Blend Labs, Inc.

Listed Company

BLNDCIK 0001855747NYSEAcceleratedEmerging GrowthServices-Computer Programming, Data Processing, Etc.DelawareFY ends Dec 31

Period

FY 2025

Revenue

$123.58M

Net Income

$-6.80M

Total Assets

$170.04M

Equity

$-30.47M

Shares Out

256.04M

Op. Cash Flow

$11.51M

Business

Blend Labs, Inc. provides a cloud-based digital origination platform that streamlines end-to-end consumer banking journeys for lenders and deposit providers. It offers a suite of products including mortgage, home equity, vehicle, personal loan, credit card and deposit account workflows, add-ons like Close and Title, verification and decisioning components, Blend Builder low-code tools, and open APIs and ecosystem integrations. The company operates two reportable segments: Blend Platform (software and modular components) and Title (title, escrow, closing and settlement services). It serves financial services firms across the United States via SaaS agreements, direct sales, and integrations into digital, branch, and contact center channels.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	124	116	110	235	234
Total cost of revenue	32	33	33	146	119
Gross profit	91	83	76	90	116
Research and development	33	46	81	138	92
Sales and marketing	29	34	57	85	84
General and administrative	50	46	61	139	129
Restructuring	871,000	6	20	15	0
Total operating expenses	113	132	220	836	313
Loss from operations	−22	−49	−144	−746	−197
Interest expense	0	−7	−31	−25	—
Other income (expense), net	21	13	7	5	493,000
Loss before income taxes	−878,000	−43	−167	−766	−208
Income tax expense	−249,000	−109,000	−94,000	2	39
Loss from continuing operations	−1	−43	−167	—	—
Loss from discontinued operations (Note 16)	−6	−659,000	−12	—	—
Net loss	−7	−43	−180	−764	−169
Less: Net loss attributable to noncontrolling interest included in discontinued operations	182,000	74,000	1	—	—
Net loss attributable to Blend Labs, Inc.	−7	−43	−179	−720	−170
Less: Accretion of redeemable noncontrolling interest to redemption value from discontinued operations	−1	−6	−7	—	—
Less: Accretion of Series A redeemable convertible preferred stock to redemption value	−18	−11	0	0	−1
Net loss attributable to Blend Labs, Inc. common stockholders, basic	−26	−60	−185	−769	−171
Net loss attributable to Blend Labs, Inc. common stockholders, diluted	−26	−60	−185	−769	−171
Continuing operations, basic (in dollars per share)	−0.07	−0.21	−0.69	—	—
Continuing operations, diluted (in dollars per share)	−0.07	−0.21	−0.69	—	—
Discontinuing operations, basic (in dollars per share)	−0.03	−0.03	−0.07	—	—
Discontinuing operations, diluted (in dollars per share)	−0.03	−0.03	−0.07	—	—
Net loss per share attributable to Blend Labs, Inc. common stockholders, basic (in dollars per share)	−0.1	−0.24	−0.76	−3.28	−1.3
Net loss per share attributable to Blend Labs, Inc. common stockholders, diluted (in dollars per share)	−0.1	−0.24	−0.76	−3.28	−1.3
Basic (in shares)	259	254	245	234	132
Diluted (in shares)	259	254	245	234	132
Unrealized (loss) gain on marketable securities	−100,000	87,000	1	−135,000	−794,000
Foreign currency translation gain	95,000	74,000	119,000	235,000	−9,000
Comprehensive loss	−7	−43	−179	−764	−170
Less: Comprehensive loss attributable to noncontrolling interest included in discontinued operations	182,000	74,000	1	44	−771,000
Comprehensive loss attributable to Blend Labs, Inc.	−7	−43	−178	−720	−171

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Cash and cash equivalents	44	55	36	56	38
Marketable securities and other investments	25	22	52	49	56
Trade and other receivables, net of allowance for credit losses of $112 and $50, respectively	9	12	15	11	15
Prepaid expenses and other current assets	15	20	17	15	17
Current assets held for sale from discontinued operations	6	6	6	9	10
Total current assets	98	116	126	139	135
Property and equipment, net	23	22	21	17	12
Operating lease right-of-use assets	1	2	2	262,000	339,000
Deferred contract costs	3	3	3	3	3
Other non-current assets	41	43	26	22	22
Non-current assets held for sale from discontinued operations	3	3	4	6	6
Total assets	170	189	182	187	178
Accounts payable	2	772,000	1	3	2
Deferred revenue	19	25	32	33	19
Accrued compensation	5	5	3	4	3
Other current liabilities	9	9	10	11	10
Current liabilities held for sale from discontinued operations	5	6	6	7	5
Total current liabilities	39	46	52	58	39
Other non-current liabilities	1	1	2	291,000	278,000
Non-current liabilities held for sale from discontinued operations	154,000	160,000	858,000	903,000	1
Total liabilities	41	47	55	59	40
Commitments and contingencies (Note 7)	—	—	—	—	—
Redeemable noncontrolling interest - held for sale from discontinued operations	0	—	—	—	52
Series A redeemable convertible preferred stock, par value $0.00001 per share: 200,000 shares authorized as of December 31, 2025 and 2024, 150 shares issued and outstanding as of December 31, 2025 and 2024, respectively (Note 9)	159	—	—	—	142
Class A, Class B and Class C Common Stock, par value $0.00001 per share: 3,000,000 (Class A 1,800,000, Class B 600,000, Class C 600,000) shares authorized as of December 31, 2025 and 2024; 256043436 (Class A 252,787, Class B 3,256, Class C 0) and 258172720 (Class A 254426485, Class B 3,747, Class C 0) shares issued and outstanding as of December 31, 2025 and 2024, respectively	2,000	2,000	2,000	2,000	2,000
Additional paid-in capital	1,361	1,375	1,378	1,377	1,328
Accumulated other comprehensive income	597,000	555,000	514,000	565,000	602,000
Accumulated deficit	−1,392	−1,389	−1,401	−1,394	−1,385
Total stockholders equity	−30	−13	−23	−17	−56
Total liabilities, redeemable equity and stockholders equity	170	189	182	187	178

