Earnings call transcript: Beeline Holdings Q2 2025 sees revenue growth, reduced losses

Beeline Holdings reported its Q2 2025 earnings, showcasing significant developments in its financial performance and product innovation. The company saw a notable increase in net revenues and a reduction in net losses, alongside strategic operational changes. The stock has demonstrated strong momentum, gaining nearly 40% year-to-date according to InvestingPro data.

Key Takeaways

• Beeline Holdings’ net revenues reached $1.7 million in Q2 2025.
• Mortgage activities contributed to 74% of the revenue.
• The company reported a net loss of $4 million, an improvement from $6.7 million in Q1 2025.
• Beeline launched a new fractional home equity product and closed its first crypto-backed transaction.
• The company aims for monthly operating profitability by early 2026.

Company Performance

Beeline Holdings demonstrated strong performance in Q2 2025, driven by a substantial increase in mortgage originations and a diversified product offering. The company’s focus on digital mortgage lending and innovative products like Beeline Equity positions it well in the $2 trillion mortgage market, despite challenges from high interest rates. Trading near its 52-week high of $55.76, the stock has shown remarkable resilience, delivering an 18.2% return over the past six months.

Financial Highlights

• Total net revenues: $1.7 million in Q2 2025
• Mortgage originations increased by 44% compared to Q1 2025.
• Title revenue rose by 24% from the previous quarter.
• Net loss from continuing operations: $4 million, improved from $6.7 million in Q1 2025.
• Cash reserves increased to $6.3 million, up from $1.5 million in Q1 2025. The company maintains a healthy 4% dividend yield, according to InvestingPro data, with a current dividend per share of $2.20. For deeper insights into Beeline’s financial metrics and growth potential, including exclusive ProTips and comprehensive analysis, consider exploring InvestingPro’s detailed research report.

Outlook & Guidance

Beeline Holdings is optimistic about its future, targeting operating profitability by early 2026 and aiming to be debt-free by November 1, 2025. The company anticipates strong growth in 2026, driven by its new equity product and enhanced mortgage lending capabilities.

Executive Commentary

CEO Nick LaLuza emphasized the company’s growth potential, stating, "We are an emerging high growth story, driving innovation at scale." He also highlighted the importance of their new product, saying, "The opportunity is massive, but also with several moving parts, which is why it is important we get this product right."

Risks and Challenges

• High interest rates pose challenges in the mortgage market.
• The success of new products like Beeline Equity requires careful execution.
• Economic uncertainties could impact consumer confidence and spending.
• Competition in the digital mortgage space is intensifying.
• Regulatory changes could affect operations and product offerings.

Beeline Holdings remains focused on expanding its market presence and enhancing its product portfolio, with a strategic emphasis on targeting underserved markets, including gig economy workers.

Full transcript - Beeline Holdings Inc (EAST) Q2 2025:

Conference Operator: Thank you for standing by. This is the conference operator. Welcome to the Beeline Holdings Incorporated Second Quarter twenty twenty five Earnings Conference Call. As a reminder, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

I would now like to turn the conference over to Tiffany Milton, Chief Accounting Officer. Please go ahead.

Tiffany Milton, Chief Accounting Officer, Beeline Holdings: Thank you. Good evening, everyone, and thank you for joining us today to discuss financial results for the 2025. I’m Tiffany Milton, Beeline’s Chief Accounting Officer, and joining us on today’s call to discuss these results is Nick LaLuza, our Chief Executive 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, expected future operating results and financial condition, including projections concerning our ability to be cash flow positive, profitable and debt free within specified timeframes expected lower interest rates and the impact on our business the anticipated Beeline equity closings the future development and potential of our technology offerings, creation of long term shareholders’ value and the timing of and eliminating of our indebtedness. 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 2024 Form 10 ks and the prospective supplements.

In addition, there is a risk that our new technologies we are developing may not work as expected. 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. 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 said, I’d like to turn the call over to Nick Nick, please proceed.

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Good afternoon, everyone, and thank you for joining us today. I’m Nick Laieuse, Co Founder and CEO of Beeline Holdings. With me is our CFO, Chris Moe. We appreciate you spending time with us on our second quarter twenty twenty five earnings call. The quarter marks a pivotal moment for Beeline by successfully divesting one of our final spirits assets.

