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Blend Labs vs System1: BLND and SST compared
Blend Labs is the larger company: $32.9M of revenue in its latest quarter (Q3 2026) against $30.2M for System1 (Q2 2026). Blend Labs is growing faster (+0.7% against -61% a year earlier). Blend Labs is more profitable, with an operating margin of -8.0% against -27.5%.
Where the money goes: BLND and SST
Blend Labs (BLND) · Q3 2026
Blend Labs, Q3 2026: revenue $32.9M (+0.7% year over year), operating margin -8.0%, net loss $1.9M, operating cash flow $863K. The chart follows the revenue to costs, profit and cash.
System1 (SST) · Q2 2026
System1, Q2 2026: revenue $30.2M (-61% year over year), operating margin -27.5%, net loss $15.3M, operating cash flow −$2.0M. The chart follows the revenue to costs, profit and cash.
| Blend Labs (BLND) | System1 (SST) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $32.9M | $30.2M |
| Revenue growth, Y/Y | +0.7% | -61% |
| Operating margin | -8.0% | -27.5% |
| Net earnings | −$1.9M | −$15.3M |
| Net margin | -5.9% | -50.8% |
| Operating cash flow | $863K | −$2.0M |
| Free cash flow | $94K | — |
Where the revenue comes from
Blend Labs
- Software platform: $30.6M (93%)
- Professional services: $2.3M (7%)
System1
- Products: $19.5M (64%)
- Marketing: $10.7M (36%)
Questions
Which is bigger, Blend Labs or System1?
Blend Labs is the larger company: $32.9M of revenue in its latest quarter (Q3 2026) against $30.2M for System1 (Q2 2026).
Is Blend Labs or System1 growing faster?
Blend Labs is growing faster (+0.7% against -61% a year earlier).
Which is more profitable, Blend Labs or System1?
Blend Labs is more profitable, with an operating margin of -8.0% against -27.5%.
More: Blend Labs earnings · how Blend Labs makes money · System1 earnings · how System1 makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 5, 2026). Fiscal quarters can end on different dates. Not investment advice.