividing the cash available to service debt during a period by the total debt service due in that same period. The numerator is typically operating cash flow or net operating income (sometimes adjusted EBITDA), and the denominator is the sum of scheduled principal and interest payments; lenders and contracts may define the exact cash-flow measure differently, so DSCR calculations and thresholds vary by loan agreement or reporting standard. As a result, the ratio shows how many times a borrower can cover its debt payments but depends on which income adjustments and timing rules are used.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Proposed TYTL Acquisition Expected to Finalize Definitive Agreements Within Days Positioning Beeline as a Leader in AI-Powered, Blockchain-Enabled Real Estate Finance

CEO to Cancel 3 Million TYTL Merger Shares Upon Closing to Contribute to Lowering Dilution for Beeline

$3 Million Annualized Cost Reduction Plan Underway

Management to host a conference call on November 12 at 5:00 p.m. ET to review results and discuss outlook

PROVIDENCE, R.I., Nov. 12, 2026 (GLOBE NEWSWIRE) -- via IBN – Beeline Holdings, Inc. (Nasdaq: BLNE) (“Beeline” or the “Company”), a technology-driven mortgage lender and fractional equity platform, today announced financial results for the third quarter ended September 30, 2026.

Q3 2026 Financial Highlights

• Net revenues of $3.0 million, up 30% year-over-year and 15% from Q2 2026.
• 268 loans originated, up 11% from 242 in Q3 2025 and 11% from Q2 2026.
• Overall margins increased to 3.56%, from 3.07% in Q2 2026 and 2.78% in Q1 2026.
• Operating expenses of $6.8 million declined 5% from $7.1 million in Q2 2026.
• Net loss of $3.8 million, compared with $4.0 million in both Q3 2025 and Q2 2026.
• Adjusted EBITDA loss of $1.8 million improved 35% from $2.7 million in Q3 2025 and 33% from $2.6 million in Q2 2026.
• Monthly savings of $250,000 are in progress, with $160,000 expected to be realized in November.

Adjusted EBITDA is a non-GAAP financial measure. See the reconciliation and discussion below.

“Despite challenging market conditions, our third quarter reflects measurable progress in the core business,” said Nick Liuzza, Chief Executive Officer of Beeline. “Revenue grew 30% year-over-year while operating expenses declined sequentially. We are focusing on higher-margin mortgage products, improved conversion and AI-enabled efficiency. We remain disciplined about liquidity and cost reduction as we work toward a more scalable operating model.”

The Company closed 268 loans during the quarter and overall mortgage margin increased for the third consecutive quarter to 3.56%, compared with 3.07% in Q2 2026 and 2.78% in Q1 2026, emphasizing the product mix shift to debt-service coverage ratio and bank statement loans.

Management believes its merger with TYTL is days away from definitive docs being signed subject to shareholder approval and closing conditions.  The proposed acquisition would combine Beeline’s AI-powered mortgage and national title infrastructure with TYTL’s proprietary, patent-pending blockchain securitization platform. TYTL is already placing residential home equity data on-chain and digitally securitizing these assets for sale to investors. The combined companies would present institutional investors with attractive home equity investment opportunities offering compelling potential IRRs, defined risk profiles, and the potential for faster liquidity through Regulation D digital securities offerings, while exploring future applications for tokenized mortgage assets.  The combination of the two companies potentially creates an interesting opportunity for shareholders while distancing Beeline from traditional mortgage lending.

Of the anticipated nine million TYTL merger shares to be issued to Beeline’s CEO Nick Liuzza upon closing, approximately three million shares will be forfeited and cancelled, reducing potential dilution for existing Beeline shareholders and supporting the Company’s future capital-raising efforts. An additional 33% will be restricted until performance milestones are met, if ever.  A total of 16.5% will be earned when Beeline achieves a $100 million market capitalization for five consecutive trading days and another 16.5% at $200 million. The remaining 34% will be issued at closing, subject to lockup restrictions.

Management expects fourth-quarter seasonality and impact from a challenging interest-rate environment. Priorities include protecting margins, increasing funnel efficiency, realizing planned cost savings, expanding automation and maintaining sufficient liquidity.

 

Conference Call

Management will host a conference call on November 12, 2026, at 5:00 p.m. ET to discuss third-quarter results. The call will be led by Nick Liuzza, Chief Executive Officer, Jess Kennedy, Chief Operating Officer, and Chris Moe, Chief Financial Officer.

