10-Q · May 15, 2026
Beeline Holdings reported a significant increase in revenue during Q1 2026, driven primarily by increased loan originations, albeit with worsening net losses compared to prior-year performance. Operating expenses surged…
Earnings analysis · 10-Q
BLNE earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Beeline delivered strong year-over-year revenue growth to $2.625 million, led by a 68% increase in Beeline Loans revenue, while diluted EPS improved to $(0.13) from $(0.64). However, the company remains deeply…
Read full summary
Beeline delivered strong year-over-year revenue growth to $2.625 million, led by a 68% increase in Beeline Loans revenue, while diluted EPS improved to $(0.13) from $(0.64). However, the company remains deeply unprofitable, with a Q2 operating margin of approximately negative 171% and six-month free cash flow of approximately negative $1.647 million. Liquidity is the dominant concern: management says it lacks sufficient cash for the next 12 months and expects to raise at least $6 million, while controls were deemed ineffective and a warehouse covenant breach required a waiver.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.13
- Operating margin
- -171.0%
What stood out
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Revenue and originations accelerated
Q2 net revenue increased to $2.625 million from $1.676 million, up 57% year over year and 204% from $863,000 in Q1 2026. Loan originations rose 28% year over year to 240 from 187.
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EPS loss improved sequentially
Diluted net loss per share improved to $(0.13) from $(0.64) in Q2 2025 and $(0.18) in Q1 2026. Net loss narrowed modestly to $(4.034) million from $(4.140) million year over year.
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Mortgage segment delivered strong growth
Beeline Loans generated $2.197 million of Q2 net revenue versus $1.311 million, up 68%, driven by gain-on-sale revenue of $1.752 million versus $1.112 million and loan origination fees of $381,000 versus $186,000.
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Operating cash burn declined
Operating cash outflow improved to $1.472 million for the six months ended June 30, 2026 from $5.562 million in the prior-year period. Six-month capital spending was $175,000, implying free cash flow of approximately $(1.647) million.
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Warehouse debt was reduced
Warehouse lines of credit and accrued interest declined to $10.408 million from $14.544 million at December 31, 2025, while available warehouse capacity was $14.6 million as of June 30, 2026.
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MagicBlocks ownership completed
The company acquired the remaining 52.4% of MagicBlocks for a purchase price valued at $638,000 and stated that full ownership is expected to accelerate product innovation, reduce production costs, and improve borrower-experience consistency.
What to watch
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Severe liquidity and funding gap
Management disclosed substantial doubt about the company’s ability to continue as a going concern for the twelve months following issuance. It stated that cash resources are insufficient for the next 12 months and that it expects to raise at least $6 million; cash and restricted cash totaled only $1.480 million at June 30, 2026.
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Ineffective controls and covenant breach
The CEO and CFO concluded that disclosure controls and procedures were not effective as of June 30, 2026. The company also reported a May 2026 breach of a financial covenant on a $5.0 million warehouse line, although the lender subsequently granted a waiver.
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Antitrust litigation remains pending
Beeline Loans remains a defendant in an antitrust class action involving the use of Optimal Blue pricing software. The amended complaint removed 17 defendants from the original 28, and the company’s motion to dismiss remains under court review.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that it expects to raise at least $6 million to meet internal cash requirements, expects MagicBlocks integration to reduce production costs, and described the TYTL transaction as subject to definitive agreements and approvals.
Earlier filings 4
10-K · March 31, 2026
Beeline Holdings positions itself as a digital-first fintech mortgage lender and title provider, offering both QM and Non‑QM loans on a single platform and launching new products (BeelineEquity, BlinkQC). The 10‑K…
10-Q · November 14, 2025
Beeline reported total net revenues of $2,344 thousand in Q3 2025 (vs $0 in Q3 2024) but remained unprofitable with a Q3 net loss of $3,962 thousand. Liquidity improved via post-period financings (registered direct…
10-Q · May 20, 2025
Beeline reported Q1 2025 total net revenues of $1,832,000 versus $597,000 in Q1 2024, driven by new mortgage-related activity; however operating loss widened to $4,922,000 and net loss to $6,927,000. Cash and cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.