Filing Flows › Blend Labs (BLND) › Q1 2025
Blend Labs (BLND) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Blend Labs (BLND) reported revenue of $26.8M for the first quarter 2025 (Q1 2025), +13% from a year earlier and -35% from the quarter before. Operating margin was -29.7%, net loss $9.7M (36.1% of revenue).
Blend Labs, Q1 2025: revenue $26.8M (+13% year over year), operating margin -29.7%, net loss $9.7M, operating cash flow $20.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.8M | -35% | +13% |
| Operating profit | −$8.0M | — | — |
| Net earnings | −$9.7M | — | — |
| Operating cash flow | $20.1M | — | — |
| Free cash flow | $15.5M | — | — |
What changed
Revenue was $26.8M in Q1 2025, up 13% year over year and down 35% from the previous quarter. Mortgage Suite was the largest line at 55% of revenue. Consumer Banking Suite added $3.0M year over year (up 45%), 99% of the total change. Mortgage Suite declined 3%.
Gross margin was 70.8%, up 3.5 points from a year earlier. Operating costs exceeded revenue by $8.0M, an operating margin of -29.7%. Operating expenses fell 28% while revenue rose 13%. The quarter ended with a net loss of $9.7M, wider than the previous quarter's $708K loss. Minority interests bore $182K of it: to shareholders the quarter was a loss of $9.5M.
Operating cash flow was $20.1M. Non-cash charges added back $407K of depreciation and amortization and $6.1M of share-based compensation. Working capital and other items added $23.3M. Capital expenditures of $4.6M left free cash flow of $15.5M.
Questions
What was Blend Labs' revenue in the first quarter 2025?
Blend Labs (BLND) reported revenue of $26.8M for the first quarter 2025 (Q1 2025), +13% from a year earlier and -35% from the quarter before.
Was Blend Labs profitable in the first quarter 2025?
Operating loss was $8.0M (-29.7% of revenue) and net loss $9.7M.
Source: Blend Labs 10-Q on SEC EDGAR.