Blend Labs(US:BLND)2024-05-08 22:16Financial 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]