Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 377

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 377
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40). This update removes all references to prescriptive and sequential software development stages throughout Subtopic 350-40. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

3. Revenue Recognition and Contract Costs 

Disaggregation of RevenueThe following table provides information about disaggregated revenue by service offering:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(In thousands)Blend Platform:Mortgage Suite$17,735 $21,546 $50,334 $55,078 Consumer Banking Suite12,724 9,520 33,776 24,199 Total software platform30,459 31,066 84,110 79,277 Professional services2,401 2,038 7,043 6,363 Total revenue$32,860 $33,104 $91,153 $85,640 Contract BalancesThe following table provides information about contract assets and contract liabilities from contracts with customers:Contract AccountsBalance Sheet Line ReferenceSeptember 30, 2025December 31, 2024(In thousands)Contract assets—currentPrepaid expenses and other current assets$3,135 $2,539 Contract liabilities—currentDeferred revenue, current$(25,325)$(19,240)

10

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

There were no long-term contract assets or deferred revenue as of September 30, 2025 and December 31, 2024.During the three months ended September 30, 2025 and 2024, the Company recognized $12.6 million and $8.6 million, respectively, of revenue that was included in the deferred revenue balance at the beginning of the respective periods. During the nine months ended September 30, 2025 and 2024, the Company recognized $13.8 million and $6.7 million, respectively, of revenue that was included in the deferred revenue balance at the beginning of the respective periods.During the three and nine months ended September 30, 2025, the Company recognized revenue of approximately $0.4 million and $0.7 million, respectively, related to performance obligations satisfied in previous periods. During the three and nine months ended