Company: BLNE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023462
Chunk: 185

Company: Beeline Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 185
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 EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure
requirements;

●
Adjusted EBITDA excludes stock-based compensation expense which is a significant recurring expense for our business and an important
part of our compensation strategy;

●
Adjusted 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

42

●
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.

Adjusted
EBITDA

We
calculate adjusted EBITDA as net income (loss) adjusted for the impact of interest expense, depreciation and amortization expense, loss
on extinguishment of debt, 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
                                                                  September
                                            30,  
    Nine
                                            Months Ended
                                                                  September
                                            30, 
  
    (Dollars
    in thousands) 
    2025  
    2024  
    2025  
    2024 
  
    Net
    loss 
    $(3,962) 
    $(1,359) 
    $(15,029) 
    $(4,140)
  
    Interest
    expense 
     69  
     409  
     2,346  
     965 
  
    Depreciation
    and amortization 
     831  
     -  
     2,487  
     - 
  
    Loss
    on extinguishment of debt 
     685  
     -  
     610  
     -