We are now fully focused on our core mission, operating as a digital mortgage lender with a proprietary SaaS platform unencumbered by non core operations. We want to thank our friends at Bridgetown as they embark on their own journey to grow their business now that we have formally separated. Our efforts in Q2 have been both inspiring and productive, furthering our mission of building repeatable, predictable and scalable products and services to drive higher volumes. We are an emerging high growth story, driving innovation at scale. And when stripping out the Bridgetown business, we saw a 27% increase in revenue and a decrease of 40% in expenses in 2025 versus 2025.

We believe our execution in Q2 will be looked back upon as the foundation for much stronger growth in future quarters due primarily to the introduction of a new equity product, stronger execution of a top of the funnel conversions through enhancements implemented with Bob, our AI sales agent, a stronger balance sheet, a heightened discipline in the management of expenses and the elimination of distractive non core service lines. These are facets of the business we can control. Yes, the market has been challenging due to higher interest rates affecting both refinance and purchase transactions. Going into Q2, our goal was to position Beeline for much faster growth for future quarters without relying on interest rate cuts, while improving our financial condition with a clear strategy to cash flow positive operations. Rate cuts could be on the horizon and that will have a very positive impact on the business, but that is outside of our control.

As previously mentioned, our appetite to grow a high demand equity product line that is not tied to interest rate provides a competitive advantage and a unique income stream to complement our mortgage business. This strategy has led us to support a fractional sale of equity products, which is not tied to interest rates. We view beeline equity, which has unique features not offered by other mortgage lenders as a significant opportunity, complementing our already diverse suite of conventional products,

Conference Operator: our

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: further distancing our offerings from the big banks and top 50 lenders. Frankly, we are presenting diversified opportunities in one platform to the public that we believe are not being offered by banks and other lenders. We are solving the problems of the industry with innovation and fresh products better designed for an emerging gig economy and for customers with different needs versus offering the same product and services through legacy models. Many of our competitors are trying to fit new characteristics, particularly of younger customers or customers with alternative income streams into the same old box. Beeline is different.

We are positioned to capitalize through diversification and innovation. The first feline equity transaction has been closed in partnership with an exclusive partner leveraging a new crypto backed coin, tying dollar for dollar residential real estate recorded in the public record to the blockchain, while eliminating many of the middlemen. As previously discussed, I own 50% of our partner. We expect to close 10 to 15 more transactions over the next thirty to forty five days and are planning a larger launch in October. We believe the passing of the Genius Act will aid our growth laying the groundwork for Beeline Equity to grow rapidly by quickly infusion liquidity into a difficult market with a product that is not tied to interest rates.

The opportunity is massive, but also with several moving parts, which is why it is important we get this product right. Our decision to slow play this opportunity with our partner aligns with our strategy to deliver quality at scale. More details will emerge as we get closer to a larger launch. For now, we’re perfecting the product in real time with a select number of real estate closings. I want to be clear.

Felon is not changing its model, but it’s living up to our founding principles of disruption. Belon is and will continue to be one of the most unique mortgage lending and home equity platforms in the industry. Belen Equity will complement our offerings, not replace them. Our sales agent, Bob, continues to deliver strong results. As we mentioned on our last call, we saw a six time increase in lead conversion and an eight time increase in full mortgage applications, all while operating 20 fourseven at net zero incremental costs during Q1 through the efforts of Bob.

Our larger deployment of Bob in Q2 factored with more sophistication of Bob through accelerated learning models led to exciting and stronger results. Bob handled six thirty six more conversations in Q2, while being responsible for generating 123 applications from lead gen initiatives, while beating the benchmark set in Q1. We will continue to expand the possibilities with Bob as a lead gen agent. Further deployments include video and voice. Now that Bob’s efforts are leading directly to revenue, we will be able to report on closing conversions related to Bob’s top of the funnel initiatives in future calls.

