Beeline Holdings Inc (BLNE) 2026 Q1 法說會逐字稿

Good day, and welcome to the Beeline first quarter 2026 analyst call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Beeline 2026 年第一季分析師電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the call over to Ms. Tiffany Milton, Chief Accounting Officer. Please go ahead, ma'am.

現在我想把電話會議交給首席會計官 Tiffany Milton 女士。女士，請開始。

Thank you. Good evening, everyone, and thank you for joining us today to discuss VLine's results for the first quarter of 2026. I'm Tiffany Milton, Beeline's Chief Accounting Officer, and joining us on today's call to discuss these results is Nick Laiuza, our Chief Executive Officer, Jess Kennedy, Chief Operating Officer, and Chris Moe, our Chief Financial Officer.

謝謝。各位晚上好，感謝各位今天加入我們，一同討論 VLine 2026 年第一季的業績。我是 Beeline 的首席會計官 Tiffany Milton；今天與我一同在電話會議上討論這些結果的還有我們的執行長 Nick Laiuza、營運長 Jess Kennedy，以及財務長 Chris Moe。

Following our remarks, we will open the call to your questions. 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 business trends, revenue growth and future revenue, changes in revenue components, Beeline Equity's performance, growth of its core business, the impact of recent cuts and expenses, technology changes and net loss and adjusted EBITDA trends.

在我們的發言之後，我們將開放提問。在開始預先準備的發言之前，我們先就紀錄提交以下聲明。本電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，包括但不限於：關於 Beeline Holdings 預期未來業務趨勢、營收成長與未來營收、營收組成變化、Beeline Equity 的表現、核心業務成長、近期削減與費用的影響、技術變化，以及淨損與調整後 EBITDA 趨勢等陳述。

Forward-looking statements are typically identified by words such as believe, expect, anticipate, plan, intend, seek. Estimate will, would, could, may continue, forecast, target, 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.

前瞻性陳述通常可由以下字詞辨識，例如 believe（相信）、expect（預期）、anticipate（預料）、plan（計畫）、intend（打算）、seek（尋求）、estimate（估計）、will（將）、would（將會）、could（可能）、may（可能）、continue（持續）、forecast（預測）、target（目標）、potential（潛在）、project（推估）、undertake（承擔）以及類似表述。這些陳述係基於管理層目前的假設、信念與預期，並非對未來表現的保證。

Actual results may differ materially from those described in forward-looking statements due to various risks and uncertainties. These include, without limitations, the duration of the war with Iran and its effect on the economy, the ability of our Beeline equity partner to fund its equity transactions, and the risk factors we provided in our 2025 Form 10-K and prospective supplement dated March 10, 2026.

由於各種風險與不確定性，實際結果可能與前瞻性陳述所描述者有重大差異。這些因素包括但不限於：與伊朗的戰爭持續時間及其對經濟的影響、我們的 Beeline Equity 合作夥伴為其股權交易提供資金的能力，以及我們在 2025 年 Form 10-K 與 2026 年 3 月 10 日之招股補充文件中所揭露的風險因素。

We caution investors not to place undue reliance on any forward-looking statements made during this call. 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.

我們提醒投資人，不應過度依賴本次電話會議中所作的任何前瞻性陳述。所有前瞻性陳述僅截至本簡報日期為止，並係基於 Beeline 截至今日可得之資訊。我們不承擔公開更新或修訂這些陳述以反映今日之後發生之事件或情況的義務，法律另有規定者除外。

Now, with that said, I'd like to turn the call over to Nick Liuzza. Nick, please proceed.

那麼，接下來我想把電話會議交給 Nick Liuzza。Nick，請繼續。

Good afternoon, everyone, and thank you for joining us. Q1 marked encouraging progress on the things we said we would do. Revenue more than doubled year-over-year. Unit economics moved in the right direction. Beeline Equity closed and funded its first transactions. We executed on the plan we set coming into 2026. Now, let me tell you how we're managing the business right now.

各位下午好，感謝各位加入我們。第一季在我們說要做的事情上取得了令人鼓舞的進展。營收較去年同期成長逾一倍。單位經濟效益朝正確方向改善。Beeline Equity 完成並資助了其首批交易。我們落實了進入 2026 年時所制定的計畫。接下來，我來說明我們目前如何經營這項業務。

The macro environment is what it is. Rates, capital markets, inflation, and geopolitical uncertainty, including the war in Iran, all factor in. Our Board, our management team, and I are aligned on a measured approach. We are prioritizing profitable transactions over total volume. We are bringing down our cost base to extend our runway.

