Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 304

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 304
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, Assets Held for Sale and Discontinued Operations, of the Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, for additional information. Prior period information has been reclassified to conform to the current period presentation.

The following tables set forth our results of operations for the periods presented in dollars and as a percentage of our revenue:

Three Months Ended March 31,20252024(In thousands)RevenueSoftware platform$24,260 $21,736 Professional services2,510 2,104 Total revenue26,770 23,840 Cost of revenue(1)Software platform5,865 5,175 Professional services1,947 2,623 Total cost of revenue7,812 7,798 Gross profit18,958 16,042 Operating expenses:Research and development(1)7,520 14,183 Sales and marketing(1)7,188 9,755 General and administrative(1)11,224 12,353 Restructuring719 972 Total operating expenses26,651 37,263 Loss from operations(7,693)(21,221)Interest expense— (5,099)Other income (expense), net1,114 5,653 Loss before income taxes(6,579)(20,667)Income tax (expense) benefit(30)(42)Loss from continuing operations(6,609)(20,709)Net (loss) income from discontinued operations(2,803)46 Net loss$(9,412)$(20,663)

(1)Includes stock-based compensation as follows:Three Months Ended March 31,20252024(In thousands)Cost of revenue$170 $156 Research and development(2)1,636 3,352 Sales and marketing720 978 General and administrative3,522 3,559 Total stock-based compensation$6,048 $8,045 

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(2) Net of $1.2 million of additions to capitalized internal-use software for the three months ended March 31, 2025, and $0.6 million for the three months ended March 31, 2024.

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Three Months Ended March 31,20252024(as a % of revenue)*RevenueSoftware platform91 %91 %Professional services9 9 Total revenue100 100 Cost