Q4 2025 Beeline Holdings Inc Earnings Call

March 30, 2026

Speaker #1: Good day, and welcome to the Beeline fourth quarter 2020 financial results conference call. All participants will be in a listen-only mode.

Operator: Good day, and welcome to the Beeline Q4 2025 Financial Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Tiffany Milton, Chief Accounting Officer. Please go ahead, ma'am.

Speaker #1: Should you need assistance , please signal a conference specialist by pressing the star key followed by zero . After today's presentation , there will be an opportunity to ask questions , to ask a question , you may press star .

Speaker #1: Then one on a touchtone phone. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Tiffany Milton, Chief Accounting Officer.

Speaker #1: Please go ahead, ma'am.

Speaker #2: Thank you. Good evening, everyone, and thank you for joining us today to discuss Beeline's financial results for the fourth quarter of 2025.

Tiffany Milton: Thank you. Good evening, everyone, and thank you for joining us today to discuss Beeline's financial results for Q4 2025. I'm Tiffany Milton, Beeline's Chief Accounting Officer, and joining us on today's call to discuss these results is Nick Liuzza, our Chief Executive Officer, Jess Kennedy, our Chief Operating Officer, and Chris Moe, our Chief Financial Officer. Following our remarks, we will open the call to your questions. Now, before we begin with prepared remarks, we submit for the record the following statement. This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Beeline Holdings' expected future growth of its core business, increased revenue, growth of fee-based revenue streams, including Beeline Equity, and expansion of our SaaS and AI capabilities, and expansion of our warehouse lines.

Speaker #2: I'm Tiffany Milton, Beeline's Chief Accounting Officer, and joining us on today's call to discuss these results is Nik, our Chief Executive Officer.

Speaker #2: Jess Kennedy , chief Operating Officer . And Chris Moe , our chief financial officer . Following our remarks , we will open the call to your questions .

Speaker #2: Now , before we begin with prepared remarks , we submit for the record the following statement . This conference call contains forward looking statements within the meaning of the private securities Litigation Reform Act of 1995 , including , but not limited to , statements regarding Beeline Holdings, Inc. expected future growth of its core business Increased revenue growth of fee based revenue streams , including B line equity and expansion of our SaaS and AI capabilities and expansion of our warehouse lines Forward looking statements are typically identified by words such as believe , expect , anticipate , plan , intend , seek , estimate , will , would , could , may , continue , forecast , target , potential , project undertaken , similar expressions These statements are based on management's current assumptions , beliefs and expectations and are not guarantees of future performance Actual results may differ materially from those described in forward looking statements due to various risks and uncertainties .

Tiffany Milton: Forward-looking statements are typically identified by words such as believe, expect, anticipate, plan, intend, seek, estimate, will, would, could, may, continue, forecast, target, potential, project, undertake, and similar expressions. These statements are based on management's current assumptions, beliefs, and expectations and are not guarantees of future performance. Actual results may differ materially from those described in forward-looking statements due to various risks and uncertainties. These include, without limitation, the risk factors we provided in our 2025 Form 10-K we are filing tomorrow and prospectus supplements we have filed with the SEC. We caution investors not to place undue reliance on any forward-looking statements made during this call. All forward-looking statements speak only as of the date of this presentation and are based on information available to Beeline as of today.

Speaker #2: These include, without limitation, the risk factors we provided in our 2025 Form 10-K. We are filing tomorrow and prospectus supplements.

Speaker #2: We have filed with the SEC. We caution investors not to place undue reliance on any forward-looking statements made during this call.

Speaker #2: All forward-looking statements speak only as of the date of this presentation and are based on information available to Beeline as of today.

Speaker #2: We undertake no obligation to publicly update or revise these statements to reflect events or circumstances occurring after today's date, except as required by law.

Tiffany Milton: We undertake no obligation to publicly update or revise these statements to reflect events or circumstances occurring after today's date, except as required by law. Now, with that being said, I'd like to turn the call over to Nick Liuzza. Nick, please proceed.

Speaker #2: Now, with that being said, I'd like to turn the call over to Nick. Nick, please proceed.

Speaker #3: Good afternoon , everyone , and thank you for joining us today 2025 was a transformational year for beeline . We simplified our balance sheet , grew the core mortgage business , and began to demonstrate operating leverage in the model .

Nick Liuzza: Good afternoon, everyone, and thank you for joining us today. 2025 was a transformational year for Beeline. We simplified our balance sheet, grew the core mortgage business, and began to demonstrate operating leverage in the model. We also introduced new capabilities across the platform, including version 1 of our self-service mortgage experience, designed to streamline and simplify the borrower journey. As we enter 2026, our focus is on building on that progress, disciplined execution, continued growth in the core business, and the expansion of new revenue streams, positioning Beeline to accelerate its revenue growth with stronger loan-level economics. Some of the 2025 highlights include. We became a public company, strengthening the balance sheet through equity capital raises and the elimination of debt. We increased year-over-year revenues by 127%.

Speaker #3: We also introduced new capabilities across the platform , including version one of our self-service mortgage experience designed to streamline and simplify the borrower journey As we enter 2026 , our focus is on building on that progress , discipline , execution , continued growth in the core business , and the expansion of new revenue streams .

Speaker #3: Positioning beeline to accelerate its revenue growth . With stronger loan level economics . Some of the 2025 highlights include . We became a public company , strengthening the balance sheet through equity capital raises and the elimination of debt .

Speaker #3: We increased year over year revenues by 127% . We delivered strong growth in our core mortgage business with improvements across originations , revenue per loan and conversion efficiency .

Nick Liuzza: We delivered strong growth in our core mortgage business, with improvements across originations, revenue per loan, and conversion efficiency. We began to see operating leverage in the model as revenue growth outpaced growth in fixed costs. We laid the groundwork for additional capital light fee-based revenue opportunities. We executed through challenging market conditions while navigating increased expenses as a new public company. Today, we've established Beeline as a digital-first real estate finance platform with a diversified mix of mortgage products and an increasing mix of fee-based revenue streams. Let me frame how we think about the business going forward. Our core focus remains on serving borrowers that are often underserved by traditional lenders, including self-employed individuals, younger borrowers, and real estate investors.

