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 Operations and Comprehensive Income (Loss)
(In thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | ||||
| Software platform | $30,459 | $31,066 | $84,110 | $79,277 |
| Professional services | 2,401 | 2,038 | 7,043 | 6,363 |
| Total revenue | 32,860 | 33,104 | 91,153 | 85,640 |
| Cost of revenue | ||||
| Software platform | 6,624 | 6,294 | 18,993 | 17,143 |
| Professional services | 1,780 | 2,310 | 5,440 | 7,614 |
| Total cost of revenue | 8,404 | 8,604 | 24,433 | 24,757 |
| Gross profit | 24,456 | 24,500 | 66,720 | 60,883 |
| Operating expenses: | ||||
| Research and development | 8,522 | 10,127 | 23,375 | 37,226 |
| Sales and marketing | 7,873 | 9,473 | 22,010 | 28,232 |
| General and administrative | 12,879 | 11,482 | 37,723 | 35,211 |
| Restructuring | 93 | 4,701 | 840 | 5,787 |
| Total operating expenses | 29,367 | 35,783 | 83,948 | 106,456 |
| Loss from operations | (4,911) | (11,283) | (17,228) | (45,573) |
| Interest expense | — | — | — | (6,747) |
| Other income (expense), net | 17,348 | 10,673 | 19,480 | 11,874 |
| Income (loss) before income taxes | 12,437 | (610) | 2,252 | (40,446) |
| Income tax expense | (27) | (21) | (98) | (93) |
| Income (loss) from continuing operations | 12,410 | (631) | 2,154 | (40,539) |
| Net income (loss) from discontinued operations (Note 16) | 122 | (1,996) | (5,679) | (2,172) |
| Net income (loss) | 12,532 | (2,627) | (3,525) | (42,711) |
| Less: Net loss attributable to noncontrolling interest included in discontinued operations | — | 182 | 182 | 191 |
| Net income (loss) attributable to Blend Labs, Inc. | 12,532 | (2,445) | (3,343) | (42,520) |
| Less: Accretion of redeemable noncontrolling interest to redemption value from discontinued operations | — | (1,760) | (1,254) | (4,748) |
| Less: Accretion of Series A redeemable convertible preferred stock to redemption value | (4,558) | (4,048) | (13,136) | (6,709) |
| Net income (loss) attributable to Blend Labs, Inc. common stockholders | $7,974 | $(8,253) | $(17,733) | $(53,977) |
| Net income (loss) per share attributable to Blend Labs, Inc. common stockholders: | ||||
| Basic: | ||||
| Continuing operations | $0.03 | $(0.02) | $(0.04) | $(0.19) |
| Discontinued operations | $0.00 | $(0.01) | $(0.03) | $(0.02) |
| Net income (loss) per share attributable to Blend Labs, Inc. common stockholders | $0.03 | $(0.03) | $(0.07) | $(0.21) |
| Diluted: | ||||
| Continuing operations | $0.02 | $(0.02) | $(0.04) | $(0.19) |
| Discontinued operations | $0.00 | $(0.01) | $(0.03) | $(0.02) |
| Net income (loss) per share attributable to Blend Labs, Inc. common stockholders | $0.02 | $(0.03) | $(0.07) | $(0.21) |
| Weighted average shares used in calculating net income (loss) per share: | ||||
| Basic | 259,631 | 254,910 | 259,228 | 252,977 |
| Diluted | 268,719 | 254,910 | 259,228 | 252,977 |
| Comprehensive income (loss): | ||||
| Net income (loss) | $12,532 | $(2,627) | $(3,525) | $(42,711) |
| Unrealized (loss) gain on marketable securities | (62) | 448 | (100) | 302 |
| Foreign currency translation gain | 103 | 13 | 53 | 22 |
| Comprehensive income (loss) | 12,573 | (2,166) | (3,572) | (42,387) |
| Less: Comprehensive loss attributable to noncontrolling interest included in discontinued operations | — | 182 | 182 | 191 |
| Comprehensive income (loss) attributable to Blend Labs, Inc. | $12,573 | $(1,984) | $(3,390) | $(42,196) |
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Series A Redeemable Convertible Preferred Stock, and Stockholders’ Equity
| Three and Nine Months Ended September 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Redeemable noncontrolling interest - held for sale from discontinued operations · Series A Redeemable Convertible Preferred Stock · Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveIncome · AccumulatedDeficit · TotalStockholders’Equity | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| Balances as of December 31, 2024 | $52,375 | 150 | $141,663 | 258,173 | $2 | $1,328,015 | $602 | $(1,384,975) | $(56,356) |
