Blend Labs, Inc. reported a net loss of $43.4 million for the year ended December 31, 2024, compared to a net loss of $179.9 million in 2023. Total revenue increased by $5.2 million (3%) to $162.0 million in 2024. This increase was driven by a 6% rise in Blend Platform revenue to $115.8 million, offset by a 2% decrease in Title segment revenue to $46.3 million. The decrease in Title segment revenue was primarily attributed to lower title order volume.
Within the Blend Platform segment, Mortgage Suite revenue decreased by 6% to $73.3 million due to lower mortgage banking transaction volume, while Consumer Banking Suite revenue increased by 42% to $33.7 million, primarily due to increased home equity transactions and higher adoption rates of the digital closing solution. Cost of revenue decreased by $4.2 million (6%) to $71.5 million in 2024, primarily due to lower personnel expenses and title order volume. Gross profit increased by 12% to $90.5 million, resulting in a gross margin of 56%, up from 52% in 2023.
Significant changes in operating expenses were also reported. Research and development expenses decreased by 44% to $46.1 million, sales and marketing expenses decreased by 40% to $36.0 million, and general and administrative expenses decreased by 28% to $50.6 million. These decreases were largely attributed to workforce reduction actions implemented since 2022 to improve cost efficiency. Restructuring charges totaled $7.5 million in 2024, down from $24.9 million in 2023. The company also fully repaid its outstanding debt in April 2024 and entered into a strategic partnership with Covered Insurance Solutions, selling its insurance business for $10.1 million in cash proceeds.
Blend Labs ended 2024 with 540 employees. The company anticipates a more moderate growth rate in 2025 for mortgage origination activity, citing continued high interest rates, decreased housing affordability, and uncertain global economic conditions as contributing factors. A significant portion of Blend Platform segment revenue (62.8%) was generated from 23 customers with over $1 million in revenue each, while 79.4% of Title segment revenue came from 7 customers exceeding $1 million in annual revenue. The company's outlook indicates a focus on customer acquisition, maximizing existing partnerships, product expansion, and disciplined cost management, with potential expansion into new markets.
About Blend Labs, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.