Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 409

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 409
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(2) Net of $0.6 million and $2.9 million of additions to capitalized internal-use software for the three and nine months ended September 30, 2025, and $0.8 million and $1.9 million for the three and nine months ended September 30, 2024.

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(as a % of revenue)*RevenueSoftware platform92 %94 %92 %93 %Professional services7 6 8 7 Total revenue100 100 100 100 Cost of revenueSoftware platform20 19 21 20 Professional services5 7 6 9 Total cost of revenue26 26 27 29 Gross margin74 74 73 71 Operating expenses:Research and development26 31 26 43 Sales and marketing24 29 24 33 General and administrative39 35 41 41 Restructuring— 14 1 7 Total operating expenses89 108 92 124 Loss from operations(15)(34)(19)(53)Interest expense— — — (8)Other income (expense), net53 32 21 14 Income (loss) before income taxes38 (2)2 (47)Income tax (expense) benefit— — — — Income (loss) from continuing operations38 (2)2 (47)Net income (loss) from discontinued operations, net of tax— (7)(6)(3)Net income (loss)38 %(8)%(4)%(50)%

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*Certain percentages may not foot due to rounding.

34

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

Revenue and Cost of Revenue

Three Months Ended September 30,20252024$ Change% Change(In thousands)Revenue:Mortgage Suite$17,735 $21,546 $(3,811)(18%)Consumer Banking Suite12,724 9,520 3,204 34%Professional Services2,401 2,038 363 18%Total revenue32,860 33,104 (244)(1%)Cost of revenue:8,404 8,604 (200)(2%)Gross profit and gross margin:$24,