Beeline Holdings Inc (BLNE) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Beeline Holdings Incorporated second-quarter 2025 earnings conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 Beeline Holdings Incorporated 2025 年第二季財報電話會議。提醒一下，所有參與者都處於只聽模式，會議正在錄音。（操作員指示）

I would now like to turn the conference over to Tiffany Milton, Chief Accounting Officer. Please go ahead.

現在，我想將會議交給首席會計官 Tiffany Milton。請繼續。

Thank you. Good evening, everyone, and thank you for joining us today to discuss Beeline's financial results for the second quarter of 2025. I'm Tiffany Milton, Beeline's Chief Accounting Officer; and joining us on today's call to discuss these results is Nick Lauza, our Chief Executive Officer; and Chris Moe, our Chief Financial Officer. Following our remarks, we will open the call to your questions.

謝謝。大家晚上好，感謝您今天加入我們討論 Beeline 2025 年第二季的財務表現。我是 Beeline 的首席會計官 Tiffany Milton；參加今天電話會議討論這些結果的還有我們的首席執行官 Nick Lauza；以及我們的首席財務官 Chris Moe。在我們發言之後，我們將開始回答大家的提問。

Now, before we begin with prepared remarks, we submit for the record the following statement. This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995, including but not limited to statements regarding beeline Holdings expected future growth, expected future operating results, and financial condition, including projections concerning our ability to be cash flow positive, profitable, and debt free within specified time frames.

現在，在我們開始準備好的發言之前，我們先提交以下聲明以供記錄。本次電話會議包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，包括但不限於有關 beeline Holdings 預期未來增長、預期未來經營業績和財務狀況的陳述，包括有關我們在特定時間範圍內實現現金流為正、盈利和無債務的能力的預測。

Expected lower interest rates and the impact on our business, the anticipated beeline equity closings, the future development and potential of our technology offerings, creation of long term shareholder value, and the timing of the eliminating of our indebtedness.

預期利率下降及其對我們業務的影響、預期的直線股權關閉、我們技術產品的未來發展和潛力、長期股東價值的創造以及消除債務的時機。

Forward-looking statements are typically identified by words such as believe, expect, anticipate, plan, intend, seek, estimate, will, would, could, may, continue, forecasts, targets, potential, project, undertake, and similar expressions. These statements are based on management's current assumptions, beliefs, and expectations and are not guarantees of future performance.

前瞻性陳述通常以相信、期望、預期、計劃、打算、尋求、估計、將要、可能、繼續、預測、目標、潛在、項目、承擔等字眼和類似的表達來表示。這些聲明是基於管理層目前的假設、信念和期望，並不能保證未來的表現。

Actual results may differ materially from those described in forward-looking statements due to various risks and uncertainties. These include, without limitation, the risk factors we provided in our 2024 Form 10-K in the prospectus supplements. In addition, there is a risk that our new technologies we are developing may not work as expected. We caution investors not to place undue reliance on any forward-looking statements made during this call.

由於各種風險和不確定性，實際結果可能與前瞻性陳述中所述的結果有重大差異。這些包括但不限於我們在招股說明書補充文件 2024 年 10-K 表格中提供的風險因素。此外，我們正在開發的新技術也存在無法達到預期效果的風險。我們提醒投資者不要過度依賴本次電話會議中所做的任何前瞻性陳述。

All forward-looking statements speak only as of the date of this presentation and are based on information available to beeline as of today. We undertake no obligation to publicly update or revise these statements to reflect events or circumstances occurring after today's date, except as required by law. Now with that said, I'd like to turn the call over to Nick Lauza. Nick, please proceed.

所有前瞻性陳述僅代表截至本簡報發布之日的觀點，且基於 beeline 截至今日可獲得的資訊。除非法律要求，我們不承擔公開更新或修改這些聲明以反映今天之後發生的事件或情況的義務。現在，我想將電話轉給 Nick Lauza。尼克，請繼續。

Good afternoon everyone, and thank you for joining us today. I'm Nicolaiuza, co-founder and CEO of Beeline Holdings. With me is our CFO Chris Mo. We appreciate you spending time with us on our second-quarter 2025 earnings call. The quarter marks a pivotal moment for Beeline by successfully divesting one of our final spirits assets. We are now fully focused on our core mission.

大家下午好，感謝大家今天的參與。我是 Nicolaiuza，Beeline Holdings 的共同創辦人兼執行長。和我一起的是我們的財務長 Chris Mo。感謝您抽空參加我們的 2025 年第二季財報電話會議。本季對 Beeline 來說是一個關鍵時刻，我們成功剝離了最後的烈酒資產之一。我們現在全心全意地專注於我們的核心使命。

Operating as a digital mortgage lender with a proprietary SAS platform unencumbered by nine core operations. We want to thank our friends at Bridgetown as they embark on their own journey to grow their business now that we have formally separated.

作為數位抵押貸款機構，我們擁有一個專有的 SAS 平台，不受九項核心業務的束縛。我們要感謝布里奇敦的朋友們，在我們正式分離後，他們開始了自己的業務發展之旅。

Our efforts in Q2 have been both inspiring and productive, furthering our mission of building repeatable, predictable, and scalable products and services to drive higher volumes. We are an emerging high growth story driving innovation at scale, and when stripping out the Bridgetown business, we saw a 27%. Increase in revenue and a decrease of 40% in expenses in Q2 of 2025 versus Q1 of 2025.