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	29	28	46	110	71
Depreciation and amortization	3	1	2	11	11
Amortization of deferred contract costs	2	1	3	5	5
Amortization of debt discount and issuance costs	0	690,000	3	3	1
Amortization of operating lease right-of-use assets	531,000	2	3	4	3
Accelerated amortization of right-of-use asset in connection with lease abandonment	0	3	0	0	—
Gain on conversion of note receivable to investment in equity securities	−825,000	0	0	—	—
Gain on investment in equity securities	−17	−4	0	−3	0
Loss on extinguishment of debt	0	6	4	0	0
Gain on sale of insurance business	0	−9	0	0	—
Other	−312,000	−2	−5	2	3
Trade and other receivables	6	5	765,000	12	−6
Prepaid expenses and other assets, current and non-current	−5	−432,000	2	9	−14
Deferred contract costs, non-current	−557,000	−415,000	−762,000	2	1
Accounts payable	206,000	−291,000	1	−5	2
Deferred revenue	−627,000	10	289,000	627,000	−6
Accrued compensation	807,000	−2	−2	−8	6
Operating lease liabilities	−3	−3	−4	−4	−3
Other liabilities, current and non-current	1	−303,000	−2	−12	7
Net cash provided by (used in) operating activities - continuing operations	14	−8	−117	—	—
Net cash used in operating activities - discontinued operations	−3	−5	−11	—	—
Net cash provided by (used in) operating activities	12	−13	−128	−190	−128
Purchases of marketable securities	−35	−102	−236	−146	−352
Sale of available-for-sale securities	21	100	56	6,000	0
Maturities of marketable securities	47	53	310	247	125
Additions to property, equipment and internal-use software development costs	−12	−10	−35,000	−2	−2
Proceeds from sale of insurance business	0	9	0	0	—
Cash received in connection with conversion of note receivable to investment in equity securities	2	0	0	—	—
Investment in non-marketable equity securities	−4	0	0	0	−3
Investment in note receivable	0	−5	−3	0	−3
Other	0	−283,000	0	0	—
Net cash provided by investing activities - continuing operations	19	45	128	—	—
Net cash used in investing activities - discontinued operations	−195,000	−103,000	−552,000	—	—
Net cash provided by investing activities	19	45	127	99	−634
Proceeds from exercises of stock options, including early exercises, net of repurchases	2	2	268,000	3	25
Taxes paid related to net share settlement of equity awards	−9	−18	−6	0	0
Share repurchases	−25	0	0	—	—
Repayment of long-term debt	0	−145	−85	0	0
Net proceeds from the issuance of the Series A redeemable convertible preferred stock and the Haveli Warrant	0	149	0	0	—
Payment for issuance costs related to the Series A redeemable convertible preferred stock and the Haveli Warrant	0	−9	0	0	—
Net cash used in financing activities - continuing operations	−33	−21	−91	2	934
Effect of exchange rates on cash, cash equivalents, and restricted cash	0	−5,000	−31,000	−116,000	−9,000
Net (decrease) increase in cash, cash equivalents, and restricted cash	−3	11	−91	−89	172
Total income taxes paid, net	389,000	76,000	107,000	—	—
Cash paid for interest	0	6	28	25	6
Conversion of note receivable to investment in equity securities	10	0	0	—	—
Vesting of early exercised stock options	0	363,000	1	4	5
Operating lease liabilities arising from obtaining new or modified right-of-use assets	2	1	327,000	605,000	2
Stock-based compensation included in capitalized internal-use software development costs	3	3	0	0	—
Covered Warrant received in connection with strategic partnership and sale of insurance business	0	222,000	0	0	—
Capitalized internal-use software development costs included in accrued compensation	129,000	155,000	0	0	0

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