Beeline Holdings, Inc.

Listed Company

BLNECIK 0001534708NasdaqNon-AcceleratedSmaller ReportingMortgage Bankers & Loan CorrespondentsNevadaFY ends Dec 31

Period

FY 2025

Revenue

$7.77M

Net Income

$-23.17M

Total Assets

$70.22M

Equity

$53.61M

Shares Out

30.65M

Op. Cash Flow

$-21.44M

Business

Beeline Holdings, Inc. operates a fintech mortgage lending and title business (Beeline Financial) and holds a majority interest in Spirits, a beverage manufacturing and marketing business. Beeline Financial offers digital mortgage origination (QM and Non-QM loans), title and closing services, and SaaS products including BlinkQC and MagicBlocks, while Spirits manufactures, bottles, imports and markets alcoholic beverage brands such as whiskey, vodka, rum and tequila. The company reports two primary segments: Beeline Financial Holdings (including Beeline Labs) and Spirits. Beeline distributes loans and services online and is licensed in multiple U.S. states and the District of Columbia, while Spirits sells through state-licensed distributors in open states, brokers in control states and state liquor authorities (notably Oregon).

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net revenues	8	1	4	—	12
Compensation, commissions and benefits	11	3	1	—	—
General and administrative expenses	6	2	1	6	7
Depreciation and amortization	3	758,000	57,000	—	—
Marketing and advertising	3	400,000	200,000	—	—
Other operating expenses	3	525,000	—	—	—
Total operating expenses	27	6	6	9	10
Loss from operations	−20	−5	−2	−7	−7
Interest income	—	4,000	—	—	—
Interest expense	−2	−2	−1	—	—
Gain (loss) on extinguishment of debt	−610,000	600,000	—	—	—
Gain on troubled debt restructuring	—	4	—	—	—
Loss on equity method investment	−266,000	−58,000	—	—	—
Other income (expense), net	18,000	8,000	78,000	52,000	2
Total other income (expense), net	−3	3	−2	−10	846,000
Loss before income taxes	−23	−2	−5	−16	−6
Provision for income taxes	—	—	—	—	—
Net loss from continuing operations	−23	−2	−5	—	—
Net income (loss) from discontinued operations	332,000	−6	—	—	—
Net loss from disposal of discontinued operations	−1	−5	—	—	—
Net loss from discontinued operations	−715,000	−11	−3	—	4
Net loss	−23	−13	−8	—	—
Net loss attributable to non-controlling interests (related to discontinued operations)	−200,000	−2	—	—	—
Net loss attributable to common stockholders before preferred stock dividends	−23	−11	−8	−16	−2
Preferred stock dividends	−150,000	−150,000	—	—	—
Deemed dividend - Preferred stock Series G and warrant price protection	−7	—	—	—	—
Deemed dividend - Series E Preferred Stock redemption	−1	—	—	—	—
Net loss attributable to common stockholders	−32	−11	−8	−16	−5
Unrealized foreign currency translation loss	−14,000	−34,000	—	—	—
Total comprehensive loss	−23	−13	−8	—	—
Comprehensive loss attributable to non-controlling interests (related to discontinued operations)	−214,000	−2	—	—	—
Comprehensive loss attributable to common stockholders	−23	−11	−8	—	—
Basic net loss from continuing operations per common share	−1.6	−9.71	−43.85	—	—
Diluted net loss from continuing operations per common share	−1.6	−9.71	−43.85	—	—
Basic net loss from discontinued operations per common share	−0.05	−43.38	−25.19	—	—
Diluted net loss from discontinued operations per common share	−0.05	−43.38	—	—	—
Basic net loss per common share attributable to common stockholders	−2.23	−46.63	−70.42	−21.4	−0.35
Diluted net loss per common share attributable to common stockholders	−2.23	−46.63	−70.42	−21.4	—
Basic weighted average common shares outstanding	14	246,265	109,134	767,000	13
Diluted weighted average common shares outstanding	14	246,265	109,134	767,000	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-10-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	3	—	80,000	306,000	723,000
Restricted cash	131,000	—	791,000	—	—
Mortgage loans held for sale, net, at fair value	15	—	7	—	—
Interest rate lock commitment derivative	232,000	—	18,000	—	—
Accounts receivable, net related party	20,000	—	—	163,000	836,000
Prepaid expenses and other current assets	459,000	—	213,000	114,000	619,000
Due from affiliate	400,000	—	—	—	—
Current assets of discontinued operations held for sale	—	—	2	1	—
Total current assets	19	—	10	5	7
Goodwill	33	—	33	—	—
Property and equipment, net	12	—	15	169,000	6
Intangible assets, net	5	—	5	4	6
Right-of-use assets	400,000	—	1	680,000	3
Equity method investment	—	—	147,000	—	—
Simple Agreements for Future Equity (SAFEs), related party	148,000	—	—	—	—
Other assets, net	441,000	—	608,000	247,000	369,000
Non-current assets of discontinued operations held for sale	—	—	1	8	—
Total Assets	70	—	67	17	21
Warehouse lines of credit and accrued interest	15	—	6	—	3
Accounts payable	645,000	—	2	1	2
Accrued liabilities	903,000	—	1	465,000	2
Current portion of secured credit facilities, net of debt discount	—	—	4	—	—
Current portion of lease liabilities	239,000	—	339,000	223,000	991,000
Current liabilities of discontinued operations held for sale	—	—	513,000	2	—
Total current liabilities	16	—	16	4	13
Lease liabilities, net of current portion	221,000	—	1	458,000	2
Other noncurrent liabilities	57,000	—	45,000	—	—
Non-current liabilities of discontinued operations held for sale	—	—	163,000	1	—
Total liabilities	17	—	18	17	23
Commitments and contingencies (Note 20)	—	—	—	—	—
Common stock, $0.0001 par value; 100,000,000 shares authorized, 27,904,433 and 468,950 shares issued and outstanding as of December 31, 2025 and 2024, respectively	3,000	—	—	—	—
Common stock to be issued, 0 shares and 13,115 shares as of December 31, 2025 and 2024, respectively	—	—	80,000	—	—
Preferred stock value	—	600,000	—	—	—
Additional paid-in capital	179	—	142	84	74
Accumulated other comprehensive loss	−48,000	—	−34,000	—	—
Accumulated deficit	−126	—	−94	−83	−75
Equity attributable to stockholders of Beeline Holdings, Inc.	54	—	48	853,000	−2
Non-controlling interests (related to discontinued operations)	—	—	1	—	—
Total Equity	54	—	49	853,000	—
Total Liabilities and Equity	70	—	67	17	21

