Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 28

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 28
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518 $9,618 Property and equipment, net$542 $649 Operating lease right-of-use assets1,018 1,130 Intangible assets, net2,000 2,000 Other non-current assets(1)2,279 2,278 Non-current assets held for sale from discontinued operations$5,839 $6,057 Accounts payable$912 $797 Accrued compensation1,248 661 Other current liabilities4,633 3,649 Current liabilities held for sale from discontinued operations$6,793 $5,107 Operating lease liabilities, non-current$735 $801 Other non-current liabilities168 302 Non-current liabilities held for sale from discontinued operations$903 $1,103 ____________(1) Other non-current assets includes  $2.3 million of restricted cash related to collateral for surety bonds.Operating results from the disposal group for the three months ended March 31, 2025 and 2024 are reported as Net (loss) income from discontinued operations, on the unaudited condensed consolidated statements of operations and comprehensive income (loss), as follows:Three Months Ended March 31,20252024(in thousands)Revenue$8,714 $11,107 Cost of revenue8,901 9,008 Operating expenses:Sales and marketing337 460 General and administrative1,684 1,582 Restructuring672 11 (Loss) income from operations(2,880)46 Other income (expense), net77 — Net (loss) income before income taxes(2,803)46 Income tax (expense) benefit— — Net (loss) income from discontinued operations$(2,803)$46 

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Blend Labs, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited)

17. Subsequent Events

On April 18, 2025, the Company made an investment in a privately held company in the amount of $4.0 million, receiving  3,200 shares of Series A Preferred units. 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q and in our audited consolidated financial