Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 9

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 7
Chunk 9
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(2) Net of $2.5 million of additions to capitalized internal-use software for the year ended December 31, 2024, and none for the years ended December 31, 2023 and 2022.

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Year Ended December 31,202420232022(as a % of revenue)*RevenueSoftware platform66 %65 %48 %Professional services5 5 4 Title29 30 48 Total revenue100 100 100 Cost of revenueSoftware platform14 14 13 Professional services6 7 7 Title24 27 42 Total cost of revenue44 48 62 Gross margin56 52 38 Operating expenses:Research and development28 52 59 Sales and marketing22 38 36 General and administrative32 45 59 Amortization of acquired intangible assets— — 4 Impairment of intangible assets and goodwill— — 191 Restructuring5 16 6 Total operating expenses87 151 355 Loss from operations(31)(100)(317)Interest expense(4)(20)(11)Other income (expense), net8 5 2 Loss before income taxes(27)(115)(326)Income tax (expense) benefit— — 1 Net loss(27)%(115)%(325)%

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*Certain percentages may not foot due to rounding.

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Comparison of the Years Ended December 31, 2024 and 2023

Revenue and Cost of Revenue

Year Ended December 31,20242023$ Change% Change(In thousands)Segment revenue:Blend Platform:Mortgage Suite$73,257 $77,574 $(4,317)(6 %)Consumer Banking Suite33,657 23,630 10,027 42 %Professional Services8,848 8,345 503 6 %Total Blend Platform115,762 109,549 6,213 6 %Title46,257 47,297 (1,040)(2 %)Total revenue$162,019 $156,846 $5,173 3 %Segment cost of revenue:Blend Platform$32,541 $33,090 $(549)(2 %)Title38,934 42,621 (3,687)(9 %)Total cost of revenue$71,475