Blend Labs Q1 revenue $37.3M beats guidance; GAAP EPS -$0.28; principal accounting officer changes

Blend Labs, Inc.

2023-Q1 EPS reported -$0.28 revenue$37,336,000

Q1 revenue $37.3M (Platform $24.7M, Title $12.6M) vs. guidance $33-35M; GAAP operating loss $61.4M, non-GAAP $30.7M.
GAAP net loss per share ($0.28) improved from ($0.32) in Q1 2022; non-GAAP EPS ($0.15) vs ($0.20).
Mortgage market share rose to 23.2% in H2 2022 from 14.5% in H2 2021; Navy Federal selected Blend for deposit accounts.
Principal accounting officer Manish Gupta stepped down, effective immediately; replaced by Amir Jafari (Head of Finance).
Q2 2023 guidance: consolidated revenue $39.5-41.0M, non-GAAP net operating loss $25-26.5M.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Manish Gupta

Controller and principal accounting officer

BLND · Blend Labs, Inc.

Effective: 2023-05-04
Successor: Amir Jafari
Filed: May 9, 2023, 7:59 PM ET

On May 4, 2023, Manish Gupta, Controller and principal accounting officer of Blend, stepped down as Controller and principal accounting officer of Blend, effective immediately.

Appointed

Amir Jafari

principal accounting officer

BLND · Blend Labs, Inc.

Effective: 2023-05-04
Filed: May 9, 2023, 7:59 PM ET

The Board of Directors of Blend (the “Board”) appointed Amir Jafari, the Company’s current Head of Finance and Administration and principal financial officer as the Company’s principal accounting officer effective upon Mr. Gupta’s departure.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Blend Labs, Inc. reported first fiscal quarter ended March 31, 2023 results: revenue $37.3 million, EPS ($0.28). Guidance reaffirmed.

Period: first fiscal quarter ended March 31, 2023
Revenue: $37.3 million
EPS: ($0.28)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Title ( Formerly Title 365 ) $12.6 $11.5 - 12.5 $9.4 $8.5 - 9.5 Blend Labs, Inc. $37.3 $33.0 - 35.0 $37.3 $33.0 - 35.0 First Quarter Financial Summary Total company revenue was $37.3 million, composed of Platform revenue of $24.7 million and Title revenue of $12.6 million. First quarter 2023 results included $3.2 million in software-enabled title revenue that is now

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Manish Gupta departed as Controller and principal accounting officer at Blend Labs, Inc..

Action: stepped down
Role: Controller and principal accounting officer

Exact text from the filing

On May 4, 2023, Manish Gupta, Controller and principal accounting officer of Blend, stepped down as Controller and principal accounting officer of Blend, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Amir Jafari was appointed as principal accounting officer at Blend Labs, Inc..

Action: appointed
Role: principal accounting officer

Exact text from the filing

The Board of Directors of Blend (the “Board”) appointed Amir Jafari, the Company’s current Head of Finance and Administration and principal financial officer as the Company’s principal accounting officer effective upon Mr. Gupta’s departure.

View on SEC.gov

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Blend Labs, Inc. filing history →

Source: SEC EDGAR

accession 0001855747-23-000039

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