Blend Labs, Inc. · NYSE:BLND

Blend Labs — Q2 2025 Earnings Presentation

28 slides from Blend Labs's earnings presentation, Aug 7, 2025

  1. Slide 1: Blend Labs, Inc. Q2 2025 Earnings Supplemental Slides

    Blend Labs, Inc. Q2 2025 Earnings Supplemental Slides August 7, 2025

  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: Second Quarter 2025 Highlights

    Second Quarter 2025 Highlights 01 02 03 Fourth consecutive quarter Revenue of $31.5 million, Record remaining of non-GAAP operating ahead of the mid-point of performance obligations of profitability, with 15% non- our guidance and up 10% $190 million, fueled by a GAAP operating margin year-over-year

  4. Slide 4: Consumer Banking Suite revenue reaches 43% year-over-year growth

    Consumer Banking Suite revenue reaches 43% year-over-year growth Consumer Banking Suite* Revenue Mortgage Suite* Revenue Key Key $12.0 $24.0 $11.4 $21.5 $9.0 $9.5 $9.5 $9.6 $18.0 $18.5 $18.2 $18.0 $8.0 In millions In millions $14.6 $6.0 $12.0 $3.0 $6.0 $0.0 $0.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 20

  5. 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 add-on products and ecosystem partnerships Core software Partnerships Add-on products** $99 $100 $97 $96 $92 $93 $91 $5 $14 $88 $86 $86 $14 $5 $85 $2 $13 $9 $81 $13 $3 $3 $11 $80 $76 $10 $10 $1

  6. Slide 6: Non-GAAP Gross Margin

    Gross margins saw healthy growth compared to the prior year Total Blend Software Platform Non-GAAP Non-GAAP 80% 80% 80% 80% 79% 79% 77% 75% 76% 75% Non-GAAP Gross Margin 75% 75% 73% 70% 71% 70% 65% 65% 60% 60% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

  7. Slide 7: Non-GAAP Operating Expenses

    Generating leverage through expense rationalization Significantly reduced non-GAAP operating expense year-over-year Research & Development Sales & Marketing General & Administrative $10.0 $10.2 Non-GAAP Operating Expenses in millions $8.6 $7.5 $8.0 $8.1 $7.9 $7.7 $7.3 $6.9 $7.1 $6.7 $6.3 $6.2 $5.9 $

  8. 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 6/30/2025 Class A common stock outstanding 256,423 256,423 256,42

  9. Slide 9: Guidance

    Guidance Blend guidance reflects the following: • Blend's Q3 2025 guidance reflects Q3 2025 our expectation that U.S. aggregate industry mortgage originations will be marginally higher in Q3 2025 relative to Q2 2025 based on Total Revenue $31.5M - $33.5M application volume observed to date through o

  10. Slide 10: Appendix

    & blend Appendix ©Blend 2025

  11. Slide 11: Revenue Disaggregation

    Revenue Disaggregation (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Blend Platform: YoY change YoY change Mortgage Suite $ 17,961 57 % $ 18,454 64 % (3) % $ 32,599 56 % $ 33,532 64 % (3) % Consumer Banking Suite 11,430 36 % 8,021 28 % 43 % 21,052 3

  12. Slide 12: GAAP Financial Results

    GAAP Financial Results (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue Software platform $ 29,391 $ 26,475 $ 53,651 $ 48,211 Professional services 2,132 2,221 4,642 4,325 Total revenue 31,523 28,696 58,293 52,536 Cost of revenue Software platform 6,50

  13. Slide 13: GAAP Financial Results (cont.)

    GAAP Financial Results (cont.) (in thousands except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss per share attributable to Blend Labs, Inc. common stockholders - basic and diluted: Continuing operations $ (0.03) $ (0.09) $ (0.07) $ (0.17) Disc

  14. Slide 14: Reconciliation of GAAP to Non-GAAP Measures

    Reconciliation of GAAP to Non-GAAP Measures (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP operating expenses $ 27,929 $ 33,410 $ 54,581 $ 70,673 Non-GAAP adjustments: Stock-based compensation(1) 7,446 7,106 13,324 14,995 (2) Workforce reduction costs 2

