Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 397

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 397
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 2,278 Non-current assets held for sale from discontinued operations$3,873 $6,057 Accounts payable$419 $797 Accrued compensation477 661 Other current liabilities4,894 3,649 Current liabilities held for sale from discontinued operations$5,790 $5,107 Operating lease liabilities, non-current$690 $801 Other non-current liabilities168 302 Non-current liabilities held for sale from discontinued operations$858 $1,103 ____________(1) Other non-current assets includes $2.3 million of restricted cash related to collateral for surety bonds.Operating results from the disposal group for the three and six months ended June 30, 2025 and 2024 are reported as Net (loss) income from discontinued operations, on the unaudited condensed consolidated statements of operations and comprehensive income (loss), as follows:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Revenue$9,249 $11,784 $17,963 $22,891 Cost of revenue8,171 10,447 17,072 19,455 Operating expenses:Sales and marketing329 366 666 826 General and administrative1,414 1,148 3,098 2,730 Impairment of intangible asset2,000 — 2,000 Restructuring483 93 1,155 104 (Loss) income from operations(3,148)(270)(6,028)(224)Other income (expense), net150 41 227 41 Net (loss) income before income taxes(2,998)(229)(5,801)(183)Income tax (expense) benefit— 7 — 7 Net (loss) income from discontinued operations$(2,998)$(222)$(5,801)$(176)

27

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

17. Subsequent Events

One Big Beautiful BillOn July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and