Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 357

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 357
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ITEM 1. FINANCIAL STATEMENTS

Blend Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

June 30, 2025December 31, 2024AssetsCurrent assets:Cash and cash equivalents$36,499 $38,011 Marketable securities and other investments51,801 56,233 Trade and other receivables, net of allowance for credit losses of $99 and $50, respectively14,962 14,656 Prepaid expenses and other current assets17,128 16,725 Current assets held for sale from discontinued operations6,440 9,618 Total current assets126,830 135,243 Property and equipment, net21,179 11,672 Operating lease right-of-use assets1,780 339 Intangible assets, net73 81 Deferred contract costs3,399 2,868 Other non-current assets25,938 21,825 Non-current assets held for sale from discontinued operations3,873 6,057 Total assets$183,072 $178,085 Liabilities, redeemable equity and stockholders’ equityCurrent liabilities:Accounts payable$1,201 $1,620 Deferred revenue32,746 19,240 Accrued compensation2,854 3,315 Other current liabilities10,152 9,740 Current liabilities held for sale from discontinued operations5,790 5,107 Total current liabilities52,743 39,022 Other non-current liabilities1,795 278 Non-current liabilities held for sale from discontinued operations858 1,103 Total liabilities55,396 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 June 30, 2025 and December 31, 2024, 150  shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively (Note 10)150,241 141,663 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