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain on sale mortgage loans held for sale, net of direct costs	−5	−757,000	—	—	—
Recovery for credit losses	−28,000	—	—	—	—
Depreciation and amortization	3	758,000	149,000	2	1
Gain on troubled debt restructuring	—	−4	—	—	—
Amortization of debt discount	2	728,000	13,000	1	327,000
Stock compensation expense	3	—	—	3,000	27,000
Issuance of restricted stock awards	1	—	—	—	—
Change in equity method investment	266,000	58,000	—	—	—
Issuance of common stock for services by third parties	—	207,000	568,000	315,000	425,000
Issuance of common stock for services by employees	130,000	273,000	—	—	—
Warrants issued related to settlement	26,000	—	—	—	—
Noncash lease expense	−133,000	−4,000	−3,000	—	—
Proceeds from principal payments and sales of loans held for sale	170	47	—	—	—
Originations and purchases of mortgage loans held for sale	−173	−46	—	—	—
Interest rate lock commitment derivative	−215,000	106,000	—	—	—
Prepaid expenses and other current assets	−182,000	−143,000	20,000	−50,000	−3
Accounts receivable, net related party	8,000	—	228,000	483,000	−750,000
Due from affiliate	−400,000	—	—	—	—
Other assets, net	167,000	71,000	—	—	—
Accounts payable	−754,000	−233,000	227,000	465,000	—
Accrued liabilities	−326,000	26,000	−732,000	676,000	−619,000
Accrued interest, net	161,000	999,000	542,000	—	—
Other noncurrent liabilities	13,000	6,000	—	—	—
Net cash used in operating activities	−22	−4	−2	−877,000	−11
Net cash provided by operating activities of discontinued operations	678,000	1	−294,000	—	5
Net cash used in operating activities	−21	−3	−2	−877,000	−6
Cash acquired in acquisition	—	258,000	—	—	—
Note receivable disbursement	−75,000	—	—	—	—
SAFEs disbursement	−267,000	—	—	—	—
Purchases of property and equipment	−15,000	—	−60,000	−3	−300,000
Purchase of internal-use software	−231,000	−71,000	—	—	—
Capital contributions in equity method investee	—	−130,000	—	—	—
Net cash provided by (used in) investing activities of continuing operations	−588,000	57,000	−9,000	−2	−151,000
Net cash used in investing activities of discontinued operations	−515,000	−508,000	113,000	—	3
Net cash used in investing activities	−1	−451,000	104,000	−2	3
Net repayments/borrowings under warehouse lines of credit	8	−982,000	—	—	—
ELOC shares issued for cash, net of offering costs	7	—	—	—	—
ATM shares issued for cash, net of offering costs	8	—	—	—	—
Series G Preferred Stock issued for cash, net of offering costs	3	2	—	—	2
Series E Preferred Stock redeemed	−2	—	—	—	—
Proceeds from common stock issued, net of issuance costs	7	664,000	1	198,000	2
Proceeds from warrant exercise	25,000	—	—	—	—
Proceeds from secured credit facilities, net of debt discount	—	1	56,000	—	3
Proceeds from secured credit facilities, related party	—	875,000	—	—	—
Payments of principal on secured credit facilities	−5	—	−40,000	—	—
Payments of principal on secured credit facilities, related party	—	−325,000	—	—	—
Proceeds from notes payable, related party	672,000	1	—	8	—
Payments of principal on notes payable, related party	−796,000	−271,000	—	−4	—
Proceeds from notes payable	250,000	—	—	8	—
Payments of principal on notes payable	−1	−25,000	—	−1	−3
Net cash provided by financing activities	25	5	1	641,000	5
Net increase in cash	2	905,000	−306,000	—	—
Effect of exchange rate changes on cash	−14,000	−34,000	—	—	—
Cash paid during the years for interest	215,000	27,000	746,000	959,000	468,000
Cash paid during the years for income taxes	—	—	—	—	—
Note payable, related party converted to Preferred stock Series G	700,000	—	7	—	—
Conversion of preferred shares	7,000	—	—	—	—
Deemed dividend - Preferred stock Series G and warrant price protection	7	—	—	—	—
Secured credit facilities converted to common shares	986,000	—	—	—	—
Series A Preferred Stock issued in exchange for Series F/F-1 Preferred Stock	1,000	—	—	—	—
Dividends issued	150,000	150,000	150,000	150,000	27,000
Equity exchanged for secured debt	—	448,000	6	—	—
Shares issued for Merger, net of cash received	—	48	—	—	—
Shares issued to incentivize debt	—	614,000	—	—	—
Warrants issued in relation to debt issuance	—	368,000	—	—	—
Consulting services for future services	—	553,000	—	—	—

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