總體環境就是如此。利率、資本市場、通膨與地緣政治不確定性（包括與伊朗的戰爭）都會影響。我們的董事會、管理團隊與我在審慎的策略上保持一致。我們優先考量可獲利的交易，而非總量。我們也在降低成本基礎，以延長資金續航期。

We are leaning into the parts of the business that already work. Our second 2026 initiative was to validate BeeLine Equity, a capital-light and strategically-backed opportunity. Simultaneously, we are delivering revenue and growing parts of our business that represent a less risky, more stable platform for profitable growth.

我們正加大投入在那些已經運作良好的業務部分。我們在 2026 年的第二項倡議是驗證 BeeLine Equity——一個資本輕量且具策略性背書的機會。同時，我們也在交付營收並擴大業務中風險較低、平台更穩定、可支持獲利成長的部分。

Beeline Equity is a key part of that strategy. Beeline Equity was launched in partnership with TYTL Holdings, which is a related party. The partnership brings institutional discipline and capital markets expertise to a product category we believe is structurally novel. V-Line Equity closed its first transactions in the fourth quarter of 2026. Validation of the workflow is in hand.

Beeline Equity 是該策略的關鍵部分。Beeline Equity 與 TYTL Holdings（關係人）合作推出。此合作為我們認為在結構上具新穎性的產品類別帶來機構級紀律與資本市場專業。V-Line Equity 於 2026 年第四季完成其首批交易，工作流程的驗證已到位。

We are now moving from build to scale. On transactions completed to date, unit economics are slightly higher than our lending business, approximately 3.5% of transaction value. Plus title revenue averaging approximately $1,500 per close. With zero balance sheet exposure, we monetize the transaction, not the loan.

我們現在正從建置階段邁向擴張。就目前已完成的交易而言，單位經濟效益略高於我們的放貸業務，約為交易價值的 3.5%。此外，每筆成交平均還有約 1,500 美元的產權（title）收入。在零資產負債表曝險的情況下，我們變現的是交易本身，而不是貸款。

According to the Federal Reserve, US Homeowners hold approximately $35 trillion in home equity, the vast majority of which is effectively inaccessible without taking on new debt. For homeowners who do not want to take on new debt to access the equity, this is a path that did not previously exist. With workflow validation in hand and a budding pipeline, we are heading to scaling mode.

根據聯準會資料，美國屋主持有約 35 兆美元的房屋淨值，其中絕大多數若不新增負債，實際上難以取得。對於不想為了動用淨值而新增負債的屋主而言，這是一條過去不存在的途徑。在工作流程驗證到位且管線逐步成形之下，我們正進入擴張模式。

The best piece is Beeline equity is not tied to interest rates, so our revenue grows regardless of market conditions. Beeline equity generates fee revenue per transaction with zero balance sheet risk. Structurally, it's the highest quality revenue line we have. As many of we hold the minority interest in MagicBlocks. An AI-driven sales platform.

最棒的是，Beeline Equity 不與利率掛鉤，因此無論市場狀況如何，我們的營收都能成長。Beeline Equity 每筆交易產生手續費收入，且沒有資產負債表風險。從結構上看，這是我們擁有的最高品質營收線之一。此外，我們持有 MagicBlocks 的少數股權——一個以 AI 驅動的銷售平台。

We've been working hard to advance this technology as a minority owner. The team there is doing strong work, and the enterprise pipeline is building. Magic Blocks has recently onboarded four major lenders and top1 10 lender. Magic Blocks' AI is proven to make meaningful industry improvements, and its platform supports Bob, Beeline's proprietary AI sales agent.

作為少數股東，我們一直努力推進這項技術。該團隊表現出色，企業端管線也在建立中。Magic Blocks 近期已導入四家大型放款機構以及一家前十大放款機構。Magic Blocks 的 AI 已被證實能帶來具意義的產業改善，其平台也支援 Bob——Beeline 自有的 AI 銷售代理。

We're very happy with the technology built inside of Magic Blocks, and we're currently evaluating the optimal structure for the relationship going forward. More to come on this. We recently announced a partnership with a builder in Dallas, Texas called Structured Real Estate Group. We expect that revenue to start in Q3 and are currently embedding our platform into their web tools and online showrooms.

我們對 Magic Blocks 內部打造的技術非常滿意，目前也正在評估未來雙方關係的最佳架構。後續將再提供更多資訊。我們最近宣布與德州達拉斯的一家建商 Structured Real Estate Group 建立合作關係。我們預期該合作的營收將於第三季開始貢獻，目前正將我們的平台嵌入其網路工具與線上展示間。

This is not just an immediate opportunity to generate revenue in Q3 and Q4. It's also part of a longer-term strategy to partner with a group that can drive new property transactions in Texas, Florida, and other parts of the Southeast. I'm excited to visit this site next week in Dallas. Our platform rests on four revenue pillars: mortgage, title, beeline equity, technology, and AI.

