Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 373

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 373
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 by service offering:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(In thousands)Blend Platform:Mortgage Suite$17,961 $18,454 $32,599 $33,532 Consumer Banking Suite11,430 8,021 21,052 14,679 Total software platform29,391 26,475 53,651 48,211 Professional services2,132 2,221 4,642 4,325 Total revenue$31,523 $28,696 $58,293 $52,536 Contract BalancesThe following table provides information about contract assets and contract liabilities from contracts with customers:Contract AccountsBalance Sheet Line ReferenceJune 30, 2025December 31, 2024(In thousands)Contract assets—currentPrepaid expenses and other current assets$1,294 $2,539 Contract liabilities—currentDeferred revenue, current$(32,746)$(19,240)There were no long-term contract assets or deferred revenue as of June 30, 2025 and December 31, 2024.During the three months ended June 30, 2025 and 2024, the Company recognized $11.3 million and $7.8 million, respectively, of revenue that was included in the deferred revenue balance at the beginning of the respective periods. During the six months ended June 30, 2025 and 2024, the Company recognized $11.1 million and $5.7 million, respectively, of revenue that was included in the deferred revenue balance at the beginning of the respective periods.During the three and six months ended June 30, 2025, the Company recognized revenue of approximately $(0.3) million and $0.6 million, respectively, related to performance obligations satisfied in previous periods. During the three and six months ended June 30, 2024, the Company recognized revenue of approximately $1.0 million and $1.1 million, respectively, related to performance obligations satisfied in previous periods. The revenue recognized from performance obligations satisfied in the prior periods primarily related to changes in the transaction price, including changes in the estimate of variable consideration. 

10

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

Remaining Performance ObligationsAs of June 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations was $