Company: BLNE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024044
Chunk: 59

Company: Beeline Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

●
Adjusted EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments on
our non-funding debt, which reduces cash available to us; and

●
The expenses and other items that we exclude in the calculation of adjusted EBITDA may differ from the expenses and other items, if
any, that other companies may exclude from similarly titled non-GAAP measures when they report their operating results, and we may,
in the future, exclude other significant, unusual or non-recurring expenses or other items from these financial measures.

Because
of these limitations, adjusted EBITDA should be considered along with other financial performance measures presented in accordance with
GAAP, and not as an alternative or substitute for our financial results prepared and presented in accordance with GAAP.

39

Adjusted
EBITDA

We
calculate adjusted EBITDA as net income (loss) adjusted for the impact of interest expense, depreciation and amortization expense, net
loss from discontinued operations, stock-based compensation expense, and other non-recurring or non-core operational expenses.

The
following table presents a reconciliation of net income (loss) to adjusted EBITDA:

    Three Months Ended June 30,  
    Six Months Ended June 30, 
  
    (Dollars in thousands) 
    2025  
    2024  
    2025  
    2024 
  
    Net loss 
    $(4,140) 
    $(1,488) 
    $(11,067) 
    $(2,781)
  
    Interest expense 
     388  
     308  
     2,277  
     556 
  
    Depreciation and amortization 
     836  
     14  
     1,656  
     28 
  
    Net loss from discontinued operations 
     138  
     830  
     362  
     1,511 
  
    Stock-based compensation expense 
     -  
     30  
     130  
     132 
  
    Merger-related expenses (1) 
     -  
     -  
     321  
     - 
  
    Adjusted EBITDA 
    $(2,778) 
    $(306) 
    $(6,321) 
    $(