我們在第二季度的努力既鼓舞人心又富有成效，進一步推進了我們建立可重複、可預測和可擴展的產品和服務以推動更高銷售的使命。我們是一個新興的高成長企業，正在推動大規模創新，當剝離布里奇敦業務時，我們看到了 27% 的成長。2025 年第二季與 2025 年第一季相比收入增加，支出減少 40%。

We believe by execution in Q2 will be looked back upon as the foundation for much stronger growth in future quarters due primarily to the introduction of a new equity product, stronger execution of the top of the funnel conversions through enhancements implemented with Bob, our AI sales agent.

我們相信，第二季的執行情況將被視為未來幾季更強勁成長的基礎，這主要歸功於新股票產品的推出，以及透過與我們的人工智慧銷售代理 Bob 合作實施的增強功能，更強地執行了漏斗頂部的轉換。

A stronger balance sheet, a heightened discipline in the management of expenses, and the elimination of distractive non-core service lines. These are facets of the business we can control. Yes, the market has been challenging due to higher interest rates affecting both refinance and purchase transactions.

更強勁的資產負債表、更嚴格的費用管理紀律以及消除分散注意力的非核心服務線。這些是我們可以控制的業務方面。是的，由於較高的利率影響了再融資和購買交易，市場一直充滿挑戰。

Going into Q2, our goal was to position beeline for much faster growth for future quarters without relying on interest rate cuts while improving our financial condition. With a clear strategy to cash flow positive operations. Rate cuts could be on the horizon, and that will have a very positive impact on the business, but that is outside of our control.

進入第二季度，我們的目標是在不依賴降息的情況下，在未來幾季實現更快的成長，同時改善我們的財務狀況。以明確的策略實現現金流正向營運。降息可能即將到來，這將對業務產生非常積極的影響，但這超出了我們的控制範圍。

As previously mentioned, our appetite to grow a high demand equity product line that is not tied to interest rates provides a competitive advantage and a unique income stream to complement our mortgage business. This strategy has led us to support a fractional sale of equity products which is not tied to interest rates. We view beeline equity, which has unique features not offered by other mortgage lenders, as a significant opportunity complementing our already diverse suite of conventional and non-QM mortgage products, further distancing our offerings from the big banks and top 50 lenders.

如前所述，我們渴望發展不受利率束縛的高需求股票產品線，這為我們提供了競爭優勢和獨特的收入來源，以補充我們的抵押貸款業務。這項策略使我們支持與利率無關的部分股票產品銷售。我們認為直線股權具有其他抵押貸款機構不具備的獨特功能，是補充我們已經多樣化的傳統和非 QM 抵押貸款產品套件的重要機會，進一步拉開我們與大銀行和前 50 名貸款機構的距離。

Frankly, we are presenting diversified opportunities in one platform to the public that we believe are not being offered by banks and other lenders.

坦白說，我們在一個平台上向公眾提供多樣化的機會，我們認為這些機會是銀行和其他貸款人所沒有提供的。

We're solving the problems of the industry with innovation and fresh products better designed for an emerging gig economy and for customers with different needs versus offering the same product and services through legacy models. Many of our competitors are trying to fit new characteristics, particularly of younger customers or customers with alternative income streams into the same old box. Beeline is different. We are positioned to capitalize through diversification and innovation.

我們正在透過創新和新產品來解決行業問題，這些產品更好地針對新興的零工經濟和具有不同需求的客戶進行設計，而不是透過傳統模式提供相同的產品和服務。我們的許多競爭對手都在嘗試將新的特徵，特別是年輕客戶或擁有其他收入來源的客戶的特徵融入同一個舊盒子中。Beeline 則不同。我們的目標是透過多樣化和創新來獲取資本。

The first be line equity transaction has been closed in partnership with an exclusive partner leveraging a new cryptoack coin tying dollar for dollar residential real estate recorded in the public record to the blockchain while eliminating many of the middlemen. As previously discussed, I own 50% of our partner.

首筆 be line 股權交易已與獨家合作夥伴完成，利用一種新的加密幣將公共記錄中的住宅房地產與區塊鏈進行一比一綁定，同時消除了許多中間商。正如之前所討論的，我擁有我們合作夥伴 50% 的股份。

We expect to close 10 to 15 more transactions over the next 30 to 45 days and are planning a larger launch in October. We believe the passing of the Genius Act will aid our growth, laying the groundwork for beeline equity to grow rapidly by quickly infusing liquidity into a difficult market with a product that is not tied to interest rates.

我們預計在未來 30 至 45 天內完成 10 至 15 筆交易，並計劃在 10 月進行更大規模的推出。我們相信《天才法案》的通過將有助於我們的成長，透過一種不受利率掛鉤的產品迅速向困難的市場注入流動性，為直線股權的快速成長奠定基礎。

The opportunity is massive, but also with several moving parts, which is why it is important we get this product right. Our decision to slow play this opportunity with our partner aligns with our strategy to deliver quality at scale.

這個機會是巨大的，但也涉及多個活動部件，這就是為什麼我們必須做好這個產品。我們決定與合作夥伴一起慢慢把握這個機會，這符合我們大規模提供優質產品的策略。

More details will emerge as we get closer to a larger launch. For now, we're perfecting the product in real time with a select number of real estate closings. I want to be clear, Bon is not changing its model, but it's living up to our founding principles of disruption.

隨著更大規模的發布臨近，我們將披露更多細節。目前，我們正在透過選定數量的房地產交易來即時完善該產品。我想明確一點，Bon 並沒有改變其模式，而是實踐了我們顛覆的創始原則。

Beeline is and will continue to be one of the most unique mortgage lending and home equity platforms in the industry. Beeline equity will complement our offerings, not replace them.