Speaker #3: We began to see operating leverage in the model as revenue growth outpaced growth in fixed costs. We laid the groundwork for additional capital-light, fee-based revenue opportunities.

Speaker #3: We executed through challenging market conditions while navigating increased expenses as a new public company . Today , we've established beeline as a digital first real estate finance platform with a diversified mix of mortgage products and an increasing mix of fee based revenue streams .

Speaker #3: Let me frame how we think about the business going forward. Our core focus remains on serving borrowers that are often underserved by traditional lenders, including self-employed individuals, younger borrowers, and real estate investors.

Speaker #3: This is a large and persistent segment of the market, and we've built our platform specifically around their unique needs, with a fully digital experience and integrated title.

Nick Liuzza: This is a large and persistent segment of the market, and we've built our platform specifically around their unique needs with a fully digital experience and integrated title capabilities. At the same time, we're beginning to expand beyond traditional mortgage lending, adding a more capital-light transaction-based revenue stream to our existing suite of mortgage products. An exciting development this year in that regard is the encouraging early progress of our Beeline Equity platform and our partnership with TYTL Corp. We appear to be ahead of the market with a unique equity product that is not tied to interest rates, infusing much-needed liquidity into the market with little to no direct competition. Beeline Equity is not just a new product. It's a new transaction layer for residential real estate.

Speaker #3: At the same time , we're beginning to expand beyond traditional mortgage lending , adding a more capital light transaction based revenue stream to our existing suite of mortgage products An exciting development this year in that regard is the encouraging early progress of our Beeline Equity platform and our partnership with title Holdings .

Speaker #3: We appear to be ahead of the market with a unique equity product that is not tied to interest rates, infusing much-needed liquidity into the market with little to no direct competition.

Speaker #3: Equity is not just a new product, it's a new transaction layer for residential real estate. Built on equity, it allows homeowners to access a portion of their home equity without refinancing or taking on additional debt, while creating a new...

Nick Liuzza: BeelineEquity allows homeowners to access a portion of their home equity without refinancing or taking on additional debt while creating a new investable asset class. For Beeline, this is a fee-based model where we provide the infrastructure around the transaction. BeelineEquity is a pure equity play, unlike many of the HEI products on the market. Importantly, our model is capital light and fee driven. Beeline primarily provides the infrastructure, customer acquisition, property analysis, the operational platform, title, settlement, and compliance. We earn 3.5% per transaction without assuming any principal risk. We also earn title revenue. We began closing initial transactions with TYTL as our partner in Q4 and are building a growing pipeline heading into 2026. We monetize transactions, not interest rate spreads, which fundamentally changes the economics of our business. Our model scales with transaction volume, not balance sheet capital.

Speaker #3: Investable asset class for Beeline. This is a fee-based model where we provide the infrastructure around the transaction. Beeline equity is a pure equity play.

Speaker #3: Unlike many of the API products on the market, importantly, our model is capital-light and fee-driven. VLAN primarily provides the infrastructure, customer acquisition, and property analysis.

Speaker #3: The operational platform title settlement and compliance—we earn 3.5% per transaction without assuming any principal risk. We also earn title revenue. We began closing initial transactions with title as our partner in the fourth quarter, and are building a growing pipeline heading into 2026.

Speaker #3: We monetize transactions , not interest rate spreads , which fundamentally changes the economics of our business , our model scales with transaction volume , not balance sheet capital .

Speaker #3: Our focus is on measured scaling and validating the unit economics as the product develops. We believe this is a structurally different and more scalable business model than traditional mortgage lending.

Nick Liuzza: Our focus is on measured scaling and validating the unit economics as the product develops. We believe this is a structurally different and more scalable business model than traditional mortgage lending. To frame the opportunity, there's nearly $40 trillion of home equity in the US that is effectively illiquid. Beeline Equity is designed to unlock that liquidity in select zip codes, and we see significant opportunity over time, particularly given the limited number of solutions available to access it without recording a debt instrument. As the market develops, we believe Beeline is uniquely positioned as a first mover with a fully integrated platform. The expected initial use case for Beeline Equity is to enable homeowners, including many older borrowers who have built meaningful equity in their homes, to access liquidity without taking on additional debt or selling their asset.

Speaker #3: To frame the opportunity, there's nearly $40 trillion of home equity in the U.S. That is effectively illiquid. Beeline equity is designed to unlock that liquidity in select zip codes.

Speaker #3: And we see significant opportunity over time, particularly given the limited number of solutions available to access it without recording a debt instrument. As the market develops, we believe Beeline is uniquely positioned as a first mover with a fully integrated platform. The expected initial use case for Beeline equity is to enable homeowners, including many older borrowers who have built meaningful equity in their homes, to access liquidity without taking on additional debt or selling their asset.

Speaker #3: More broadly, we are building a product set that addresses different borrower needs over time, from acquisition and investment financing to home equity access and general.

Nick Liuzza: More broadly, we are building a product set that addresses different borrower needs over time, from acquisition and investment financing to home equity access. In general, the primary use case for the BeelineEquity product is retirees who are asset rich but cash poor and are reluctant to sell their properties. Beeline now has products across the demographic spectrum, a wider variety of loans for younger borrowers, equity products for older homeowners who need or want to tap into some of that accumulated wealth. At the same time, our core business continues to improve. I'd like to turn the call over to Jess Kennedy, our COO and co-founder, to discuss our core business and the significant improvements we've driven in our KPIs over the last few months. Jess?

Speaker #3: The primary use case for the Beeline Equity product is retirees who are asset-rich with cash-poor situations and are reluctant to sell their properties.

Speaker #3: Beeline now has products across the demographic spectrum: a wide variety of loans for younger borrowers, and equity products for older homeowners who need or want to tap into some of that accumulated wealth. At the same time, our core business continues to improve.

Speaker #3: I'd like to turn the call over to Jess Kennedy, our COO and co-founder, to discuss our core business and the significant improvements we've driven in our KPIs over the last few months.

Speaker #3: Jess .

Speaker #4: Thanks , Nick . I'm pleased to join today's call as Nick mentioned , we're excited about the opportunities ahead with Beeline Equity At the same time , we remain focused on methodically strengthening our core mortgage business .

Jess Kennedy: Thanks, Nick Liuzza. I'm pleased to join today's call. As Nick Liuzza mentioned, we're excited about the opportunities ahead with BeelineEquity. At the same time, we remain focused on methodically strengthening our core mortgage business. Let me highlight a few key metrics that underscore our progress. We delivered strong growth across our core operating metrics. Mortgage originations increased to $84.7 million, up 44% from $59 million in Q4 of last year. The average revenue per loan increased 31% and the average cost per loan decreased 18% quarter over quarter. This trend continued into January of 2026, and we expect continued improvements in loan level economics as we move through the year. In addition to the top-line momentum, there are meaningful improvements in our operational efficiency across the platform.

Speaker #4: Let me highlight a few key metrics that underscore our progress. We delivered strong growth across our core operating metrics. Mortgage originations increased to $84.7 million, up 44% from $59 million in the fourth quarter of last year. The average revenue per loan increased 31%, and the average cost per loan decreased 18% quarter over quarter.

Speaker #4: This trend continued into January of 2026 , and we expect continued improvements in loan level economics as we move through the year . In addition to the top line momentum , there are meaningful improvements in our operational efficiency across the platform lead to application time was cut by more than half from 1.1 days in 2024 to half a day .

Jess Kennedy: Lead to application time was cut by more than half from 1.1 days in 2024 to half a day. We are reaching our customers more quickly through better workflows and Bob, our proprietary AI agent. Cycle time from processing to clear to close also improved from an average of 22 days in 2024 to 18 days in 2025 on larger unit volume. Lock to close conversions increased from 46% to 55.1%, a 20% improvement from 2024 to 2025. These operational gains reflect the strength of our digital-first AI-driven platform, which continues to streamline the customer experience while driving faster cycle times and higher conversion. Importantly, we are increasing both volume and revenue per loan with modest increase in headcount, which is translating into operational leverage. Looking ahead to 2026, our priorities are clear.

Speaker #4: We are reaching our customers more quickly through better workflows, and Bob, our proprietary AI agent. Cycle time from processing to clear to close.

Speaker #4: Also improved from an average of 22 days in 2024 to 18 days in 2025 . On larger unit volume , lock to close conversions increased from 46% to 55.1% , a 20% improvement from 2024 to 2025 .

Speaker #4: These operational gains reflect the strength of our digital first AI driven platform , which continues to streamline the customer experience . While driving faster cycle times and higher conversion Importantly , we are increasing both volume and revenue per loan with modest increase in headcount , which is translating into operational leverage Looking ahead to 2026 , our priorities are clear continue growing our core mortgage business with a strong focus on efficiency and revenue per loan scale .

Jess Kennedy: Continue growing our core mortgage business with a strong focus on efficiency and revenue per loan. Scale Beeline Equity in a disciplined manner while maintaining a prudent risk posture. Expand our SaaS and AI capabilities. Drive revenue growth across both volume and margin, and progress towards positive operating cash flow. Our objective is straightforward, to strengthen Beeline's financial profile while building a scalable platform capable of delivering sustainable long-term high margin growth and providing an exceptional customer experience. With that, I'll turn it over to Chris Moe, our CFO, to walk through the financials.

Speaker #4: Build equity , and a disciplined manner , while maintaining a prudent risk posture Expand our SaaS and AI capabilities . Drive revenue growth across both volume and margin , and progress towards positive operating cash flow Our objective is straightforward to strengthen Beeline's financial profile .

Speaker #4: While building a scalable platform capable of delivering sustainable , long term , high margin growth and providing an exceptional customer experience With that , I'll turn it over to Chris .

Speaker #4: Mo, our CFO, to walk through the financials.

Speaker #5: Thanks, Jess. Starting with the fourth quarter, total net revenues were $2.5 million, an increase of 127% compared to $1.1 million in the fourth quarter of 2020.

Chris Moe: Thanks, Jess. Starting with Q4, total net revenues were $2.5 million, an increase of 127% compared to $1.1 million in Q4 2024. Sequentially, Q4 increased by 8.3%. Gains on loan sales and loan origination fees increased both sequentially and year over year as we continue to scale the platform. Title fees were up 91% year over year and effectively flat sequentially as this business continues to generate stable and predictable revenue streams. We invested considerable resources to support our growth. Compensation, commissions, and benefits increased by $5.2 million. The majority of the compensation expenses were non-cash, stock-based compensation expense of $2.9 million. General and administrative expenses were up $2.4 million, primarily related to non-cash stock-based compensation expense of $1.4 million.

Christopher Moe: Thanks, Jess. Starting with Q4, total net revenues were $2.5 million, an increase of 127% compared to $1.1 million in Q4 2024. Sequentially, Q4 increased by 8.3%. Gains on loan sales and loan origination fees increased both sequentially and year over year as we continue to scale the platform. Title fees were up 91% year over year and effectively flat sequentially as this business continues to generate stable and predictable revenue streams. We invested considerable resources to support our growth. Compensation, commissions, and benefits increased by $5.2 million. The majority of the compensation expenses were non-cash, stock-based compensation expense of $2.9 million. General and administrative expenses were up $2.4 million, primarily related to non-cash stock-based compensation expense of $1.4 million.

Speaker #5: Sequentially, the fourth quarter increased by 8.3%. Gains on loan sales and loan origination fees increased both sequentially and year over year.

Speaker #5: As we continue to scale the platform, total fees were up 91% year over year and effectively flat sequentially. As this business continues to generate stable and predictable revenue streams.

Speaker #5: We invested considerable resources to support our growth. Compensation, commissions, and benefits increased by $5.2 million. The majority of the compensation expenses were non-cash, stock-based compensation expense of $2.9 million.

Speaker #5: General and administrative expenses were up 2.4 million , primarily related to non-cash stock based compensation expense of 1.4 million . As a result , our loss from operations was 8 million , compared to 4.1 million in the fourth quarter last year and 2.9 million in the third quarter of 2025 .

Chris Moe: As a result, our loss from operations was $8 million compared to $4.1 million in Q4 last year and $2.9 million in Q3 of 2025. Again, fully half of the loss from operations was non-cash stock-based compensation, and total non-cash items comprised approximately $5 million of the $8 million operating loss. Adjusted EBITDA was -$3.4 million in the quarter compared to -$3.2 million in Q4 last year and -$2 million in Q3 of 2025. Let me now shift to the full year results, and since 2024 reflects the sub-period 8 October to 31 December 2024, I will only address full year 2025.

Christopher Moe: As a result, our loss from operations was $8 million compared to $4.1 million in Q4 last year and $2.9 million in Q3 of 2025. Again, fully half of the loss from operations was non-cash stock-based compensation, and total non-cash items comprised approximately $5 million of the $8 million operating loss. Adjusted EBITDA was -$3.4 million in the quarter compared to -$3.2 million in Q4 last year and -$2 million in Q3 of 2025. Let me now shift to the full year results, and since 2024 reflects the sub-period 8 October to 31 December 2024, I will only address full year 2025.

Speaker #5: Again, fully half of the loss from operations was non-cash. Stock-based compensation and total non-cash items comprised approximately $5 million of the $8 million operating loss.

Speaker #5: Adjusted EBITDA was negative $3.4 million in the quarter, compared to negative $3.2 million in the fourth quarter last year, and negative $2 million in the third quarter of 2025.

Speaker #5: Let me now shift to the full year results . And since 2024 , reflects a stub period , October 8th to December 31st , 2024 .

Speaker #5: I will only address full year 2025. Total revenue is $7.8 million, comprised of gains on loan sales of $5.4 million, loan origination fees of $1 million, and total fees of $1.4 million.

Chris Moe: Total revenue was $7.8 million, comprised of gains on loan sales of $5.4 million, loan origination fees of $1 million, and title fees of $1.4 million. These results reflect strong growth across our core businesses and continued momentum exiting the year. Total operating expenses were $27.3 million, with almost 30% related to non-cash expenses. Net loss was $31.5 million, and full year adjusted EBITDA was -$11.8 million. From a cost perspective, we maintain discipline while continuing to invest in growth. Importantly, we are beginning to see operating leverage as revenue scales faster than fixed costs. Turning to the balance sheet and comparing 31 December 2025 with 31 December 2024, we ended the year with cash balances higher by more than $2 million compared to 2024, supported by equity raises and improved capital structure.

Christopher Moe: Total revenue was $7.8 million, comprised of gains on loan sales of $5.4 million, loan origination fees of $1 million, and title fees of $1.4 million. These results reflect strong growth across our core businesses and continued momentum exiting the year. Total operating expenses were $27.3 million, with almost 30% related to non-cash expenses. Net loss was $31.5 million, and full year adjusted EBITDA was -$11.8 million. From a cost perspective, we maintain discipline while continuing to invest in growth. Importantly, we are beginning to see operating leverage as revenue scales faster than fixed costs. Turning to the balance sheet and comparing 31 December 2025 with 31 December 2024, we ended the year with cash balances higher by more than $2 million compared to 2024, supported by equity raises and improved capital structure.

Speaker #5: These results reflect strong growth across our core businesses and continued momentum exiting the year. Total operating expenses were $27.3 million, with almost 30% related to non-cash expenses. Net loss was $31.5 million and full year adjusted EBITDA was -$11.8 million.

Speaker #5: From a cost perspective, we maintain discipline while continuing to invest in growth. Importantly, we are beginning to see operating leverage as revenue scales faster than fixed costs.

Speaker #5: Turning to the balance sheet and comparing 1231 2025 with 1231 , 2024 . We ended the year with cash balances higher by more than 2 million , compared to 2024 , supported by equity raises and improved capital structure We significantly reduced debt during the year and today , the company is debt free outside of our warehouse lines , which are directly tied to loan production .

Chris Moe: We significantly reduced debt during the year, and today the company is debt-free outside of our warehouse lines, which are directly tied to loan production. Speaking of warehouse lines, we quintupled our warehouse capacity over the course of 2025. Based on our current growth rates, we expect to increase our warehouse lines this summer to support continued origination growth. Accounts payable and working capital metrics improved meaningfully, reflecting tighter operational execution. AP was reduced by over $1 million, and working capital improved by $9.2 million. Total equity increased by $4.6 million year over year, driven by capital raises and restructuring. Turning to cash flow for the full year, cash used in operation was $21.4 million, as expected for a company in its scaling phase. Shifting to 2026, the heavy lifting on our platform is now complete.

Christopher Moe: We significantly reduced debt during the year, and today the company is debt-free outside of our warehouse lines, which are directly tied to loan production. Speaking of warehouse lines, we quintupled our warehouse capacity over the course of 2025. Based on our current growth rates, we expect to increase our warehouse lines this summer to support continued origination growth. Accounts payable and working capital metrics improved meaningfully, reflecting tighter operational execution. AP was reduced by over $1 million, and working capital improved by $9.2 million. Total equity increased by $4.6 million year over year, driven by capital raises and restructuring. Turning to cash flow for the full year, cash used in operation was $21.4 million, as expected for a company in its scaling phase. Shifting to 2026, the heavy lifting on our platform is now complete.

Speaker #5: Speaking of warehouse lines, we quintupled our warehouse capacity over the course of 2025. Based on our current growth rates, we expect to increase our warehouse lines this summer to support continued origination growth. Accounts payable and working capital metrics improved meaningfully, reflecting tighter operational execution. AP was reduced by over $1 million, and working capital improved by $9.2 million.

Speaker #5: Total equity increased by $4.6 million year over year, driven by capital raises and de-structuring. Turning to cash flow for the full year, cash used in operations was $21.4 million, as expected for a company in the scaling phase. Shifting to 2026.

Speaker #5: The heavy lifting in our platform is now complete, and we are focused on variable spending to support growth. As a result, we expect our cash burn to decrease in the first quarter of 2026.

Chris Moe: We are focused on variable spending to support growth. As a result, we expect our cash burn to decrease in Q1 2026. We continue to prudently utilize our ATM facility and believe we have sufficient resources to fund our near-term growth plans. Investing cash flow of $1.1 million reflects continued investment in technology and platform development. Financing cash flow was $24.9 million, supporting both growth and balance sheet strengthening. To summarize, we delivered strong revenue growth. We improved operating efficiency. We materially strengthened the balance sheet. We're entering 2026 with improving cash flow dynamics. As we scale revenue, particularly from higher margin capital-light initiatives like BeelineEquity, we expect continued improvement in both profitability and cash flow. With that, I'll turn it back to Nick.

Christopher Moe: We are focused on variable spending to support growth. As a result, we expect our cash burn to decrease in Q1 2026. We continue to prudently utilize our ATM facility and believe we have sufficient resources to fund our near-term growth plans. Investing cash flow of $1.1 million reflects continued investment in technology and platform development. Financing cash flow was $24.9 million, supporting both growth and balance sheet strengthening. To summarize, we delivered strong revenue growth. We improved operating efficiency. We materially strengthened the balance sheet. We're entering 2026 with improving cash flow dynamics. As we scale revenue, particularly from higher margin capital-light initiatives like BeelineEquity, we expect continued improvement in both profitability and cash flow. With that, I'll turn it back to Nick.

Speaker #5: We continue to prudently utilize our ATM facility and believe we have sufficient resources to fund our near-term growth plans. Investing cash flow of $1.1 million reflects continued investment in technology and platform development. Financing cash flow was $24.9 million, supporting both growth and balance sheet strengthening.

Speaker #5: To summarize , we delivered strong revenue growth . We improved operating efficiency . We materially strengthened the balance sheet . And we're entering 2026 with improving cash flow dynamics .

Speaker #5: As we scale revenue , particularly from higher margin capital light initiatives like equity . We expect continued improvement in both profitability and cash flow .

Speaker #5: With that, I'll turn it back to Nick.

Speaker #3: Before we begin the Q&A session , I'd like to make three points . First , we've built a platform that combines mortgage origination , title AI , and fractional equity that allows us to serve a segment of the market that is underserved by traditional mortgage lenders Second , we are adding a more capital light fee based revenue stream , which we believe can improve both scalability and returns over time .

Nick Liuzza: Before we begin the Q&A session, I'd like to make three points. First, we've built a platform that combines mortgage origination, title, AI, and fractional equity that allows us to serve a segment of the market that is underserved by traditional mortgage lenders. Second, we are adding a more capital-light fee-based revenue stream, which we believe can improve both scalability and returns over time. Third, we are increasingly focused on parts of the market where we believe we can build a more unique and durable position supported by our integrated platform and capital-light model. Our priorities are clear. Grow the business, scale new revenue streams in a disciplined way, and continue improving cash flow. If we continue to execute on these priorities, we believe the financial profile of the company will continue to strengthen. Thank you for your time and your continued interest in Beeline.

Speaker #3: And third, we're increasingly focused on parts of the market where we believe we can build a more unique and durable position, supported by our integrated platform and capital-light model.

Speaker #3: Our priorities are clear. Grow the business, scale, add new revenue streams in a disciplined way, and continue improving cash flow.

Speaker #3: If we continue to execute on these priorities, we believe the financial profile of the company will continue to strengthen. Thank you for your time and your continued interest in Beeline.

Speaker #3: I'd now like to turn the call back over to the operator for Q&A.

Nick Liuzza: I'd now like to turn the call back over to the operator for Q&A.

Speaker #1: Thank you . We will now begin the question and answer session . To ask a question , you may press star . Then one on your touchtone phone you are using a speakerphone , please pick up your handset before pressing the keys .

Operator: Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. At this time, we will pause momentarily to assemble the roster. The first question will come from Mike Legg with Ladenburg Thalmann. Please go ahead.

Speaker #1: If at any time your question has been addressed and you would like to withdraw your question, please press star and then two.

Speaker #1: At this time, we will pause momentarily to assemble the roster. The first question will come from Michael Legg with Ladenburg. Please go ahead.

Speaker #5: Thanks .

Speaker #6: Good afternoon. Congrats on the quarter. I wanted to kind of talk about—you mentioned a $100 million run rate over the next couple of years.

Michael Legg: Thanks. Good afternoon. Congrats on the quarter. Wanted to kind of talk about, you mentioned $100 million run rate over the next couple of years. Can you talk about whether that's with the current, you know, three business lines of digital mortgage origination, AI, and the equity ownership pieces or GSC adding any more lines to the store? Thanks.

Speaker #6: Can you talk about whether that's with the current three business lines of digital mortgage origination, AI, and the equity ownership pieces, or GSC adding any more legs to the stool?

Speaker #6: Thanks .

Speaker #3: Hey , Michael , it's Nick . Thank you for that Yes , I see us focusing on the transactions that we discussed on the mortgage origination side and on the equity side .

Nick Liuzza: Hey, Michael, it's Nick. Thank you for that. Yes, I see us focusing on the transactions that we discussed on the mortgage origination side and on the Beeline Equity side. There's tremendous opportunity. There's tremendous TAM. We are early adopter of the blockchain in the Beeline Equity piece. I see that revenue coming from the two channels of Beeline Origination primarily and Beeline Equity.

Speaker #3: There's tremendous opportunity. There's tremendous TAM. We are early adopters of the blockchain and the Beeline Equity piece. And so I see that revenue coming from the two channels of original, primarily, and Beeline Equity.

Speaker #6: Great . Okay . And then you mentioned , obviously , fee based , volume based business , but interest rate , you know , obviously is correlated with the real estate market .

Michael Legg: Great. Okay. You know, you mentioned obviously fee-based, volume-based business, but interest rate, you know, obviously is correlated with the real estate market. If rates come down, could you just kind of talk about what type of environment you might see for your products?

Speaker #6: If rates come down, could you just kind of talk about what type of environment you might see for your products?

Speaker #3: Oh, Chris, do you want to take that?

Nick Liuzza: Chris, you want to take that?

Speaker #5: Yeah . So I think the question is , how exposed are we to interest rates ? Is that is that fair to say ?

Chris Moe: Yeah. I think the question is how exposed are we to interest rates? Is that fair to say, Michael?

Christopher Moe: Yeah. I think the question is how exposed are we to interest rates? Is that fair to say, Michael?

Speaker #5: Michael

Speaker #6: Yeah . Or , you know , industry fee based volume , etcetera

Michael Legg: Yeah. How, you know, industry fee based, volume, et cetera.

Speaker #5: Yeah . So obviously our core mortgage business is still influenced by rates which have , by the way , ticked up in the last 30 days or so , ever since the war started .

Chris Moe: Yeah. Obviously, our core mortgage business is still influenced by rates which have, by the way, ticked up in the last 30 days or so ever since the war started. Two things I think are worth stressing that are changing with Beeline. First, we're improving our efficiency, particularly in the sales funnel. Like, each step of the sales funnel, if you tighten it up, like 2, 3, 4, 5%, by the time you get to the bottom of it could be like 20% better. The ratio of our ad spend to our revenue is one of the things we look at heavily. Then also revenue per loan, which, as Jeff said earlier, has been growing.

Christopher Moe: Yeah. Obviously, our core mortgage business is still influenced by rates which have, by the way, ticked up in the last 30 days or so ever since the war started. Two things I think are worth stressing that are changing with Beeline. First, we're improving our efficiency, particularly in the sales funnel. Like, each step of the sales funnel, if you tighten it up, like 2, 3, 4, 5%, by the time you get to the bottom of it could be like 20% better. The ratio of our ad spend to our revenue is one of the things we look at heavily. Then also revenue per loan, which, as Jeff said earlier, has been growing.

Speaker #5: But two things I think are worth stressing that are changing with B-lines . First , we're improving our efficiency , particularly in the sales funnel , like each step of the sales funnel , if you tighten it up like two , three , four , 5% , by the time you get to the bottom of it , it could be like 20% better .

Speaker #5: So the ratio of our ad spend to our revenue is one of the things we look at heavily. And then also, revenue per loan, which as I just said earlier, has been growing.

Chris Moe: It used to be sort of in the low 2s, meaning $220,000, and now it's sort of averaging around $300,000, and that helps offset volume variability. Second, as Nick alluded to earlier, and more importantly, we've expanded into transaction-based fee-driven revenue streams, which are less dependent on rates or are frankly, I think in the case of BeelineEquity, independent of rates. Overall, over time that should reduce our sensitivity to interest rate increases.

Speaker #5: It used to be sort of in the in the low twos , meaning meaning 220,000 . And now it's sort of averaging around 300,000 .

Christopher Moe: It used to be sort of in the low 2s, meaning $220,000, and now it's sort of averaging around $300,000, and that helps offset volume variability. Second, as Nick alluded to earlier, and more importantly, we've expanded into transaction-based fee-driven revenue streams, which are less dependent on rates or are frankly, I think in the case of BeelineEquity, independent of rates. Overall, over time that should reduce our sensitivity to interest rate increases.

Speaker #5: And that helps offset volume variability . But second , as Nick alluded to earlier , and more importantly , we've expanded into transaction based fee driven revenue streams , which are less less dependent on rates or are frankly , I think in the case of blind equity , independent rates .

Speaker #5: So overall, over time, that should reduce our sensitivity to interest rate increases.

Speaker #3: Yeah . And let me add something to it as well . If you don't mind . Look , when you think about the $100 million run rate , it's about 700 transactions per month , give or take , along with our title business .

Nick Liuzza: Yeah. Let me add something too, as well, if you don't mind. Look, when you think about the $100 million run rate, it's about 700 transactions per month, give or take, along with our title business. When you think about that and you think about how big the addressable market is for Beeline Equity, a $39 trillion market opportunity with not much competition and creating liquidity for a class of people that need liquidity, you can start to visualize the opportunity. Then secondly, you know, our loan economics have not been positive. As a result of that, our appetite to spend on marketing hasn't been as high as it's going to be a little later this year, right?

Speaker #3: And so when you think about that and you think about how big the addressable market is for beeline equity , $39 trillion market opportunity with not much competition and creating liquidity for our class of people that need liquidity , you can start to visualize the opportunity and then secondly , you know , our loan economics have not been positive .

Speaker #3: And as a result of that, our appetite to spend on marketing hasn't been as high as it's going to be a little later this year.

Speaker #3: Right . And so as a result of that , we see our origination business growing on higher volumes as we continue to push the push the metal to the pedal in terms of spending more to create more origination volume , and then combining that with our beeline equity product , getting to 700 transactions to create the $100 million run rate seems like a very attainable task

Nick Liuzza: As a result of that, we see our origination business growing on higher volumes as we continue to push the metal to the pedal in terms of spending more to create more origination volume, and then combining that with our BeelineEquity product, getting to 700 transactions to create the $100 million run rate. Seems like a very obtainable task.

Speaker #6: Great . And then just the last question , you know , we're basically have one day left in the quarter . You mentioned the fourth quarter was sequentially up , I think 8.3% .

Michael Legg: Great. Then just the last question. You know, we basically have one day left in the quarter. You mentioned the Q4 was sequentially up, I think 8.3%, you said. The same trends showing up in the Q1. Can you comment at all on the direction we're seeing?

Speaker #6: You said the same trends are showing up in the first quarter. Can you comment at all on the direction we're seeing?

Speaker #5: Yeah . Let me take that next . So obviously , I got to be careful about giving any guidance , but I think I'm not trying to lecture .

Chris Moe: Yeah, let me take that, Nick. Obviously, I got to be careful about giving any guidance, but I think I'm not trying to lecture you. I think, Mike, you recognize that this is a somewhat seasonal business. Beeline, I would say, is less seasonal than the average mortgage banker. But Q4 tends to be soft just because on the purchase side, people aren't usually closing on houses in November. Then we have basically a 12-week quarter that three or four weeks are zipped out of it because of the holidays. Typically, if, you know, for someone that's running more or less level, Q4 will be down. Q4 was up 8-point something%.

Christopher Moe: Yeah, let me take that, Nick. Obviously, I got to be careful about giving any guidance, but I think I'm not trying to lecture you. I think, Mike, you recognize that this is a somewhat seasonal business. Beeline, I would say, is less seasonal than the average mortgage banker. But Q4 tends to be soft just because on the purchase side, people aren't usually closing on houses in November. Then we have basically a 12-week quarter that three or four weeks are zipped out of it because of the holidays. Typically, if, you know, for someone that's running more or less level, Q4 will be down. Q4 was up 8-point something%.

Speaker #5: I think , Mike , you recognize that this is a somewhat seasonal business . So beeline , I would say is less seasonal than the average mortgage banker But the fourth quarter tends to be soft .

Speaker #5: Just because on the purchase side, people aren't usually closing on houses in November. And then we have basically a 12-week quarter, that 3 or 4 weeks are zipped out of it because of the holidays.

Speaker #5: So typically , you know , for someone that's running more or less level , the fourth quarter will be down . So the fourth quarter was up eight point something percent .

Chris Moe: Q1 will be up yet again, but I'm not gonna say the amount, but it's not 8.7%.

Christopher Moe: Q1 will be up yet again, but I'm not gonna say the amount, but it's not 8.7%.

Speaker #5: First quarter will be up yet again. But I'm not going to say the amount, but it's not 8.7%.

Speaker #6: Great. Thank you. Appreciate it.

Michael Legg: Great. Thank you. Appreciate it.

Speaker #7: You're welcome

Chris Moe: You're welcome.

Christopher Moe: You're welcome.

Speaker #1: Again, if you have a question, please press star and then one. The next question will come from Jacob Frank, private investor.

Operator: Again, if you have a question, please press star and then one. The next question will come from Jacob Frank, Private Investor. Please go ahead.

Speaker #1: Please go ahead

Jacob Frank: Hey, Nick. Hey, Chris. Great results. Just wanted to check, are we on track to be cash flow positive as a group, not just the lending entity? Because the last update was in October 2025. Also, I just wanted to ask about the Series A redemption. It looked like a very friendly deal for the company. So I don't know, like, what's the color? What's the background? What motivated the investors to offer these terms? Thank you.

[Analyst]: Hey, Nick. Hey, Chris. Great results. Just wanted to check, are we on track to be cash flow positive as a group, not just the lending entity? Because the last update was in October 2025. Also, I just wanted to ask about the Series A redemption. It looked like a very friendly deal for the company. So I don't know, like, what's the color? What's the background? What motivated the investors to offer these terms? Thank you.

Speaker #8: Hey , Chris . A great results . Just want to check are we on track to be cash flow positive as a group ?

Speaker #8: Not just the lending entity? Because the last update was in October 2025. And also, I just want to ask about the Series A redemption.

Speaker #8: It looked like a very friendly deal for the company. They don't know, like, what's the color? What's the background that motivated the investors to offer these terms?

Speaker #8: Thank you .

Speaker #3: Yeah, I'll take the first part, and then I'll.

Nick Liuzza: Yeah, I'll take the first part.

Chris Moe: Oh, I'm sorry.

Christopher Moe: Oh, I'm sorry.

Nick Liuzza: I'll let Chris go ahead. Go ahead, Chris.

Speaker #7: Let Chris .

Nick Liuzza: I'll let Chris go ahead. Go ahead, Chris.

Speaker #3: Go ahead. Go ahead, Chris.

Speaker #5: Well , I was going to say I'll take the first question and you can take the second one , but we can we can play around as needed .

Chris Moe: Well, I was gonna say, I'll take the first question and you can take the second one, but we can play around as needed. So yeah. So thanks for your question. Yeah. Yes, we're very much on trend. You know, our results for last year, you know, were clouded both from the investor perspective and also internally, just because so much was going on in our birthing process of becoming a public company. But almost all that static is behind us. We're very focused on operations, and I'm confident that the lines will cross in a positive way in the near future. More than that, I can't say for obvious reasons, but to answer your question, we're very much on track, if not, you know, above the expected trajectory.

Christopher Moe: Well, I was gonna say, I'll take the first question and you can take the second one, but we can play around as needed. So yeah. So thanks for your question. Yeah. Yes, we're very much on trend. You know, our results for last year, you know, were clouded both from the investor perspective and also internally, just because so much was going on in our birthing process of becoming a public company. But almost all that static is behind us. We're very focused on operations, and I'm confident that the lines will cross in a positive way in the near future. More than that, I can't say for obvious reasons, but to answer your question, we're very much on track, if not, you know, above the expected trajectory.

Speaker #5: So , so yeah , so , so thanks for your question . Yeah . Yes . We're very much on trend and you know , our results for last year , you know , were clouded both from the investor perspective and also internally just because so much was going on in our birthing process of becoming a public company .

Speaker #5: But almost all that static is behind us . We're very focused on operations , and I'm confident that the lines will cross in a in a positive way in the near future .

Speaker #5: More than that , I can't say for obvious reasons , but to answer your question , we're very much on track . If not , you know , above , above the expected trajectory .

Chris Moe: Nick, you want to comment on the Series A?

Speaker #5: Nick, do you want to comment on the Series A?

Christopher Moe: Nick, you want to comment on the Series A?

Speaker #3: Yeah, what was the question on the series? A, I'm sorry.

Nick Liuzza: Yeah. What was the question on the Series A? I'm sorry.

Speaker #8: Yes. So the question is, what's the background and what motivated investors to offer the terms? Because the issue price actually went up.

Jacob Frank: Yes. The question is, what's the background and what motivated the investors to offer the terms? Because the issue price actually went up, so I believe we saved on issuance of shares.

[Analyst]: Yes. The question is, what's the background and what motivated the investors to offer the terms? Because the issue price actually went up, so I believe we saved on issuance of shares.

Speaker #8: So I believe we save on issuance of shares.

Speaker #3: So the series A has now been retired . Basically the way that that that series worked was we had the , the , the , the holders had the right to convert at a dollar 75 and we had the right to buy the shares back at two .

Nick Liuzza: The Series A has now been retired. Basically the way that series worked was the holders had the right to convert at $1.75, and we had the right to buy the shares back at $2. As the war broke out, right, we were uncertain of how we wanted to handle that with, you know, a pending date of the end of May for the holder to convert. We went to the holder, and we negotiated a $2.25 conversion. We issued the shares and put that to bed.

Speaker #3: And so as the market started to , as the war broke out , right , we were uncertain of how we wanted to handle that , that with a , you know , a pending date of the end of May to for the holder to convert .

Speaker #3: And so we went to the holder and we negotiated a , $2 , $25 , a $2 , $0.25 conversion . We issued the shares and put that to bed .

Nick Liuzza: Now we've got very limited preferred overhang that's currently in the cap table with the Series A currently completely retired.

Speaker #3: And now we've got very limited preferred overhang. That's currently in the cap table, with the Series A currently completely retired.

Nick Liuzza: Now we've got very limited preferred overhang that's currently in the cap table with the Series A currently completely retired.

Speaker #8: On it . Got it . That's amazing . I , I do have one last question . I know that we have the , the market program and I understand the potential users could be watching investments , acquisitions and other things , right ?

Jacob Frank: Got it. That's amazing. I do have one last question. I know that we have the at-the-market program, and I understand the potential uses could be blockchain investments, acquisitions, and other things, right? How is the management thinking about the overall capital allocation strategy and how is the money-

[Analyst]: Got it. That's amazing. I do have one last question. I know that we have the at-the-market program, and I understand the potential uses could be blockchain investments, acquisitions, and other things, right? How is the management thinking about the overall capital allocation strategy and how is the money being spent? Because I also note that the Preferred B is still costing us 6% annually. Any thoughts around it?

Speaker #8: So how is the management thinking about the overall capital allocation strategy, and how is the money being spent? Because I also know that Professor B considers 6 versus 6% annually.

Nick Liuzza: Yeah.

Jacob Frank: being spent? Because I also note that the Preferred B is still costing us 6% annually. Any thoughts around it?

Speaker #8: So any doctor on the.

Speaker #3: Yeah, I think the question is, how do we see potential acquisitions going forward? Is that the root of the question?

Nick Liuzza: Yeah. I think the question is how do we see potential acquisitions going forward? Is that the root of the question?

Jacob Frank: No. It's like, how do we decide on how we spend the money? Because I believe we have so many areas we can spend on hiring, blockchain investments, could even potentially retiring the last remaining preferred share B.

Speaker #8: No . It's like , how do we decide on how we spend the money ? Because I , I believe we have so many areas you can spend on hiring investments .

[Analyst]: No. It's like, how do we decide on how we spend the money? Because I believe we have so many areas we can spend on hiring, blockchain investments, could even potentially retiring the last remaining preferred share B.

Speaker #8: Could even potentially retire in the — I believe the last remaining professional shall be.

Speaker #3: Yeah . Got it . Look , our primary focus is spending our money to grow our revenue is profitable as we possibly can , and as mentioned on this call , right .

Nick Liuzza: Yep. Got it. Look, our primary focus is spending our money to grow our revenue as profitably as we possibly can. As mentioned on this call, right, we're in a position now where that spend is not as great as it once was in developing and building the platform and then leveraging the AI to be even more productive. On a going-forward basis, you know, that's where we're gonna put our dollars. It's a lot fewer dollars than what we've had to put toward in the past. You know, as it relates to, I think you mentioned acquisitions, you know, I mean, look, we're gonna look at potential acquisitions at some point next year. There's a lot of opportunity to potentially, A, consolidate or, B, pick up a company that can drive business to our platform.

Speaker #3: We're in a position now where that spend is not as great as it , as it once was in developing the building , the platform , and then leveraging the AI to be even more productive .

Speaker #3: So, on a going forward basis, that's how we're going to put our dollars. It's a lot fewer dollars than we've had to put toward it in the past.

Speaker #3: You know , and as it relates to , I think you mentioned acquisitions , you know , I mean , look , we we're going to look at potential acquisitions at some point next year .

Speaker #3: There's a lot of opportunity to potentially a consolidate or be pick up a company that can drive business to our platform . But as of right now , the dollars are going to spend are going to be driving transactions .

Nick Liuzza: As of right now, the dollars we're gonna spend are gonna be driving transactions. That would include, you know, forming partnerships potentially, with entities that can drive business at the end of the day. There may be some dollars spent in that direction as well.

Speaker #3: And that would include forming partnerships potentially with entities that can drive business, at the end of the day. And so there may be some dollars spent in that direction as well.

Speaker #8: Okay . Thank you . Wishing all wishing all of you all the best .

Jacob Frank: Okay. Thank you. Wishing all of you all the best.

[Analyst]: Okay. Thank you. Wishing all of you all the best.

Speaker #3: Thank you very much. We appreciate that. Thank you.

Nick Liuzza: Thank you very much. We appreciate that. Thank you.

Speaker #1: This concludes our question-and-answer session. I would like to turn the conference back over to Nikola for any closing remarks.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Nick Liuzza for any closing remarks.

Speaker #3: I want to thank everyone for their support. You know, we're now in our first years as a public company. The management team, I want to let everyone know, is completely committed.

Nick Liuzza: I wanna thank everyone for their support. You know, we're now in our first year as a public company. The management team, I wanna let everyone know is completely committed. We are, you know, we sit side by side with our shareholders as every member on this phone is an investor in Beeline with their own hard personal cash, and it goes way beyond the three of us. As we move forward, understand that the decisions we're making are not only for the best of Beeline, but for the shareholders and we're shareholders as well. We've got our next earnings call in the next 45 days, since this one's a little late in the quarter. We look forward to seeing everyone on that call and sharing our Q1 results.

Speaker #3: We are, you know, we sit side by side with our shareholders, as every member on this phone is an investor, in line with their own hard, personal cash.

Speaker #3: And it goes way beyond the three of us . So as we move forward , understand that the decisions we're making are not only for the best of B-Line , but for the shareholders and where we're shareholders as well We've got our next earnings call in the next 45 days .

Speaker #3: Since this one's a little late in the quarter, and we look forward to seeing everyone on that, on that call, and sharing our—

Speaker #3: Q2, Q1 results. Thank you, everyone.

Nick Liuzza: Thank you, everyone.

Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Q4 2025 Beeline Holdings Inc Earnings Call

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