Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 457

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 457
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 from discontinued operations$5,744 $5,107 Operating lease liabilities, non-current$— $801 Other non-current liabilities160 302 Non-current liabilities held for sale from discontinued operations$160 $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 and nine months ended September 30, 2025 and 2024 are reported as Net income (loss) from discontinued operations, on the unaudited condensed consolidated statements of operations and comprehensive income (loss), as follows:

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

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(in thousands)(in thousands)Revenue$8,188 $12,080 $26,151 $34,971 Cost of revenue6,628 10,584 23,700 30,039 Operating expenses:Sales and marketing347 410 1,013 1,236 General and administrative1,133 1,658 4,231 4,388 Impairment of intangible asset— — 2,000 — Restructuring50 1,464 1,205 1,568 Income (loss) from operations30 (2,036)(5,998)(2,260)Other income (expense), net92 37 319 78 Net income (loss) before income taxes122 (1,999)(5,679)(2,182)Income tax benefit— 3 — 10 Net income (loss) from discontinued operations$122 $(1,996)$(5,679)$(2,172)

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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 statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled “Risk