$BLND

Blend Labs, Inc.

CIK:0001855747|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 33,837	$ 64,680	$ 58,474
Cost of revenue
Total cost of revenue	8,952	16,430	16,117
Gross profit	24,885	48,250	42,357
Operating expenses:
Research and development	8,683	18,096	15,329
Sales and marketing	6,740	12,938	14,137
General and administrative	11,034	23,187	24,950
Restructuring	4	666	747
Total operating expenses	26,461	54,887	55,163
Loss from operations	(1,576)	(6,637)	(12,806)
Other income (expense), net	221	261	2,132
Loss before income taxes	(1,355)	(6,376)	(10,674)
Income tax expense	(119)	(182)	(71)
Loss before equity in losses of equity method investees	(1,474)	(6,558)	(10,745)
Equity in losses of equity method investees, net of tax	(338)	(719)	0
Loss from continuing operations	(1,812)	(7,277)	(10,745)
Income (loss) from discontinued operations (Note 15)	329	(2,255)	(5,801)
Net loss	(1,483)	(9,532)	(16,546)
Less: Net loss attributable to noncontrolling interest included in discontinued operations	0	0	182
Net loss attributable to Blend Labs, Inc.	(1,483)	(9,532)	(16,364)
Less: Accretion of redeemable noncontrolling interest to redemption value from discontinued operations	0	0	(1,254)
Less: Accretion of Series A redeemable convertible preferred stock to redemption value	(4,927)	(9,658)	(8,578)
Net loss attributable to Blend Labs, Inc. common stockholders, basic	(6,410)	(19,190)	(26,196)
Net loss attributable to Blend Labs, Inc. common stockholders, diluted	$ (6,410)	$ (19,190)	$ (26,196)
Net loss per share attributable to Blend Labs, Inc. common stockholders - basic and diluted:
Continuing operations, basic (in dollars per share)	$ (0.03)	$ (0.07)	$ (0.07)
Continuing operations, diluted (in dollars per share)	(0.03)	(0.07)	(0.07)
Discontinuing operations, basic (in dollars per share)	0.00	(0.01)	(0.03)
Discontinuing operations, diluted (in dollars per share)	0.00	(0.01)	(0.03)
Net loss per share attributable to Blend Labs, Inc. common stockholders basic (in dollars per share)	(0.03)	(0.08)	(0.10)
Net loss per share attributable to Blend Labs, Inc. common stockholders diluted (in dollars per share)	$ (0.03)	$ (0.08)	$ (0.10)
Weighted average shares used in calculating net loss per share:
Basic (in shares)	239,909	247,726	259,004
Diluted (in shares)	239,909	247,726	259,004
Comprehensive loss:
Net loss	$ (1,483)	$ (9,532)	$ (16,546)
Unrealized loss on marketable securities	(58)	(164)	(38)
Foreign currency translation gain (loss)	18	190	(50)
Comprehensive loss	(1,523)	(9,506)	(16,634)
Less: Comprehensive loss attributable to noncontrolling interest included in discontinued operations	0	0	182
Comprehensive loss attributable to Blend Labs, Inc.	(1,523)	(9,506)	(16,452)
Software platform
Revenue
Total revenue	31,404	59,397	53,767
Cost of revenue
Total cost of revenue	7,152	12,920	12,457
Professional services
Revenue
Total revenue	2,433	5,283	4,707
Cost of revenue
Total cost of revenue	$ 1,800	$ 3,510	$ 3,660

