Beeline Holdings Inc.

Q1 2026 total revenue was $2.7 million, up from $1.4 million in the prior-year period, driven by $1.8 million of gain on sale, $395,000 of origination fees, $380,000 from Title, about $50,000 from BeelineEquity, and $51,000 of other revenue. Operating expenses were $7.9 million, including about $1 million of noncash stock-based compensation; loss from operations was $5.2 million; net loss was $5.3 million; and adjusted EBITDA loss was $3 million versus a $3.8 million loss a year ago. At quarter end, cash was $1.9 million, loans held for sale were $17.3 million, equity was approximately $51 million, and there was no corporate debt. Management did not give formal next-quarter or full-year revenue or EPS guidance, but it reiterated a target of $100 million run rate by the end of 2027, said monthly cash burn should decline meaningfully during 2026, and said BeelineEquity revenue should start to scale more visibly in Q3.

Nick Liuzza framed Q1 as proof the company is executing on its 2026 plan: revenue is growing, BeelineEquity has moved from concept to transactions, and the business is shifting toward more capital-light fee income. He emphasized a measured approach given rates, inflation, capital markets, and geopolitical uncertainty, saying the company is prioritizing profitable transactions over volume and reducing balance-sheet risk. His tone was constructive but cautious, repeatedly calling the $100 million run-rate goal a target rather than a guarantee.

Chris Moe focused on operating leverage and liquidity. He highlighted that revenue more than doubled while operating expenses, excluding stock compensation, rose about 15% year over year, and said cost reductions should lower run-rate expenses by about $210,000 per month, or roughly $2.5 million per year. He also cited $1.9 million of cash, $3.6 million of operating cash used in Q1, and funding from about $945,000 of HELOC drawdowns and about $447,000 of ATM activity, while noting the company is debt avoidant and expects a meaningful reduction in monthly cash burn during 2026.

Analysts focused first on liquidity, asking how the company can fund itself with only $1.9 million of cash versus roughly $3 million of adjusted EBITDA loss per quarter. Moe answered that Beeline has an ATM, an HELOC, and other equity financing options, and said the company is not pursuing debt. Questions also centered on breakeven timing; Liuzza said cost cuts plus a shift into higher-margin DSCR, bank statement, and non-QM loans should accelerate the path to cash flow positivity. The other major topic was BeelineEquity: management said it is likely a Q3 story for meaningful scaling, described it as a pure equity product for homeowners who are equity-rich but cash-poor, and said the go-to-market will use digital marketing, wealth advisers, AI marketing, and partnerships such as AARP.