Blend Q1 rev $71.5M (+124% YoY); GAAP op loss $69.7M; reaffirms FY22 guidance

Blend Labs, Inc.

2022-Q1 EPS reported -$0.32 revenue$71,524,000

Revenue $71.5M (+124% YoY) includes $38.7M from Title365; Blend Platform revenue $32.8M (+3% YoY).
GAAP loss from operations $69.7M vs $27.2M in Q1 2021; non-GAAP op loss $39.5M.
Consumer Banking & Marketplace revenue $7.2M (+55% YoY); Mortgage Banking $24.5M (-7% vs 44% industry decline).
Reaffirmed FY22 consolidated revenue guidance $230-250M; expects US mortgage originations down ~41% (prior ~35%).
Added 8 new customers (total 351); cash & securities $499.4M, debt $225.0M; revolver undrawn.

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