Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 425

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 425
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 discussed below reflect this election.

9

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

Recently Issued Accounting Standards Not Yet AdoptedIn December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). This update improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. This update improves the disclosures about a public entity’s expenses, primarily through additional disclosures of specific information about certain costs and expenses in the notes to financial statements. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. 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 June 30,Six Months Ended June 30,2025202420252024(In thousands)Blend Platform:Mortgage Suite$17,961 $18,454 $32,599 $33,532 Consumer Banking Suite11,430 8,021 21,052 14,679 Total software platform29,391 26,475 53,651 48,211 Professional services2,132 2,221 4,642 4,325 Total revenue$31,523 $28,696 $58,293 $52,536 Contract BalancesThe following table provides information about contract assets and contract liabilities from contracts with customers:Contract AccountsBalance Sheet Line ReferenceJune 30, 2025December 31, 2024(In thousands)Contract assets—currentPrepaid expenses and other current assets$1,