這不僅是第三季與第四季立即創造營收的機會，也是一項更長期策略的一部分：與能在德州、佛州及美國東南部其他地區推動新建案交易的團隊合作。我很期待下週到達拉斯實地參訪。我們的平台建立在四大營收支柱之上：房貸、產權（title）、Beeline Equity、科技與 AI。

Over time, a greater share of revenue will come from capital-light fee-based streams. That mix is the long-term margin story and distances beeline from other mortgage lenders leveraging the blockchain to fund pure equity transactions. The mix shift toward fee-based revenue is the key driver of long-term margin expansion. Our target of achieving $100 million run rate by the end of 2027 remains a key focal point.

隨著時間推進，將有更高比例的營收來自資本輕量的手續費型收入來源。這種組合變化是長期毛利率的核心敘事，也使 Beeline 與其他運用區塊鏈為純股權交易提供資金的房貸放款機構有所區隔。朝手續費型收入的組合轉移，是推動長期毛利率擴張的關鍵驅動因素。我們在 2027 年底前達成 1 億美元年化營收（run rate）的目標，仍是重要焦點。

That's a target. It's not a guarantee, but the building blocks are in place. Q1 was a big step in the right direction. I'll now turn it over to Jess.

那是一個目標，不是保證，但各項基礎要素已到位。第一季是朝正確方向邁出的一大步。接下來我把時間交給 Jess。

Thank you, Nick. Q1 was a corridor of meaningful progress across our core operating metrics. Revenue per loan expanded, conversion rates improved, and the technology investments we have been making are beginning to show measurable results in the business. Let me walk you through each of these in turn, starting with the core mortgage business.

謝謝你，Nick。第一季在我們的核心營運指標上取得了一段具實質意義的進展。每筆貸款的營收提升、轉換率改善，而我們持續投入的技術投資也開始在業務上呈現可衡量的成果。接下來我將逐一說明，先從核心房貸業務開始。

In origination trends and volume, we drove steady momentum through the quarter with a strong finish in March. While there was some normal variability, the underlying trend is positive and we exited the quarter with stronger momentum than we entered it. As it relates to product mix and credit profile, our product mix is shifting in a deliberate direction.

在承作趨勢與量能方面，我們整季保持穩健動能，並在 3 月強勢收尾。雖然存在一些正常波動，但底層趨勢為正向，我們在季度末的動能強於季度初。就產品組合與信用輪廓而言，我們的產品組合正有意識地朝特定方向調整。

We are intentionally leaning into DSCR and bank statement loans where margins are strong and unit profitability is real. Non-QM volumes remain stable. Conventional loans remain part of the platform, but we are intentionally deprioritizing them where the economics do not work. Borrower credit metrics also remain strong across the book.

我們刻意加大投入 DSCR 與銀行對帳單貸款，因為其利潤率強、單位獲利能力確實存在。非 QM 量能維持穩定。傳統型貸款仍是平台的一部分，但在經濟效益不佳之處，我們刻意降低其優先順序。借款人信用指標在整體資產組合中也仍維持強勁。

Additionally, we saw a modest boost in rate term refinance activity late in the quarter, driven by a brief dip in interest rates in late February and early March. As it relates to margin performance, we remain disciplined on pricing. ESTR margins of approximately 4% are stable. Conventional margins are tighter as expected, and bank statement loans are a strong opportunity and growing share of our pipeline.

此外，我們在季度後段看到利率／期限再融資活動小幅回升，主要受 2 月下旬與 3 月上旬利率短暫下滑所帶動。就利潤率表現而言，我們在定價上仍保持紀律。ESTR 利潤率約 4%，維持穩定。如預期，傳統型利潤率較為緊縮，而銀行對帳單貸款是強勁機會，且在我們的管線中占比持續提升。

Basically, we're not chasing volume at the expense of margin. Some key drivers here include good secondary execution on non-QM loans. Increase in higher revenue origination channels, and a change in loan product mix optimization. As it relates to revenue per loan and unit economics, one of the most important trends is growth in revenue per loan.

基本上，我們不會為了追求量而犧牲利潤率。這裡的一些關鍵驅動因素包括：在非 QM 貸款上的良好次級市場執行、更高收入的承作通路占比提升，以及貸款產品組合最佳化的調整。就每筆貸款收入與單位經濟而言，最重要的趨勢之一是每筆貸款收入的成長。

This has increased meaningfully over the last year. Revenue per loan expansion is driving operating leverage. This allows us to grow without linear cost increases and with improving efficiency. Automation is reducing cycle times and cost while improving conversions. As we look at technology has been facilitating improved economics in the following ways.