| Issuance of common stock upon exercise of stock options | — | — | — | 256 | — | 363 | — | — | 363 |
| Vesting of restricted stock units | — | — | — | 2,064 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | — | — | (745) | — | (2,971) | — | — | (2,971) |
| Stock-based compensation | — | — | — | — | — | 7,202 | — | — | 7,202 |
| Unrealized gain on investments in marketable securities | — | — | — | — | — | — | 6 | — | 6 |
| Foreign currency translation loss | — | — | — | — | — | — | (43) | — | (43) |
| Accretion of redeemable noncontrolling interest to redemption value | 1,254 | — | — | — | — | (1,254) | — | — | (1,254) |
| Accretion of Series A redeemable convertible preferred stock to redemption value | — | — | 4,202 | — | — | (4,202) | — | — | (4,202) |
| Share repurchases | — | — | — | (923) | — | (3,076) | — | — | (3,076) |
| Reclassification of noncontrolling interest to equity, net of noncash consideration received | (53,447) | — | — | — | — | 52,675 | — | — | 52,675 |
| Net loss | (182) | — | — | — | — | — | — | (9,230) | (9,230) |
| Balances as of March 31, 2025 | $— | 150 | $145,865 | 258,825 | $2 | $1,376,752 | $565 | $(1,394,205) | $(16,886) |
| Issuance of common stock upon exercise of stock options | — | — | — | 222 | — | 430 | — | — | 430 |
| Vesting of restricted stock units | — | — | — | 2,044 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | — | — | (695) | — | (2,531) | — | — | (2,531) |
| Stock-based compensation | — | — | — | — | — | 8,536 | — | — | 8,536 |
| Unrealized loss on investments in marketable securities | — | — | — | — | — | — | (44) | — | (44) |
| Foreign currency translation loss | — | — | — | — | — | — | (7) | — | (7) |
| Accretion of Series A redeemable convertible preferred stock to redemption value | — | — | 4,376 | — | — | (4,376) | — | — | (4,376) |
| Share repurchases | — | — | — | (345) | — | (1,042) | — | — | (1,042) |
| Net loss | — | — | — | — | — | — | — | (6,645) | (6,645) |
| Balances as of June 30, 2025 | $— | 150 | $150,241 | 260,051 | $2 | $1,377,769 | $514 | $(1,400,850) | $(22,565) |
| Issuance of common stock upon exercise of stock options | — | — | — | 601 | — | 712 | — | — | 712 |
| Vesting of restricted stock units | — | — | — | 1,703 | — | — | — | — | — |
| Shares withheld related to net share settlement of equity awards | — | — | — | (665) | — | (1,886) | — | — | (1,886) |
| Stock-based compensation | — | — | — | — | — | 8,264 | — | — | 8,264 |
| Unrealized loss on investments in marketable securities | — | — | — | — | — | — | (62) | — | (62) |
| Foreign currency translation gain | — | — | — | — | — | — | 103 | — | 103 |
| Accretion of Series A redeemable convertible preferred stock to redemption value | — | — | 4,558 | — | — | (4,558) | — | — | (4,558) |
| Share repurchases | — | — | — | (1,590) | — | (5,025) | — | — | (5,025) |
| Net income | — | — | — | — | — | — | — | 12,532 | 12,532 |
| Balances as of September 30, 2025 | $— | 150 | $154,799 | 260,100 | $2 | $1,375,276 | $555 | $(1,388,318) | $(12,485) |
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Series A Redeemable Convertible Preferred Stock and Stockholders’ Equity (Continued)
| Three and Nine Months Ended September 30, 2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Redeemable noncontrolling interest - held for sale from discontinued operations · Series A Redeemable Convertible Preferred Stock · Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveIncome (Loss) · 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) | |||||
| Foreign currency translation gain | — | — | — | — | — | — | — | — | — | |||||
| 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) | |||||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.