Slide 1: Blend Labs, Inc. Q1 2026 Earnings Supplemental Slides
Blend Labs, Inc. Q1 2026 Earnings Supplemental Slides May 7, 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: First Quarter 2026 Highlights
First Quarter 2026 Highlights 01 02 03 Results Ahead of Growing Returning Capital to Guidance Customer Base Shareholders Total revenue and non-GAAP Added or expanded 15 Repurchased 11.2 million operating income both above customer relationships in the shares in the first quarter for the high end of
Slide 4: Key Financial Results
Key Financial Results Non-GAAP Gross Margin Revenue Q1 2026 Q1 2026 80% $30.8M $123.6 80% 80% $115.8 $9.1 78% +700 bps Y/Y $109.5 76% $8.8 +15% Y/Y 73% $8.3 $23.6 $33.7 $45.2 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Non-GAAP Operating Income Q1 2026 $77.6 $30.8 $4.1M $73.3 $5.4 $69.2 $26.8 $2.9 $4.6
Slide 5: Revenue Trends
Revenue Trends Mortgage Suite* Consumer Banking Suite** $12.6 $11.5 $11.5 $18.8 $10.8 $18.0 $17.8 $17.2 $9.6 $14.7 $ in millions $ in millions Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Y/Y Growth (3)% (3)% (18)% 4% 18% Y/Y Growth 45% 43% 32% 22% 12% *See Note 1
Slide 6: Mortgage Suite Metrics
Mortgage Suite Metrics Funded Loan Volume* Economic Value Per Funded Loan 210.8 (evPFL)** 203.9 201.1 186.7 $93 $88 $86 $5 $2 $83 $84 $1 $11 $10 $10 $8 $9 145.1 Units in thousands $77 $76 $76 $75 $75 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 2026**** Y/Y Growth (7)%
Slide 7: Market Share
Market Share • Market share has decreased since 2023 due to churn notices received primarily in 2023 and 22% 2024 21% • Initial release of 2025 HMDA 19% data in early April shows 4.4 17% million mortgage originations, % of HMDA Originations which translates to market share of 17% for 2025 14% 2021 2
Slide 8: Non-GAAP Operating Expenses
Non-GAAP Operating Expenses $97.0 Q1 2026 - Year over Year Bridge $30.4 $79.7 $1.6 $0.6 $20.7 $18.8 $25.7 $(0.3) $35.2 In millions $26.0 $31.3 $28.0 2024 2025 Q1 2025 Sales & Research & General & Q1 2026 Marketing Development Administrative General & Administrative Research & Development Sales and M
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 3/31/2026 Class A common stock outstanding 244,080 244,080 244,080 244,080 244,080 244,080 244,
Slide 10: Quarterly Guidance
Quarterly Guidance1 • Q2 total revenue growth of 1% to 7% year-over-year. Assumes mortgage suite growth of 4% to 10% and consumer banking suite growth of (2)% to 4%. • No Autopilot revenue assumed in Q2; free trial runs through June. Q2 2026 • Assumes Q2 evPFL of approximately $79-80. Total Revenue
Slide 11: Appendix
& blend Appendix ©Blend 2026
Slide 12: Revenue Disaggregation
Revenue Disaggregation (dollars in thousands) Three Months Ended March 31, 2026 2025 Blend Platform: YoY change Mortgage Suite $ 17,232 56 % $ 14,658 55 % 18 % Consumer Banking Suite 10,761 35 % 9,644 36 % 12 % Total Software Platform 27,993 91 % 24,302 91 % 15 % Professional Services 2,850 9 % 2,54
Slide 13: GAAP Financial Results
GAAP Financial Results (in thousands) Three Months Ended March 31, 2026 2025 Revenue Software platform $ 27,993 $ 24,302 Professional services 2,850 2,543 Total revenue 30,843 26,845 Cost of revenue Software platform 5,768 5,898 Professional services 1,710 1,947 Total cost of revenue 7,478 7,845 Gro
Slide 14: GAAP Financial Results (cont.)
GAAP Financial Results (cont.) (in thousands except per share amounts) Three Months Ended March 31, 2026 2025 Net loss per share attributable to Blend Labs, Inc. common stockholders - basic and diluted: Continuing operations $ (0.04) $ (0.04) Discontinued operations $ (0.01) $ (0.02) Net loss per sh
Slide 15: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) Three Months Ended March 31, 2026 2025 Gross Profit Reconciliation Gross Profit Gross Margin Gross Profit Gross Margin Blend Platform GAAP Software platform $ 22,225 79 % $ 18,404 76 % Stock-based compensation (1) 3 1 (7) Amortizatio
Slide 16: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended March 31, 2026 2025 GAAP operating expenses $ 28,426 $ 26,980 Non-GAAP adjustments: Stock-based compensation(1) 6,658 5,926 Workforce reduction costs (2) 662 719 Abandoned and terminated facilities costs (3) — 507
Slide 17: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended March 31, 2026 2025 GAAP loss from operations $ (5,061) $ (7,980) Non-GAAP adjustments: Stock-based compensation(1) 6,780 6,096 Workforce reduction costs (2) 662 719 Abandoned and terminated facilities costs (3) —
Slide 18: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended March 31, 2026 2025 GAAP net loss from continuing operations $ (5,465) $ (6,896) Non-GAAP adjustments: Stock-based compensation(1) 6,780 6,096 Workforce reduction costs(2) 662 719 Abandoned and terminated facilitie
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 March 31, 2026 2025 GAAP diluted net loss per share from continuing operations attributable to common stockholders $ (0.04) $ (0.04) Per share impact of non-GAAP expenses (10) 0.04 0.03 No
Slide 20: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended March 31, 2026 2025 GAAP research and development expense $ 9,413 $ 7,842 Non-GAAP adjustments: Stock-based compensation(1) 1,661 1,684 Abandoned and terminated facilities costs (3) — 193 Impairment of capitalized
Slide 21: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (dollars in thousands) Three Months Ended March 31, 2026 2025 Net cash provided by operating activities - continuing operations $ 8,462 $ 19,811 Additions to property, equipment and internal-use software development costs (1,117) (4,313) Free cash
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