Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 8

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 7
Chunk 8
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 that such net deferred tax assets will be realized.

64

Results of Operations

The following tables set forth our results of operations for the periods presented in dollars and as a percentage of our revenue:

Year Ended December 31,202420232022(In thousands)RevenueSoftware platform$106,914 $101,204 $113,589 Professional services8,848 8,345 7,835 Title46,257 47,297 113,777 Total revenue162,019 156,846 235,201 Cost of revenue(1)Software platform23,107 22,025 30,706 Professional services9,434 11,065 15,504 Title38,934 42,621 99,340 Total cost of revenue71,475 75,711 145,550 Gross profit90,544 81,135 89,651 Operating expenses:Research and development(1)46,087 81,591 138,094 Sales and marketing(1)36,049 60,130 85,248 General and administrative(1)50,557 70,688 139,120 Amortization of acquired intangible assets— — 8,411 Impairment of intangible assets and goodwill— — 449,680 Restructuring7,471 24,948 15,275 Total operating expenses140,164 237,357 835,828 Loss from operations(49,620)(156,222)(746,177)Interest expense(6,747)(30,811)(24,790)Other income (expense), net13,057 7,248 4,916 Loss before income taxes(43,310)(179,785)(766,051)Income tax (expense) benefit(109)(94)2,241 Net loss$(43,419)$(179,879)$(763,810)

(1)Includes stock-based compensation as follows:Year Ended December 31,202420232022(In thousands)Cost of revenue$527 $1,132 $2,069 Research and development(2)9,870 19,046 47,280 Sales and marketing3,546 7,137 11,725 General and administrative14,134 18,706 48,628 Total stock-based compensation$28,077 $46,021 $109,702