Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 498

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 498
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,658 Total software platform24,260 21,736 Professional services2,510 2,104 Total revenue$26,770 $23,840 Contract BalancesThe following table provides information about contract assets and contract liabilities from contracts with customers:Contract AccountsBalance Sheet Line ReferenceMarch 31, 2025December 31, 2024(In thousands)Contract assets—currentPrepaid expenses and other current assets$2,805 $2,539 Contract liabilities—currentDeferred revenue, current$(33,266)$(19,240)There were no long-term contract assets or deferred revenue as of March 31, 2025 and December 31, 2024.During the three months ended March 31, 2025 and 2024, the Company recognized $6.7 million  and $4.1 million, respectively, of revenue that was included in the deferred revenue balance at the beginning of the respective periods.During the three months ended March 31, 2025 and 2024, the Company recognized revenue of approximately $0.7 million and $0.1 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. Remaining Performance ObligationsAs of March 31, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations was $158.1 million. These remaining performance obligations represent commitments in customer contracts for services expected to be provided in the future that have not been recognized as revenue. The expected timing of revenue recognition for these commitments is largely driven by the Company’s ability to deliver in accordance with relevant contract terms and when the Company’s customers utilize services, which could affect the Company’s estimate of when the Company expects to recognize revenue for these remaining performance obligations. The Company expects to recognize approximately half of the remaining performance obligations as revenue over the next 12 months. The Company expects the majority of non-current remaining performance obligations to be recognized over the next 13 to 24 months.Deferred Contract CostsAs of March 31, 2025 and December 31, 2024, total unamortized deferred contract costs were $4.6 million and $4.2 million, respectively, of which $1.4 million and $1.3 million was recorded within prepaid expenses and other current assets and $3.2 million and $2.9 million