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BLND

Blend Labs, Inc.

BLND

Blend Labs, Inc. • NYSE
$3.16 ▲ 0.96% (+0.03)
Market Cap $809.34 M
52w High $5.53
52w Low $2.50
Dividend Yield 0%
P/E -35.11
Volume 2.40M
Outstanding Shares 256.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $32.86M ▲ $29.367M ▲ $12.532M ▲ 38.138% ▲ $0.03 ▲ $12.466M ▲
Q2-2025 $31.523M ▲ $27.929M ▲ $-6.645M ▲ -21.08% ▲ $-0.043 ▲ $-2.844M ▲
Q1-2025 $26.77M ▼ $26.651M ▲ $-10.484M ▼ -39.163% ▼ $-0.057 ▼ $-6.095M ▼
Q4-2024 $41.408M ▼ $26.516M ▼ $-2.336M ▲ -5.641% ▲ $-0.025 ▲ $0 ▲
Q3-2024 $45.184M $39.315M $-4.205M -9.306% $-0.032 $-551K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $77.255M ▼ $189.566M ▲ $47.252M ▼ $142.314M ▲
Q2-2025 $88.3M ▼ $183.072M ▼ $55.396M ▼ $127.676M ▲
Q1-2025 $104.818M ▲ $188.266M ▲ $205.152M ▲ $-16.886M ▲
Q4-2024 $98.476M ▼ $178.012M ▼ $181.993M ▲ $-56.356M ▼
Q3-2024 $116.785M $186.129M $47.491M $87.891M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.532M ▲ $-3.49M ▲ $27.393M ▲ $-6.199M ▼ $17.704M ▲ $-5.762M ▲
Q2-2025 $-3.647M ▲ $-6.368M ▼ $-10.831M ▼ $-3.651M ▲ $-20.85M ▼ $-10.101M ▼
Q1-2025 $-6.609M ▼ $20.39M ▲ $3.228M ▲ $-5.176M ▲ $18.442M ▲ $15.803M ▲
Q4-2024 $-6.506M ▲ $-4.586M ▼ $-1.889M ▼ $-6.323M ▼ $-7.775M ▼ $-7.167M ▼
Q3-2024 $-8.253M $2.076M $11.747M $-4.232M $9.591M $-1.356M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Professional Services
Professional Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Software
Software
 $0 ▲$20.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has leveled off in recent years after an earlier growth spurt, suggesting the rapid expansion phase has cooled and the business is stabilizing. The encouraging piece is on the cost side: losses have narrowed substantially from their peak, showing meaningful progress in cutting expenses and improving efficiency. Gross profit has held up reasonably well, indicating the core software business can generate decent margins once scaled. That said, the company is still clearly unprofitable, and the journey from “less unprofitable” to sustainably profitable remains unfinished and should be a central focus when evaluating its trajectory.

Balance Sheet

Balance Sheet The balance sheet has shrunk significantly from its early post‑IPO size, reflecting past cash burn and restructuring. Cash reserves are now more modest, so the cushion to absorb future losses is thinner than it once was. Debt that previously weighed on the company appears largely paid down or reduced, which is a positive from a risk standpoint. However, shareholder equity has flipped into negative territory, a sign that accumulated losses have overtaken the original capital base. This combination—smaller asset base, limited cash, and negative equity—means financial flexibility is more constrained and future funding needs deserve close attention.

Cash Flow

Cash Flow The business is still using cash, but at a much slower pace than before. Operating cash outflows have improved from heavy burn to relatively modest drain, which aligns with the tightening seen in the income statement. Capital spending is very low, so free cash flow is driven almost entirely by operating performance rather than big investment projects. The key question going forward is whether the company can nudge operating cash flow to break‑even or better before its current cash reserves become too thin, or whether it will need to rely again on external financing.

Competitive Edge

Competitive Edge Blend sits in an attractive niche: modernizing how banks and lenders originate mortgages, consumer loans, and deposit accounts. Its main strengths are a unified platform that can cover many financial products, deep integrations with data providers, and sticky relationships with sizable financial institutions. Once embedded, its software is hard to rip out, which helps retention. The company also benefits from network effects as more partners plug into the platform. On the risk side, it still operates in highly competitive markets against both established core banking vendors and aggressive fintechs. Its historic dependence on the mortgage cycle adds cyclicality, even as it expands into broader consumer banking. Maintaining product leadership while proving financial discipline will be critical to sustaining its position.

Innovation and R&D

Innovation and R&D Innovation is clearly a core focus. Blend has invested heavily in building a single, configurable platform plus tools like Blend Builder that let banks tailor products without rebuilding back‑end systems. Its newer push into AI, especially “Intelligent Origination,” aims to automate document review, data verification, and back‑office workflows, potentially lowering costs and speeding decisions for customers. The company also appears to leverage the large volume of data it processes to refine its algorithms. The payoff from this R&D is a stronger moat and a differentiated offering, but it comes with ongoing cost. Key watchpoints are whether these AI capabilities become must‑have features across product lines and whether Blend can keep innovating without reigniting heavy losses.

Summary

Blend looks like a company that has moved from rapid, capital‑intensive growth into a more disciplined, repair‑and‑refocus phase. Financial results show stabilization in revenue and sharply reduced losses, but not yet true profitability or cash self‑sufficiency. The balance sheet has weakened over time and now offers less room for error, making the path to sustained positive earnings and cash flow particularly important. Strategically, Blend appears well‑positioned with strong technology, entrenched financial‑institution customers, and promising AI initiatives that could deepen its moat and broaden its reach beyond mortgages. The overall story is one of solid strategic assets paired with still‑meaningful financial risk, where execution on efficiency, profitability, and continued innovation will likely determine how the next chapter unfolds.

NEWS

November 11, 2025 · 4:00 PM UTC

Blend to Present at the Wells Fargo 9th Annual TMT Summit

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November 6, 2025 · 4:00 PM UTC

Blend Announces Third Quarter 2025 Financial Results

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October 16, 2025 · 4:00 PM UTC

Blend to Announce Third Quarter 2025 Financial Results on November 6, 2025

Read more

October 15, 2025 · 12:26 PM UTC

Blend Unveils Vision for Intelligent Origination: A New Operating Model for Lending

Read more