BLNE · Beeline Holdings, Inc.

Beeline Holdings reported strong Q1 2026 results driven by revenue more than doubling year-over-year to $2.7 million, fueled by loan originations surging to $85.6 million across 288 loans from $39.8 million across 128 loans in the prior year period. This growth reflects improved transaction volume and revenue per transaction, building a more scalable platform less dependent on interest rates. Operating expenses rose to $7.9 million, including $1.0 million in non-cash stock-based compensation, but excluding this, expenses increased only 18% on 116% revenue growth, indicating emerging operating leverage. The net loss narrowed 24% to $5.3 million, with Adjusted EBITDA loss improving 22% to $3.0 million, showcasing progress toward profitability. Balance sheet remains solid with $1.9 million cash, $50.9 million shareholders’ equity, and no corporate debt. CEO Nick Liuzza highlighted the BeelineEquity platform's advancement as a capital-light, fee-based complement to core lending, earning 3.5% per transaction plus title revenue without balance sheet risk. This diversification supports the company's target of a $100 million revenue run rate exiting 2027, positioning Beeline for long-term margin expansion amid housing finance market dynamics. Management will discuss further on the May 14 conference call.