Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 405

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 405
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— — Loss from continuing operations(12)(67)(18)(76)Net (loss) income from discontinued operations, net of tax(10)(1)(10)— Net loss(21)%(68)%(28)%(76)%

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*Certain percentages may not foot due to rounding.

33

Comparison of the Three Months Ended June 30, 2025 and 2024

Revenue and Cost of Revenue

Three Months Ended June 30,20252024$ Change% Change(In thousands)Revenue:Mortgage Suite$17,961 $18,454 $(493)(3%)Consumer Banking Suite11,430 8,021 3,409 43%Professional Services2,132 2,221 (89)(4%)Total revenue31,523 28,696 2,827 10%Cost of revenue:8,218 8,355 (137)(2%)Gross profit and gross margin:$23,305 74 %$20,341 71 %$2,964 15%

Total revenue increased by $2.8 million, or 10%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. 

•Mortgage Suite revenue decreased by $0.5 million, or 3%, primarily due to a decrease in homeowner’s insurance revenue related to the Strategic Partnership and Sale of Insurance Business (Refer to Note 3, Revenue Recognition and Contract Costs) and verification of income revenue in connection with transition to the partnership model, offset by overall mortgage market growth.

•Consumer Banking Suite revenue increased by $3.4 million, or 43%, primarily due to an increase in home equity and deposit account opening transaction volumes and an increase in attach rates of our digital closing solution. 

•Professional Services revenue decreased by $0.1 million, or 4%, primarily due to a decrease in consulting services, partially offset by an increase in professional services associated with the support of our platform.

Cost of revenue decreased by $0.1 million, or 2%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to a decrease in personnel related expenses attributable to a decrease in headcount related to our restructuring actions. 

Gross profit increased by $3.0 million, or 15% for the three months ended June 30, 2025