Blend Labs Inc
For the period ended Dec 31, 2024. Filed Mar 13, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 13, 2025
BLND$1.08+9.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenue | |||
| Software platform | $106,914 | $101,204 | $113,589 |
| Professional services | 8,848 | 8,345 | 7,835 |
| Title | 46,257 | 47,297 | 113,777 |
| Total revenue | 162,019 | 156,846 | 235,201 |
| Cost of revenue | |||
| Software platform | 23,107 | 22,025 | 30,706 |
| Professional services | 9,434 | 11,065 | 15,504 |
| Title | 38,934 | 42,621 | 99,340 |
| Total cost of revenue | 71,475 | 75,711 | 145,550 |
| Gross profit | 90,544 | 81,135 | 89,651 |
| Operating expenses: | |||
| Research and development | 46,087 | 81,591 | 138,094 |
| Sales and marketing | 36,049 | 60,130 | 85,248 |
| General and administrative | 50,557 | 70,688 | 139,120 |
| Amortization of acquired intangible assets | — | — | 8,411 |
| Impairment of intangible assets and goodwill | — | — | 449,680 |
| Restructuring | 7,471 | 24,948 | 15,275 |
| Total operating expenses | 140,164 | 237,357 | 835,828 |
| Loss from operations | (49,620) | (156,222) | (746,177) |
| Interest expense | (6,747) | (30,811) | (24,790) |
| Other income (expense), net | 13,057 | 7,248 | 4,916 |
| Loss before income taxes | (43,310) | (179,785) | (766,051) |
| Income tax (expense) benefit | (109) | (94) | 2,241 |
| Net loss | (43,419) | (179,879) | (763,810) |
| Less: Net loss attributable to noncontrolling interest | 74 | 1,186 | 43,638 |
| Net loss attributable to Blend Labs, Inc. | (43,345) | (178,693) | (720,172) |
| Less: Accretion of redeemable noncontrolling interest to redemption value | (6,259) | (6,627) | (48,438) |
| Less: Accretion of Series A redeemable convertible preferred stock to redemption value | (10,879) | — | — |
| Net loss attributable to Blend Labs, Inc. common stockholders | $(60,483) | $(185,320) | $(768,610) |
| Net loss per share attributable to Blend Labs, Inc. common stockholders: | |||
| Basic and diluted | $(0.24) | $(0.76) | $(3.28) |
| Weighted average shares used in calculating net loss per share: | |||
| Basic and diluted | 253,921 | 245,206 | 234,161 |
| Comprehensive loss: | |||
| Net loss | $(43,419) | $(179,879) | $(763,810) |
| Unrealized gain (loss) on marketable securities | 87 | 1,030 | (135) |
| Foreign currency translation gain | 74 | 119 | 235 |
| Comprehensive loss | (43,258) | (178,730) | (763,710) |
| Less: Comprehensive loss attributable to noncontrolling interest | 74 | 1,186 | 43,638 |
| Comprehensive loss attributable to Blend Labs, Inc. | $(43,184) | $(177,544) | $(720,072) |
Consolidated Statements of Redeemable Noncontrolling Interest, Series A Redeemable Convertible Preferred Stock, and Stockholders’ Equity
| Year Ended December 31, 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 | — | — | — | 961 | — | 1,658 | — | — | 1,658 |
| Vesting of early exercised stock options | — | — | — | — | — | 363 | — | — | 363 |
| Vesting of restricted stock units | — | — | — | 12,107 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | — | — | (4,805) | — | (18,115) | — | — | (18,115) |
| Stock-based compensation | — | — | — | — | — | 30,192 | — | — | 30,192 |
| Unrealized gain on investments in marketable securities | — | — | — | — | — | — | 87 | — | 87 |
| Foreign currency translation gain | — | — | — | — | — | — | 74 | — | 74 |
| Accretion of redeemable noncontrolling interest to redemption value | 6,259 | — | — | — | — | (6,259) | — | — | (6,259) |
| Issuance of Series A redeemable convertible preferred stock, net of issuance costs | — | 150 | 130,784 | — | — | — | — | — | — |
| Issuance of the Haveli 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 | — | — | 10,879 | — | — | (10,879) | — | — | (10,879) |
| Net loss | (74) | — | — | — | — | — | — | (43,345) | (43,345) |
| Balances as of December 31, 2024 | $52,375 | 150 | $141,663 | 258,173 | $2 | $1,328,015 | $602 | $(1,384,975) | $(56,356) |
Consolidated Statements of Redeemable Noncontrolling Interest, Series A Redeemable Convertible Preferred Stock and Stockholders’ Equity (Continued)
| Year Ended December 31, 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 | — | 274 | — | 460 | — | — | 460 |
| Vesting of early exercised stock options | — | — | — | 1,446 | — | — | 1,446 |
| Vesting of restricted stock units | — | 13,531 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | (4,826) | — | (6,171) | — | — | (6,171) |
| Stock-based compensation | — | — | — | 46,021 | — | — | 46,021 |
| Unrealized gain on investments in marketable securities | — | — | — | — | 1,030 | — | 1,030 |
| Foreign currency translation gain | — | — | — | — | 119 | — | 119 |
| Accretion of redeemable noncontrolling interest to redemption value | 6,627 | — | — | (6,627) | — | — | (6,627) |
| Net loss | (1,186) | — | — | — | — | (178,693) | (178,693) |
| Balances as of December 31, 2023 | $46,190 | 249,910 | $2 | $1,321,944 | $441 | $(1,341,630) | $(19,243) |
Consolidated Statements of Redeemable Noncontrolling Interest, Series A Redeemable Convertible Preferred Stock and Stockholders’ Equity (Continued)
| Year Ended December 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|
| Redeemable Noncontrolling Interest · Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveIncome (Loss) · AccumulatedDeficit · TotalStockholders’Equity | |||||||
| Shares · Amount | |||||||
| Balances as of December 31, 2021 | $35,949 | 230,324 | $2 | $1,218,213 | $(808) | $(442,765) | $774,642 |
| Issuance of common stock upon exercise of stock options, net of repurchases | — | 2,706 | — | 3,548 | — | — | 3,548 |
| Vesting of early exercised stock options | — | — | — | 4,060 | — | — | 4,060 |
| Vesting of restricted stock units | — | 7,901 | — | — | — | — | — |
| Stock-based compensation | — | — | — | 109,702 | — | — | 109,702 |
| Unrealized loss on investments in marketable securities | — | — | — | — | (135) | — | (135) |
| Foreign currency translation gain | — | — | — | — | 235 | — | 235 |
| Accretion of redeemable noncontrolling interest to redemption value | 48,438 | — | — | (48,438) | — | — | (48,438) |
| Other | — | — | — | (270) | — | — | (270) |
| Net loss | (43,638) | — | — | — | — | (720,172) | (720,172) |
| Balances as of December 31, 2022 | $40,749 | 240,931 | $2 | $1,286,815 | $(708) | $(1,162,937) | $123,172 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.