Beeline 現在是並將繼續是業內最獨特的抵押貸款和房屋淨值平台之一。Beeline 股權將補充我們的產品，而不是取代它們。

Our sales agent Bob continues to deliver strong results. As we mentioned on our last call, we saw a 6 times increase in lead conversion and an 8 time increase in full mortgage applications, all while operating 24/7. At net zero incremental costs during Q1 through the efforts of Bob. A larger deployment of Bob in Q2 factored with more sophistication of Bob through accelerated learning models, led to exciting and stronger results.

我們的銷售代理鮑伯繼續取得優異的業績。正如我們在上次電話會議上提到的那樣，我們的銷售線索轉換率增加了 6 倍，抵押貸款申請量增加了 8 倍，而且這一切都是在全天候運營的情況下進行的。透過鮑伯的努力，第一季的淨增量成本為零。Bob 在第二季度更大規模的部署，加上透過加速學習模式使 Bob 變得更加成熟，帶來了令人興奮且更強勁的成果。

Bob handled 636 more conversations in Q2 while being responsible for generating 123 applications from lead gen initiatives while beating the benchmark set in Q1.

Bob 在第二季度處理了 636 次對話，同時負責從潛在客戶開發計劃中產生 123 個應用程序，超過了第一季設定的基準。

We will continue to expand the possibilities with Bob as a lead gen agent. Further deployments include video and voice. Now that Bob's efforts are leading directly to revenue, we will be able to report on closing conversions related to Bob's top of the funnel initiatives in future calls.

我們將繼續擴大以鮑伯為主導代理商的可能性。進一步的部署包括視訊和語音。現在，鮑伯的努力直接帶來了收入，我們將能夠在未來的通話中報告與鮑伯的漏斗頂端計畫相關的最終轉換。

It's very early for Bob, and while most of his efforts are responding to customer inquiries 24/7, freeing up our loan guides to do more transactions, we're starting to see Bob's efforts lead directly to revenue. For those keeping score, Bob's efforts have led to approximately $150,000 in revenue and a limited function which will certainly grow over time.

對於 Bob 來說，現在還為時過早，儘管他的大部分精力都集中在全天候響應客戶諮詢，讓我們的貸款指南能夠進行更多交易，但我們開始看到 Bob 的努力直接帶來了收入。對於那些保持記錄的人來說，鮑勃的努力已經帶來了大約 15 萬美元的收入和有限的功能，並且隨著時間的推移肯定會增長。

We've also seen strong performance in Hive, our workflow engine, which enables us to close loans in as little as 14 to 21 days, about twice as fast as traditional lenders. This efficiency allows us to handle growing volume without adding proportional cost, giving us a real structural advantage.

我們的工作流引擎 Hive 也表現出色，它使我們能夠在短短 14 到 21 天內完成貸款，速度大約是傳統貸款機構的兩倍。這種效率使我們能夠處理不斷增長的數量而無需增加相應成本，從而為我們帶來真正的結構優勢。

We finished Q2 with our strongest balance sheet since inception. We pay down $2.7 million in debt, leaving our total non-warehouse line debt owed to outsiders at less than $800,000. We entered 2025 with over $7 million in debt, reducing debt in 2025 by $6.2 million.

我們以自成立以來最強勁的資產負債表結束了第二季。我們償還了 270 萬美元的債務，因此我們欠外部人員的非倉庫線路債務總額不到 80 萬美元。到 2025 年，我們的債務將超過 700 萬美元，到 2025 年，我們的債務將減少 620 萬美元。

We saw our net loss trim by $2.79 million in Q2 versus Q1. To be fair, we were able to take about $300,000 in write-offs in Q2, but we also reduced approximately $225,000 of recurring expenses, which we expect to be fully realized by September of 2025.

與第一季相比，第二季的淨虧損減少了 279 萬美元。公平地說，我們在第二季度能夠註銷約 30 萬美元，但我們也減少了約 22.5 萬美元的經常性支出，我們預計到 2025 年 9 月將完全實現。

The net result of these efforts position us well towards our goal of being debt free by November 1, 2025, and cash flow positive by January of 2026. These are huge accomplishments and in a very short period of time. I'm very proud of our entire company.

這些努力的最終結果使我們順利地實現了我們的目標，即到 2025 年 11 月 1 日實現無債務，到 2026 年 1 月實現現金流為正。這些都是在很短的時間內所取得的巨大成就。我為我們整個公司感到非常自豪。

This was and continues to be a strong organizational commitment from everyone at Beeline. Our cash flow and profitability models are built on downside cases which include running at our projected August revenue for the next 12 months.

這曾經是並將繼續是 Beeline 每個人堅定的組織承諾。我們的現金流和獲利模型是建立在不利情況之上的，其中包括按照我們預計的未來 12 個月 8 月的收入來運作。

Beeline is well positioned to grow its revenue quickly regardless of market conditions in 2026.

無論 2026 年的市場狀況如何，Beeline 都能夠快速增加收入。

Of course, lower rates accelerate growth. We are an emerging growth story with a focus on bottom line operating income in an industry that typically has very strong net income margins and normal markets, and we may just be headed toward a normal market at some point next year.

當然，較低的利率會加速成長。我們是一個新興的成長故事，專注於行業底線營業收入，該行業通常具有非常高的淨收入利潤率和正常的市場，我們可能在明年某個時候走向正常的市場。

Beeline is still in the very early innings, but it's starting to see the cost of development pay off.

Beeline 仍處於早期階段，但它開始看到開發成本的回報。

We achieved meaningful milestones in Q2. We funded loan volume of $52 million, up 31% from Q1 2025. Revenues increased by 27% in Q2 versus Q1, with the Spirit's business stripped out. We expect monthly operating profitability by early 2026. Our net loss from continuing operations for Q2 was $4 million versus $6.79 million for Q1. Our adjusted EBITDA, a non-gap financial measure for Q2, was a $2.8 million dollar loss versus a $3.5 million dollar loss in Q1.