過去一年這項指標已顯著提升。每筆貸款收入的擴張正在帶動營運槓桿，讓我們能在不按比例增加成本、且效率持續改善的情況下成長。自動化在縮短週期時間並降低成本的同時，也提升轉換率。從技術面來看，科技正以以下方式促進經濟效益的改善。

Bob, our chatbot, drives an 8% increase in lead to lot conversions when he is engaged with customers on the website. Through SMS or in the point-of-sale journey. Our version one launch of our self-service journey, where a customer can move through application, qualification, locking, and disclosure signing without human intervention has generated promising early results, including 131% increase in application-to-lock pull-through.

我們的聊天機器人 Bob，當他在網站上與客戶互動時，能帶來從線索到「lot」的轉換率提升 8%，無論是透過簡訊或在銷售點（point-of-sale）旅程中。我們第一版自助式流程上線後，客戶可在無需人工介入的情況下完成申請、資格審核、鎖定利率與簽署揭露文件，已產生令人鼓舞的初步成果，包括申請到鎖定（application-to-lock）轉換率提升 131%。

That foundational capability is now being extended beyond its initial product into our higher margin loan type. Where the operating leverage is greatest. We are encouraged about the trajectory of this platform and plan to enhance the flow further this quarter. This also includes implementing back-office AI-facilitated workflows with the goal of continuing to improve our speed to close and our cost to serve.

這項基礎能力目前正從最初的產品延伸到我們利潤率更高的貸款類型，也就是營運槓桿最大的領域。我們對此平台的發展軌跡感到振奮，並計畫在本季進一步強化流程。這也包括導入後台由 AI 促成的工作流程，目標是持續提升我們的結案速度（speed to close）與服務成本（cost to serve）。

I'll turn now to Beeline Equity. In a single quarter, we moved V-Line Equity from a concept into a working production system with completed transactions, a validated workflow, and the integration needed to scale. The infrastructure is built. The focus is now on throughput. We currently have a full system launch, initial transactions completed, the workflow is validated, we've built the production software and completed those integrations.

接下來我談 Beeline Equity。在單一季度內，我們將 V-Line Equity 從概念推進到可運作的正式生產系統，完成了交易、驗證了工作流程，並完成可擴張所需的整合。基礎設施已建置完成，現在的重點在於處理量（throughput）。目前我們已完成全系統上線、初始交易已完成、流程已驗證、我們已建置生產軟體並完成相關整合。

To facilitate that scale. For 2026 priorities, they remain improving revenue per loan, continuing to sharpen our product mix towards our highest margin loan types, scaling V-Line equity, expanding the use of AI and automation in our sales and operations processes, driving efficiency, and moving towards positive cash flow.

為了促進規模化。2026 年的優先事項仍包括：提升每筆貸款收入、持續將產品組合更聚焦於最高利潤率的貸款類型、擴大 V-Line equity 規模、在銷售與營運流程中擴大 AI 與自動化的使用、推動效率提升，以及邁向正向現金流。

With that, I'll turn it over to Chris.

接下來我把時間交給 Chris。

Thanks, Jess. Let's turn to Q1 financial performance. As Nick mentioned, we more than doubled quarterly revenue year-over-year. Total revenue was $2.7 million, up from $1.4 million in the prior-year period. Let's break that down. We saw a gain on sale of $1.8 million, origination fees of $395,000, $380,000 from title. An initial Beeline equity contribution of about $50,000 and other revenue of $51,000.

謝謝，Jess。我們來看第一季的財務表現。如 Nick 所提到，我們的季度營收較去年同期增加一倍以上。總營收為 270 萬美元，高於去年同期的 140 萬美元。我們拆解一下：出售收益（gain on sale）為 180 萬美元，承作費（origination fees）39.5 萬美元，產權（title）收入 38 萬美元，Beeline equity 初始貢獻約 5 萬美元，其他收入 5.1 萬美元。

So our revenue growth was broad-based across all core categories. Let's look at expenses now and operating performance. Operating expenses were $7.9 million, including approximately $1 million of non-cash stock-based compensation. Excluding stock-based compensation.

因此，我們的營收成長在所有核心類別上都相當全面。接著看費用與營運表現。營運費用為 790 萬美元，其中約 100 萬美元為非現金的股票基礎薪酬。排除股票基礎薪酬後。

Operating expenses grew approximately 15% year-over-year against revenue growth of more than 100%, reflecting early operating leverage. Key components of OpEx were compensation at $3 million, G&A at $1.9 million, marketing at $1 million. So the loss from operations was $5.2 million. We are investing in growth while beginning to see operating leverage.

