Blend Labs amends Q4 non-GAAP net loss to $17.6M; revenue $36.1M

Blend Labs, Inc.

Corrected non-GAAP net loss to $17.6M ($0.07/share) in Q4 2023, down from previously reported $21.6M.
Full-year 2023 revenue $156.8M; GAAP operating loss improved to $156.2M from $746.2M in 2022.
Consumer Banking Suite revenue grew 15% YoY to $6.4M in Q4; mortgage suite revenue fell 3% amid industry decline.
Cash and marketable securities $144.2M; prepaid $85M of term loan and extended maturity to June 2027 (conditional).
Q1 2024 guidance: $32.5-35.5M revenue, non-GAAP net operating loss of ($14)-($12)M.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Blend Labs, Inc. reported the full fiscal year ended December 31, 2023 results: revenue $156.8 million, EPS $0.76 per share.

Period: the full fiscal year ended December 31, 2023
Revenue: $156.8 million
EPS: $0.76 per share
Result: reported results

Exact text from the filing

Full Year Financial Summary Revenue • Total company revenue in 2023 was $156.8 million, composed of Blend Platform segment revenue of $109.5 million and Title segment revenue of $47.3 million. • Within the Blend Platform segment, Mortgage Suite revenue decreased by 18% year-over-year, to $77.6 million. • Consumer Banking Suite revenue totaled $23.6 million in 2023, an increase of 22% as compared to 2022. • Professional services revenue increased 7% year-over-year to $8.3 million. Gross Margin & Profitability • Blend GAAP gross profit margin was approximately 52%, up from 38% in 2022. Blend Non-GAAP gross profit margin was approximately 52%, up from 39% in 2022. • GAAP Blend Platform segment gross profit was $76.5 million in 2023, up from $75.2 million in 2022. Non-GAAP Blend Platform segment gross profit was $77.4 million in 2023, up from $76.3 million in 2022. • GAAP and non-GAAP Software platform gross margins were 78% in 2023, up compared to 73% on a GAAP and non-GAAP basis in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Blend Labs, Inc. reported the fourth fiscal quarter ended December 31, 2023 results: revenue $36.1 million, EPS $0.13 per share.

Period: the fourth fiscal quarter ended December 31, 2023
Revenue: $36.1 million
EPS: $0.13 per share
Result: reported results

Exact text from the filing

Total company revenue in 4Q23 was $36.1 million, composed of Blend Platform segment revenue of $25.9 million and Title segment revenue of $10.2 million. • Within the Blend Platform segment, Mortgage Suite revenue decreased by 3% year-over-year to $17.2 million, amidst a 20-25% industry mortgage market volume decline over the same period as determined by Blend’s internal estimates, which are informed from a sample of third-party estimates, such as those published by the Mortgage Bankers Association, Fannie Mae, and Inside Mortgage Finance where Home Mortgage Disclosure Act data is unavailable. • Consumer Banking Suite revenue totaled $6.4 million in 4Q23, an increase of 15% as compared to the prior-year period. • Professional services revenue increased 11% year-over-year to $2.3 million. Gross Margin & Profitability • Blend GAAP gross profit margin was approximately 55%, up from 34% in 4Q22. Blend non-GAAP gross profit margin was approximately 55%, up from 35% in 4Q22. • GAAP Blend Plat

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Source: SEC EDGAR

accession 0001855747-24-000024

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