Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 89

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 89
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 $113,777 $235,201 Cost of revenueSoftware platform$30,706 $— $30,706 Professional services15,504 — 15,504 Title— 99,340 99,340 Total cost of revenue$46,210 $99,340 $145,550 Gross profit$75,214 $14,437 $89,651 The following table presents a reconciliation of reportable consolidated gross profit to loss before income taxes:

120

Blend Labs, Inc.Notes to Consolidated Financial Statements

Year Ended December 31,202420232022(in thousands)Gross profit$90,544 $81,135 $89,651 Operating expenses:Research and development46,087 81,591 138,094 Sales and marketing36,049 60,130 85,248 General and administrative50,557 70,688 139,120 Amortization of acquired intangible assets— — 8,411 Impairment of intangible assets and goodwill— — 449,680 Restructuring7,471 24,948 15,275 Total operating expenses140,164 237,357 835,828 Loss from operations(49,620)(156,222)(746,177)Interest expense(6,747)(30,811)(24,790)Other income (expense), net13,057 7,248 4,916 Loss before income taxes$(43,310)$(179,785)$(766,051)The Company does not generate revenue from external customers in foreign countries. The Company’s long-lived assets, which consist of property and equipment, net and operating lease right-of-use assets, by geographic location are as follows: As of December 31,20242023(in thousands)Long-lived assets:United States$13,677 $11,747 India— 763 Mexico113 — Total$13,790 $12,510 

18. Subsequent Events

Performance Stock Units In January 2025, the Company’s board of directors granted a total of 1,300,000 PSUs to a recently hired senior executive. In March 2025, the Company’s board of directors granted a total of 4,200,000 PSUs to the Co-Founder and Head of Blend. The PSUs will vest in four tranches upon continued service and satisfaction