Blend Labs Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
BLND$1.08+9.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue | ||
| Software platform | $21,736 | $22,970 |
| Professional services | 2,104 | 1,734 |
| Title | 11,107 | 12,632 |
| Total revenue | 34,947 | 37,336 |
| Cost of revenue | ||
| Software platform | 5,175 | 5,803 |
| Professional services | 2,623 | 2,806 |
| Title | 9,008 | 12,874 |
| Total cost of revenue | 16,806 | 21,483 |
| Gross profit | 18,141 | 15,853 |
| Operating expenses: | ||
| Research and development | 14,183 | 26,257 |
| Sales and marketing | 10,215 | 17,568 |
| General and administrative | 13,935 | 20,681 |
| Restructuring | 983 | 12,783 |
| Total operating expenses | 39,316 | 77,289 |
| Loss from operations | (21,175) | (61,436) |
| Interest expense | (5,099) | (7,569) |
| Other income (expense), net | 5,653 | 2,882 |
| Loss before income taxes | (20,621) | (66,123) |
| Income tax expense | (42) | (71) |
| Net loss | (20,663) | (66,194) |
| Less: Net (income) loss attributable to noncontrolling interest | (5) | 777 |
| Net loss attributable to Blend Labs, Inc. | (20,668) | (65,417) |
| Less: Accretion of redeemable noncontrolling interest to redemption value | (1,461) | (2,056) |
| Net loss attributable to Blend Labs, Inc. common stockholders | $(22,129) | $(67,473) |
| Net loss per share attributable to Blend Labs, Inc. common stockholders: | ||
| Basic and diluted | $(0.09) | $(0.28) |
| Weighted average shares used in calculating net loss per share: | ||
| Basic and diluted | 250,932 | 241,444 |
| Comprehensive loss: | ||
| Net loss | $(20,663) | $(66,194) |
| Unrealized (loss) gain on marketable securities | (104) | 821 |
| Foreign currency translation gain (loss) | 9 | (18) |
| Comprehensive loss | (20,758) | (65,391) |
| Less: Comprehensive (income) loss attributable to noncontrolling interest | (5) | 777 |
| Comprehensive loss attributable to Blend Labs, Inc. | $(20,763) | $(64,614) |
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