我們在第二季取得了有意義的里程碑。我們提供的貸款金額為 5,200 萬美元，比 2025 年第一季成長了 31%。扣除 Spirit 業務後，第二季的營收較第一季成長了 27%。我們預計到 2026 年初將實現每月營運獲利。我們第二季持續經營淨虧損為 400 萬美元，而第一季為 679 萬美元。我們第二季的調整後 EBITDA（非缺口財務指標）為虧損 280 萬美元，而第一季的虧損為 350 萬美元。

We have seen improvement throughout the quarter, and while July numbers are still being reviewed, we believe it will be our strongest month in more than 3 years, topping April, our previous best in three years by about 15%.

我們在整個季度都看到了改善，雖然 7 月份的數據仍在審查中，但我們相信這將是我們 3 年多來表現最強勁的一個月，比 4 月份（我們三年來的最佳表現）高出約 15%。

As mentioned, we paid down $2.7 million in debt in Q2, expecting to be debt free by November 1. As mentioned, we closed the first fractional sale of equity in residential real estate under our new beeline equity product supported by a crypto issuing partner.

如上所述，我們在第二季償還了 270 萬美元的債務，預計到 11 月 1 日將還清債務。如上所述，我們在加密貨幣發行合作夥伴的支持下，透過新的直線股權產品完成了首次住宅房地產股權的部分銷售。

We divested Bridgetown's spirits in July 2025, paving the way for complete focus on the digital mortgage business. We launched BlinkQC into Beon's production environment. Magic Blocks is now live with 15 clients and growing by the day. We have a 47.6% ownership in Magic Blocks. Magic Blocks is based in Australia, serving an international market with over half of its clients based outside of the US.

我們於 2025 年 7 月剝離了 Bridgetown 的精神，為完全專注於數位抵押貸款業務鋪平了道路。我們將 BlinkQC 引入 Beon 的生產環境中。Magic Blocks 目前已擁有 15 個客戶，且客戶數量每天都在增加。我們擁有 Magic Blocks 47.6% 的所有權。Magic Blocks 總部位於澳大利亞，服務於國際市場，其超過一半的客戶位於美國境外。

I would now like to turn it over to Chris. We'll go deeper into our Q2 performance. The future is bright for beeline.

現在我想把它交給克里斯。我們將深入了解第二季的表現。beeline 的未來一片光明。

Thanks Nick.

謝謝尼克。

As a reminder, due to pro forma accounting adjustments and gapur accounting rules, our income statement reflects the impact of our 2024 forward merger transaction, and as such, certain periods are not directly comparable.

提醒一下，由於備考會計調整和GAPUR會計規則，我們的損益表反映了我們2024年遠期合併交易的影響，因此某些時期無法直接比較。

Additionally, Magic Blocks, our AI product technology company in which we hold a significant minority stake, is not consolidated in our income statement under GAAP. Additionally, our legacy spirits business, Bridgetown Spirits Corporation has been reclassified during Q2 as discontinued operations and was subsequently sold early in Q3.

此外，我們持有大量少數股權的人工智慧產品技術公司 Magic Blocks 未合併到我們的 GAAP 損益表中。此外，我們的傳統烈酒業務 Bridgetown Spirits Corporation 已在第二季度被重新歸類為停止運營，並於第三季初出售。

Let me now walk you through the Q2 2025 financial highlights.

現在讓我帶您了解 2025 年第二季的財務亮點。

Total net revenues were $1.7 million for Q2, driven primarily by beeline's mortgage activities, which accounted for over 74% of revenue, with the remainder from the beeline title business and a small amount from data and tech.

第二季的總淨收入為 170 萬美元，主要來自 beeline 的抵押貸款業務，佔總收入的 74% 以上，其餘部分來自 beeline 產權業務，還有少量來自數據和技術。

In terms of growth rates for our mortgage and title businesses, Q2 2024 versus Q2 2025, we saw a 6% increase in originations, an 11% increase in average revenue per loan, and a 64% increase in total revenue. Comparing Q1 2025 versus Q2 2025, we saw a 44% increase in originations, a 5% decrease in average revenue per loan, and a 24% increase in tunnel revenue.

就我們的抵押貸款和產權業務的成長率而言，2024 年第二季與 2025 年第二季相比，貸款發放量成長了 6%，每筆貸款的平均收入成長了 11%，總收入成長了 64%。將 2025 年第一季與 2025 年第二季進行比較，我們發現貸款發放量增加了 44%，每筆貸款的平均收入減少了 5%，而隧道收入增加了 24%。

On the operating expense side, expenses totaled $5.6 million for Q2 reflecting costs associated with staffing, transactions, and marketing and advertising. For Q2, there were $2.2 million in salaries and benefits, $1.2 million in professional fees, $0.8 million in marketing and advertising, and $0.8 million in depreciation and amortization.

在營運費用方面，第二季的費用總計 560 萬美元，反映了與人員配備、交易以及行銷和廣告相關的成本。第二季度，薪資和福利為 220 萬美元，專業費用為 120 萬美元，行銷和廣告費用為 80 萬美元，折舊和攤提費用為 80 萬美元。

This resulted in a loss from operations of $3.9 million driven largely by scaling our mortgage platform combined with transaction expenses. Below the line, we incurred $0.4 million in interest expense and we reported a net loss from continuing operations of $4 million for the quarter.

