Blend Labs Inc
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | ||||
| Software platform | $31,066 | $26,505 | $79,277 | $77,590 |
| Professional services | 2,038 | 2,137 | 6,363 | 6,087 |
| Title | 12,080 | 11,949 | 34,971 | 37,065 |
| Total revenue | 45,184 | 40,591 | 120,611 | 120,742 |
| Cost of revenue | ||||
| Software platform | 6,294 | 5,675 | 17,143 | 16,964 |
| Professional services | 2,310 | 2,937 | 7,614 | 8,448 |
| Title | 10,584 | 9,916 | 30,039 | 33,921 |
| Total cost of revenue | 19,188 | 18,528 | 54,796 | 59,333 |
| Gross profit | 25,996 | 22,063 | 65,815 | 61,409 |
| Operating expenses: | ||||
| Research and development | 10,127 | 18,826 | 37,226 | 67,174 |
| Sales and marketing | 9,883 | 14,494 | 29,468 | 48,190 |
| General and administrative | 13,140 | 15,819 | 39,599 | 56,146 |
| Restructuring | 6,165 | 9,122 | 7,355 | 24,254 |
| Total operating expenses | 39,315 | 58,261 | 113,648 | 195,764 |
| Loss from operations | (13,319) | (36,198) | (47,833) | (134,355) |
| Interest expense | — | (8,210) | (6,747) | (23,726) |
| Other income (expense), net | 10,710 | 2,632 | 11,952 | 8,746 |
| Loss before income taxes | (2,609) | (41,776) | (42,628) | (149,335) |
| Income tax expense | (18) | (44) | (83) | (168) |
| Net loss | (2,627) | (41,820) | (42,711) | (149,503) |
| Less: Net loss attributable to noncontrolling interest | 182 | 60 | 191 | 1,095 |
| Net loss attributable to Blend Labs, Inc. | (2,445) | (41,760) | (42,520) | (148,408) |
| Less: Accretion of redeemable noncontrolling interest to redemption value | (1,760) | (1,452) | (4,748) | (5,100) |
| Less: Accretion of Series A redeemable convertible preferred stock to redemption value | (4,048) | — | (6,709) | — |
| Net loss attributable to Blend Labs, Inc. common stockholders | $(8,253) | $(43,212) | $(53,977) | $(153,508) |
| Net loss per share attributable to Blend Labs, Inc. common stockholders: | ||||
| Basic and diluted | $(0.03) | $(0.18) | $(0.21) | $(0.63) |
| Weighted average shares used in calculating net loss per share: | ||||
| Basic and diluted | 254,910 | 246,410 | 252,977 | 244,057 |
| Comprehensive loss: | ||||
| Net loss | $(2,627) | $(41,820) | $(42,711) | $(149,503) |
| Unrealized gain on marketable securities | 448 | 181 | 302 | 229 |
| Foreign currency translation gain | 13 | 106 | 22 | 77 |
| Comprehensive loss | (2,166) | (41,533) | (42,387) | (149,197) |
| Less: Comprehensive loss attributable to noncontrolling interest | 182 | 60 | 191 | 1,095 |
| Comprehensive loss attributable to Blend Labs, Inc. | $(1,984) | $(41,473) | $(42,196) | $(148,102) |
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Series A Redeemable Convertible Preferred Stock, and Stockholders’ Equity
| Three and Nine Months Ended September 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Redeemable Noncontrolling Interest · Series A Redeemable Convertible Preferred Stock · Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveIncome · AccumulatedDeficit · TotalStockholders’Equity | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| Balances as of December 31, 2023 | $46,190 | — | $— | 249,910 | $2 | $1,321,944 | $441 | $(1,341,630) | $(19,243) |
| Issuance of common stock upon exercise of stock options, net of repurchases | — | — | — | 410 | — | 619 | — | — | 619 |
| Vesting of early exercised stock options | — | — | — | — | — | 184 | — | — | 184 |
| Vesting of restricted stock units | — | — | — | 3,257 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | — | — | (1,258) | — | (3,806) | — | — | (3,806) |
| Stock-based compensation | — | — | — | — | — | 8,707 | — | — | 8,707 |
| Unrealized loss on investments in marketable securities | — | — | — | — | — | — | (104) | — | (104) |
| Foreign currency translation gain | — | — | — | — | — | — | 9 | — | 9 |
| Accretion of redeemable noncontrolling interest to redemption value | 1,461 | — | — | — | — | (1,461) | — | — | (1,461) |
| Net income (loss) | 5 | — | — | — | — | — | — | (20,668) | (20,668) |
| Balances as of March 31, 2024 | $47,656 | — | $— | 252,319 | $2 | $1,326,187 | $346 | $(1,362,298) | $(35,763) |
| Issuance of common stock upon exercise of stock options, net of repurchases | — | — | — | 62 | — | 95 | — | — | 95 |
| Vesting of early exercised stock options | — | — | — | — | — | 172 | — | — | 172 |
| Vesting of restricted stock units | — | — | — | 2,887 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | — | — | (1,061) | — | (3,213) | — | — | (3,213) |
| Stock-based compensation | — | — | — | — | — | 7,764 | — | — | 7,764 |
| Unrealized loss on investments in marketable securities | — | — | — | — | — | — | (42) | — | (42) |
| Accretion of redeemable noncontrolling interest to redemption value | 1,527 | — | — | — | — | (1,527) | — | — | (1,527) |