Participants may join via webcast or by phone using the details below:

• Listen-only webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=mxJpJirm
• Toll-Free Dial-In (U.S.): 877-317-6789
• International Dial-In: 412-317-6789

Use of Non-GAAP Measures

This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of Beeline nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

Our management uses and relies on Adjusted EBITDA, a non-GAAP financial measure, to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measure has inherent limitations because of the excluded items described below. We also review our operating metrics without including stock-based compensation, which is another non-GAAP financial measure.

We have included a reconciliation of our non-GAAP financial measure to the most comparable GAAP financial measure. We believe that providing the non-GAAP financial measure, together with the reconciliation to GAAP, helps investors make comparisons between Beeline and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each.

The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time items.

The following table presents a reconciliation of net income (loss) to adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025 (unaudited):

		Three Months Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2026				2025				2026				2025
Net loss		$	(3,810	)		$	(3,962	)		$	(13,122	)		$	(15,029	)
Interest expense			55				69				55				2,346
Depreciation and amortization			845				831				2,466				2,487
Stock-based compensation expense			1,089				-				3,129				130
Non-recurring expenses (1)			63				-				571				321
Gain on remeasurement of previously held equity interest			-				-				(480	)			-
Net loss from discontinued operations			-				361				-				719
Adjusted EBITDA		$	(1,758	)		$	(2,701	)		$	(7,381	)		$	(9,026	)

(1)

For the three and nine months ended September 30, 2026, non-recurring expenses included costs related to the class action complaint. For the nine months ended September 30, 2025, non-recurring expenses included merger costs related to the shareholder meeting on March 7, 2025 to approve the name changing to Beeline Holdings, Inc. and to approve the Series F and F-1 Preferred Stock (shares received in the merger) to convert to common shares, as well as costs related to the Nasdaq initial listing.

 

About Beeline Holdings, Inc.

Beeline is a next-generation mortgage and home equity service company simplifying the path to homeownership and liquidity. By combining blockchain technology, automation, and a customer-first digital experience, Beeline makes financing a home, or unlocking its value, faster, fairer, and more transparent. For more information, visit www.makeabeeline.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about cost reductions, increasing margins, liquidity and closing the TYTL merger. Forward-looking statements may be prefaced by words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “should,” “would,” “intend,” “seem,” “potential,” “appear,” “continue,” “future,” “believe,” “estimate,” “forecast,” “project,” “target,” and similar words. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. We caution you, therefore, against relying on any of these forward-looking statements. Our actual results may differ materially from those contemplated by the forward-looking statements for a variety of reasons, including, without limitation, the possibility that estimates, projections and assumptions on which the forward-looking statements are based prove to be incorrect, central bank interest rates and future interest rate changes, the risks arising from the impact of affordability, inflation, tariffs, the war in the Middle East, the deterioration of the labor market of the United States, a recession which may result on the Company’s business, prospective customers, and on the national and global economy, our ability to raise additional capital to meet working capital needs, our ability to attract homeowners to our products and services, our ability to comply with applicable regulatory requirements and new regulations and developments that may arise including the potential for regulatory changes regarding digital assets, artificial intelligence, and other areas that impact and may in the future impact the Company’s business, the possibility that our expectations and perceived benefits with respect to strategic transactions, whether our shareholders will approve the  acquisition of TYT and whether TYTL can arrange the necessary financing it needs to meet the closing conditions. Additional information regarding these and other risks is contained in Beeline's filings with the Securities and Exchange Commission, including the Risk Factors contained in the Company’s 2025 Annual Report on Form 10-K and our prospectus supplement dated March 10, 2026. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contacts

Investor Relations
ir@makeabeeline.com

Media Inquiries
press@makeabeeline.com

Corporate Communications
IBN.Ai
Austin, Texas
www.IBN.Ai
512.354.7000 Office
Editor@IBN.Ai

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Beeline BLNE perform in the third quarter of 2026?

Beeline generated $3.0 million in net revenue, up 30% year over year and 15% sequentially. Net loss narrowed to $3.810 million from $3.962 million a year earlier. Adjusted EBITDA loss, a non-GAAP measure, narrowed to $1.758 million from $2.701 million.

What milestones govern Beeline CEO Nick Liuzza’s restricted TYTL merger shares?

Of the anticipated nine million merger shares, 16.5% would be earned when Beeline achieves a $100 million market capitalization for five consecutive trading days, and another 16.5% at $200 million. These performance-dependent shares remain restricted until the milestones are met, if ever.