這導致營運虧損 390 萬美元，主要是因為擴大我們的抵押貸款平台以及交易費用。低於這一水平的是，我們發生了 40 萬美元的利息支出，而本季我們報告的持續經營淨虧損為 400 萬美元。

While this loss is significant, it represents an improvement over our Q1 loss from continuing operations of $6.7 million and again reflects deliberate investments and one-time capital structure effects. Our core mortgage operations are scaling well, and we are confident these investments will position us for a step change in performance in the quarters ahead. We're also seeing rapid customer revenue growth from our AI sales agent spin out magic blocks. The results are not reflected in these figures.

雖然這一損失很大，但與我們第一季持續經營損失 670 萬美元相比有所改善，並且再次反映了有意投資和一次性資本結構的影響。我們的核心抵押貸款業務正在順利擴展，我們相信這些投資將使我們在未來幾季的表現發生重大變化。我們還看到，透過我們的 AI 銷售代理旋轉魔法塊，客戶收入實現了快速成長。這些數字並未反映結果。

Turning to the balance sheet, the end of the quarter with $6.3 million in cash, up from $1.5 million in cash in Q1. We made debt repayments of $5.8 million. Total equity at period end was $55.5 million, up from $48.1 million in Q1.

談到資產負債表，本季末現金為 630 萬美元，高於第一季的 150 萬美元。我們償還了 580 萬美元的債務。期末總權益為 5,550 萬美元，高於第一季的 4,810 萬美元。

Regarding cash flow, net cash used in operating activities of $5.6 million. Net cash provided by investing activities was $59,000. Net cash provided by financing activities was $10.9 million for net increase in cash of $5.4 million for the period.

現金流方面，經營活動所用淨現金為 560 萬美元。投資活動提供的淨現金為 59,000 美元。本期間融資活動提供的淨現金為 1,090 萬美元，現金淨增加額為 540 萬美元。

Well, I won't provide firm Q3 or H2 guidance due largely to the rapid pace of transformation of the business. I agree with Nick that Beeline expect to see continuous improvement in introducing new products, growing revenues, and controlling expenses with the goal of achieving operating profitability and positive cash flow by year end. With that, I'll turn it over to the operator for questions.

嗯，我不會提供確切的第三季或下半年指引，主要是因為業務轉型步伐太快。我同意尼克的觀點，Beeline 希望在推出新產品、增加收入和控制費用方面不斷取得進步，目標是在年底前實現營運盈利和正現金流。說完這些，我將把問題交給接線員回答。

(Operator Instructions) Glenn Mattson, Ladenburg Thalmann.

（操作員指示）Glenn Mattson，Ladenburg Thalmann。

Yeah, thanks for taking the questions and congrats on the results. First I want to get a little more detail around the home equity cash out product innovative solution that you've introduced in the market. Can you, it looks like you're progressing along the path of starting to do some early transactions and and and things, but it seems that maybe pushed out a little bit the timing on the broader launch. Can you just give us some more understanding of. Of what your thought process is there.

是的，感謝您回答問題，並對結果表示祝賀。首先，我想更詳細地了解您在市場上推出的房屋淨值套現產品創新解決方案。您能嗎？看起來您正在開始進行一些早期交易和其他事情，但似乎可能稍微推遲了更廣泛發布的時間。您能否讓我們對此有更多的了解？你的思考過程是怎麼樣的。

Yeah, hey Glenn, how are you doing? Good to talk to you again. Look, we had discussed, I think in previous course communication that we were going to launch the product in late August early September, and we pushed that out a bit for a couple of reasons. Number one, I mean, Opportunity is massive. There's so much untapped equity in the US market, and the demand is, in our opinion, going to be off the charts.

是的，嘿，格倫，你好嗎？很高興能再次和你交談。看，我們已經討論過了，我想在之前的課程交流中，我們將在 8 月底 9 月初推出該產品，但由於幾個原因，我們將其推遲了一些。首先，我的意思是，機會是巨大的。美國市場上還有大量未開發的資產，我們認為其需求將會非常大。

There are a lot of individuals out there who can't can't qualify for a cash out refi.

有很多人不符合現金再融資的資格。

Or need liquidity or even qualify for a HELOC and as a result of that, we have a solution that meets their needs and so with the Genius Act passing a little more clarity in terms of, how how regulation is going to come down on this particular side of the business with the crypto, we felt like it was important for us to get this product right, you. We are very early to the market with this. I don't see anyone else doing what we're doing here. So in our view there are a lot of moving parts primarily around turning the crypto into cash quickly at scale, and we wanted to make sure we didn't fumble that. We didn't make any mistakes at scale, doing 1,020, 30 transactions is certainly different than doing, several 1,000. So for the next 3,030 to 45 days we're going to slow play it a bit. We're going to do a select number of transactions which have already been identified.

或者需要流動性，甚至有資格獲得 HELOC，因此，我們有一個滿足他們需求的解決方案，因此隨著《天才法案》的通過，在監管如何針對加密貨幣業務的這一特定方面方面更加清晰，我們覺得對我們來說，正確推出這款產品非常重要。我們很早就將這項技術推向了市場。我沒有看到其他人做我們在這裡所做的事情。因此，我們認為，有許多活動部件主要圍繞著將加密貨幣快速大規模地轉化為現金，我們希望確保我們不會失誤。我們在規模上沒有犯任何錯誤，做 1,020 筆交易，30 筆交易肯定與做幾千筆交易不同。因此，在接下來的 3,030 到 45 天內，我們將會放慢速度。我們將對已經確定的一定數量的交易進行選擇。

We've already started the title work on those transactions and we're going to do them properly. And we're going to get feedback from from the customers that we do them with to make sure that when we when it's time to scale, we meet the mark, and that's really the key reason is just to be careful, do it right, and make sure we have the consumer's best interests in mind.

