BLNEHIGH SIGNALFINANCIAL10-K

Beeline Holdings completed a significant business transformation, changing its name from Eastside Distilling and substantially restructuring its operations while raising capital that nearly doubled current assets.

The company underwent a fundamental business pivot away from its previous distilling operations, as evidenced by the name change, introduction of new "BeelineEquity" products, and dramatic operational restructuring. The substantial increase in current assets suggests successful capital raising, but the meaningful decline in gross profit indicates either transitional challenges or a shift to lower-margin business activities during this transformation period.

Comparing 2026-03-31 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

The financial picture reflects a company in major transition, with current assets growing substantially to $19.4M while gross profit declined meaningfully to $1.1M. Operational expenses were reduced significantly, with SG&A expenses cut to $3.9M and capital expenditures dropping to minimal levels, suggesting aggressive cost-cutting measures. The combination of increased liquidity and reduced profitability indicates BLNE is likely investing heavily in its business transformation while managing through a period of operational restructuring.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+93%
$10.0M→$19.4M

Current assets grew 93% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-92.3%
$194K→$15K

Capex reduced 92.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Accounts Receivable
Balance Sheet
-85.1%
$134K→$20K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Gross Profit
P&L
-56.5%
$2.4M→$1.1M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Inventory
Balance Sheet
-53.5%
$3.2M→$1.5M

Inventory drawn down 53.5% — strong sell-through or deliberate destocking; watch for supply constraints.

Interest Expense
P&L
-50%
$2.2M→$1.1M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

SG&A Expense
P&L
-47.7%
$7.5M→$3.9M

SG&A reduced 47.7% — improved cost efficiency or headcount reduction improving operating margins.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-15
ADDED
As of March 31, 2026, 30,647,369 shares of our common stock were outstanding.
Form 10-K Summary 67 SIGNATURES 68 2 PART I Cautionary Note Regarding Forward Looking Statements This Report contains forward-looking statements that involve risks and uncertainties, including statements regarding our plans and expectations for our operations, technology, financial results and growth prospects, anticipated or potential economic, industry and regulatory trends, strategic transactions and business plans including with respect to the Company s new BeelineEquity product and the perceived or anticipated benefits thereof, and our liquidity and potential future sources of capital.
ATM Agreement means the At The Market Offering Agreement between the Company and Ladenburg Thalmann Co., Inc.
ELOC Agreement means the Amended and Restated Common Stock Purchase Agreement between the Company and C/M Capital Master Fund, LP dated March 7, 2025, as amended.
(the Company ) was incorporated under the laws of Nevada in 2004.
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REMOVED
As of April 15, 2025, 8,096,479 shares of our common stock were outstanding.
implemented a one-for-10 reverse stock split of its common stock.
To facilitate comparative analysis, all statements in this Report regarding numbers of shares of common stock and all references to prices of a share of common stock if referencing events or circumstances occurring prior to March 12, 2025, have been modified to reflect the effect of the reverse stock split on a pro forma basis.
Form 10-K Summary 61 SIGNATURES 62 2 PART I Cautionary Note Regarding Forward Looking Statements This Report contains forward-looking statements that involve risks and uncertainties, including statements regarding our plans and expectations for our operations, technology, financial results and growth prospects, anticipated or potential economic, industry and regulatory trends, and our liquidity and potential future sources of capital.
Certain words and terms like Common Stock are not included in this Glossary.
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