Lineage, Inc. (LINE)

Lineage went public in July 2024 at $78 per share, raising $5.1 billion, but the stock has since declined significantly. Key events impacting the stock price include a Q1 2025 earnings report showing a decrease in revenue and adjusted EBITDA, the reintroduction of Trump tariffs affecting seafood imports, a class-action lawsuit alleging misrepresentation of financial performance, and a Q3 2025 earnings report with a cut in AFFO per share guidance. Strategic acquisitions, including Tyson Foods warehouses and Bellingham Cold Storage, also occurred. As of February 6, 2026, the stock price was $38.63, a 5.14% gain on that day but a 33.30% decrease over the past year.

Demand for Lineage's cold storage services is subject to seasonal fluctuations driven by agricultural cycles, holidays and events, and shifting consumer preferences. Management has indicated that normal seasonality implies weakness in the first half of the year and strength in the second half. The company anticipates a return to same-store warehouse growth in the second half of 2025, driven by seasonal increases and easier comparisons.

Lineage, Inc. is a global provider of temperature-controlled logistics solutions, specializing in cold storage and transportation for perishable food products, operating as a temperature-controlled warehouse REIT. Its core business encompasses end-to-end cold chain solutions, including warehousing, transportation, port services, high-pressure processing, automation, and data analytics, facilitated by its Lineage Link technology platform. The company serves a diverse clientele across various segments and emphasizes efficiency and sustainability through advanced infrastructure and innovative technologies.

Lineage has the world's largest network of temperature-controlled warehouses, with over 400 to 488 strategically located facilities across North America, Europe, Asia-Pacific, and South America, operating in approximately 18 to 20 countries. This global network includes access to over 70 global ports.

Lineage's brand reputation has been impacted by a class-action lawsuit alleging misrepresentation of financial performance and market demand during its IPO, leading to allegations of securities fraud and operational struggles. Despite these challenges, Lineage is recognized as a critical infrastructure provider in the global food supply chain and the world's largest temperature-controlled logistics provider, emphasizing its mission to eliminate waste and its commitment to sustainability.

Lineage is a controlled company under Nasdaq rules, with significant control held by its co-founders and Bay Grove Capital LLC, which holds a majority voting stake. As of March 24, 2025, co-founders Adam Forste and Kevin Marchetti beneficially owned over 71.7% of the outstanding common stock. Major institutional owners include Bay Grove Capital, LLC, Norges Bank Investment Management, The Vanguard Group, Inc., and others.