Blend Labs, Inc. · NYSE:BLND
Blend Labs — Q3 2025 Earnings Presentation
23 slides from Blend Labs's earnings presentation, Nov 6, 2025
Slide 1: Blend Labs, Inc. Q3 2025 Earnings Supplemental Slides
Blend Labs, Inc. Q3 2025 Earnings Supplemental Slides November 6, 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures This 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
Slide 3: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights 01 02 03 Results Ahead of Continued Profitability Growing Guidance Momentum Customer Base Both total revenue and non- Significant increase in non- Added or expanded 14 GAAP operating income for GAAP operating income year- customer relationships this the third quarter we
Slide 4: Consumer Banking Suite revenue up 34% year-over-year
Consumer Banking Suite revenue up 34% year-over-year Consumer Banking Suite* Revenue Mortgage Suite* Revenue $12.7 $21.5 $11.4 $18.2 $18.0 $17.7 $9.5 $9.5 $9.6 $14.6 In millions In millions Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 *See Note 2 included in Append
Slide 5: Mortgage Suite economic value per funded loan
Mortgage Suite economic value per funded loan* Focusing on the efficiency of the business with high margin software products and ecosystem partnerships Core software Partnerships Add-on products** $99 $97 $96 $92 $93 $91 $5 $14 $88 $86 $86 $14 $5 $86 $85 $2 $13 $9 $1 $81 $13 $3 $3 $11 $76 $10 $10 $1
Slide 6: Non-GAAP gross margins improved compared to the prior year
Non-GAAP Gross margins improved compared to the prior year Total Blend Software Platform Non-GAAP 78% 82% 80% 80% 76% 79% 75% 75% 77% 73% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 6
Slide 7: Non-GAAP operating expenses reflect cost discipline
Non-GAAP operating expenses reflect cost discipline Research & Development Sales & Marketing General & Administrative $8.6 $8.0 $7.9 In millions $7.1 $7.3 $7.2 $6.9 $6.7 $7.0 $6.7 $6.3 $6.2 $5.9 $5.6 $5.1 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025* Q2 2025 Q3 2025 Q3 2024 Q4 202
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 9/30/2025 Class A common stock outstanding 256,473 256,473 256,47
Slide 9: Blend Funded Loans as a percent of HMDA Mortgage Originations
Blend Funded Loans as a percent of HMDA 30.0% Mortgage Originations • Market share has decreased since 2023 due to churn notices received primarily in 2023 and 2024 21.7% 16-18% 20.0% 20.5% • HMDA Mortgage Originations by Year: 18.6% ◦ 2021: 13.0 million % of HMDA Originations ◦ 2022: 6.0 million ◦
Slide 10: Guidance
Guidance1 Commentary: • We expect total revenue between $31.0 million and $32.5 million, with the midpoint representing a year- over-year increase of 5%. • Within total revenue we expect Q4 2025 mortgage suite revenue to decline slightly compared to the same period in the prior year and consumer ban
Slide 11: Appendix
& blend Appendix ©Blend 2025
Slide 12: Revenue Disaggregation
Revenue Disaggregation (dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Blend Platform: YoY change YoY change Mortgage Suite $ 17,735 54% $ 21,546 65 % (18) % $ 50,334 55 % $ 55,078 65 % (9) % Consumer Banking Suite 12,724 39% 9,520 29 % 34
Slide 13: GAAP Financial Results
GAAP Financial Results (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue Software platform $ 30,459 $ 31,066 $ 84,110 $ 79,277 Professional services 2,401 2,038 7,043 6,363 Total revenue 32,860 33,104 91,153 85,640 Cost of revenue Software pl
Slide 14: GAAP Financial Results (cont.)
GAAP Financial Results (cont.) (in thousands except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) per share attributable to Blend Labs, Inc. common stockholders: Basic: Continuing operations $ 0.03 $ (0.02) $ (0.04) $ (0.19)
Slide 15: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Gross Profit Reconciliation Profit Margin Profit Margin Profit Margin Profit Margin Profit Margin Profit Margin B
Slide 16: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP operating expenses $ 29,367 $ 35,783 $ 83,948 $ 106,456 Non-GAAP adjustments: Stock-based compensation(1) 7,642 6,529 20,966 21,524 Workforce r
Slide 17: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP loss from operations $ (4,911) $ (11,283) $ (17,228) $ (45,573) Non-GAAP adjustments: Stock-based compensation(1) 7,766 6,634 21,376 21,891 Wor
Slide 18: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP net loss from continuing operations $ 12,410 $ (631) $ 2,154 $ (40,539) Non-GAAP adjustments: Stock-based compensation(1) 7,766 6,634 21,376 21
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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP diluted net income (loss) per share from continuing operations attributable to common stockholders $ 0.02 $ (0.02) $
Slide 20: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 GAAP research and development expense $ 8,522 $ 7,332 $ 7,520 $ 8,861 $ 10,127 $ 12,916 Non-GAAP adjustments: Stock-based compensation(1) 1,629 1,253 1,636 1,782 2,169 2,567 Abandoned a
Slide 21: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ (2,733) $ 1,373 $ 12,060 $ (5,023) Additions to property, equipment and internal-use s
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: HMDA Mortgage Originations The Home Mortgage Disclosure Act (HMDA) requires financial institutions to maintain, report, and publicly disclose loan-level information about mortgages. All transactions are reportable if they are secured by a lien on a dwelling and the financial instit