Beeline Holdings, Inc., formerly known as Eastside Distilling, Inc., reported total revenues of $3.8 million for the fiscal year ending December 31, 2024, which remained consistent with the previous year's revenue of $3.8 million. However, the company experienced a significant increase in net loss, reporting a loss of $13.1 million compared to a loss of $7.5 million in 2023. This increase in losses was attributed to the inclusion of Beeline's operations following its acquisition on October 7, 2024, as well as an impairment loss related to its spirits business and increased professional fees.
The merger with Beeline Financial Holdings marked a strategic shift for the company, which now focuses on fintech mortgage lending and title services, alongside its spirits business. The merger was structured as an all-stock transaction, with Beeline's results included in the consolidated financial statements from October 8, 2024. The company also underwent a significant restructuring, selling its craft canning business and transferring its spirits operations to a new subsidiary, Bridgetown Spirits, which is now 53% owned by Beeline.
Operationally, Beeline originated approximately $57 million in residential mortgage loans during the fourth quarter of 2024, with a net loss of $2 million for that period. The company reported that 59% of its loans originated were non-qualified mortgages (Non-QM), reflecting its focus on serving a diverse range of borrowers. The spirits segment, however, saw a decline in net sales to $2.6 million from $3.8 million in the previous year, primarily due to reduced bulk sales and lower overall sales volume.
Looking ahead, Beeline Holdings faces challenges related to liquidity and capital requirements, as it reported a working capital deficit and is dependent on raising additional capital to meet its operational needs. The company has entered into an equity line of credit agreement to raise up to $10 million and is exploring further financing options. Management has expressed optimism about the potential for growth in the mortgage lending sector, particularly as interest rates stabilize and housing supply issues are addressed. However, the company acknowledges the risks associated with market conditions, regulatory compliance, and competition in both the mortgage and spirits industries.
About Beeline Holdings, Inc.
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