在營收年增超過 100% 的情況下，營運費用年增約 15%，反映出初步的營運槓桿。營運費用的主要組成包括：薪酬 300 萬美元、一般及行政（G&A）190 萬美元、行銷 100 萬美元。因此，營業損失為 520 萬美元。我們在投資成長的同時，也開始看到營運槓桿。

Let's talk about cost discipline. We have recently executed on a structured program of cost reductions, run rate reductions of approximately $210,000 per month or about $2.5 million per year. These savings will become increasingly visible in our results over the coming quarters. These reductions span staff and consultant rationalization, marketing optimization with select reduction for return to not meet our internal thresholds and other discretionary spending.

談談成本紀律。我們近期已執行一項結構化的成本削減計畫，將月度 run rate 降低約 21 萬美元，約合每年 250 萬美元。這些節省將在未來幾季的結果中愈來愈明顯。這些削減涵蓋人員與顧問配置的合理化、行銷最佳化（對未達內部門檻的投報率項目進行選擇性縮減），以及其他可裁量支出。

So we're not just growing the top-line. We are tightening the cost base while we do it. Our net loss was $5.3 million, narrowing year-over-year. This reflects revenue more than doubling, improving unit economics in each loan, continued operating discipline, and the absence of certain non-recurring items that impacted the prior year.

因此，我們不只是推動營收成長，同時也在收緊成本基礎。我們的淨損為 530 萬美元，較去年同期收斂。這反映了營收倍增以上、每筆貸款的單位經濟改善、持續的營運紀律，以及去年同期影響結果的某些一次性項目不再出現。

And now I want to talk to you about adjusted EBITDA. Adjusted EBITDA, which we review, which we view as an important supplemental metric for understanding the underlying trajectory of the business. Adjusted EBITDA was a loss of $3 million, narrowing from a loss of $3.8 million in the prior year period. With a narrowing of $800,000 or 21% year-over-year.

接著我想談調整後 EBITDA。調整後 EBITDA 是我們會檢視、也視為理解業務基本走勢的重要補充指標。調整後 EBITDA 虧損為 300 萬美元，較去年同期虧損 380 萬美元收斂。年增改善 80 萬美元，約 21%。

Specifically, adjusted EBITDA excludes non-cash expenses such as stock-based compensation, depreciation and amortization, as well as certain non-recurring or non-operating items. So the direction of travel is consistent across both our GAAP and non-GAAP results. What both demonstrate is that revenue is growing at a faster rate than core operating costs. We're generating early evidence of operating leverage.

具體而言，調整後 EBITDA 排除股票基礎薪酬、折舊與攤銷等非現金費用，以及某些一次性或非營運項目。因此，無論在 GAAP 或非 GAAP 結果上，我們的改善方向一致。兩者都顯示：營收成長速度快於核心營運成本。我們正在產生初步的營運槓桿證據。

The underlying earnings profile of the business is improving as we continue to grow revenue for loans, expand higher margin capital-light revenue streams like Beeline equity and leverage our fixed cost base and execute the cost reductions I just walked you through. As a result, we expect both net loss and adjusted EBITDA to continue the positive trajectory.

隨著我們持續提升貸款營收、擴大如 Beeline equity 這類高毛利且資本占用較輕（capital-light）的收入來源、運用固定成本基礎並落實我剛才說明的成本削減，公司的基本獲利輪廓正在改善。因此，我們預期淨損與調整後 EBITDA 都將延續正向改善的趨勢。

Let's turn to the balance sheet. At quarter end. We had cash of $1.9 million, loans held for sale of $17.3 million, and our equity is approximately $51 million, and no corporate debt, and the warehouse usage increased with production. Now we turn to cash flow and capital strategy. Operating cash used during Q1 was $3.6 million.

接著看資產負債表。截至季末，我們的現金為 190 萬美元、待售貸款（loans held for sale）為 1,730 萬美元、股東權益約 5,100 萬美元，且沒有公司層級負債；隨著產量提升，倉儲融資（warehouse）使用量也增加。接著談現金流與資本策略。第一季營運活動使用現金為 360 萬美元。

We funded the business through a combination of capital levers during the quarter. GELOC drawdowns of approximately $945,000. And ATM activity of approximately $447,000. Subsequent to quarter end, we've continued to access both facilities, providing ongoing flexibility on the timing and pacing of capital draws. So we are actively managing liquidity with multiple capital levers.

本季我們透過多種資本工具為業務提供資金，包括：GELOC 動用約 94.5 萬美元，以及 ATM（at-the-market）發行活動約 44.7 萬美元。季末之後，我們仍持續使用這兩項工具，使資金動用的時點與節奏更具彈性。因此，我們正透過多種資本工具積極管理流動性。

Our cash burn target, looking forward, we are targeting a meaningful reduction in our monthly cash burn during 2026, driven in part by operating cost reductions we've already implemented or are implementing this month, driven also in part by improving unit economics and online business, and this is a target we're working towards, not a milestone we've already achieved.

