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Beeline Holdings (NASDAQ: BLNE) doubles Q1 revenue while narrowing loss

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(Moderate)
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(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Beeline Holdings reported strong top-line momentum in the first quarter of 2026, with revenue more than doubling year-over-year and operating metrics improving. Net loss narrowed to $5.3 million from $6.9 million, helped by lower interest expense and better transaction-level economics.

Adjusted EBITDA loss improved to $(3.0) million from $(3.8) million as the company scaled volumes and increased revenue per transaction. Management highlighted the BeelineEquity fractional equity platform, which earns a 3.5% fee per transaction plus title revenue without balance sheet risk, and reiterated a target of a $100 million revenue run rate as it exits 2027.

Positive

  • None.

Negative

  • None.

Insights

Beeline doubled revenue and modestly narrowed Q1 2026 losses.

Beeline shows rapid growth, with revenue more than doubling year-over-year while net loss improved from $6.9 million to $5.3 million. Adjusted EBITDA loss improved to $(3.0) million from $(3.8) million, indicating better underlying profitability as scale builds.

Management is emphasizing BeelineEquity, a capital-light, fee-based model that earns 3.5% per transaction plus title revenue and carries no balance sheet risk. Together with core lending, this supports their stated goal of reaching a $100 million revenue run rate exiting 2027, though execution and macro risks highlighted in risk factors remain important.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net loss Q1 2026 $5.3M Net loss for the three months ended March 31, 2026
Net loss Q1 2025 $6.9M Net loss for the three months ended March 31, 2025
Adjusted EBITDA Q1 2026 $(3.0)M Adjusted EBITDA for the three months ended March 31, 2026
Adjusted EBITDA Q1 2025 $(3.8)M Adjusted EBITDA for the three months ended March 31, 2025
Total operating expenses Q1 2026 $7.9M Total operating expenses for the three months ended March 31, 2026
Total operating expenses Q1 2025 $6.0M Total operating expenses for the three months ended March 31, 2025
Operating expenses ex-SBC Q1 2026 $6.9M Total operating expenses excluding stock-based compensation, Q1 2026
Stock-based compensation Q1 2026 $1.0M Stock-based compensation expense for the three months ended March 31, 2026
Adjusted EBITDA financial
"The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time items."
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
"This press release includes both financial measures in accordance with GAAP, as well as non-GAAP financial measures."
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.
stock-based compensation financial
"We also review our operating metrics without including stock-based compensation, which is another non-GAAP financial measure."
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
BeelineEquity financial
"BeelineEquity represents a different revenue model for us. We earn 3.5% per transaction plus title revenue and carry no balance sheet risk."
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Net loss $5.3M
Adjusted EBITDA $(3.0)M
Guidance

Management targets a $100 million revenue run rate as it exits 2027.

Understanding 8-K Material Events →
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): May 14, 2026

 

BEELINE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   001-38182   20-3937596

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

188 Valley Street, Suite 225

Providence, RI 02909

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (888) 810-5760

 

Securities registered pursuant to Section 12(b) of the Act:

 

Common Stock, $0.0001 par value   BLNE   The Nasdaq Stock Market LLC
(Title of Each Class)   (Trading Symbol)   (Name of Each Exchange on Which Registered)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (CFR §240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On May 14, 2026, Beeline Holdings, Inc. (the “Company”) issued a press release announcing financial results for the first quarter of 2026. The text of the press release is furnished as Exhibit 99.1 to this current report.

 

The information in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless expressly incorporated into a filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, the information contained in this Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any Company filing, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits.

 

Exhibit   Description
     
99.1   Press Release dated May 14, 2026
104   Cover page interactive data file (embedded within the iXBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 14, 2026

 

  BEELINE HOLDINGS, INC.
     
  By: /s/ Nicholas R. Liuzza, Jr.
    Nicholas R. Liuzza, Jr.
    Chief Executive Officer

 

 

 

 

Exhibit 99.1

 

Beeline Doubles Revenue Year-Over-Year in Q1 2026 While Significantly Narrowing Operating Loss

 

BeelineEquity platform advancing as a capital light, fee-based complement to core lending

 

Management to host conference call on May 14 at 5 p.m.ET to review results and discuss outlook

 

Providence, Rhode Island – May 14, 2026 – Beeline Holdings, Inc. (Nasdaq: BLNE), the emerging digital mortgage lender and fractional equity platform, today announced financial results for the first quarter ended March 31, 2026.

