Financial Performance - Blend Labs achieved its fourth consecutive quarter of non-GAAP operating profitability, with a 15% non-GAAP operating margin[6] - Revenue reached $31523000, surpassing the midpoint of guidance and increasing by 10% year-over-year[6, 26] - Record remaining performance obligations of $190 million, driven by a $50 million renewal and expansion[6] Revenue Breakdown - Mortgage Suite revenue was $17961000, representing 57% of total revenue[26] - Consumer Banking Suite revenue totaled $11430000, accounting for 36% of total revenue[26] - Total Software Platform revenue reached $29391000, which is 93% of the total revenue, an 11% increase year-over-year[26] Profitability and Efficiency - Non-GAAP gross margin for the total Blend was 76%[15] - Software Platform non-GAAP gross margin was 79%[15] - Mortgage Suite economic value per funded loan increased to $96 in Q2 2025[12] Expense Management - Significantly reduced non-GAAP operating expenses year-over-year[17] - Non-GAAP Research & Development expenses decreased to $5893000 in Q2 2025[18, 33] - Non-GAAP Sales & Marketing expenses decreased to $6168000 in Q2 2025[18, 33] - Non-GAAP General & Administrative expenses decreased to $7251000 in Q2 2025[18, 33] Guidance - The company projects Q3 2025 total revenue to be between $31500000 and $33500000[22] - The company projects Q3 2025 Non-GAAP Net Operating Income to be between $3000000 and $4500000[23]

Financial Performance - Blend Labs achieved $1 million in non-GAAP net operating income, marking the third consecutive quarter of profitability[6] - Revenue reached $26.8 million, exceeding the midpoint of guidance[6] - The company delivered $15.5 million of free cash flow, resulting in a 58% free cash flow margin[6] Revenue Breakdown - Consumer Banking Suite revenue increased to $9.6 million in Q1 2025[9] - Mortgage Suite revenue decreased to $14.6 million in Q1 2025[10] - Total Software Platform revenue increased by 12% year-over-year, reaching $24.26 million in Q1 2025[34] Efficiency and Cost Management - Non-GAAP operating expenses significantly reduced year over year, with FY 2025E projected between $85 million and $90 million[22, 25] - General & Administrative expenses decreased to $6.7 million in Q1 2025[23] - Research & Development expenses decreased to $5.6 million in Q1 2025[23] Mortgage Suite Economics - Mortgage Suite economic value per funded loan increased to $93 in Q1 2025[13] - Near-term economic value per funded loan is expected to generate contribution margin of 90%+[17]

Financial Performance Highlights - Blend Labs achieved revenue of $41.4 million in Q4 2024, exceeding guidance and demonstrating year-over-year growth despite challenging economic conditions[6] - Non-GAAP net operating income reached $5.2 million with a margin of 13% in Q4 2024, driven by business simplification[6] - The company's free cash flow improved by $13.6 million year-over-year[20] Revenue Analysis - Consumer Banking Suite revenue grew by 48% year-over-year[6, 7] - Consumer Banking Suite revenue reached $9.5 million in Q4 2024[8] - Mortgage Suite revenue was $18.2 million in Q4 2024[10] - Total revenue increased by 15% year-over-year, reaching $41.408 million in Q4 2024[29] Margin and Expense Management - Blend Platform gross margins remained steady at 75% in Q4 2024[15, 16] - Non-GAAP operating expenses were significantly reduced year-over-year[17] - Non-GAAP sales and marketing expenses decreased to $5.5 million in Q4 2024[18] Guidance - Blend expects U S aggregate industry mortgage originations to be between 800,000 and 900,000 units for Q1 2025[25] - Blend Platform segment revenue is projected to be $25.0 million to $27.0 million for Q1 2025[26] - The company anticipates Consumer Banking Suite revenue to increase from 35% to 40% CAGR between FY23 and FY26[26]