Blend Labs, Inc. · NYSE:BLND

Blend Labs — Q1 2023 Earnings Presentation

22 slides from Blend Labs's earnings presentation, May 9, 2023

1. Slide 1: Blend Labs, Inc. Q1 2023 Earnings Supplemental Slides

   Blend Labs, Inc. Q1 2023 Earnings Supplemental Slides MAY 9, 2023

2. 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

3. Slide 3: First Quarter 2023 Highlights

   First Quarter 2023 Highlights Revenue of $37.3 million exceeded guidance, driven by mortgage loan volume growth Non-GAAP operating loss outperformed top end of guidance by 17% as Blend executes on efficiency initiatives Added more than 8 percentage points to Blend’s funded mortgage market share in t

4. Slide 4: Blend aligns reporting structure with its growth trajectory

   Blend aligns reporting structure with its growth trajectory old new Blend is refining segment reporting in 2023 Platform Platform with the following enhancements: Mortgage Software: Platform Segment Mortgage Mortgage Suite* Mortgage Income ● Includes Software and Professional Insurance Realty Servic

5. Slide 5: Blend's Continued Progress in a Challenging Market

   Blend’s Continued Progress in a Challenging Market Consumer Banking Suite* Revenue Mortgage Suite* Revenue Down 33% YoY despite an estimated 34% YoY increase 58% decline in industry-wide $6.0M $30.0M mortgage loan origination volumes $5.2M $26.8M $4.0M $20.0M $3.9M $17.8M $2.0M $10.0M $0.0 $0.0 Q1 2

6. Slide 6: Building and Capturing Mortgage Market Share

   Building and Capturing Mortgage Market Share 25% 23.2% 19.6% 20% Blend continues to win market share* due to new customers increasing utilization and Blend customers winning market share 14.5% 15% 12.4% 10.1% 10% 8.9% Gross 6.5% Retention 5% Market Share of 97% in Q1 2023 0% 2019 2020 2020 2021 2021

7. Slide 7: Mortgage Suite revenue per transaction

   Mortgage Suite revenue per transaction* Blend customers continue to go live with Mortgage Suite add-ons, growing Blend’s revenue per transaction * See Note 5 included in Appendix

8. Slide 8: Spotlight: customer growth with a premier mortgage company

   Spotlight: customer growth Growing Mortgage Suite wallet share Mortgage with a premier mortgage company Mortgage Add-ons U.S. Mortgage Even within the mortgage industry, Blend is Market Funded managing to acquire wallet share and protect Loans revenue during the current mortgage market headwinds. In

9. Slide 9: Executing on the road to profitability

   Executing on the road to profitability Software Gross Margins Total Blend Gross Margins Non-GAAP Non-GAAP 80% 75% 72% 60% 40% 44% 42% 41% 40% 20% 0% Q1 2022 Q1 2023 Q1 2022 Q1 2023

10. Slide 10: Reductions in Operating Expenses by function

    Reductions in Operating Expenses by function Showing progress to date on cost efficiency initiatives $30.0 Research & Development Sales & Marketing General & Administrative Non-GAAP Non-GAAP Non-GAAP $25.0 $25.1 $24.1 Operating Expenses in millions $ $20.0 $19.7 $17.1 $15.0 $14.7 $15.2 rt` $10.0 $5.

11. Slide 11: Q2 2023 Guidance

    Q2 2023 Guidance Blend guidance reflects the following: Blend Platform Revenue Between $27M and ● Continued execution by Blend in a $28M marketplace characterized by economic uncertainty. An expected return to sequential ● growth in mortgage market volumes. Title Revenue Between $12.5M and ● Non-GAA

12. Slide 12: Appendix

    Appendix Thank you! ©Blend 2023

13. Slide 13: Revenue Disaggregation (New)

    Revenue Disaggregation (New) (in thousands) 13

14. Slide 14: Revenue Disaggregation (Old)

    Revenue Disaggregation (Old) (in thousands) 14

15. Slide 15: Q1 2023 GAAP Financial Results

    Q1 2023 GAAP Financial Results (in thousands) 15

16. Slide 16: Q1 2023 GAAP Financial Results (cont.)

    Q1 2023 GAAP Financial Results (cont.) (in thousands) 16

17. Slide 17: Reconciliation of GAAP to Non-GAAP Measures

    Reconciliation of GAAP to Non-GAAP Measures (in thousands) 17

18. Slide 18: Reconciliation of GAAP to Non-GAAP Measures (cont.)

    Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 18

19. Slide 19: Reconciliation of GAAP to Non-GAAP Measures (cont.)

    Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 19

20. Slide 20: Sharecount Outlook

    Sharecount Outlook (in thousands) 20

21. Slide 21: Key Business Metrics - Volume Disaggregation

    Key Business Metrics - Volume Disaggregation (in thousands) 21

22. Slide 22: Footnotes

    Footnotes Note 1: Market Share is management’s calculation of Blend’s mortgage market share for the specified period based on funded loan volumes from signed customers. Funded volume is calculated as (i) the number of mortgage banking funded loans processed on the Blend Platform in the period (actual

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