Blend Labs, Inc.
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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FY2025 · Filed Mar 16, 2026
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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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net loss | $(6,983) | $(43,419) | $(179,879) |
| Less: Net loss from discontinued operations | (5,856) | (659) | (12,399) |
| Net loss from continuing operations | (1,127) | (42,760) | (167,480) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation | 28,955 | 27,941 | 45,557 |
| Depreciation and amortization | 3,288 | 1,339 | 1,515 |
| Amortization of deferred contract costs | 1,626 | 1,068 | 2,979 |
| Amortization of debt discount and issuance costs | — | 690 | 2,968 |
| Amortization of operating lease right-of-use assets | 531 | 2,062 | 2,810 |
| Accelerated amortization of right-of-use asset in connection with lease abandonment | — | 2,992 | — |
| Gain on conversion of note receivable to investment in equity securities | (825) | — | — |
| Gain on investment in equity securities | (16,580) | (4,417) | — |
| Loss on extinguishment of debt | — | 5,476 | 3,970 |
| Gain on sale of insurance business | — | (9,213) | — |
| Other | (312) | (1,927) | (5,253) |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables | 5,760 | 4,765 | 765 |
| Prepaid expenses and other assets, current and non-current | (5,430) | (432) | 1,883 |
| Deferred contract costs, non-current | (557) | (415) | (762) |
| Accounts payable | 206 | (291) | 1,216 |
| Deferred revenue | (627) | 10,256 | 289 |
| Accrued compensation | 807 | (2,109) | (1,765) |
| Operating lease liabilities | (2,769) | (2,922) | (3,562) |
| Other liabilities, current and non-current | 1,452 | (303) | (1,948) |
| Net cash provided by (used in) operating activities - continuing operations | 14,398 | (8,200) | (116,818) |
| Net cash used in operating activities - discontinued operations | (2,886) | (4,844) | (10,803) |
| Net cash provided by (used in) operating activities | 11,512 | (13,044) | (127,621) |
| Investing activities | |||
| Purchases of marketable securities | (35,485) | (102,030) | (236,079) |
| Sale of available-for-sale securities | 20,827 | 100,327 | 56,022 |
| Maturities of marketable securities | 46,727 | 53,150 | 310,450 |
| Additions to property, equipment and internal-use software development costs | (11,593) | (9,741) | (35) |
| Proceeds from sale of insurance business | — | 9,075 | — |
| Cash received in connection with conversion of note receivable to investment in equity securities | 2,255 | — | — |
| Investment in non-marketable equity securities | (4,000) | — | — |
| Investment in note receivable | — | (5,000) | (2,500) |
| Other | — | (283) | — |
| Net cash provided by investing activities - continuing operations | 18,731 | 45,498 | 127,858 |
| Net cash used in investing activities - discontinued operations | (195) | (103) | (552) |
| Net cash provided by investing activities | 18,536 | 45,395 | 127,306 |
| Financing activities | |||
| Proceeds from exercises of stock options, including early exercises, net of repurchases | 1,652 | 1,658 | 268 |
| Taxes paid related to net share settlement of equity awards | (9,369) | (18,115) | (6,171) |
| Share repurchases | (24,870) | — | — |
| Repayment of long-term debt | — | (144,500) | (85,055) |
| 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 | (32,587) | (21,062) | (90,958) |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | — | (5) | (31) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (2,539) | 11,284 | (91,304) |
| Cash, cash equivalents, and restricted cash at beginning of period | 49,537 | 38,253 | 129,557 |
| Cash, cash equivalents, and restricted cash at end of period | $46,998 | $49,537 | $38,253 |
| Less: Cash, cash equivalents and restricted cash included in current assets held for sale from discontinued operations | 3,420 | 6,503 | 9,727 |
| Cash, cash equivalents and restricted cash, end of period, excluding current assets held for sale from discontinued operations | $43,578 | $43,034 | $28,526 |
| Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets: | |||
| Cash and cash equivalents | $43,578 | $38,011 | $23,503 |
| Restricted cash | — | 5,023 | 5,023 |
| Total cash, cash equivalents, and restricted cash | $43,578 | $43,034 | $28,526 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for income taxes | |||
| State and local | |||
| Texas | $64 | $52 | $41 |
| Foreign | |||
| India | 325 | 24 | 66 |
| Total income taxes paid, net | $389 | $76 | $107 |
| Cash paid for interest | $— | $6,150 | $27,814 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Conversion of note receivable to investment in equity securities | $9,692 | $— | $— |
| Reclassification of redeemable noncontrolling interest related to discontinued operations to equity | $52,675 | $— | $— |
| Vesting of early exercised stock options | $— | $363 | $1,446 |
| Operating lease liabilities arising from obtaining new or modified right-of-use assets | $1,565 | $1,098 | $327 |
| Stock-based compensation included in capitalized internal-use software development costs | $3,162 | $2,450 | $— |
| Accretion of redeemable noncontrolling interest related to discontinued operations to redemption value | $1,254 | $6,259 | $6,627 |
| Accretion of Series A redeemable convertible preferred stock to redemption value | $17,832 | $10,879 | $— |
| Covered Warrant received in connection with strategic partnership and sale of insurance business | $— | $222 | $— |
| Capitalized internal-use software development costs included in accrued compensation | $129 | $155 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.