Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 232

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 232
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, Beeline has expanded its focus on its B2B SaaS strategy, which is also subject to
macroeconomic conditions.

To
measure operational efficiency and growth, we track a range of performance metrics in our lending and title businesses, including production
data. Beeline Loans, the principal operating subsidiary of Beeline, uses data to track margin and gain-on-sale revenue. The title companies
use data to track file revenue. Beeline uses industry tools to benchmark its margin and note rates against the broader mortgage origination
market. We also evaluate key business drivers for Beeline subsidiaries, such as Beeline Labs, by monitoring revenue, unit sales, and
SaaS (B2B) growth potential. Additionally, we assess customer acquisition costs and profitability per loan to optimize financial performance.
These key indicators help gauge progress toward our strategic and long-term growth objectives.

Bridgetown
Spirits

Bridgetown
Spirits operates in a highly competitive, heavily regulated industry across multiple states, where both operations and distributor importance
vary by location. Following a period of declining distribution, Bridgetown Spirits has focused on refining its distribution strategy.
While Bridgetown Spirits has lost distribution in some key states, it has strengthened its presence in others. Restoring and optimizing
distribution remains a critical challenge, impacting volumes and future sales.

In
2024, Bridgetown Spirits completed a restructuring aimed at streamlining operations by focusing on core business activities while outsourcing
non-core functions, including production. As a result, its overall expenses decreased related to manufacturing, distribution, and sales
activities. To further enhance efficiency, Bridgetown Spirits established key partnerships with external resources to achieve lower costs
and improved sales performance. The impact of these changes was partially reflected in the fourth quarter of 2024, but full-year results
do not yet capture their complete effect.

Results of Operations

For
the year ended December 31, 2024, the Company reported total revenue of $3.8 million on a consolidated basis, consistent with
the prior year’s revenue. The Company recorded a net loss of $13.1 million for 2024, compared to a net loss of $7.5 million in
2023.

The Merger was structured and accounted for as a business combination with Eastside as the acquirer of 100% of the
controlling equity interests of Beeline Financial and subsidiaries. The Company’s consolidated financial statements for the year
ended December 31, 2024 include Be