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (1,483)	$ (6,847)	$ (9,532)	$ (16,546)
Less: Net loss from discontinued operations	329	(2,998)	(2,255)	(5,801)
Net loss from continuing operations	(1,812)	(3,849)	(7,277)	(10,745)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation			13,758	13,678
Depreciation and amortization			2,851	1,047
Amortization of deferred contract costs	300	400	792	746
Amortization of operating lease right-of-use assets			210	199
Equity in losses of equity method investees, net of tax	338	0	719	0
Other			622	(316)
Changes in operating assets and liabilities:
Trade and other receivables			(5,663)	(506)
Prepaid expenses and other assets, current and non-current			379	(719)
Deferred contract costs, non-current			212	(531)
Accounts payable			(1,440)	(419)
Deferred revenue			12,098	12,352
Accrued compensation			(987)	(684)
Operating lease liabilities			(206)	(1,921)
Other liabilities, current and non-current			132	2,204
Net cash provided by operating activities - continuing operations			16,200	14,385
Net cash used in operating activities - discontinued operations			(921)	(771)
Net cash provided by operating activities			15,279	13,614
Investing activities
Purchases of marketable securities			(4,966)	(23,749)
Sale of available-for-sale securities			0	859
Maturities of marketable securities			8,000	27,727
Additions to property, equipment and internal-use software development costs			(1,942)	(7,912)
Investment in non-marketable equity securities			0	(4,000)
Net cash provided by (used in) investing activities - continuing operations			1,092	(7,075)
Net cash provided by (used in) investing activities - discontinued operations			1,110	(120)
Net cash provided by (used in) investing activities			2,202	(7,195)
Financing activities
Proceeds from exercises of stock options, including early exercises, net of repurchases			96	793
Taxes paid related to net share settlement of equity awards			(2,064)	(5,502)
Share repurchases			(37,241)	(4,118)
Net cash used in financing activities			(39,209)	(8,827)
Effect of exchange rates on cash, cash equivalents, and restricted cash			(24)	0
Net decrease in cash, cash equivalents, and restricted cash			(21,752)	(2,408)
Cash, cash equivalents, and restricted cash at beginning of period			46,998	49,537
Cash, cash equivalents, and restricted cash at end of period	25,246	47,129	25,246	47,129
Less: Cash, cash equivalents and restricted cash included in current assets held for sale from discontinued operations	0	5,607	0	5,607
Cash, cash equivalents and restricted cash, end of period, excluding current assets held for sale from discontinued operations	25,246	41,522	25,246	41,522
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets:
Cash and cash equivalents	23,311	36,499	23,311	36,499
Restricted cash	1,935	5,023	1,935	5,023
Total cash, cash equivalents, and restricted cash	25,246	41,522	25,246	41,522
Cash paid for income taxes
Total income taxes paid, net			191	332
Supplemental disclosure of non-cash investing and financing activities:
Reclassification of redeemable noncontrolling interest related to discontinued operations to equity			0	52,675
Operating lease liabilities arising from obtaining new or modified right-of-use assets			760	1,640
Stock-based compensation included in capitalized internal-use software development costs	100	1,100	238	2,345
Accretion of redeemable noncontrolling interest related to discontinued operations to redemption value	0	0	0	1,254
Accretion of Series A redeemable convertible preferred stock to redemption value	$ 4,927	$ 4,376	9,658	8,578
Consideration receivable in connection with the sale of title assets			389	0
Capitalized internal-use software development costs included in accrued compensation			58	201
Texas
Cash paid for income taxes
State and local			80	64
India
Cash paid for income taxes
Foreign			$ 111	$ 268

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 23,311	$ 45,061
Marketable securities and other investments	21,556	24,739
Trade and other receivables, net of allowance for credit losses of $135 and $112, respectively	14,425	8,786
Prepaid expenses and other current assets	16,594	17,257
Current assets held for sale from discontinued operations	0	3,958
Total current assets	75,886	99,801
Property and equipment, net	21,936	22,997
Operating lease right-of-use assets	1,953	1,394
Deferred contract costs	3,213	3,425
Other non-current assets	40,578	41,425
Non-current assets held for sale from discontinued operations	0	1,003
Total assets	143,566	170,045
Current liabilities:
Accounts payable	418	1,858
Deferred revenue	31,483	19,385
Accrued compensation	3,541	4,560
Other current liabilities	11,262	11,523
Current liabilities held for sale from discontinued operations	0	2,128
Total current liabilities	46,704	39,454
Other non-current liabilities	2,083	1,569
Total liabilities	48,787	41,023
Commitments and contingencies (Note 7)
Series A redeemable convertible preferred stock, par value $0.00001 per share: 200,000 shares authorized as of June 30, 2026 and December 31, 2025, 150 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (Note 8)	169,153	159,495
Stockholders’ equity:
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 June 30, 2026 and December 31, 2025; 236513319 (Class A 233,257, Class B 3,256, Class C 0) and 256043436 (Class A 252787051, Class B 3,256, Class C 0) shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	1,326,309	1,360,704
Accumulated other comprehensive income	623	597
Accumulated deficit	(1,401,308)	(1,391,776)
Total stockholders’ equity	(74,374)	(30,473)
Total liabilities, redeemable equity and stockholders’ equity	143,566	170,045
Series A Redeemable Convertible Preferred Stock
Current liabilities:
Series A redeemable convertible preferred stock, par value $0.00001 per share: 200,000 shares authorized as of June 30, 2026 and December 31, 2025, 150 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (Note 8)	$ 169,153	$ 159,495