我們已經開始處理這些交易的產權工作，並將妥善處理。我們將從與我們合作的客戶那裡獲得回饋，以確保在擴大規模時能夠達到目標，而這確實是關鍵原因，就是要小心謹慎，正確行事，並確保我們將消費者的最大利益放在心上。

Oh yeah, thanks for that color. It makes sense that big opportunities you want to get it right.

哦是的，謝謝你的顏色。想要抓住重大機會是有道理的。

Moving on to the financials for a minute, the good progress on the profitability of this quarter, especially sequentially, and you kind of highlighted, pointed to break even by, late this year early next year. Can you, I don't know if this is for Chris and Nick, but can you just give us some more, details around your assumptions and how you think you'll get there.

我們再來談談財務狀況，本季獲利能力取得了良好進展，特別是環比成長，您強調，預計到今年年底、明年年初將實現收支平衡。我不知道這是否適合克里斯和尼克，但你能否向我們提供更多關於你的假設以及你認為如何實現這些假設的細節。

Yeah, look, I'll take that just because I like to talk and and but look, I mean, we're feeling really good about a lot of things over here, right? Our software is starting to, to materialize. I mean, we're seeing the fruits of our labor pay off.

是的，看，我會接受這一點，因為我喜歡說話，但是看，我的意思是，我們對這裡的很多事情感覺很好，對吧？我們的軟體正在開始實現。我的意思是，我們看到了我們的勞動成果。

We've been spending a lot of money creating a really good mousetrap and we feel good about where we're headed. And so it just made sense to kind of buckle down a bit and make sure that we are really ready, I guess, to calm before the storm. We're expecting a better market next year and so we put a lot of focus on getting to profitability as fast as we can, and that includes, cutting about $225,000 out of our monthly recurring expense which we've already done. We'll fully realize that in September.

我們花了很多錢來製造真正好的捕鼠器，我們對我們的發展方向感到滿意。因此，我認為，我們應該更加努力，確保我們真的做好了準備，在暴風雨來臨之前保持平靜。我們預計明年的市場會更好，因此我們將重點放在盡快實現盈利上，其中包括削減我們已經完成的每月經常性支出約 225,000 美元。我們將在九月完全實現這一點。

Our locks are way up, and we cut our marketing budget by about. $40,000 a month and you know we're still seeing really strong performance as a result of that. Also, when you look at the Q2 numbers, we had about $500,000 in those numbers of one time non-recurrent expense. So you know when you when you take that out, when you look at the fact that we're locking much higher loans, a much many more loans on a reduced budget. And then you take into consideration that we cut $225,000 of recurring cost out, we feel really good about the ability of being profitable by by our net cash positive I'm sorry, by January of 2026.

我們的鎖量大幅上升，我們將行銷預算削減了約每月 40,000 美元，但你知道，這樣做的結果是我們仍然取得了非常強勁的業績。此外，當您查看第二季的數據時，您會發現其中約 50 萬美元是一次性非經常性支出。所以你知道，當你把它拿出來時，你會發現我們在減少預算的情況下鎖定了更高的貸款、更多的貸款。然後考慮到我們削減了 225,000 美元的經常性成本，我們對到 2026 年 1 月通過淨現金實現盈利的能力感到非常滿意。

Interest rate cuts would just fuel the momentum.

降息只會加劇這股勢頭。

A big giant launch of our new product, equity product, will just fuel the momentum.

我們的新產品—股票產品的大規模推出將進一步增強這一勢頭。

More cattle business will just fuel the momentum. At the end of the day we kind of took a really modest approach to those points and you know we feel good about it. We also will be debt free on November 1, so heading into next year we'll be debt free. We will be cash flow positive and we'll be positioned for greatness.

更多的養牛業務只會進一步推動這一勢頭。最終，我們對這些觀點採取了一種非常謙虛的態度，你知道我們對此感覺很好。我們也將於 11 月 1 日還清債務，因此，進入明年，我們將不再有債務。我們的現金流將為正，我們將為實現偉大目標做好準備。

Thanks for that color. Yeah, no one knows the future, but these new Fed candidates all seem to be outdoing each other in terms of how aggressive they want to be on the cutting rate side. So it looks like trend is going in your favor. Thanks for the color, guys.

謝謝你這個顏色。是的，沒有人知道未來，但這些新的聯準會候選人似乎都在降息的積極程度上互相超越。因此看起來趨勢對你有利。謝謝你們的顏色，夥伴們。

Appreciate that.

非常感謝。

Derek Greenberg, Maxim Group.

格林伯格（Derek Greenberg），馬克西姆集團（Maxim Group）。

Hi, thanks for taking my questions. I wanted to just follow up on the fractional products you guys are rolling out. I was wondering if you could just remind us the economics of that business, if it's similar to the core of mortgage or if it's a little bit different. And then I was wondering, once it's fully at scale, you mentioned, there's a lot of difference in Thousands of transactions versus, dealing with 10, but I was wondering what's fully at scale, what the volume you expect to flow through that funnel look like.

你好，謝謝你回答我的問題。我只是想跟進一下你們正在推出的分批產品。我想知道您是否可以提醒我們該業務的經濟狀況，它是否與抵押貸款的核心相似或是否略有不同。然後我想知道，一旦它完全達到規模，正如您提到的，處理數千筆交易和處理 10 筆交易會有很大的區別，但我想知道什麼是完全規模，您預計流經該漏斗的交易量是什麼樣的。

Yeah, look, from an economic standpoint, we will, our margins will be a little higher than on our on our mortgage products.

是的，從經濟角度來看，我們的利潤率會比我們的房貸產品略高一些。

And you know the amount of work that we're going to do will be a little less, so we're pretty excited about that, we're underwriting the property and we're not underwriting the consumer as much, so that's the reason why there's less work. So the expense associated with the product is less, and we expect about 33% on average more revenue per file than we see on the mortgage side.

