Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 25

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 25
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 over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We served as the Company’s auditor from 2019 to 2022.

San Francisco, California

March 16, 2023, except for Notes 1, 3 and 17 as to which the date is March 14, 2024.

75

Blend Labs, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

December 31, 2024December 31, 2023AssetsCurrent assets:Cash and cash equivalents$42,243 $30,962 Marketable securities and other investments56,233 105,960 Trade and other receivables, net of allowance for credit losses of $80  and $149, respectively17,365 18,345 Prepaid expenses and other current assets19,329 14,569 Total current assets135,170 169,836 Property and equipment, net12,321 3,945 Operating lease right-of-use assets1,469 8,565 Intangible assets, net2,081 2,108 Deferred contract costs2,868 2,453 Other non-current assets24,103 19,158 Total assets$178,012 $206,065 Liabilities, redeemable equity and stockholders’ equityCurrent liabilities:Accounts payable$2,417 $2,170 Deferred revenue19,240 8,984 Accrued compensation3,976 5,562 Other current liabilities13,316 14,858 Total current liabilities38,949 31,574 Operating lease liabilities, non-current801 6,982 Other non-current liabilities580 2,228 Debt, non-current, net— 138,334 Total liabilities40,330 179,118 Commitments and contingencies (Note 8