展望未來，我們的現金消耗（cash burn）目標是在 2026 年將每月現金消耗顯著降低，部分來自我們已經實施或將於本月實施的營運成本削減，也部分來自單位經濟改善與線上業務的提升；這是一個我們正在努力達成的目標，而不是我們已經完成的里程碑。

Our outlook, looking ahead, we see continued revenue growth, higher margin mix, improving operating leverage. And a tighter cost base.

就前景而言，往後看，我們預期營收持續成長、產品組合朝更高毛利方向發展、營運槓桿改善，以及更緊實的成本基礎。

And now, I'll turn it back to Nick.

接下來我把時間交回給 Nick。

Thank you. Let me close with three points. Our platform is unique. We've built the platform combining mortgage, title, beeline equity and AI, all under one roof each piece reinforces the others. Our technology platform contributes efficiency to all four pillars. The combination is what creates the long-term opportunity. We're building a fully integrated housing finance platform, not just a product lending platform.

謝謝。我用三點作結。我們的平台是獨特的。我們在同一屋簷下整合了房貸、產權、beeline equity 與 AI，各個部分彼此強化。我們的技術平台為這四大支柱都帶來效率提升。正是這種組合創造了長期機會。我們正在打造的是一個完全整合的住房金融平台，而不只是單一的放款產品平台。

Our business model is evolving. We're incorporating more capital-light revenue, taking less balance sheet risk. Our higher-margin products are getting more of our focus. We're building AI solutions for Beeline in partnership with Magic Blocks, which creates SaaS revenue opportunities. We're executing with discipline.

我們的商業模式正在演進。我們正納入更多資本占用較輕的收入來源，降低資產負債表風險。我們將更多焦點放在高毛利產品上。我們正與 Magic Blocks 合作為 Beeline 建置 AI 解決方案，創造 SaaS 收入機會。我們以紀律執行。

Operating expenses are coming down. Product mix is sharpening toward profitable transactions. Our team is focused on the work in front of us. Our target remains $100 million run rate as we exit 2027. That's a goal. It's not a guarantee, but it's a goal we're working toward, and Q1 was a step in the right direction.

營運費用正在下降。產品組合正更聚焦於可獲利的交易。我們的團隊專注於眼前的工作。我們的目標仍是在 2027 年退出時達到 1 億美元的 run rate。這是一個目標，不是保證，但我們正朝此努力，而第一季是朝正確方向邁出的一步。

Thank you for your time and your continued support. We will now open it up to questions.

感謝各位撥冗以及持續支持。接下來我們開放提問。

(Operator Instructions) Calvin Seto, Crater Lake.

（接線員指示）Calvin Seto，Crater Lake。

Hi, Nick and Chris. Thanks for the update. So I guess when we look at the balance sheet, right, we ended quarter one with $1.9 million, and we see that adjusted EBITDA loss is about $3 million per quarter. So earlier you mentioned about some capital levers that you could pull. So I just wonder, could you elaborate on that?

嗨，Nick 和 Chris。謝謝更新。我想，當我們看資產負債表時，對吧，我們第一季結束時現金為 190 萬美元，而調整後 EBITDA 虧損大約是每季 300 萬美元。所以你們先前提到有一些可以動用的資本工具。我想請問，你們可以更詳細說明一下嗎？

Thanks for checking in. I know you're probably headed to the airport and on an airplane or getting on an airplane, so I appreciate you, Don. Yeah, as I said before, we have an ATM facility. We also have an e-lock arrangement and numerous other forms of equity financing are available. We are debt avoidant, so we're not looking to do a debt deal, but we were able to fund ourselves. Through the ATM and e-lock and potentially other things as needed.

感謝你關心。我知道你可能正要去機場、在飛機上或正要登機，所以我很感謝你，Don。是的，如我先前所說，我們有 ATM 融資機制。我們也有 e-lock 安排，並且還有多種其他形式的股權融資可用。我們傾向避免負債，所以不打算做債務交易，但我們能夠自籌資金，透過 ATM、e-lock，以及視需要可能採取的其他方式。

I also would like to ask, yeah, I do have a follow-up. So, I'd like to know, like, so we talk about a lot of cost structure initiative, cost reduction initiatives, which are excellent. But in terms of hitting break-even or cash flow positive. Do we still see ourselves being on track this year or things have changed quite a bit?