你知道，我們要做的工作量會少一些，所以我們對此感到非常興奮，我們承保的是財產，而承保的是消費者，所以這就是工作量減少的原因。因此，與產品相關的費用較少，我們預計每個文件的收入平均比抵押貸款方面高出約 33%。

I.

我。

Don't.

不。

Think I'm also going to add to this. That you know we spend heavily on marketing to bring in the loan business in this case, and I don't think it's appropriate right now to go into the details, but we basically have in the model next to no marketing expense because our partner in this thing is going to is going to drive the business. We're just processing it, so the margins are pretty high.

我想我也要補充這一點。您知道，為了引進貸款業務，我們在行銷上投入了大量資金，我認為現在不適合討論細節，但我們基本上在這個模式中幾乎沒有行銷費用，因為我們的合作夥伴將會推動業務發展。我們只是在處理它，所以利潤相當高。

Yeah, I don't think we're quite ready to talk about the projections of the business, but I will say this we have denied about 1,000 and, about 1,000 people over the last 12 months that would qualify for this product instantly, and that, that's not even trying to drive the business so.

是的，我認為我們還沒有準備好談論業務預測，但我要說的是，在過去的 12 個月裡，我們拒絕了大約 1,000 名可以立即獲得該產品資格的人，而且，這甚至沒有試圖推動業務發展。

Yeah, look, we're not in a position to project or talk about projections at this point. I think that might be something for a later call.

是的，你看，我們現在還不能預測或談論預測。我認為這可能是以後再打電話的事情。

Okay, got it.

好的，明白了。

Thank you. That's helpful. And then just looking into '26, you had mentioned that even without rate cuts you're expecting significant growth. Is that largely coming from this new product or is it across all the different products? What do you think will be the main driver of growth exclusive of rate cuts?

謝謝。這很有幫助。然後回顧 26 年，您曾提到，即使不降息，您也預計會顯著成長。這主要來自於這個新產品還是來自於所有不同的產品？您認為除降息外，經濟成長的主要動力是什麼？

Yeah, that's a good question. I think that we are going to see really strong demand for beeline equity, the equity product, because we're infusing liquidity into the market that really, in the market that is where liquidity is needed, and again, the qualification is based on, the equity in the home and not the individual, and as a result of that, I mean there it's just a massive amount of equity that's sitting on the sidelines that a lot of people can't do anything with. I mean in terms of getting a cash out refi, right? I mean baby boomers are living longer, they want to stay in their homes longer.

是的，這是個好問題。我認為我們將會看到對直線股票、股票產品的強勁需求，因為我們正在向市場注入流動性，而市場確實需要流動性，而且資格是基於房屋權益而不是個人權益，因此，我的意思是，大量的權益被閒置，很多人對此無能為力。我的意思是就獲得現金再融資而言，對嗎？我的意思是嬰兒潮世代的壽命更長，他們想在家裡待更久。

A lot of them aren't working and they don't. To do a reverse mortgage and so you know when you start thinking through that and you start thinking through the fact that you know there are no payments here, right? I mean you basically are selling a sale of equity and you know there's no repayment until the house is sold. So you know if you're an individual that can't qualify for a cash out refine and need cash. You know this is this is an option for you. If you don't want to do a helock, this is an option for you. If you, don't want monthly payments and interest payments, this is an option for you. If you're looking at a reverse mortgage, this is an option for you.

他們中的許多人沒有工作，而且他們也沒有工作。做反向抵押貸款，所以當你開始思考這個問題時，你會開始思考這樣一個事實：你知道這裡不需要付款，對嗎？我的意思是，你基本上是在出售股權，而且你知道在房子售出之前無需償還。因此，您知道您是否是不符合現金提取條件並且需要現金的個人。您知道這對您來說是一個選擇。如果您不想使用 helock，這是一個不錯的選擇。如果您不想每月付款和支付利息，這是一個選擇。如果您正在考慮反向抵押貸款，這是一個適合您的選擇。

There's just so much potential for this product, so I do think this product is going to grow very quickly. At the same time, we've been in the trenches in a really bad market perfecting our model for a long time on the mortgage side, and we are offering non-qualified and conventional under one roof, and we're getting better at what we do on a on a monthly basis. I just mentioned a second ago that our locks are way up on a on a $40,000 per month decrease in our budget. That's a big number, and that's that's a, that's a high percentage decrease in budget to see an increase in locks. So we are expecting a very strong 2026 as a result of both of those two products. I'll also mention too, we have a lot of title experience over here.

這款產品具有很大的潛力，所以我認為它會成長得非常快。同時，我們一直在非常糟糕的市場中奮戰，長期完善抵押貸款方面的模式，我們在同一屋簷下提供非合格和傳統的貸款服務，並且我們每月的工作做得越來越好。我剛才提到，我們的預算每月減少 4 萬美元，而我們的鎖卻大幅增加。這是一個很大的數字，而且，這是預算大幅減少的百分比，而鎖的數量卻增加了。因此，我們預計這兩款產品在 2026 年的業績將會非常強勁。我還要提一下，我們在這裡擁有豐富的標題經驗。

Our team grew and built one of the largest title agencies out there and merged it and brought it public on the TSX back in 2016. We basically have a lot of the members of the same team over here and as the market improves, I expect our title business to grow. We don't talk about that much, but that is another big opportunity for beeline as we get into next year. So I think when you look at it, it's really those three items and I would rank, the equity product as probably being our largest generator of revenue next year with the mortgage business being second and then the title business being three, and that will probably change, when we go into 2027.