 

Financial Highlights

 

●Net revenue of $2.7 million, more than doubling year-over-year and increasing approximately 7% sequentially

 

●Q1 2026 loan originations of $85.6 million across 288 loans, compared to $39.8 million across 128 loans in the prior year period

 

●Operating expenses of $7.9 million, including approximately $1.0 million in non-cash stock-based compensation; excluding stock-based compensation, operating expenses increased 18% on 116% revenue growth 1

 

●Net loss of $5.3 million, narrowing from $6.9 million in the prior year period, a 24% improvement year-over-year

 

●Adjusted EBITDA, a non-GAAP financial measure, loss of $3.0 million, narrowed from $3.8 million in the prior year period, a 22% improvement year-over-year

 

●Continued progress on the BeelineEquity platform, with more transactions completed in the first quarter and the full operating infrastructure built and integrated to support future scaling

 

●Ended the first quarter with $1.9 million in cash and $50.9 million in shareholders’ equity, with no corporate debt

 

●The Company continues to target a $100 million revenue run rate as it exits 2027

 

Management Commentary

 

“The first quarter demonstrated encouraging progress, with revenue more than doubling year-over-year, transaction-level economics improving, and our net loss and Adjusted EBITDA loss narrowing,” commented Nick Liuzza, Co-Founder and Chief Executive Officer of Beeline. “We are growing both transaction volume and revenue per transaction, and together those trends are building a more scalable, less rate-dependent housing finance platform. We continue to target a $100 million revenue run rate as we exit 2027, and our increasingly diversified revenue streams support this goal.”

 

Liuzza continued, “BeelineEquity represents a different revenue model for us. We earn 3.5% per transaction plus title revenue and carry no balance sheet risk. We monetize transactions rather than interest rate spreads. As this capital-light, fee-based offering scales alongside our core lending platform, we expect it to be a key driver of long-term margin expansion.”

 

 

1 Excluding non-cash stock-based compensation is a non-GAAP financial measure. See reconciliation below.

 

 

 

 

Conference Call

 

Beeline will host a conference call to discuss its first quarter 2026 results on Thursday, May 14, 2026, at 5 p.m. ET. 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=lhQu88bn

 

●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 loss to Adjusted EBITDA (unaudited):

 

   Three Months Ended March 31, 
(Dollars in thousands)  2026   2025 
Net loss  $(5,278)  $(6,927)
Interest expense   -    1,889 
Depreciation and amortization   815    820 
Stock-based compensation expense   977    150 
Non-recurring expenses   468    - 
Net loss from discontinued operations   -    221 
Adjusted EBITDA  $(3,018)  $(3,847)

 

The following table presents a reconciliation of total operating expenses excluding non-cash stock-based compensation (unaudited):

 

   Three Months Ended March 31, 
(Dollars in thousands)  2026   2025 
Total operating expenses  $7,863   $6,004 
Stock-based compensation expense   (977)   (150)
Total operating expenses excluding stock-based compensation  $6,886   $5,854 

 

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, 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 regarding plans and expectations with respect to the growth of BeelineEquity, our forecasted revenues, and growth prospects. Forward-looking statements are 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 duration of the war with Iran and its effect on the economy, the ability of our BeelineEquity partner to fund its equity transactions, and the Risk Factors contained in the Company’s 2025 Annual Report on Form 10-Kand 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.

 

Investor Contact:

 

investors@makeabeeline.com

 

Media Contact:

 

press@makeabeeline.com

 

 

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Beeline Holdings (BLNE) perform financially in Q1 2026?

Beeline reported significant improvement in Q1 2026. Revenue more than doubled year-over-year, while net loss narrowed to $5.3 million from $6.9 million and Adjusted EBITDA loss improved to $(3.0) million from $(3.8) million, reflecting better operating efficiency.

What is Beeline Holdings’ Adjusted EBITDA for Q1 2026?

Adjusted EBITDA loss for Q1 2026 was $(3.0) million. This compares with a loss of $(3.8) million in Q1 2025, showing improvement after excluding interest, taxes, depreciation, amortization, stock-based compensation and non-recurring expenses from the GAAP net loss figures.

What is BeelineEquity and how does it generate revenue for BLNE?

BeelineEquity is Beeline’s fractional equity platform with a capital-light, fee-based model. The company earns a 3.5% fee per transaction plus title revenue and carries no balance sheet risk, monetizing transaction volume instead of interest rate spreads alongside its core mortgage lending operations.

What long-term revenue goal has Beeline Holdings set?

Management is targeting a $100 million revenue run rate as it exits 2027. They believe growing transaction volume, higher revenue per transaction, and scaling the BeelineEquity fee-based platform alongside core lending can support this objective over the coming years.

Does Beeline Holdings use non-GAAP financial measures like Adjusted EBITDA?

Yes. Beeline reports Adjusted EBITDA as a non-GAAP measure, defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation and certain one-time items. The company provides reconciliations to GAAP net loss and views these measures as supplemental to assess core operating trends.

Filing Exhibits & Attachments

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Press Releases

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