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Blend Labs, Inc. provides a cloud-based software platform for financial services firms in the United States, India, and Mexico. The company offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, rapid home lending, personal loans, credit cards, and deposit accounts; and a suite of add-on products that offers to enhance consumers' journeys to homeownership, such as close, income verification for mortgage and home equity lines of credit, and home equity loans. It also provides Blend Builder to configure or build custom workflows from a pre-built set of components; verification components to automate confirmation tasks that are needed to underwrite a loan or approve the opening of a new deposit account; decisioning components to reduce the need for human intervention by automatically applying business rules throughout an application workflow configured by a financial services firm; AI capabilities; and workflow intelligence components to manage data collection and automate tasks throughout the loan origination process. In addition, the company offers application programming interfaces, which integrate the capabilities of technology, data, and service providers into software platform, as well as support services, professional and consulting services. It serves banks, credit unions, fintechs, and other non-bank mortgage lenders. The company was incorporated in 2012 and is headquartered in Novato, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $124M | $3M | $-8M | $-0M | 26.4% | 6.8% | - |
| 2024 | $116M | $-33M | $-50M | $-23M | 1246.0% | 5.7% | - |
| 2023 | $110M | $-132M | $-185M | $-128M | -687.7% | -53.4% | - |
| 2022 | $235M | $-727M | $-769M | $-192M | -468.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 235.20 | 109.55 | 115.76 | 123.58 |
| Cost Of Revenue | 145.55 | 33.09 | 32.54 | 32.42 |
| Gross Profit | 89.65 | 76.46 | 83.22 | 91.17 |
| Operating Expense | 370.87 | 200.01 | 126.18 | 112.03 |
| Operating Income | -281.22 | -123.55 | -42.96 | -20.86 |
| EBITDA | -726.85 | -132.25 | -32.50 | 2.94 |
| EBIT | -741.26 | -136.57 | -35.90 | -0.88 |
| Pretax Income | -766.05 | -167.39 | -42.65 | -0.88 |
| Tax Provision | -2.24 | 0.09 | 0.11 | 0.25 |
| Net Income | -768.61 | -185.32 | -49.60 | -8.05 |
| Net Income Common Stockholders | -768.61 | -185.32 | -60.48 | -25.89 |
| Total Expenses | 516.42 | 233.10 | 158.72 | 144.45 |
| Interest Expense | 24.79 | 30.81 | 6.75 | 0 |
| Research And Development | 138.09 | 81.26 | 46.09 | 32.84 |
| Selling General And Administration | 224.37 | 118.75 | 80.10 | 79.19 |
| Normalized EBITDA | -261.89 | -112.19 | -26.62 | 3.81 |
| Normalized Income | -305.02 | -157.08 | -44.30 | -1.51 |
| Basic EPS | -3.28 | -0.76 | -0.24 | 0 |
| Diluted EPS | -3.28 | -0.76 | -0.24 | 0 |
| Tax Effect Of Unusual Items | -1.36 | -4.21 | -1.24 | -0.18 |
| Tax Rate For Calcs | 0 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -464.95 | -20.06 | -5.88 | -0.87 |
| Total Unusual Items Excluding Goodwill | -464.95 | -20.06 | -5.88 | -0.87 |
| Net Income From Continuing Operation Net Minority Interest | -768.61 | -172.92 | -48.95 | -2.20 |
| Reconciled Depreciation | 14.42 | 4.33 | 3.40 | 3.82 |
| Reconciled Cost Of Revenue | 139.54 | 33.09 | 32.54 | 32.42 |
| Net Interest Income | -24.79 | -30.81 | -6.75 | 0 |
| Net Income From Continuing And Discontinued Operation | -768.61 | -185.32 | -49.60 | -8.05 |
| Total Operating Income As Reported | -746.18 | -143.61 | -48.84 | -21.73 |
| Diluted Average Shares | 234.16 | 245.21 | 253.92 | 0 |
| Basic Average Shares | 234.16 | 245.21 | 253.92 | 0 |
| Diluted NI Availto Com Stockholders | -768.61 | -185.32 | -60.48 | -25.89 |
| Otherunder Preferred Stock Dividend | 48.44 | 0 | 0 | 0 |
| Preferred Stock Dividends | 0 | 0 | 10.88 | 17.83 |
| Minority Interests | -4.80 | -5.44 | -6.18 | -1.07 |
| Net Income Including Noncontrolling Interests | -763.81 | -179.88 | -43.42 | -6.98 |
| Net Income Discontinuous Operations | 0 | -12.40 | -0.66 | -5.86 |
| Net Income Continuous Operations | -763.81 | -167.48 | -42.76 | -1.13 |
| Other Income Expense | -460.04 | -13.02 | 7.06 | 19.99 |
| Other Non Operating Income Expenses | 4.92 | 7.03 | 12.94 | 20.86 |
| Special Income Charges | -464.95 | -20.06 | -5.88 | -0.87 |
| Impairment Of Capital Assets | 449.68 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 15.28 | 20.06 | 5.88 | 0.87 |
| Net Non Operating Interest Income Expense | -24.79 | -30.81 | -6.75 | 0 |
| Interest Expense Non Operating | 24.79 | 30.81 | 6.75 | 0 |
| Depreciation Amortization Depletion Income Statement | 8.41 | 0 | 0 | 0 |
| Depreciation And Amortization In Income Statement | 8.41 | 0 | 0 | 0 |
| Amortization | 8.41 | 0 | 0 | 0 |
| Amortization Of Intangibles Income Statement | 8.41 | 0 | 0 | 0 |
| Selling And Marketing Expense | 85.25 | 57.47 | 34.41 | 29.07 |
| General And Administrative Expense | 139.12 | 61.28 | 45.69 | 50.12 |
| Other Gand A | 139.12 | 61.28 | 45.69 | 50.12 |
| Operating Revenue | 235.20 | 109.55 | 115.76 | 123.58 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Blend Labs, Inc.this co. | BLND | $365M | - | -11.93 | 26.4% | -22.14 |
| Cerence Inc. | CRNC | $384M | 427.00 | 2.56 | -12.4% | 7.54 |
| Yext, Inc. | YEXT | $379M | 54.14 | 2.92 | 23.8% | 20.26 |
| IBEX Limited | IBEX | $376M | 9.28 | 2.43 | 27.4% | 5.70 |
| NVE Corporation | NVEC | $376M | 26.61 | 6.45 | 24.2% |
| 22.56 |
| Paysign, Inc. | PAYS | $364M | 50.69 | 7.49 | 15.6% | 22.59 |
| Rackspace Technology, Inc. | RXT | $363M | - | -0.30 | 18.5% | 15.23 |
| Sprout Social, Inc. | SPT | $356M | - | 1.73 | -21.3% | -10.43 |
| Aeluma, Inc. | ALMU | $346M | - | 8.46 | -16.9% | -60.91 |
| Peer Median | - | 50.69 | 2.74 | 17.0% | 11.39 | |