Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 5

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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Results of Operations

Starting with the first quarter of 2025, we classified the results of our previously reported Title segment as discontinued operations. Refer to Note 15, Segment Information, and Note 16, 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 June 30,Six Months Ended June 30,2025202420252024(In thousands)RevenueSoftware platform$29,391 $26,475 $53,651 $48,211 Professional services2,132 2,221 4,642 4,325 Total revenue31,523 28,696 58,293 52,536 Cost of revenue(1)Software platform6,505 5,674 12,369 10,849 Professional services1,713 2,681 3,660 5,304 Total cost of revenue8,218 8,355 16,029 16,153 Gross profit23,305 20,341 42,264 36,383 Operating expenses:Research and development(1)7,332 12,916 14,853 27,099 Sales and marketing(1)6,950 9,004 14,137 18,759 General and administrative(1)13,619 11,376 24,844 23,729 Restructuring28 114 747 1,086 Total operating expenses27,929 33,410 54,581 70,673 Loss from operations(4,624)(13,069)(12,317)(34,290)Interest expense— (1,648)— (6,747)Other income (expense), net1,018 (4,452)2,132 1,201 Loss before income taxes(3,606)(19,169)(10,185)(39,836)Income tax expense(41)(30)(71)(72)Loss from continuing operations(3,647)(19,199)(10,256)(39,908)Net loss from discontinued operations(2,998)(222)(