Blend Labs, Inc. · NYSE:BLND
Blend Labs — Q4 2025 Earnings Presentation
29 slides from Blend Labs's earnings presentation, Mar 10, 2026
Slide 1: Q4 2025 Earnings Supplemental Slides
Blend Labs, Inc. Q4 2025 Earnings Supplemental Slides March 10, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks
Slide 3: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights 01 02 03 Results Ahead of Growing Returning Capital to Guidance Customer Base Shareholders Total revenue near the high Added or expanded 10 Repurchased 5.1 million end of guidance and non- customer relationships in the shares in the fourth quarter GAAP operating income
Slide 4: Key Financial Results
Key Financial Results Non-GAAP Gross Margin Revenue Q4 2025 Q4 2025 80% $109.5 $115.8 $123.5 $9.1 $32.4M 75% 76% 78% 80% +400 bps Y/Y $8.8 +7% Y/Y 73% $8.3 $23.6 $33.7 $45.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Non-GAAP Operating Income Q4 2025 $77.6 $32.4 $5.4M $73.3 $30.1 $5.4 $69.1 $2.5 $2.1 $
Slide 5: Revenue Trends
Revenue Trends Mortgage Suite* Consumer Banking Suite** $12.6 $11.5 $11.5 $18.8 $18.2 $18.0 $17.7 $9.5 $9.7 $14.6 $ in millions $ in millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Y/Y Growth 6% (3)% (3)% (18)% 3% Y/Y Growth 48% 45% 44% 32% 21% *See Note 1 in
Slide 6: Mortgage Suite Metrics
Mortgage Suite Metrics Funded Loan Volume* Economic Value Per Funded Loan 210.8 (evPFL)** 203.9 201.1 $96 189.2 $93 $5 $5 $88 $86 $9 $2 $1 $83 $11 $10 $10 $8 145.1 Units in thousands $82 $77 $76 $76 $75 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025**** Y/Y Growth 15
Slide 7: Non-GAAP Operating Expenses
Non-GAAP Operating Expenses $97.0 Q4 2025 - Year over Year Bridge $30.4 $79.7 $1.1 $0.3 $20.3 $19.1 $(0.2) $25.7 $35.2 In millions $26.0 $31.3 $28.0 2024 2025 Q4 2024 Sales & Research & General & Q4 2025 Marketing Development Administrative General & Administrative Research & Development Sales and M
Slide 8: Illustrative Hypothetical Share Count Under Various Stock Price Scenarios
Illustrative Hypothetical Share Count Under Various Stock Price Scenarios (in thousands) Illustrative Shares at various BLND stock prices $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00 Outstanding Common Stock As of 12/31/2025 Class A common stock outstanding 252,787 252,787 252,7
Slide 9: Quarterly Guidance
Quarterly Guidance1 • We expect total revenue between $28.5 million and $30.0 million, with the midpoint representing a year-over-year increase of 9%. • We expect evPFL for the mortgage suite to be approximately $84-85. Q1 2026 • Total Non-GAAP operating income is expected to be between $2.0 million
Slide 10: Appendix
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Slide 11: Revenue Disaggregation
Revenue Disaggregation (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Blend Platform: YoY change YoY change Mortgage Suite $ 18,797 58% $ 18,179 60 % 3 % $ 69,131 56 % $ 73,257 64 % (6) % Consumer Banking Suite 11,472 36% 9,458 32 % 21 % 4
Slide 12: GAAP Financial Results
GAAP Financial Results (in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue Software platform $ 30,269 $ 27,637 $ 114,367 $ 106,914 Professional services 2,099 2,485 9,139 8,848 Total revenue 32,368 30,122 123,506 115,762 Cost of revenue Softwar
Slide 13: GAAP Financial Results (cont.)