我們的團隊不斷成長，並建立了最大的產權代理機構之一，並將其合併，並於 2016 年在多倫多證券交易所上市。我們這裡基本上有很多同一支團隊的成員，隨著市場的改善，我預期我們的產權業務將會成長。我們並沒有談論太多，但這對 beeline 來說將是明年的另一個重大機會。所以我認為，當你看它時，實際上是這三項，我會排列，股票產品可能是我們明年最大的收入來源，抵押貸款業務位居第二，然後產權業務位居第三，而當我們進入 2027 年時，這種情況可能會發生變化。

Okay, got it.

好的，明白了。

And then just my last question, and this one might be a little difficult to answer, but I was wondering, obviously with rate cuts I'd be a huge catalyst for the industry overall, but I was wondering if you have like a sensitivity analysis in place in terms of You know how much a percentage basis point cut could potentially fuel growth in loan volume for you guys and revenue for you guys or if that's kind of two in the weeds and you know it's it's just a broader great opportunity. I was wondering if you quantified it at all.

然後是我的最後一個問題，這個問題可能有點難回答，但我想知道，顯然降息會成為整個行業的巨大催化劑，但我想知道您是否有一個敏感性分析，您知道降息一個百分點會在多大程度上促進你們的貸款量和收入的增長，或者這是否是兩個棘手的問題，你知道這只是一個更廣泛的巨大機會。我想知道您是否對其進行了量化。

Yeah, look, I mean, I don't think we're prepared to provide that sort of information at a high level. I can tell you that, a 25 basis points cut will have a significant impact on our business, we are a centralized digital lender.

是的，我的意思是，我認為我們還沒有準備好在高層提供此類資訊。我可以告訴你，降息 25 個基點將對我們的業務產生重大影響，我們是一家集中式數位貸款機構。

We're not a retail lender. The retail models tend to perform better.

我們不是零售貸款機構。零售模式往往表現較好。

Everyone performs better in a low rate environment, right? But when rates are higher, the digital models aren't on a percentage basis, they don't perform as well as the retail models do. When rates come down, digital models tend to do very well and And so you know we're a digital centralized model and so a 25 basis point cut will have a big impact on our business.

在低利率環境下每個人的表現都會更好，對嗎？但當利率較高時，數字模型不是按百分比計算的，其表現不如零售模型。當利率下降時，數位模型往往表現得很好，所以你知道我們是一個數位集中模型，所以 25 個基點的降息將對我們的業務產生重大影響。

A 1 point impact will have a tremendous impact on our business. I mean we'll grow incredibly fast when that happens.

1 點的影響將對我們的業務產生巨大影響。我的意思是，當這種情況發生時，我們將以令人難以置信的速度成長。

Yeah.

是的。

I also just want to add a non-quantitative comment to your quantitative question. So it's interesting when you think about it, a 25 or 50 basis point cut in theory equals X, but the longer rates haven't reduced. The more build up effect it has on the number. So think of it as kind of a dam and the water is filling up behind the dam. So if the dam opens up and the lake is only half full, you have X amount of water rushing through the gate.

我還想對您的定量問題添加一個非定量的評論。所以，當你仔細想想，這很有趣，理論上降息 25 或 50 個基點等於 X，但長期利率並沒有降低。它對數字的累積效應就越大。所以可以把它想像成一種水壩，水在水壩後面湧動。因此，如果大壩打開，而湖水只有一半滿，那麼就會有 X 量的水湧入閘門。

The dam is almost at the top and you open the dam a lot, twice the volume of rushes to the gate. So I guess I'm trying to say is this rate of sort of, they came down a little bit last September and nothing since then. It's been almost a year. I think a 25 basis points rate cut will be more significant than it would be otherwise, yeah.

大壩已接近頂部，水位已開得足夠大，沖向閘門的水量將增加一倍。所以我想說的是，這種比率在去年 9 月有所下降，之後就沒有再下降過。已經快一年了。我認為降息 25 個基點比其他情況下更有意義，是的。

That makes sense. Yeah, thank you, appreciate the color.

這很有道理。是的，謝謝，欣賞顏色。

Welcome.

歡迎。

Once again, if you have a question, please press star, then one. Please stand by as we poll for questions.

再次強調，如果您有疑問，請按星號，然後按一。請稍候，我們將對問題進行調查。

Showing no further questions, this concludes the question and answer session. I would like to turn in the conference back over to Nick Laoza for any closing remarks.

沒有其他問題，問答環節到此結束。我想將會議交還給 Nick Laoza 做最後發言。

Banks operator, to wrap up, Q2 marks yet another inflection point for beeline. We have fully transitioned into a fintech mortgage company.

銀行業者總結道，第二季標誌著直線的另一個轉折點。我們已經完全轉型為金融科技抵押貸款公司。

We operate in a [$2 trillion dollar-plus] mortgage market. Yes, we've invested heavily, but these are intentional foundational investments aimed at capturing meaningful market share over time. We are confident the long-term payoff will be significant. We improved our balance sheet and reduced our expenses at a time when our software costs are starting to pay off.

我們在一個價值 [2 兆美元以上] 的抵押貸款市場運作。是的，我們投入了大量資金，但這些都是有意的基礎性投資，旨在隨著時間的推移獲得有意義的市場份額。我們相信，長期回報將是巨大的。當我們的軟體成本開始產生回報時，我們改善了資產負債表並減少了開支。

We believe that Q2 of 2025 has been inspirational and productive and will set the foundation for faster growth in the future.

我們相信，2025 年第二季是鼓舞人心且富有成效的，並將為未來更快的成長奠定基礎。

This brings to a close today's conference call. You may disconnect your lines.

今天的電話會議到此結束。您可以斷開線路。

Thank you for participating and have a pleasant day.

感謝您的參與並祝您有個愉快的一天。