我也想問，是的，我確實有個追問。也就是說，我們談了很多成本結構措施、降本增效的舉措，這些都很棒。但就達到損益兩平或現金流轉正而言，我們今年仍然有望按計畫達成嗎？還是情況已經有相當大的變化？

Yeah, I'll take that. So, look, we're not just cutting costs, although that is a big piece of getting toward cash flow positive. We also are steering our business toward our most profitable loans. Our non-QM loans, our bank statement loan and our DSCO loans, they're our most profitable by far. And the margins are significantly higher than our conventional business.

好的，我來回答。你看，我們不只是削減成本，雖然那是邁向現金流轉正的重要一環。我們也在把業務導向我們最具獲利性的貸款。我們的非 QM 貸款、銀行對帳單貸款以及 DSCO 貸款，是目前為止最賺錢的產品。而且它們的利潤率明顯高於我們的傳統（conventional）業務。

It takes a lot fewer loans to close in order to achieve the same revenue. And so when you think about the combination of higher margins per loan and cutting costs at the same time, we get to the end result much faster. So we're quite excited about making this shift at the end of the day, and that's where we are.

為了達到相同的營收，需要結案的貸款筆數少得多。所以當你把「每筆貸款更高的利潤率」與「同時降成本」結合起來看，我們能更快達到最終結果。因此，從結果來看，我們對於在年底前完成這個轉向感到相當振奮，而這就是我們目前的狀況。

(Operator Instructions) Greg McKinley, Retail.

（接線員指示）Greg McKinley，零售。

I'd like to ask you to talk a little bit about just the sort of the competitive backdrop because, and as I think about the market, we've got a couple of really big digital mortgage companies out there who've spent very heavily building their platforms. So in that environment, how does Beeline position itself to get a meaningful share, a durable share of that market over time? And I guess why is it durable?

我想請你談談競爭環境，因為就我對市場的理解，外面有幾家非常大型的數位房貸公司，已經投入大量資金建置他們的平台。在那樣的環境下，Beeline 要如何定位自己，才能隨時間取得有意義的市占、且是可持續的市占？我想問的是，為什麼它是可持續的？

Yes. So look, I mean, in a favorable rate environment, we're not having this question, right? We are able to grow our revenue very quickly as a result of demand outweighing supply. Right now, it is a bigger issue and something we have to be concerned with. So our two most popular loans, the two loans that we're the best at, the two that are the most profitable, the two that I just mentioned, the DSCR loan and the bank statement loan, those are loans that you don't get at the top.

是的。你看，在利率環境有利的時候，我們不會被問到這個問題，對吧？因為需求大於供給，我們能很快把營收做大。現在這確實是更大的議題，也是我們必須關注的。所以我們最受歡迎的兩種貸款、我們最擅長的兩種、也是最賺錢的兩種——我剛提到的 DSCR 貸款和銀行對帳單貸款——這些並不是你在頂尖機構那裡就能拿到的貸款。

The top lenders for the most part. Better doesn't offer them. I don't think Rocket Mortgage offers them, although they said they would start offering one of them, but they're not right now. And so we've built a really good niche in those two areas, and we've built a really good niche in investment property investors as well. So when you think about our marketing spend, we're not competing against Rocket and the other top lenders for that audience because they're not offering those products.

多數頂尖放款機構並不提供。Better 不提供。我不認為 Rocket Mortgage 有提供，雖然他們說會開始提供其中一種，但目前還沒有。因此我們在這兩個領域建立了很好的利基，也在投資房產投資人這個族群建立了很好的利基。當你看我們的行銷支出時，我們並不是在跟 Rocket 以及其他頂尖放款機構搶同一群受眾，因為他們並不提供這些產品。

And so we have a bit of an advantage there because we've taken these products, we've nationalized them, we've built them to scale, and we're making 40% to 50% more per transaction than what we were making on the conventional side. We're not getting out of the conventional business. We still are going to process and close conventional mortgages.

因此我們在那裡有一些優勢，因為我們把這些產品做成全國化、做成可規模化，而且每筆交易的獲利比我們在傳統業務端高出 40% 到 50%。我們並不是要退出傳統業務。我們仍然會處理並完成傳統房貸。

We're just not going to spend as much money driving them in this market, and we're not going to try to outspend the very large lenders. We're going to play in a space that we know we can make money in.

只是我們在這個市場不會花那麼多錢去推動它們，也不會試圖在支出上超越那些非常大型的放款機構。我們會在我們知道能賺錢的領域裡競爭。

Thank you. And then I wanted to understand Beeline equity better and maybe on a couple of fronts. So, number one, can you give us your thoughts on when this emerges as something that, call it moves the needle for you financially? And then secondly, I just want to understand the product better, what's the value proposition and sort of economics to your customer with this offering?

