Blend Labs, Inc. · NYSE:BLND
Blend Labs — Q2 2026 Earnings Presentation
23 slides from Blend Labs's earnings presentation, Aug 6, 2026
Slide 1: Blend Labs, Inc. Q2 2026 Earnings Supplemental Slides
Blend Labs, Inc. Q2 2026 Earnings Supplemental Slides August 6, 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: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights 01 02 03 Solid Results New Deals and Returning Capital to Total revenue near the high Expansions Shareholders end of guidance and non- Added or expanded 14 Repurchased 11.0 million GAAP operating income above customer relationships in the shares in the second quarter t
Slide 4: Key Financial Results
Key Financial Results Non-GAAP Gross Margin Revenue Q2 2026 Q2 2026 78% $115.8 $123.6 $9.1 $33.8M 76% 78% 80% 80% 78% +200 bps Y/Y $109.5 $8.3 $8.8 +7%Y/Y $23.6 $33.7 $45.2 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Non-GAAP Operating Income $7.0 Q2 2026 $77.6 $33.8 $7.0M $73.3 $69.2 $31.6 $2.2 $2.4 $5
Slide 5: Revenue Trends
Revenue Trends Mortgage Suite* Consumer Banking Suite** $12.6 $12.2 $11.5 $11.5 $18.8 $19.2 $10.8 $18.0 $17.8 $17.2 $ in millions $ in millions Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Y/Y Growth (3)% (18)% 4% 18% 7% Y/Y Growth 43% 32% 22% 12% 6% *See Note 1 in
Slide 6: Mortgage Suite Metrics
Mortgage Suite Metrics Funded Loan Volume* Economic Value Per Funded Loan 233.1 (evPFL)** 211.0 204.0 201.3 189.8 $88 $86 $2 $1 $83 $83 $10 $10 $79 $8 $9 $7 Units in thousands $76 $76 $75 $74 $72 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2026**** Y/Y Growth 1% —% 11%
Slide 7: Non-GAAP Operating Expenses
Non-GAAP Operating Expenses $97.0 Q2 2026 - Year over Year Bridge* $30.4 $79.7 $1.0 $19.4 $19.5 $(0.2) $(0.8) $25.7 $35.2 In millions $26.0 $31.3 $28.0 2024 2025 Q2 2025 Sales & Research & General & Q2 2026 Marketing Development Administrative General & Administrative Research & Development Sales an
Slide 8: Our AI Strategy
Our AI Strategy Blend is leveraging artificial intelligence to transform the way we work and guiding our customers to do the same. Transforming how we work Guiding our customers 3.6x engineering merged pull requests in July, yoy 45K+ cumulative loans processed by Autopilot 5,000 50,000 4,000 40,000
Slide 9: 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 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 Common Stock As of 6/30/2026 Class A common stock outstanding 233,257 233,257 233,257 233,257 233,257 233,257 233,
Slide 10: Quarterly Guidance
Quarterly Guidance1 Assumptions • Q3 change in total revenue of (4)% to 2% year-over-year, change in mortgage suite revenue of (4)% to 3% and change in consumer banking suite revenue of (5)% to 1%. Q3 2026 • Q3 evPFL of approximately $80-81. Total Revenue $31.5M - $33.5M • Q3 2026 market size of 1.2
Slide 11: Appendix
& blend Appendix ©Blend 2026
Slide 12: Revenue Disaggregation
Revenue Disaggregation (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Blend Platform: YoY change YoY change Mortgage Suite $ 19,240 57% $ 17,987 57 % 7 % $ 36,472 56 % $ 32,645 56 % 12 % Consumer Banking Suite 12,164 36% 11,478 36 % 6 % 22,925 35 % 2
Slide 13: GAAP Financial Results
GAAP Financial Results (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue Software platform $ 31,404 $ 29,465 $ 59,397 $ 53,767 Professional services 2,433 2,164 5,283 4,707 Total revenue 33,837 31,629 64,680 58,474 Cost of revenue Software platform 7,15
Slide 14: GAAP Financial Results (cont.)
GAAP Financial Results (cont.) (in thousands except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss per share attributable to Blend Labs, Inc. common stockholders - basic and diluted: Continuing operations $ (0.03) $ (0.03) $ (0.07) $ (0.07) Disc
Slide 15: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Gross Gross Gross Gross Gross Profit Reconciliation Gross Profit Gross Profit Gross Profit Gross Profit Margin Margin Margin Margin Blend Platform GAAP Softwar
Slide 16: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP operating expenses $ 26,461 $ 28,182 $ 54,887 $ 55,163 Non-GAAP adjustments: Stock-based compensation(1) 6,832 7,466 13,490 13,392 Workforce reduction cos
Slide 17: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP loss from operations $ (1,576) $ (4,826) $ (6,637) $ (12,806) Non-GAAP adjustments: Stock-based compensation(1) 6,978 7,582 13,758 13,678 Workforce reduct
Slide 18: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP net loss from continuing operations $ (1,812) $ (3,849) $ (7,277) $ (10,745) Non-GAAP adjustments: Stock-based compensation(1) 6,978 7,582 13,758 13,678 W
Slide 19: 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP diluted net loss per share from continuing operations attributable to common stockholders $ (0.03) $ (0.03) $ (0.07) $ (0.07) Pe
Slide 20: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP research and development expense $ 8,683 $ 7,486 $ 18,096 $ 15,329 Non-GAAP adjustments: Stock-based compensation(1) 1,496 1,272 3,157 2,956 Abandoned and
Slide 21: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net cash provided by (used in) operating activities - continuing operations $ 7,738 $ (5,426) $ 16,200 $ 14,385 Additions to property, equipment and in
Slide 22: 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 23: 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