GAAP Financial Results (cont.) (in thousands except per share amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net loss per share attributable to Blend Labs, Inc. common stockholders - basic and diluted: Continuing operations $ (0.03) $ (0.03) $ (0.07) $
Slide 14: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Gross Gross Gross Gross Gross Gross Gross Gross Gross Profit Reconciliation Profit Margin Profit Margin Profit Margin Profit Margin Blend Platform G
Slide 15: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP operating expenses $ 28,114 $ 25,610 $ 112,902 $ 132,066 Non-GAAP adjustments: Stock-based compensation(1) 7,344 5,906 28,412 27,431 Workforce
Slide 16: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP loss from operations $ (3,630) $ (3,272) $ (21,814) $ (48,845) Non-GAAP adjustments: Stock-based compensation(1) 7,478 6,050 28,955 27,941 Work
Slide 17: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP net loss from continuing operations $ (2,404) $ (2,221) $ (1,206) $ (42,760) Non-GAAP adjustments: Stock-based compensation(1) 7,478 6,050 28,9
Slide 18: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands, except per share amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP diluted net loss per share from continuing operations attributable to common stockholders $ (0.03) $ (0.03) $ (0.07)
Slide 19: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP research and development expense $ 8,809 $ 8,861 $ 32,843 $ 46,087 Non-GAAP adjustments: Stock-based compensation(1) 1,673 1,782 6,292 9,870 Ab
Slide 20: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net cash provided by (used in) operating activities - continuing operations $ 2,896 $ (3,177) $ 14,398 $ (8,200) Additions to property, equi
Slide 21: Non-GAAP Financial Results - Revised
Non-GAAP Financial Results - Revised* (in thousands) Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 Revenue Software platform $ 30,331 $ 29,465 $ 24,302 Professional services 2,333 2,164 2,543 Total revenue 32,664 31,629 26,845 Cost of revenu
Slide 22: Revenue Disaggregation - Revised
Revenue Disaggregation - Revised (dollars in thousands) Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 Blend Platform: Mortgage Suite $ 17,735 54 % $ 17,961 57 % $ 14,638 55 % Consumer Banking Suite 12,596 39 % 11,504 36 % 9,664 36 % Total So
Slide 23: Reconciliation of GAAP to Non-GAAP Measures - Revised
Reconciliation of GAAP to Non-GAAP Measures - Revised (dollars in thousands) Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 Gross Gross Gross Gross Gross Gross Gross Profit Reconciliation Profit Margin Profit Margin Profit Margin Blend Platfo
Slide 24: Reconciliation of GAAP to Non-GAAP Measures - Revised (cont.)
Reconciliation of GAAP to Non-GAAP Measures - Revised (cont.) (in thousands) Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 GAAP operating expenses $ 29,625 $ 28,183 $ 26,980 Non-GAAP adjustments: Stock-based compensation(1) 7,675 7,465 5,927
Slide 25: Reconciliation of GAAP to Non-GAAP Measures - Revised (cont.)
Reconciliation of GAAP to Non-GAAP Measures - Revised (cont.) (in thousands) Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 GAAP loss from operations $ (5,378) $ (4,826) $ (7,980) Non-GAAP adjustments: Stock-based compensation(1) 7,798 7,581
Slide 26: Reconciliation of GAAP to Non-GAAP Measures - Revised (cont.)
Reconciliation of GAAP to Non-GAAP Measures - Revised (cont.) (in thousands) Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 GAAP net income (loss) from continuing operations $ 11,943 $ (3,849) $ (6,896) Non-GAAP adjustments: Stock-based compe
Slide 27: Reconciliation of GAAP to Non-GAAP Measures - Revised (cont.)
Reconciliation of GAAP to Non-GAAP Measures - Revised (cont.) (in thousands) Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 GAAP research and development expense $ 8,705 $ 7,487 $ 7,842 Non-GAAP adjustments: Stock-based compensation(1) 1,662
Slide 28: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) Notes: (1) Stock-based compensation represents the non-cash grant date fair value of stock-based instruments utilized to incentivize our employees, for which the expense is recognized over the applicable vesting or performance period. (2) Workforce
Slide 29: Footnotes
Footnotes Note 1: Mortgage Suite Revenues consist of Mortgage revenue, Mortgage add-on revenue from Blend Income Verification and Blend Close, and Marketplace revenue from our partners that use our integrated marketplaces for their services, such as property and casualty insurance. Note 2: Funded Lo