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 Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net loss | $(3,525) | $(42,711) |
| Less: Net loss from discontinued operations | (5,679) | (2,172) |
| Net income (loss) from continuing operations | 2,154 | (40,539) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 21,376 | 21,891 |
| Depreciation and amortization | 2,088 | 1,066 |
| Amortization of deferred contract costs | 1,175 | 779 |
| Amortization of debt discount and issuance costs | — | 690 |
| Amortization of operating lease right-of-use assets | 350 | 1,975 |
| Accelerated amortization of right-of-use asset in connection with lease abandonment | — | 2,992 |
| Gain on investment in equity securities | (16,580) | (4,417) |
| Loss on extinguishment of debt | — | 5,476 |
| Gain on sale of insurance business | — | (9,213) |
| Other | (355) | (1,603) |
| Changes in operating assets and liabilities: | ||
| Trade and other receivables | 2,345 | 4,902 |
| Prepaid expenses and other assets, current and non-current | (4,709) | 292 |
| Deferred contract costs, non-current | (268) | 390 |
| Accounts payable | (848) | (684) |
| Deferred revenue | 5,313 | 10,873 |
| Accrued compensation | 966 | (309) |
| Operating lease liabilities | (2,633) | (1,676) |
| Other liabilities, current and non-current | 1,686 | 2,092 |
| Net cash provided by (used in) operating activities - continuing operations | 12,060 | (5,023) |
| Net cash used in operating activities - discontinued operations | (1,528) | (3,435) |
| Net cash provided by (used in) operating activities | 10,532 | (8,458) |
| Investing activities | ||
| Purchases of marketable securities | (30,490) | (96,422) |
| Sale of available-for-sale securities | 20,827 | 100,327 |
| Maturities of marketable securities | 44,227 | 41,850 |
| Additions to property, equipment and internal-use software development costs | (10,592) | (7,243) |
| Other | — | (283) |
| Proceeds from sale of insurance business | — | 9,075 |
| Investment in non-marketable equity securities | (4,000) | — |
| Net cash provided by investing activities - continuing operations | 19,972 | 47,304 |
| Net cash used in investing activities - discontinued operations | (182) | (20) |
| Net cash provided by investing activities | 19,790 | 47,284 |
| Financing activities | ||
| Proceeds from exercises of stock options, including early exercises, net of repurchases | 1,505 | 869 |
| Taxes paid related to net share settlement of equity awards | (7,388) | (11,003) |
| Share repurchases | (9,143) | — |
| Repayment of long-term debt | — | (144,500) |
| Net proceeds from the issuance of the Series A redeemable convertible preferred stock and the Haveli Warrant | — | 149,375 |
| Payment for issuance costs related to the Series A redeemable convertible preferred stock and the Haveli Warrant | — | (9,480) |
| Net cash used in financing activities - continuing operations | (15,026) | (14,739) |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | — | (5) |
| Net increase in cash, cash equivalents, and restricted cash | 15,296 | 24,082 |
| Cash, cash equivalents, and restricted cash at beginning of period | 49,537 | 38,253 |
| Cash, cash equivalents, and restricted cash at end of period | 64,833 | 62,335 |
| Less: Cash, cash equivalents and restricted cash included in current assets held for sale from discontinued operations | 4,789 | 6,742 |
| Cash, cash equivalents and restricted cash, end of period, excluding current assets held for sale from discontinued operations | $60,044 | $55,593 |
| Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets: | ||
| Cash and cash equivalents | $55,021 | $50,570 |
| Restricted cash | 5,023 | 5,023 |
| Total cash, cash equivalents, and restricted cash | $60,044 | $55,593 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for income taxes | $200 | $76 |
| Cash paid for interest | $— | $6,150 |
| 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 | $— | $363 |
| Operating lease liabilities arising from obtaining new or modified right-of-use assets | $1,584 | $1,151 |
| Stock-based compensation included in capitalized internal-use software development costs | $2,937 | $1,941 |
| Accretion of redeemable noncontrolling interest related to discontinued operations to redemption value | $1,254 | $4,748 |
| Accretion of Series A redeemable convertible preferred stock to redemption value | $13,136 | $6,709 |
| Covered Warrant received in connection with strategic partnership and sale of insurance business | $— | $222 |
| Accrual of transaction costs incurred in connection with sale of insurance business | $— | $314 |
| Capitalized internal-use software development costs included in accrued compensation | $253 | $419 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.