Blend Labs, Inc.
For the period ended Mar 31, 2025. Filed May 8, 2025.
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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, 2025 · Filed May 8, 2025
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 Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net loss | $(9,412) | $(20,663) |
| Less: Net (loss) income from discontinued operations | (2,803) | 46 |
| Loss from continuing operations | (6,609) | (20,709) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 6,048 | 8,045 |
| Depreciation and amortization | 407 | 316 |
| Amortization of deferred contract costs | 315 | 266 |
| Amortization of debt discount and issuance costs | — | 520 |
| Amortization of operating lease right-of-use assets | 77 | 737 |
| Gain on investment in equity securities | — | (4,417) |
| Other | (138) | (195) |
| Changes in operating assets and liabilities: | ||
| Trade and other receivables | 3,906 | 1,155 |
| Prepaid expenses and other assets, current and non-current | 389 | 853 |
| Deferred contract costs, non-current | (353) | 256 |
| Accounts payable | 1,046 | (351) |
| Deferred revenue | 13,254 | 12,556 |
| Accrued compensation | 511 | (734) |
| Operating lease liabilities | (947) | (946) |
| Other liabilities, current and non-current | 2,179 | (379) |
| Net cash provided by (used in) operating activities - continuing operations | 20,085 | (3,027) |
| Net cash provided by (used in) operating activities - discontinued operations | 305 | (841) |
| Net cash provided by (used in) operating activities | 20,390 | (3,868) |
| Investing activities | ||
| Purchases of marketable securities | (11,876) | (48,312) |
| Sale of available-for-sale securities | 848 | 100,297 |
| Maturities of marketable securities | 18,927 | 10,600 |
| Additions to property, equipment and internal-use software development costs | (4,587) | (1,964) |
| Net cash provided by investing activities - continuing operations | 3,312 | 60,621 |
| Net cash used in investing activities - discontinued operations | (84) | — |
| Net cash provided by investing activities | 3,228 | 60,621 |
| Financing activities | ||
| Proceeds from exercises of stock options, including early exercises, net of repurchases | 363 | 619 |
| Taxes paid related to net share settlement of equity awards | (2,971) | (3,806) |
| Share repurchases | (2,568) | — |
| Net cash used in financing activities - continuing operations | (5,176) | (3,187) |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | — | (4) |
| Net increase in cash, cash equivalents, and restricted cash | 18,442 | 53,562 |
| Cash, cash equivalents, and restricted cash at beginning of period | 49,537 | 38,253 |
| Cash, cash equivalents, and restricted cash at end of period | 67,979 | 91,815 |
| Less: Cash, cash equivalents and restricted cash included in current assets held for sale from discontinued operations | 6,712 | 9,213 |
| Cash, cash equivalents and restricted cash, end of period, excluding current assets held for sale from discontinued operations | $61,267 | $82,602 |
| Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets: | ||
| Cash and cash equivalents | $56,244 | $77,579 |
| Restricted cash | 5,023 | 5,023 |
| Total cash, cash equivalents, and restricted cash | $61,267 | $82,602 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for income taxes | $133 | $9 |
| Cash paid for interest | $— | $4,529 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Reclassification of redeemable noncontrolling interest related to discontinued operations to equity | $52,675 | $— |
| Vesting of early exercised stock options | $— | $184 |
| Operating lease liabilities arising from obtaining new or modified right-of-use assets | $— | $654 |
| Stock-based compensation included in capitalized internal-use software development costs | $1,218 | $636 |
| Accretion of redeemable noncontrolling interest related to discontinued operations to redemption value | $1,254 | $1,461 |
| Accretion of Series A redeemable convertible preferred stock to redemption value | $4,202 | $— |
| Capitalized internal-use software development costs included in accrued compensation | $528 | $201 |
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