Blend Labs (BLND) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 60%. A quarter ago, it was expected that this cloudbased platform for financial companies would post a loss of $0.08 per share when it actually produced a loss of $0.06, delivering a surprise of 25%. Over the last four quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40599 BLEND LABS, INC. (Exact name of registrant as specified in its charter) Delaware 45-5211045 (State or other jurisdiction of inc ...

Blend Announces Second Quarter 2024 Financial Results Meets Revenue Guidance and Outperforms Operating Loss Target in Second Quarter 2024 August 8, 2024 SAN FRANCISCO -- Blend Labs, Inc. (NYSE:BLND), the leading platform for digital banking solutions, today announced its second quarter 2024 financial results. "The second quarter marked another strong quarter for Blend, as we signed several important deals with new customers across mortgage and consumer banking," said Nima Ghamsari, Head of Blend. "Despite c ...

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Financial Data and Key Metrics Changes - Total company revenues in Q1 2024 were $34.9 million, near the high end of guidance, with platform revenue at $23.8 million [33] - Non-GAAP gross profit was $18.3 million, with gross margins for the Blend platform segment at 68% [37] - Unlevered free cash flow was negative $1.3 million, a significant improvement from the previous quarter [19][67] Business Line Data and Key Metrics Changes - Mortgage suite revenue was $15.1 million, in line with expectations for the seasonally low first quarter [33] - Consumer banking products revenue grew 29% year-over-year to $6.7 million [62] - Title revenue was $11.1 million, with non-GAAP Title margins increasing to 19% [63] Market Data and Key Metrics Changes - Market share for the company was reported at 21.2%, an increase of 140 basis points from previous reports [34] - The pipeline for new mortgage customers grew to 35 opportunities, up from 30 last quarter [11] - The company’s remaining performance obligations (RPO) increased to $93 million, up from $43.9 million year-over-year [66] Company Strategy and Development Direction - The company received a $150 million strategic investment from Haveli, enhancing financial flexibility and eliminating interest costs [8][17] - Focus on expanding product offerings to credit unions and smaller banks, which are historically underserved by technology providers [104] - Plans to invest in both product development and go-to-market strategies to capitalize on consumer opportunities [80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to achieve positive cash flow generation sooner than previously planned due to the elimination of debt [20][30] - The company is well-prepared to take advantage of market recovery when it occurs, particularly in the mortgage sector [31] - Management highlighted the importance of focusing on customer needs and delivering value through technology [104] Other Important Information - The company is now debt-free, which is expected to save approximately $18 million in annualized interest expense [20] - The company is committed to achieving non-GAAP operating profitability by the end of the year [41][57] - The company is seeing strong early traction in its consumer banking business, with a growing pipeline of opportunities [62][54] Q&A Session Summary Question: What does the capital injection enable the company to utilize those savings towards? - The capital allows for increased investment in the platform and mortgage products, as well as enhancing go-to-market efforts [80] Question: How is the company thinking about the opportunity in consumer banking? - The company is seeing early indications of momentum and is focused on delivering a digital-first experience to customers [83] Question: Can you elaborate on the operational best practices planned for the partnership? - The focus will be on ensuring efficient deployment and leveraging internal capabilities to enhance customer solutions [86] Question: What is the expected shape for the rest of the year based on internal forecasts? - The company is focused on controllable factors and is seeing strong execution, with a healthy mortgage pipeline [90] Question: What types of deals are being executed in consumer banking? - Deals often involve replacing lightweight legacy systems with more robust solutions that enhance efficiency and customer experience [114]

For the quarter ended March 2024, Blend Labs (BLND) reported revenue of $34.95 million, down 6.4% over the same period last year. EPS came in at -$0.06, compared to -$0.15 in the year-ago quarter.The reported revenue represents a surprise of +2.97% over the Zacks Consensus Estimate of $33.94 million. With the consensus EPS estimate being -$0.08, the EPS surprise was +25.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...

Blend Labs (BLND) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this cloud-based platform for financial companies would post a loss of $0.08 per share when it actually produced a loss of $0.07, delivering a surprise of 12.50%.Over the last four quart ...

Financial Performance - Blend Labs' total revenue for the three months ended March 31, 2024, was $34947 thousand, a decrease of 6% compared to $37336 thousand for the same period in 2023[24,60] - The company's GAAP net loss for the quarter was $20663 thousand, compared to a net loss of $66194 thousand in the first quarter of 2023[24] - Non-GAAP operating expenses decreased from $47068 thousand in Q1 2023 to $29515 thousand in Q1 2024[26] - Blend Labs' Q1 2024 free cash flow improved significantly to $(5832) thousand, compared to $(46957) thousand in Q1 2023[66] - Unlevered free cash flow improved to $(1303) thousand in Q1 2024 from $(40046) thousand in Q1 2023[66] Segment Performance - Blend Platform revenue decreased by 3% from $24704 thousand in Q1 2023 to $23840 thousand in Q1 2024[60] - Mortgage Suite revenue was $15078 thousand, representing 63% of Blend Platform revenue in Q1 2024, a 15% decrease year-over-year[60] - Consumer Banking Suite revenue increased by 29% year-over-year, reaching $6658 thousand and accounting for 28% of Blend Platform revenue[60] - Title revenue decreased by 12% to $11107 thousand[60] Market Share and Outlook - Blend's market share remained above 20% for the year 2023[6] - The company anticipates U S aggregate industry mortgage originations of 935000 - 1025000 in Q2 2024[22] - Q2 2024 guidance for Blend Labs Consolidated Revenue is $37500 thousand - $41500 thousand[45]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40599 BLEND LABS, INC. (Exact name of registrant as specified in its charter) Delaware 45-5211045 (State or other jurisdiction of in ...

All of these things together have set us up for success in the future, in particular our continued expansion as well as our profitability goals," said Nima Ghamsari, Head of Blend. | --- | --- | |-----------------------------------------------|----------------------| | | | | Blend Platform Segment Revenue | $27.0 – $30.0 | | Title Revenue | $10.5 – $11.5 | | Blend Labs, Inc. Consolidated Revenue | $37.5 – $41.5 | | | | | Non-GAAP Net Operating Loss | ($10.5) – ($7.5) | Compensation realignment costs. We exc ...