It’s very early for Bob, and while most of his efforts are responding to customer inquiries 20 fourseven, freeing up our loan guides to do more transactions, we’re starting to see Bob’s efforts lead directly to revenue. For those keeping score, Bob’s efforts have led to approximately 150,000 in revenue and in limited function, which will certainly grow over time. We’ve also seen strong performance in Hive, our workflow engine, which enables us to close loans in as little as fourteen to twenty one days, about twice as fast as traditional lenders. This efficiency allows us to handle growing volume without adding proportional cost, giving us a real structural advantage. We finished Q2 with our strongest balance sheet since inception.

We paid down $2,700,000 in debt, leaving our total non warehouse line debt owed to outsiders at less than $800,000 We entered 2025 with over $7,000,000 in debt, reducing debt in 2025 by $6,200,000 We saw our net loss trim by $2,790,000 in Q2 versus Q1. To be fair, we were able to take about $300,000 in write offs in Q2, but we also reduced approximately $225,000 of recurring expenses, which we expect to be fully realized by September 2025. The net result of these efforts position us well towards our goal of being debt free by 11/01/2025 and cash flow positive by January 2026. These are huge accomplishments and in a very short period of time. I’m very proud of our entire company.

This was and continues to be a strong organizational commitment from everyone at Beeline. Our cash flow and profitability models are built on downside cases, which include running at our projected August revenue for the next twelve months. Feline is well positioned to grow its revenue quickly regardless of market conditions in 2026. Of course, lower rates accelerate growth. We are an emerging growth story with a focus on bottom line operating income in an industry that typically has very strong net income margins in normal markets, and we may just be headed toward a normal market at some point next year.

Beeline is still in the very early innings, but it’s starting to see the cost of development pay off. We achieved meaningful milestones in Q2. We funded loan volume of $52,000,000 up 31% from Q1 twenty twenty five. Revenues increased by 27% in Q2 versus Q1 with the spirits business stripped out. We expect monthly operating profitability by early twenty twenty six.

Our net loss from continuing operations for Q2 was $4,000,000 versus $6,790,000 for Q1. Our adjusted EBITDA, a non GAAP financial measure for Q2 was a 2,800,000 loss versus a $3,500,000 loss in Q1. We have seen improvement throughout the quarter and while July numbers are still being reviewed, we believe it will be our strongest month in more than three years, topping April, our previous best in three years, by about 15%. As mentioned, we paid down $2,700,000 in debt in Q2, expecting to be debt free by November 1. As mentioned, we closed the first fractional sale of equity in residential real estate under our new beeline equity product supported by our crypto issuing partner.

We divested Bridgetown Spirits in July 2025, paving the way for complete focus on the digital mortgage business. We launched BlinkQC into Beeline’s production environment. Magic Blocks is now live with 15 clients and growing by the day. We have a 47.6 ownership in MagicBlocks. MagicBlocks is based in Australia, serving an international market with over half of its clients based outside of The U.

S. I would now like to turn it over to Chris, who will go deeper into our Q2 performance. The future is bright for Beeline.

Chris Moe, Chief Financial Officer, Beeline Holdings: Thanks, Nick. As a reminder, due to pro form a accounting adjustments and GAAP purchase accounting rules, our income statement reflects the impact of our 2024 Forward merger transaction and as such, certain periods are not directly comparable. Additionally, MagicBlocks, our AI product technology company in which we hold a significant minority stake is not consolidated in our income statement under GAAP. Additionally, our legacy spirits business, Bridgetown Spirits Corporation has been reclassified during Q2 as discontinued operations and was subsequently sold early in Q3. Let me now walk you through the Q2 twenty twenty five financial highlights.

Total net revenues were $1,700,000 for Q2, driven primarily by Beeline’s mortgage activities, which accounted for over 74% of revenue with the remainder from the Beeline title business and a small amount from Data and Tech. In terms of growth rates for our mortgage and title businesses, Q2 twenty twenty four versus Q2 twenty twenty five, we saw a 6% increase in originations and 11% increase in average revenue per loan and a 64% increase in title revenue. Comparing Q1 twenty twenty five versus Q2 twenty twenty five, we saw a 44% increase in originations, a 5% decrease in average revenue per loan and a 24% increase in title revenue. On the operating expense side, expenses totaled $5,600,000 for Q2, reflecting costs associated with staffing, transactions and marketing and advertising. For Q2, were $2,200,000 in salaries and benefits, 1,200,000.0 in professional fees, 800,000.0 in marketing and advertising and $800,000 in depreciation and amortization.

