secwatch.observer — SEC 8-K summary
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Issuer:     Blend Labs, Inc. (BLND)
CIK:        0001855747
Form:       8-K
Filed at:   2022-08-15T23:59:59+00:00
Accession:  0001855747-22-000056
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blend Labs Q2 revenue $65.5M; records $391.8M impairment; cuts 11% of workforce
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- GAAP loss from operations $471.4M includes $391.8M non-cash impairment on Title365 goodwill and intangibles.
- Non-GAAP loss from operations $39.5M vs $26.3M a year ago; cash and marketable securities $450.5M.
- Title365 segment revenue $31.9M; Blend Platform segment revenue $33.6M (+5% YoY) despite 37% mortgage market decline.
- Workforce reduction eliminates 220 positions (~11% of workforce); expects $4M charges, $27.3M annual compensation savings.
- Full-year 2022 revenue guidance unchanged at $230-250M; Blend Platform lowered to $135-145M, Title365 raised to $95-105M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1855747/000185574722000056/0001855747-22-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1855747/000185574722000056/blnd-20220811.htm
  HTML page:      https://secwatch.observer/filing/0001855747-22-000056

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer