季報
季度報告
10-Q
2026-05-15
總淨收入約270萬美元，較去年同期的125萬美元大增116%，主要受惠於貸款出售收益（185萬美元）、貸款發放費（40萬美元）及產權費（38萬美元）增長。
AI 繁中摘要
Beeline Holdings, Inc.（股票代碼：BLNE）今日向美國證監會提交了截至2026年3月31日止的第一季度10-Q申報文件。公司已從Eastside Distilling正式更名，全面轉型為一家金融科技按揭貸款機構，專注於數碼化按揭、產權服務及碎股產權交易平台。
第一季業績重點（未經審計）：
- 總淨收入約270萬美元，較去年同期的125萬美元大增116%，主要受惠於貸款出售收益（185萬美元）、貸款發放費（40萬美元）及產權費（38萬美元）增長。
- 營運開支約786萬美元，按年上升31%，主因薪酬佣金（302萬美元）及市場推廣（104萬美元）增加。
- 營運虧損約517萬美元，對比去年同期虧損476萬美元，略為擴大。
- 歸屬於普通股股東的淨虧損約532萬美元，或每股0.18美元（基本及攤薄），去年同季虧損1,145萬美元或每股6.14美元，虧損收窄主因去年同期錄得約459萬美元的優先股視同股息及股價保障調整。
資產負債表與現金流：
- 截至2026年3月31日，持有現金及受限制現金共約199萬美元（2025年底為320萬美元）。
- 股東權益約5,090萬美元，較去年底微降。
- 經營活動所用現金約362萬美元，反映持續投資於貸款發放及營運。
重大發展：
- 公司宣布與Structured Real Estate Group（SRG）建立戰略合作，將按揭平台整合至SRG的AI驅動房地產系統，預期可帶來額外貸款收入。
- 季內完成多項資本市場活動，包括透過股權信貸額度（ELOC）及ATM發行普通股籌集約139萬美元（已扣除成本），並有優先股轉換為普通股。
- 管理層在文件中提出持續經營疑慮，表示需要進一步透過發行債務或權益融資，但指出近期融資紀錄顯示成功機會。
後續事項（截至2026年5月15日）：
- 4月至5月中，公司透過ATM及認股權證額外發行普通股及G系列優先股，並與貸款人簽訂新信貸額度。
- 2026年5月22及23日，公司獲得兩筆新貸款，金額合共未具體披露，用作營運資金。
管理層展望：公司正積極透過平台合作擴大收入基礎，並利用股權市場補充流動性。惟仍需注意持續虧損及現金消耗風險。
展開英文正文
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S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to _____________ Commission File Number 001-38182 BEELINE HOLDINGS, INC. (Name of small business issuer as specified in its charter) Nevada 20-3937596 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 188 Valley Street, Suite 225 Providence, RI 02909 (Address of principal executive offices, including 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) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 day. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 if the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒ As of May 15, 2026, 31,178,713 shares of our common stock were outstanding. Documents Incorporated by Reference: None. BEELINE HOLDINGS, INC. FORM 10-Q March 31, 2026 TABLE OF CONTENTS Page PART I— FINANCIAL INFORMATION 3 Item 1. Financial Statements 3 Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 3 Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2026 and 2025 (unaudited) 4 Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited) 5 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited) 6 Notes to the Consolidated Financial Statements (unaudited) 7 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 35 Item 3. Quantitative and Qualitative Disclosures About Market Risk 43 Item 4 Controls and Procedures 43 PART II— OTHER INFORMATION 44 Item 1 Legal Proceedings 44 Item 1A Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45 SIGNATURES 47 2 PART I: FINANCIAL INFORMATION ITEM 1 – FINANCIAL STATEMENTS Beeline Holdings, Inc. and Subsidiaries Consolidated Balance Sheets March 31, 2026 and December 31, 2025 (Dollars in thousands, except share and per share amounts) 2026 2025 (Unaudited) Assets Current assets: Cash and cash equivalents $1,906 $3,064 Restricted cash 81 131 Mortgage loans held for sale, net, at fair value 17,320 15,072 Interest rate lock commitment derivative 185 232 Accounts receivable, net (includes related party receivables of $16 as of December 31, 2025) 60 20 Other receivable 121 - Prepaid expenses and other current assets 509 459 Due from affiliate 198 400 Total current assets 20,380 19,378 Goodwill 33,310 33,310 Property and equipment, net 10,995 11,710 Intangible assets, net 4,804 4,829 Right-of-use assets 350 401 Simple Agreements for Future Equity (“SAFEs”), related party 31 148 Other assets, net 386 441 Total Assets $70,256 $70,217 Liabilities and Equity Current liabilities: Warehouse lines of credit and accrued interest $15,410 $14,544 Loans committed for funding 1,314 - Accounts payable 815 645 Accrued liabilities 1,415 903 Current portion of lease liabilities 246 239 Total current liabilities 19,200 16,331 Lease liabilities, net of current portion 154 221 Other noncurrent liabilities - 57 Total liabilities 19,354 16,609 Commitments and contingencies (Note 15) - - Shareholders’ Equity: Common stock, $0.0001 par value; 100,000,000 shares authorized and 30,647,369 and 27,904,433 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 3 3 Preferred stock, $0.0001 par value, 100,000,000 authorized Preferred stock Series A; 8,425,102 shares designated; 0 shares and 6,425,102 shares issued and outstanding as of March 31, 2026 and December 31, 2025 - 1 Preferred stock Series B; 2,500,000 shares designated; 2,500,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025 - - Preferred stock Series F; 70,000,000 shares designated; 1,259,009 shares and 1,515,251 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively - - Preferred stock Series F-1; 1,000,000 shares designated; 9,382 shares and 11,292 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively - - Preferred stock Series G; 15,000,000 shares designated; 691,571 shares and 926,864 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively - - Preferred stock value - - Additional paid-in capital 181,958 179,354 Accumulated other comprehensive loss (41) (48) Accumulated deficit (131,018) (125,702) Total Shareholders’ Equity 50,902 53,608 Total Liabilities and Shareholders’ Equity $70,256 $70,217 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 Beeline Holdings, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Loss Three Months Ended March 31, 2026 and 2025 (Dollars in thousands, except share and per share amounts) (Unaudited) 2026 2025 Revenues Gain on sale of loans, net $1,845 $814 Loan origination fees 395 150 Interest income (expense) Interest income 177 71 Interest expense (189) (65) Interest income (expense), net (12) 6 Title fees (includes related party revenues of $13 for the three months ended March 31, 2026) 380 273 Fractional equity revenues, related party 37 - Other revenues (includes related party revenues of $50 for the three months ended March 31, 2026) 51 4 Total net revenues 2,696 1,247 Operating Expenses Compensation, commissions and benefits 3,016 2,087 General and administrative expenses 1,930 1,878 Depreciation and amortization 815 820 Marketing and advertising 1,042 525 Other operating expenses 1,060 694 Total operating expenses 7,863 6,004 Loss from operations (5,167) (4,757) Other income (expense), net Interest income 6 1 Interest expense - (1,889) Loss on equity method investment (117) (75) Other income (expense), net - 14 Total other income (expense), net (111) (1,949) Loss before income taxes (5,278) (6,706) Provision for income taxes - - Net loss from continuing operations (5,278) (6,706) Loss from discontinued operations - (221) Net loss (5,278) (6,927) Net loss attributable to non-controlling interests (related to discontinued operations) - (105) Net loss attributable to common stockholders before preferred stock dividends (5,278) (6,822) Preferred stock dividends (38) (38) Deemed dividend - Preferred stock Series G and warrant price protection - (4,588) Net loss attributable to common stockholders $(5,316) $(11,448) Comprehensive loss Net loss $(5,278) $(6,927) Unrealized foreign currency translation gain 7 17 Total comprehensive loss (5,271) (6,910) Comprehensive loss attributable to non-controlling interests - 105 Comprehensive loss attributable to common stockholders $(5,271) $(6,805) Basic and diluted net loss from continuing operations per common share $(0.18) $(3.60) Basic and diluted net loss from discontinued operations per common share $- $(0.12) Basic and diluted net loss per common share attributable to common stockholders $(0.18) $(6.14) Basic and diluted weighted average common shares outstanding 29,363,230 1,864,794 The accompanying notes are an integral part of these unaudited consolidated financial statements. 4 Beeline Holdings, Inc. and Subsidiaries Consolidated Statements of Changes in Equity For the Three Months Ended March 31, 2026 and 2025 (Dollars in thousands, except share amounts) (Unaudited) Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Issued Capital Deficit Loss Interest Equity Common Stock Series A Preferred Stock Series B Preferred Stock Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Series F1 Preferred Stock Series G Preferred Stock Stock to be Additional Paid-in Accumulated Accumulated Other Comprehensive Non-Controlling Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Issued Capital Deficit Loss Interest Equity Balance, December 31, 2024 468,950 $- - $- 2,500,000 $- 255,474 $- 200,000 $- 69,085,562 $7 517,775 $- 5,308,239 $1 $205 $141,877 $(94,189) $(34) $1,101 $48,968 Issuance of stock for services by third parties - - - - - - - - - - - - - - 264,796 - (125) 125 - - - - Issuance of stock related to settlement 13,115 - - - - - - - - - - - - - - - (80) 80 - - - - Issuance of common stock for services by employees - - - - - - - - - - - - - - - - 14 116 - - - 130 Conversion of preferred shares 6,247,126 1 - - - - - - - - (57,020,394) (6) (421,186) - (3,980,664) - - 6 - - - 1 Series G Preferred Stock issued for cash, net of offering costs - - - - - - (188,808) - - - - - - - 6,417,159 - - 3,266 - - - 3,266 ELOC shares issued for cash, net of offering costs 1,090,622 - - - - - - - - - - - - - - - - 1,978 - - - 1,978 Note payable, related party converted to preferred shares - - - - - - - - - - - - - - 1,372,549 - - 700 - - - 700 Preferred stock dividends - - - - - - - - - - - - - - - - - - (38) - - (38) Foreign currency translation adjustments - - - - - - - - - - - - - - - - - - - 17 - 17 Deemed dividend-price protection, revaluation adjustment - - - - - - - - - - - - - - - - - 4,588 (4,588) - - - Net loss - - - - - - - - - - - - - - - - - - (6,822) - (105) (6,927) Balance, March 31, 2025 7,819,813 $1 - $- 2,500,000 $- 66,666 $- 200,000 $- 12,065,168 $1 96,589 $- 9,382,079 $1 $14 $152,736 $(105,637) $(17) $996 $48,095 Balance, December 31, 2025 27,904,433 $3 6,425,102 $1 2,500,000 $- - $- - $- 1,515,251 $- 11,292 $- 926,864 $- $- $179,354 $(125,702) $(48) $- $53,608 Balance 27,904,433 $3 6,425,102 $1 2,500,000 $- - $- - $- 1,515,251 $- 11,292 $- 926,864 $- $- $179,354 $(125,702) $(48) $- $53,608 Stock-based compensation expense - - - - - - - - - - - - - - - - - 793 - - - 793 Issuance of common stock for option exercises 1,875 - - - - - - - - - - - - - - - - 2 - - - 2 Issuance of restricted stock awards - - - - - - - - - - - - - - - - - 184 - - - 184 Issuance of common stock for services by employees 100,000 - - - - - - - - - - - - - - - - - - - - - Warrants exercised related to Series G Preferred Stock 452,475 - - - - - - - - - - - - - - - - 232 - - - 232 ELOC shares issued for cash, net of offering costs 444,444 - - - - - - - - - - - - - - - - 945 - - - 945 ATM shares issued for cash, net of offering costs 163,112 - - - - - - - - - - - - - - - - 447 - - - 447 Conversion of preferred shares 1,581,030 - (6,425,102) (1) - - - - - - (256,242) - (1,910) - (235,293) - - 1 - - - - Preferred stock dividends - - - - - - - - - - - - - - - - - - (38) - - (38) Foreign currency translation adjustments - - - - - - - - - - - - - - - - -