This resulted in a loss from operations of $3,900,000 driven largely by scaling our mortgage platform combined with transaction expenses. Below the line, we incurred $400,000 in interest expense and we reported a net loss from continuing operations of $4,000,000 for the quarter. While this loss is significant, it represents an improvement over our Q1 loss from continuing operations of $6,700,000 and again reflects deliberate investments and one time capital structure effects. Our core mortgage operations are scaling well and we are confident these investments will position us for a step change in performance in the quarters ahead. We’re also seeing rapid customer revenue growth from our AI sales agent spin out MagicBlocks, whose results are not reflected in these figures.

Turning to the balance sheet, we ended the quarter with $6,300,000 in cash, up from $1,500,000 in cash in Q1. We made debt repayments of $5,800,000 Total equity at period end was $55,500,000 up from $48,100,000 in Q1. Regarding cash flow, net cash used in operating activities was $5,600,000 Net cash provided by investing activities was 59,000 Net cash provided by financing activities was $10,900,000 for net increase in cash of $5,400,000 for the period. While I won’t provide firm Q3 or H2 guidance due largely to the rapid pace of transformation of the business, I agree with Nick that Beeline expect to see continuous improvement in introducing new products, growing revenues and controlling expenses with the goal of achieving operating profitability and positive cash flow by year end. With that, I’ll turn it over to the operator for questions.

Conference Operator: We will now begin the question and answer session. The first question comes from Glenn Mattson with Ladenburg Thalmann. Please go ahead.

Glenn Mattson, Analyst, Ladenburg Thalmann: Yes. Hi. Thanks for taking the questions and congrats on the results. First, I wanted to get a little more detail around the Home Equity Cash Out product, the innovative solution that you’ve introduced in the market. Can you it looks like you’re progressing along the path of starting to do some early transactions and things, but it seems that maybe you pushed out a little bit the timing on the broader launch.

Can you just give us some more understanding of what your thought process is there?

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Yes. Hey, Glenn, how are doing? Good to talk to you again. Look, we had discussed, I think, previous course communication that we were going to launch the product in late August, early September. And we pushed that out a bit for a couple of reasons.

Number one, I mean the opportunity is massive. There’s so much untapped equity in The U. S. Market and the demand is, in our opinion, going to be off the charts. There are a lot of individuals out there who can’t qualify for a cash out refi or need liquidity or even qualify for a HELOC.

And as a result of that, we have a solution that meets their needs. And so with the Genius Act passing a little more clarity in terms of how regulation is going to come down on this particular side of the business with the crypto. We felt like it was important for us to get this product right. We are very early to the market with this. I don’t see anyone else doing what we’re doing here.

So in our view, there are a lot of moving parts, primarily around turning the crypto into cash quickly at scale. And we wanted to make sure we didn’t fumble that. We didn’t make any mistakes at scale. Doing ten, twenty, 30 transactions is certainly different than doing several thousand. So for the next thirty to forty five days, we’re going to slow play it a bit.

We’re going to do a select number of transactions, which have already been identified. We’ve already started the title work on those transactions. And we’re going to do them properly and we’re going to get feedback from the customers that we do them with to make sure that when it’s time to scale, we meet the mark. And that’s really the key reason is just to be careful, do it right and make sure we have the consumers’ best interest in mind.

Glenn Mattson, Analyst, Ladenburg Thalmann: Yes. Thanks for that color. It makes sense that big opportunities, you want to get it right. Moving on to the financials for a minute. The good progress on the profitability this quarter, especially sequentially, and you kind of highlighted pointed to breakeven by late this year, early next year.

Can you I don’t know if this is for Chris or Nick, but can you just give us some more details around your assumptions and how you think you’ll get there?

