Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 359

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 359
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ITEM 1. FINANCIAL STATEMENTS

Blend Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

September 30, 2025December 31, 2024AssetsCurrent assets:Cash and cash equivalents$55,021 $38,011 Marketable securities and other investments22,234 56,233 Trade and other receivables, net of allowance for credit losses of $112 and $50, respectively12,201 14,656 Prepaid expenses and other current assets20,105 16,725 Current assets held for sale from discontinued operations6,427 9,618 Total current assets115,988 135,243 Property and equipment, net22,978 11,672 Operating lease right-of-use assets1,573 339 Intangible assets, net69 81 Deferred contract costs3,136 2,868 Other non-current assets42,559 21,825 Non-current assets held for sale from discontinued operations3,263 6,057 Total assets$189,566 $178,085 Liabilities, redeemable equity and stockholders’ equityCurrent liabilities:Accounts payable$772 $1,620 Deferred revenue25,325 19,240 Accrued compensation4,596 3,315 Other current liabilities9,235 9,740 Current liabilities held for sale from discontinued operations5,744 5,107 Total current liabilities45,672 39,022 Other non-current liabilities1,420 278 Non-current liabilities held for sale from discontinued operations160 1,103 Total liabilities47,252 40,403 Commitments and contingencies (Note 8) Redeemable noncontrolling interest - held for sale from discontinued operations— 52,375 Series A redeemable convertible preferred stock, par value $0.00001 per share: 200,000 shares authorized as of September 30, 2025 and December 31, 2024, 150  shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively (Note 10)154,799 141,663 Stockholders’ equity:Class A, Class B and Class C Common Stock, par value $0.00001 per share: 3,000,000 (Class A 1,800,000, Class B