  15. Slide 15: 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, 2025 2024 2025 2024 GAAP loss from operations $ (4,624) $ (13,069) $ (12,317) $ (34,290) Non-GAAP adjustments: Stock-based compensation(1) 7,562 7,212 13,610 15,257 (2) Workforce

  16. 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, 2025 2024 2025 2024 GAAP net loss from continuing operations $ (3,647) $ (19,199) $ (10,256) $ (39,908) Non-GAAP adjustments: Stock-based compensation(1) 7,562 7,212 13,610 15,257

  17. Slide 17: 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, 2025 2024 2025 2024 GAAP diluted net loss per share from continuing operations attributable to common stockholders $ (0.03) $ (0.09) $ (0.07) $ (0.17) (1

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

    Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 GAAP research and development expense $ 7,332 $ 7,520 $ 8,861 $ 10,127 $ 12,916 Non-GAAP adjustments: Stock-based compensation(1) 1,252 1,636 1,782 2,169 2,567 (3) Abandoned and terminated faci

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

    Reconciliation of GAAP to Non-GAAP Measures (cont.) (dollars in thousands) Q2 2025 Q2 2024 Net cash provided by (used in) operating activities $ (5,292) $ (3,284) Additions to property, equipment and internal-use software development costs (3,733) (1,852) Free cash flow (9,025) (5,136) Cash paid for

  20. Slide 20: Additional Historical Information for Blend Continuing Operations

    Additional Historical Information for Blend Continuing Operations ©Blend 2025

  21. Slide 21: GAAP Financial Results - Last Six Quarters

    GAAP Financial Results - Last Six Quarters (in thousands) Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Revenue Software platform $ 29,391 $ 24,260 $ 27,637 $ 31,066 $ 26,475 $ 21,736 Professional services 2,132 2,510 2,485 2,038 2,221 2,104 Total revenue 31,523 26,770 30,122 33,104 28,696 23,840 Cost of reve

  22. Slide 22: Non-GAAP Financial Results - Last Six Quarters

    Non-GAAP Financial Results - Last Six Quarters (in thousands) Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Revenue Software platform $ 29,391 $ 24,260 $ 27,637 $ 31,066 $ 26,475 $ 21,736 Professional services 2,132 2,510 2,485 2,038 2,221 2,104 Total revenue 31,523 26,770 30,122 33,104 28,696 23,840 Cost of

  23. Slide 23: Reconciliation of GAAP to Non-GAAP Measures - Last Six Quarters

    Reconciliation of GAAP to Non-GAAP Measures - Last Six Quarters (in thousands) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 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 Pro

  24. Slide 24: Reconciliation of GAAP to Non-GAAP Measures - Last Six Quarters (cont.)

    Reconciliation of GAAP to Non-GAAP Measures - Last Six Quarters (cont.) (in thousands) Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 GAAP operating expenses $ 27,929 $ 26,651 $ 25,609 $ 35,785 $ 33,410 $ 37,263 Non-GAAP Adjustments: Stock-based compensation(1) 7,446 5,878 5,907 6,529 7,106 7,889 (2) Workforce

  25. Slide 25: Reconciliation of GAAP to Non-GAAP Measures - Last Six Quarters (cont.)

    Reconciliation of GAAP to Non-GAAP Measures - Last Six Quarters (cont.) (in thousands) Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 GAAP loss from operations $ (4,624) $ (7,693) $ (3,271) $ (11,285) $ (13,069) $ (21,221) Non-GAAP adjustments: Stock-based compensation(1) 7,562 6,048 6,052 6,634 7,212 8,045 (2

  26. Slide 26: Reconciliation of GAAP to Non-GAAP Measures - Last Six Quarters (cont.)

    Reconciliation of GAAP to Non-GAAP Measures - Last Six Quarters (cont.) (in thousands) Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 GAAP net loss from continuing operations $ (3,647) $ (6,609) $ (2,219) $ (633) $ (19,199) $ (20,709) Non-GAAP adjustments: Stock-based compensation(1) 7,562 6,048 6,052 6,634 7,

  27. Slide 27: Reconciliation of GAAP to Non-GAAP Measures (cont.) - Notes

    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

  28. Slide 28: 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

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