Blend Labs, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 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.
Sep 30, 2025 · Filed Nov 6, 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 Balance Sheets
(In thousands, except per share amounts)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $55,021 | $38,011 |
| Marketable securities and other investments | 22,234 | 56,233 |
| Trade and other receivables, net of allowance for credit losses of $112 and $50, respectively | 12,201 | 14,656 |
| Prepaid expenses and other current assets | 20,105 | 16,725 |
| Current assets held for sale from discontinued operations | 6,427 | 9,618 |
| Total current assets | 115,988 | 135,243 |
| Property and equipment, net | 22,978 | 11,672 |
| Operating lease right-of-use assets | 1,573 | 339 |
| Intangible assets, net | 69 | 81 |
| Deferred contract costs | 3,136 | 2,868 |
| Other non-current assets | 42,559 | 21,825 |
| Non-current assets held for sale from discontinued operations | 3,263 | 6,057 |
| Total assets | $189,566 | $178,085 |
| Liabilities, redeemable equity and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $772 | $1,620 |
| Deferred revenue | 25,325 | 19,240 |
| Accrued compensation | 4,596 | 3,315 |
| Other current liabilities | 9,235 | 9,740 |
| Current liabilities held for sale from discontinued operations | 5,744 | 5,107 |
| Total current liabilities | 45,672 | 39,022 |
| Other non-current liabilities | 1,420 | 278 |
| Non-current liabilities held for sale from discontinued operations | 160 | 1,103 |
| Total liabilities | 47,252 | 40,403 |
| Commitments and contingencies (Note 8) | ||
| Redeemable noncontrolling interest - held for sale from discontinued operations | — | 52,375 |
| Series A redeemable convertible preferred stock, par value $0.00001 per share: 200,000 shares authorized as of September 30, 2025 and December 31, 2024, 150 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively (Note 10) | 154,799 | 141,663 |
| Stockholders’ equity: | ||
| Class A, Class B and Class C Common Stock, par value $0.00001 per share: 3,000,000 (Class A 1,800,000, Class B 600,000, Class C 600,000) shares authorized as of September 30, 2025 and December 31, 2024; 260,100 (Class A 256,473, Class B 3,627, Class C 0) and 258,173 (Class A 254,426, Class B 3,747, Class C 0) shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 2 | 2 |
| Additional paid-in capital | 1,375,276 | 1,328,015 |
| Accumulated other comprehensive loss | 555 | 602 |
| Accumulated deficit | (1,388,318) | (1,384,975) |
| Total stockholders’ equity | (12,485) | (56,356) |
| Total liabilities, redeemable equity and stockholders’ equity | $189,566 | $178,085 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.