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

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 10
---
 to the nine months ended September 30, 2024 primarily driven by a decrease in personnel related expenses attributable to a decrease in headcount related to our restructuring actions. 

Gross profit increased by $5.8 million, or 10%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to increased revenue. Gross margin was 73% for the nine months ended September 30, 2025 compared to 71% for the nine months ended September 30, 2024. The increase in gross profit was primarily due to expanding Consumer Banking Suite revenue while decreasing cost of revenue as we continue to focus on operational efficiency. 

37

Operating Expenses

Nine Months Ended September 30,20252024$ Change % Change(In thousands)Operating expenses:Research and development$23,375 $37,226 $(13,851)(37%)Sales and marketing22,010 28,232 (6,222)(22%)General and administrative37,723 35,211 2,512 7%Restructuring840 5,787 (4,947)(85%)Total operating expenses$83,948 $106,456 $(22,508)(21%)

Research and Development 

Research and development expenses decreased by $13.9 million, or 37%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was primarily due to a $4.0 million increase in the capitalization of internal-use software development costs, as well as a $6.7 million decrease in personnel related expenses and a $2.6 million decrease in stock-based compensation expense attributable to a decrease in headcount, in each case, related to our restructuring actions.

Sales and Marketing

Sales and marketing expenses decreased by $6.2 million, or 22%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was primarily due to a $4.7 million decrease in personnel related expenses attributable to a decrease in headcount related to our restructuring actions and a $1.6 million decrease in commissions.

General and Administrative

General and administrative expenses increased by $2.5 million, or 7%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was