謝謝。接著我想更了解 Beeline Equity，可能從幾個面向。第一，你能談談你們認為它何時會在財務上成為一個「能帶來顯著影響」的項目嗎？第二，我也想更了解這個產品：對客戶的價值主張是什麼？以及這項方案對客戶而言的經濟性大概是怎樣？

Yeah, listen, I think it's going to be more of a Q3 thing before we start to really see the numbers scale the way we want to see them. We kind of went through. Why it's taken -- why we are where we are with that particular product, but the demand for the product is pretty significant. It's a pure equity product and it's geared toward people that need cash and they're cash rich, but they're -- I'm sorry, they're equity rich, but they're cash poor.

好的。聽著，我認為要到第三季（Q3）我們才會開始真正看到數字按我們希望的方式放大。我們之前也談過，為什麼它花了時間——以及為什麼目前進展到這個階段——但這個產品的需求相當可觀。它是一個純股權產品，主要面向需要現金的人：他們現金不足，但——抱歉——他們是股權很充足、但現金很吃緊。

And so they have the ability to leverage their biggest asset. And create cash for themselves very quickly without having to incur debt. And at a real high level, that's the product, right? We're not recording a lien. We're recording a deed of trust. I'm sorry, we're recording a deed. And as a result of that, they're not swapping debt for debt. They're basically bringing in new cash.

因此他們能夠運用自己最大的資產，快速為自己創造現金，而不必承擔債務。從很高層次來說，這就是這個產品，對吧？我們不會登記留置權（lien）。我們登記的是信託契據——抱歉，我是說我們登記的是契據（deed）。因此他們不是用債換債；他們基本上是引入新的現金。

That has no time clock on ever having to pay it back. So, the demand for the product in today's world where people's retirement is growing, or their inflation is outgrowing their retirement, this is a perfect product for them.

而且這筆現金沒有任何時間表要求一定要償還。所以在今天這個世界裡，人們的退休金成長跟不上通膨、或通膨超過退休金成長，這對他們來說是個完美的產品。

And just in terms of accessing that borrower, or not borrower, it's not debt, but accessing that customer, can you just talk a little bit about how you develop that relationship.

那就接觸這類借款人——或者不是借款人，因為這不是債務——而是接觸這類客戶而言，你能否談談你們如何建立這段關係？

Yeah, listen, you're right. It's a bit of an education process. We're going to drive that audience digitally. We're going to drive it through wealth advisors. We're going to drive it through very smart digital campaigns. We're going to leverage AI marketing. We're going to partner with organizations where baby boomers are prevalent, like the AARP.

是的，聽著，你說得對。這確實需要一些教育的過程。我們會用數位方式觸達這個族群；我們會透過財富顧問觸達；我們會透過非常精準的數位行銷活動觸達。我們會運用 AI 行銷。我們也會與嬰兒潮世代占比高的組織合作，例如 AARP。

We've got a really good marketing strategy. Look, there's what, $33 trillion of equity. And you have to remember the failure rate or the deny rate for a cash-out refi or a HELOC is between 50% and 60%. And we're targeting retirees where it's much greater. So, a lot of these people don't have a lot of options. It's unfortunate, but they just don't have a lot of options.

我們有一個很好的行銷策略。你看，房屋淨值大概有 33 兆美元。而且你要記得，現金提領再融資（cash-out refi）或 HELOC 的失敗率或拒絕率在 50% 到 60% 之間。我們鎖定的是退休族群，那個比例會更高。所以這些人很多其實沒有太多選擇。這很不幸，但他們確實沒有太多選擇。

Their options would be to get a reverse mortgage, which is punitive and expensive and time-consuming. Sell the house. They can sell their house. They can try to get a cash out refi or a HELOC, but they probably won't be successful if they're outliving their retirement. And so Beeline Equity becomes front and center for them.

他們的選項可能是辦理反向抵押貸款（reverse mortgage），但那很嚴苛、昂貴又耗時。或是賣房子，他們可以賣房子。他們也可以嘗試做現金提領再融資或 HELOC，但如果他們的退休金不夠用，成功機率可能不高。因此 Beeline Equity 就會成為他們的首要選擇。

And that will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Nick Liuzza for any closing remarks. Please go ahead.

以上為我們的問答環節。我想把會議交回給 Nick Liuzza 先生，請他做結語。請開始。

Look, I just want to thank everyone for their support of Beeline. We are, we're in it to win it, and we are motivated to continue to grow our business, and we look forward to the next earnings call. Thank you.

各位，我只想感謝大家對 Beeline 的支持。我們會全力以赴，我們也有動力持續擴大業務，並期待下一次的財報電話會議。謝謝。

This will conclude our conference call for today. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。