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Yes. Look, I’ll take that just because I like to talk. And but look, I mean, we’re feeling really good about a lot of things over here, right? Our software is starting to materialize. Starting I mean, we’re seeing the fruits of our labor pay off.

We’ve been spending a lot of money creating a really good mousetrap and we feel good about where we’re headed. And so it just made sense to kind of buckle down a bit and make sure that we are really ready, I guess, to calm before the storm. We’re expecting a better market next year. And so we put a lot of focus on getting to profitability as fast as we can. And that includes cutting about $225,000 out of our monthly recurring expense, which we’ve already done.

We’ll fully realize that in September. Our locks are way up and we cut our marketing budget by about $40,000 a month. And we’re still seeing really strong lock performance as a result of that. Also when you look at the Q2 numbers, we had about $500,000 in those numbers of onetime nonrecurring expense. So when you take that out, when you look at the fact that we’re locking much higher loans, much many more loans on a reduced budget.

And then you take into consideration that we cut $225,000 of recurring cost out, we feel really good about the ability of being profitable by our net cash positive, I’m sorry, by January 2026. Interest rate cuts would just fuel the momentum. A big giant launch of our new product, BULA and equity product will just fuel the momentum. More title business, we’ll just view the momentum. At the end of the day, we kind of took a really modest approach to those points and we feel good about it.

We also will be debt free on November 1. So heading into next year, we’ll be debt free. We will be cash flow positive, and we’ll be positioned for greatness.

Glenn Mattson, Analyst, Ladenburg Thalmann: Thanks for that color. Yes, no one knows the future, but these new Fed candidates all seem to be outdoing each other in terms of how aggressive they want to be on the cutting rate side. So it looks like trend is going in your favor. Thanks for the color guys.

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Appreciate The

Conference Operator: next question is from Derek Greenberg with Maxim Group. Please go ahead.

Derek Greenberg, Analyst, Maxim Group: Hi, thanks for taking my questions. I wanted to just follow-up on the fractional product you guys are rolling out. I was wondering if you could just remind us the economics of that business, if it’s similar to the core of mortgage or if it’s a little bit different? And then I was wondering, once it’s fully at scale, you mentioned there’s a lot of difference in thousands of transactions versus dealing with TAD. But I was wondering what’s fully at scale, what the volumes you expect to flow through that funnel look like?

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Yes. Look, an economic standpoint, we will our margins will be a little higher than on our mortgage products. And the amount of work that we’re going to do will

Chris Moe, Chief Financial Officer, Beeline Holdings: be a little less.

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: So we’re pretty excited about that. We’re underwriting the property and we’re not underwriting the consumer as much. So that’s the reason why there’s less work. So the expense associated with the product is less, and we expect about 33% on average more revenue per file than we see on the mortgage side. Don’t think If I can just

Chris Moe, Chief Financial Officer, Beeline Holdings: jump in. I’m also going to add to this that we spend heavily in marketing to bring in the loan business. In this case and I don’t think it’s appropriate, we’re not going go into the details, but we basically have in the model next to no margin expense because our partner in this thing is going to drive the business. We’re just processing it. So the margins are pretty high.

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Yes. I don’t think we’re quite ready to talk about the projections of the business. But I will say this, we have denied about 1,000 people over the last twelve months that would qualify for this product instantly. And that’s not even trying to drive the business. So yes, look, we’re not in a position to project or talk about projections at this point.

I think that might be something for a later call.

Derek Greenberg, Analyst, Maxim Group: Okay, got it. Thank you. That’s helpful. And then just looking into 2026, you had mentioned that even without rate cuts you’re expecting significant growth. Is that largely coming from this new product or is it across all the different products?

What do you think will be the main driver of growth exclusive of rate cuts?

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Yes, that’s a good question. I think that we are going to see really strong demand for Belen Equity, the equity product because we’re infusing liquidity into the market that really in a market that is where liquidity is needed. And again, the qualification is based on the equity in the home and at the individual. And as a result of that, I mean, there is just a massive amount of equity that’s sitting on the sidelines that a lot of people can’t do anything with. I mean, in terms of getting a cash out refi, right?

