Liquidity remains a critical concern as the firm burned $3.7 million in free cash flow during 2026Q1, further pressured by a $2.9 million stock-based compensation expense in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -23.6M | -21.44M | -3.23M | -1.84M | -877K | -5.95M | -3.01M | -9.13M | -13.92M | -7.01M | -4.95M | -1.19M | -1.08M | -65.05K | -67.23K | -31.52K |
| Operating CF Margin % | - | -275.98% | -82.52% | -48.48% | -6.32% | -47.99% | -21.46% | -78.55% | -227.29% | -268.55% | -235.01% | -69.76% | -102.69% | -101.58% | -54.96% | -42.21% |
| Operating CF Growth % | -1461.76% | -564.11% | -75.87% | -109.35% | 85.26% | -97.87% | 67.08% | 34.39% | -98.5% | -41.52% | -317.14% | -9.59% | -1566.12% | 3.24% | -113.29% | - |
| Net Income | -20.58M | -23.38M | -6.24M | -7.54M | -16.27M | -2.2M | -9.86M | -16.91M | -9.05M | -5.28M | -5.2M | -3.6M | -4.06M | -86.23K | -57.02K | -22.66K |
| Depreciation & Amortization | 3.29M | 3.32M | 878K | 1.36M | 1.52M | 1.24M | 2.29M | 1.7M | 364.81K | 92.02K | 21.99K | 19.28K | 5.89K | 2.79K | 1.75K | 0 |
| Stock-Based Compensation | 2.92M | 2.92M | 0 | 0 | 3K | 27K | 288K | 667.4K | 657.55K | 563.36K | 374.69K | 140.37K | 10K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 3.69M | 1.03M | 204.21K | 0 | 259.35K | 0 | -52.89K | -10K | 0 | 0 | 0 |
| Other Non-Cash Items | -1.59M | -4K | -1.18M | 2.2M | 9.36M | -3.51M | 1.53M | 4.91M | 1.52M | 734.47K | 668.78K | 831.66K | 3.26M | -3.92K | -21.41K | 6.88K |
| Working Capital Changes | -6.49M | -4.29M | 3.31M | 2.15M | 4.5M | -5.2M | 1.71M | 293.72K | -7.41M | -3.38M | -820.51K | 1.47M | -288.68K | 25.1K | -10.21K | -15.74K |
| Change in Receivables | -636K | -392K | 29K | 228K | 483K | -750K | 552K | 292.69K | -748.76K | 35.86K | -202.75K | -4.26K | 80.2K | -190 | 365 | -665 |
| Change in Inventory | 0 | 0 | 499K | 1.22M | 2.11M | 263K | 412K | -384.93K | -6.97M | -3.04M | -96.21K | -306.8K | -317.97K | -16.32K | 2.8K | 0 |
| Change in Payables | -1.4M | -754K | 172K | 592K | 465K | -599K | -458K | 721.12K | 721.21K | 804.98K | -843.5K | 1.13M | 165.71K | 21.48K | -9.1K | 0 |
| Cash from Investing | -1.11M | -1.1M | -451K | 104K | -2.32M | 3.21M | 137K | -3.63M | -1.3M | -652.94K | -9.2K | -50.08K | -37.51K | 4.41K | 0 | 0 |
| Capital Expenditures | -26K | -15K | -71K | -194K | -2.5M | -265K | -524K | -2.18M | -1.3M | -657.48K | -9.2K | -50.08K | -37.87K | -21.84K | 0 | 0 |
| CapEx % of Revenue | 0.28% | 0.19% | 1.81% | 5.12% | 17.99% | 2.14% | 3.74% | 18.72% | 21.17% | 25.18% | 0.44% | 2.94% | 3.59% | 34.11% | - | - |
| Acquisitions | 0 | 0 | 128K | 0 | 180K | 114K | 624K | -1.45M | 0 | 4.54K | 0 | 0 | 364 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.09M | -1.09M | -378K | 298K | 0 | 3.36M | 37K | 0 | 0 | 0 | 0 | 0 | 0 | 4.41K | 0 | 0 |
| Cash from Financing | 25.53M | 24.89M | 4.59M | 1.41M | 641K | 5.18M | 3.36M | 2.46M | 23.27M | 9.16M | 5.91M | 296.88K | 2.17M | 55.36K | 70.39K | -2K |
| Debt Issued (Net) | 6.37M | 2.1M | 1.71M | 16K | 443K | -3.29M | 3.36M | 1.18M | 6.48M | 2.3M | 1.73M | 0 | 14.55K | 8.71K | 70.39K | -2K |
| Equity Issued (Net) | 8.9M | 13.8M | 2.88M | 1.4M | 198K | 4.97M | 0 | 1.26M | 0 | 6.73M | 0 | 0 | 2.16M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.52K | -4.3K | -500 | 0 |
| Share Repurchases | 0 | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 10.27M | 8.97M | 0 | 0 | 0 | 3.5M | 0 | 14K | 16.79M | 129.91K | 4.18M | 296.88K | 2.63K | 46.65K | 0 | 0 |
| Net Change in Cash | 481K | 2.32M | 876K | -320K | -2.55M | 2.44M | 493K | -10.3M | 8.06M | 1.5M | 946.75K | -940.97K | 1.05M | -5.28K | 3.16K | -33.52K |
| Free Cash Flow | -23.86M | -21.69M | -3.3M | -2.03M | -3.37M | -6.21M | -3.53M | -11.31M | -15.21M | -7.67M | -4.96M | -1.24M | -1.12M | -86.89K | -67.23K | -31.52K |
