Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 305

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 305
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 of revenueSoftware platform22 22 Professional services7 11 Total cost of revenue29 33 Gross margin71 67 Operating expenses:Research and development28 59 Sales and marketing27 41 General and administrative42 52 Amortization of acquired intangible assets— — Impairment of intangible assets and goodwill— — Restructuring3 4 Total operating expenses100 156 Loss from operations(29)(89)Interest expense— (21)Other income (expense), net4 24 Loss before income taxes(25)(86)Income tax (expense) benefit— — Loss from continuing operations(25)(86)Net (loss) income from discontinued operations, net of tax(10)— Net loss(35)%(86)%

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*Certain percentages may not foot due to rounding.

Comparison of the Three Months Ended March 31, 2025 and 2024

Revenue and Cost of Revenue

Three Months Ended March 31,20252024$ Change% Change(In thousands)Revenue:Mortgage Suite$14,638 $15,078 $(440)(3 %)Consumer Banking Suite9,622 6,658 2,964 45 %Professional Services2,510 2,104 406 19 %Total revenue26,770 23,840 2,930 12 %Cost of revenue:7,812 7,798 14 — %Gross profit and gross margin:$18,958 71 %$16,042 67 %$2,916 18 %

Total revenue increased $2.9 million, or 12%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. 

•Mortgage Suite revenue decreased $0.4 million, or 3%, primarily due to slightly lower mortgage banking transaction volumes with our customers.

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•Consumer Banking Suite revenue increased $3.0 million, or 45%, primarily due to an increase in home equity and deposit account opening transaction volumes and an increase in attach rates of our digital closing solution. 

•Professional Services revenue increased by $0.4 million, or 19%, primarily due to an increase in professional services associated with the support of our platform.

Cost of revenue remained consistent for the three months ended March 31, 2025 compared to the three months