Blend Labs(US:BLND)2024-11-06 21:12Revenue Performance - Total company revenue in Q3 2024 was $45.2 million, with Blend Platform segment revenue of $33.1 million and Title segment revenue of $12.1 million[5]. - Consumer Banking Suite revenue totaled $9.5 million in Q3 2024, representing a 54% year-over-year growth[5]. - Total revenue for the three months ended September 30, 2024, was $45,184,000, a 11.5% increase from $40,591,000 in the same period of 2023[39]. - The total revenue for the Blend Platform in the nine months ended September 30, 2024, was $85,640 thousand, a 2% increase from $83,677 thousand in the same period of 2023[44]. - Revenue for Q3 2024 was $40.591 million, a slight decrease from $40.742 million in Q3 2023[48]. Profitability and Loss - Blend achieved non-GAAP operating profitability, with a GAAP loss from operations reduced to $13.3 million from $36.2 million in Q3 2023[6]. - The net loss attributable to Blend Labs, Inc. for the three months ended September 30, 2024, was $8,253,000, compared to a net loss of $43,212,000 in the same period of 2023, showing a significant improvement[39]. - The GAAP net loss for the three months ended September 30, 2024, was $(2,627) thousand, compared to a net loss of $(41,820) thousand in the same period of 2023[47]. - The comprehensive loss attributable to Blend Labs, Inc. was $(1,984) million for the three months ended September 30, 2023, compared to $(41,473) million for the same period in 2022, reflecting improved financial performance[40]. Cash Flow and Liquidity - Cash provided by operating activities was $2.1 million in Q3 2024, compared to cash used of $25.9 million in Q3 2023[7]. - Cash, cash equivalents, and marketable securities totaled $124.1 million as of September 30, 2024, with no outstanding debt[7]. - Cash paid for interest in Q3 2024 was $0, compared to $7.364 million in Q3 2023, reflecting reduced debt obligations[49]. - Free cash flow for Q3 2024 was $(1.356) million, compared to $(25.918) million in Q3 2023, indicating improved cash management[48]. Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $39,315,000, down from $58,261,000 in the same period of 2023, indicating a reduction of 32.5%[39]. - Non-GAAP operating expenses for the three months ended September 30, 2024, were $26,281 thousand, down from $38,178 thousand in the same period of 2023[47]. - Research and development expenses for Q3 2024 were $2.169 million, down from $4.090 million in Q3 2023[49]. - Total operating expenses for Q3 2024 were $6.671 million, a decrease from $9.042 million in Q3 2023[49]. Guidance and Future Expectations - The company expects total revenue for Q4 2024 to be between $39.5 million and $42.5 million[8]. - The guidance for Q4 2024 reflects expectations of lower U.S. aggregate industry mortgage originations compared to Q3 2024[8]. - Blend's strategic partnership with Covered Insurance Solutions is anticipated to negatively impact revenue but positively affect operating income going forward[8]. Asset Management - Cash and cash equivalents increased to $55,041,000 as of September 30, 2024, from $30,962,000 as of December 31, 2023[37]. - Total assets decreased to $186,129,000 as of September 30, 2024, from $206,065,000 as of December 31, 2023[38]. - The total current liabilities increased to $45,244,000 as of September 30, 2024, from $31,574,000 as of December 31, 2023[36].