I mean, baby boomers are living longer. They want to stay in their homes longer. A lot of them aren’t working and they don’t want to do necessarily do a reverse mortgage. And so when you start thinking through that and you start thinking through the fact that there are no payments here, right? I mean, you’re basically are selling and sale of equity and there’s no repayment until the house is sold.

So if you are an individual that can’t qualify for a cash out refi and need cash, this is an option for you. If you don’t want to do a HELOC, this is an option for you. If you don’t want monthly payments and interest payments, this is an option for you. If you’re looking at a reverse mortgage, this is an option for There’s just so much potential for this product. So I do think this product is going to grow very quickly.

At the same time, we’ve been in the trenches in a really bad market perfecting our model for a long time on the mortgage side. And we are offering non qualified and conventional under one roof, and we’re getting better at what we do on a monthly basis. I just mentioned a second ago that our locks are way up on a $40,000 per month decrease in our budget. That’s a big number. And that’s a high percentage decrease in budget to see an increase in locks.

So we are expecting a very strong 2026 as a result of both of those two products. I’ll also mention too, we have a lot of title experience over here. Our team grew and built one of the largest title agencies out there and merged it and brought it public on the TSX back in 2016. Same team we basically have a lot of the members of the same team over here. And as the market improves, I expect our title business to grow.

We don’t talk about that much, but that is another big opportunity for Beeline as we get into next year. So I think when you look at it, it’s really those three items. And I would rank the equity product as probably being our largest generator of revenue next year with the mortgage business being second and then the title business being third. And that will probably change when we go into 2027.

Derek Greenberg, Analyst, Maxim Group: Okay. Got it. And then just my last question and this one might be a little difficult to answer, but I was wondering obviously with rate cuts that’d be a huge catalyst for the industry overall, but I was wondering if you have like a sensitivity analysis in place in terms of how much a percent basis point cut could potentially fuel growth in loan volume for you guys and revenue for you guys or if that’s kind of two in the weeds and it’s just brought a great opportunity. I was wondering if you quantified it at all?

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Yes. Look, I mean, I don’t think we’re prepared to provide that sort of information. At a high level, I can tell you that a 25 basis point cut will have a significant impact on our business. We are a centralized digital lender. We’re not a retail lender.

The retail models tend to perform better. Everyone performs better in a low rate environment, right? But when rates are higher, the digital models aren’t on a percentage basis, they don’t perform as well as the retail models do. When rates come down, digital models tend to do very well. And so we’re a digital centralized model.

And so a 25 basis point cut will have a big impact on our business. A one point impact will have a tremendous impact on our business. I mean, we will grow incredibly fast when that happens.

Chris Moe, Chief Financial Officer, Beeline Holdings: Yes. I also just want to add a non quantitative comment to your quantitative question. So it’s interesting when you think about it, a 25 or 50 basis point cut in theory equals X, but the longer rates haven’t reduced, the more buildup effect it has on the number. So think of it as kind of a dam and the water is filling up behind the dam. So if the dam opens up and the lake is only half full, so you have X amount of water rushing through the gate, but the dam is almost at the top and you open the dam a lot twice the volume rushes through the gate.

So I guess what I’m trying to say is, this rate that sort of they came down a little bit last September and nothing since then, it’s been almost a year. I think a 25 basis point rate cut will be more significant than it would be otherwise.

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: That makes

Derek Greenberg, Analyst, Maxim Group: That definitely makes sense. Yes. Thank you. Appreciate the color.

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: You’re welcome.

Conference Operator: Showing no further questions, this concludes the question and answer session. I would like to turn the conference back over to Nick Lyoza for any closing remarks.

Nick LaLuza, Co-Founder and CEO, Beeline Holdings: Thanks, operator. To wrap up, Q2 marks yet another inflection point for Beeline. We have fully transitioned into a FinTech mortgage company. We operate in a $2 plus trillion mortgage market. Yes, we’ve invested heavily, but these are intentional foundational investments aimed at capturing meaningful market share over time.

We are confident the long term payoff will be significant. We improved our balance sheet and reduced our expenses at a time when our software costs are starting to pay off. We believe that 2025 has been inspirational and productive and will set the foundation for faster growth in the future.

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