| Issuance of Series A redeemable convertible preferred stock, net of issuance costs | — | 150 | 130,784 | — | — | — | — | — | — |
| Issuance of the Warrant in connection with the Series A redeemable convertible preferred stock | — | — | — | — | — | 9,111 | — | — | 9,111 |
| Accretion of Series A redeemable convertible preferred stock to redemption value | — | — | 2,661 | — | — | (2,661) | — | — | (2,661) |
| Net loss | (14) | — | — | — | — | — | — | (19,407) | (19,407) |
| Balances as of June 30, 2024 | $49,169 | 150 | $133,445 | 254,207 | $2 | $1,335,928 | $304 | $(1,381,705) | $(45,471) |
| Issuance of common stock upon exercise of stock options, net of repurchases | — | — | — | 65 | — | 155 | — | — | 155 |
| Vesting of early exercised stock options | — | — | — | — | — | 7 | — | — | 7 |
| Vesting of restricted stock units | — | — | — | 2,617 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | — | — | (1,008) | — | (3,984) | — | — | (3,984) |
| Stock-based compensation | — | — | — | — | — | 7,483 | — | — | 7,483 |
| Unrealized gain on investments in marketable securities | — | — | — | — | — | — | 448 | — | 448 |
| Foreign currency translation gain | — | — | — | — | — | — | 13 | — | 13 |
| Accretion of redeemable noncontrolling interest to redemption value | 1,760 | — | — | — | — | (1,760) | — | — | (1,760) |
| Accretion of Series A redeemable convertible preferred stock to redemption value | — | — | 4,048 | — | — | (4,048) | — | — | (4,048) |
| Net loss | (182) | — | — | — | — | — | — | (2,445) | (2,445) |
| Balances as of September 30, 2024 | $50,747 | 150 | $137,493 | 255,881 | $2 | $1,333,781 | $765 | $(1,384,150) | $(49,602) |
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Series A Redeemable Convertible Preferred Stock and Stockholders’ Equity (Continued)
| Three and Nine Months Ended September 30, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Redeemable Noncontrolling Interest · Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveIncome (Loss) · AccumulatedDeficit · TotalStockholders’Equity | |||||||
| Shares · Amount | |||||||
| Balances as of December 31, 2022 | $40,749 | 240,931 | $2 | $1,286,815 | $(708) | $(1,162,937) | $123,172 |
| Issuance of common stock upon exercise of stock options, net of repurchases | — | 17 | — | 134 | — | — | 134 |
| Vesting of early exercised stock options | — | — | — | 758 | — | — | 758 |
| Vesting of restricted stock units | — | 4,228 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | (1,568) | — | (2,440) | — | — | (2,440) |
| Stock-based compensation | — | — | — | 16,392 | — | — | 16,392 |
| Unrealized loss on investments in marketable securities | — | — | — | — | 821 | — | 821 |
| Foreign currency translation gain | — | — | — | — | (18) | — | (18) |
| Accretion of redeemable noncontrolling interest to redemption value | 2,056 | — | — | (2,056) | — | — | (2,056) |
| Net loss | (777) | — | — | — | — | (65,417) | (65,417) |
| Balances as of March 31, 2023 | $42,028 | 243,608 | $2 | $1,299,603 | $95 | $(1,228,354) | $71,346 |
| Vesting of early exercised stock options | — | — | — | 256 | — | — | 256 |
| Vesting of restricted stock units | — | 3,304 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | (1,137) | — | (1,092) | — | — | (1,092) |
| Stock-based compensation | — | — | — | 14,364 | — | — | 14,364 |
| Unrealized loss on investments in marketable securities | — | — | — | — | (773) | — | (773) |
| Foreign currency translation gain | — | — | — | — | (11) | — | (11) |
| Accretion of redeemable noncontrolling interest to redemption value | 1,592 | — | — | (1,592) | — | — | (1,592) |
| Net loss | (258) | — | — | — | — | (41,231) | (41,231) |
| Balances as of June 30, 2023 | $43,362 | 245,775 | $2 | $1,311,539 | $(689) | $(1,269,585) | $41,267 |
| Issuance of common stock upon exercise of stock options, net of repurchases | — | 32 | — | 3 | — | — | 3 |
| Vesting of early exercised stock options | — | — | — | 230 | — | — | 230 |
| Vesting of restricted stock units | — | 3,242 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | (1,103) | — | (1,325) | — | — | (1,325) |
| Stock-based compensation | — | — | — | 9,042 | — | — | 9,042 |
| Unrealized gain on investments in marketable securities | — | — | — | — | 181 | — | 181 |
| Foreign currency translation gain | — | — | — | — | 106 | — | 106 |
| Accretion of redeemable noncontrolling interest to redemption value | 1,452 | — | — | (1,452) | — | — | (1,452) |
| Net loss | (60) | — | — | — | — | (41,760) | (41,760) |
| Balances as of September 30, 2023 | $44,754 | 247,946 | $2 | $1,318,037 | $(402) | $(1,311,345) | $6,292 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.