Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 485

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 485
---
ITEM 1. FINANCIAL STATEMENTS

Blend Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

March 31, 2025December 31, 2024AssetsCurrent assets:Cash and cash equivalents$56,244 $38,011 Marketable securities and other investments48,574 56,233 Trade and other receivables, net of allowance for credit losses of $102  and $50, respectively10,692 14,656 Prepaid expenses and other current assets15,916 16,725 Current assets held for sale from discontinued operations8,518 9,618 Total current assets139,944 135,243 Property and equipment, net16,993 11,672 Operating lease right-of-use assets262 339 Intangible assets, net77 81 Deferred contract costs3,221 2,868 Other non-current assets21,930 21,825 Non-current assets held for sale from discontinued operations5,839 6,057 Total assets$188,266 $178,085 Liabilities, redeemable equity and stockholders’ equityCurrent liabilities:Accounts payable$2,666 $1,620 Deferred revenue33,266 19,240 Accrued compensation3,901 3,315 Other current liabilities11,467 9,740 Current liabilities held for sale from discontinued operations6,793 5,107 Total current liabilities58,093 39,022 Other non-current liabilities291 278 Non-current liabilities held for sale from discontinued operations903 1,103 Total liabilities59,287 40,403 Commitments and contingencies (Note 8) Redeemable noncontrolling interest - held for sale from discontinued operations— 52,375 Series A redeemable convertible preferred stock, par value $0.00001 per share: 200,000 shares authorized as of March 31, 2025 and December 31, 2024, 150  shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively (Note 10)145,865 141,663 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