Lineage, Inc. (LINE)

Lineage, Inc. went public with an IPO in July 2024. As of March 2025, the stock was approximately 30% below its IPO price. In Q1 2026, Lineage reported a net loss of $51 million and flat consolidated net revenue year-over-year at $1.3 billion. Adjusted Funds From Operations (AFFO) per share decreased by 9.3% year-over-year to $0.78. The company reiterated its full-year 2026 adjusted EBITDA guidance of $1.25 billion to $1.30 billion and AFFO per share guidance of $2.75 to $3.00, expecting stabilization and a return to normal seasonality. The stock price has shown a 15.93% increase over the past month but a 12.41% decrease over the last 12 months as of May 9, 2026.

Demand for Lineage, Inc.'s products and services is seasonal, driven by agricultural cycles, holidays, and consumer preferences. Harvest periods lead to a surge in demand for cold storage. Increased consumption of perishable goods during holidays necessitates expanded cold storage capabilities. Shifting consumer preferences also contribute to seasonal storage demand. Lineage's management expects its business to track normal seasonality in 2026 and utilizes data-driven approaches and machine-learning models to forecast seasonal demand and optimize operations.

Lineage, Inc. is the world's largest temperature-controlled warehouse REIT, specializing in cold storage and integrated supply chain solutions, operating within the industrial real estate, cold storage, and logistics sectors. The company provides cold storage warehousing for perishable goods. It offers integrated transportation solutions, including managed freight and port-side logistics. Lineage provides value-added services such as blast freezing and e-commerce fulfillment. Lineage Link is a digital ecosystem providing real-time visibility, and Lineage Fresh is a service for fast-moving fresh produce.

Lineage, Inc. has a significant global presence, operating over 450 to 500 facilities across 18 countries, spanning North America, Europe, and Asia-Pacific, with approximately 3.1 billion cubic feet of capacity. The company is headquartered in Novi, Michigan, U.S.

In December 2025, Lineage was named to Inc.'s 2025 Best in Business List in the Innovation category for the second consecutive year for its customs bonded warehouses. In February 2026, Lineage announced the recipients of its 2025 Carrier of the Year awards. On Comparably, Lineage Logistics has a Net Promoter Score (NPS) of 27, with 56% Promoters, 15% Passives, and 29% Detractors, and its product quality score is rated 3.8 out of 5 by users and customers.

Lineage, Inc. remains a controlled company, with Bay Grove Capital LLC holding a majority voting stake. Co-founders Adam Forste and Kevin Marchetti beneficially owned over 71.7% of the outstanding common stock as of March 24, 2025. Major institutional owners include Bay Grove Capital, LLC, Norges Bank Investment Management, The Vanguard Group, Inc., D1 Capital Partners L.P., BlackRock, Inc., Morgan Stanley, Capital Research Global Investors, Baillie Gifford & Co., State Street Global Advisors, Inc., and Dimensional Fund Advisors LP.