| FCF Margin % | -254.57% | -279.15% | -84.33% | -53.6% | -24.3% | -50.13% | -25.2% | -97.27% | -248.47% | -293.73% | -235.44% | -72.7% | -106.28% | -135.7% | -54.96% | -42.21% |
| FCF Growth % | -625.52% | -557.27% | -62.56% | 39.83% | 45.69% | -76.01% | 68.79% | 25.67% | -98.39% | -54.5% | -301.01% | -10.36% | -1190.84% | -29.25% | -113.29% | - |
| FCF per Share | -0.78 | -1.53 | -13.40 | -18.61 | -44.00 | -97.78 | -70.41 | -243.83 | -500.94 | -412.55 | -795.95 | -324.68 | -403.32 | -69.36 | -63.48 | -29.76 |
| FCF Conversion (FCF/Net Income) | 1.16x | 0.97x | 0.28x | 0.24x | 0.05x | 2.71x | 0.30x | 0.54x | 1.54x | 1.33x | 0.95x | 0.33x | 0.27x | 0.75x | 1.18x | 1.39x |
| Interest Paid | -85K | 0 | 27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.94K | 10.26K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50 | 2.11K | 0 |
Imminent liquidity exhaustion risk
According to recent quarterly filings, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios swinging from 0.06 to 2.22, suggesting that reported earnings are poor proxies for the actual cash-generating capacity of the firm's mortgage origination activities.
The wide variance in the conversion of net income to operating cash flow indicates that non-cash items and working capital swings are masking the underlying cash burn. Investors should monitor whether this instability reflects genuine operational friction or aggressive accounting adjustments related to mortgage servicing rights.
As reported in financial statements, Beeline's free cash flow trajectory remains consistently negative, with the company burning through $3.7 million in 2026Q1 alone, underscoring a structural inability to generate positive cash flow despite the reported high-growth revenue environment.
The persistent FCF deficits suggest that the company's current business model is fundamentally capital-consumptive rather than self-sustaining. This trend warrants further investigation into whether the firm can reach a cash-flow-positive state before its limited liquidity reserves are fully exhausted.
Based on reported figures, working capital changes have become the primary driver of quarterly cash flow fluctuations, with a $5.4 million outflow in 2025Q4 followed by a $1.6 million inflow in 2026Q1, highlighting the extreme sensitivity of the firm's cash position to operational timing.
These volatile working capital movements suggest that the company is heavily reliant on the timing of loan sales and settlement cycles to manage its immediate cash needs. Such reliance may indicate that the firm lacks a sufficient liquidity buffer to absorb even minor operational delays in the secondary mortgage market.
Analysis of recent SEC filings reveals that the company's cash flow statement is heavily impacted by non-cash adjustments and stock-based compensation, which reached $2.9 million in 2025Q4, effectively obscuring the true extent of the cash burn required to support the firm's current growth trajectory.
The reliance on stock-based compensation and other non-cash adjustments suggests that the company is attempting to preserve cash by compensating personnel with equity rather than liquid assets. This practice may provide temporary relief but does not address the underlying structural deficit in the firm's core operating cash flow.
Quick answers to the most common questions about buying BLNE stock.
Beeline Holdings, Inc. (BLNE) generated $-21.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Beeline Holdings, Inc. (BLNE) reported negative free cash flow of $21.7M in 2025, indicating capital requirements exceeded cash from operations.
Beeline Holdings, Inc. (BLNE) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Beeline Holdings, Inc. (BLNE) spent $2.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.