secwatch.observer — SEC 8-K summary
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Issuer:     Blend Labs, Inc. (BLND)
CIK:        0001855747
Form:       8-K
Filed at:   2024-05-08T23:59:59+00:00
Accession:  0001855747-24-000049
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blend Q1 revenue $34.9M; beats operating loss target; repays debt with $150M Haveli investment
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- GAAP net loss $0.09/share vs $0.28 YoY; non-GAAP loss $0.06/share vs $0.15.
- Consumer Banking Suite revenue up 29% YoY to $6.7M; Mortgage Suite down 15% to $15.1M.
- Free cash flow improved to $(5.8)M from $(47.0)M YoY; unlevered FCF $(1.3)M.
- Repaid $140M term loan in April using proceeds from $150M Haveli convertible preferred equity investment.
- Q2 2024 guidance: consolidated revenue $37.5-$41.5M; non-GAAP net operating loss $(10.5)-$(7.5)M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1855747/000185574724000049/0001855747-24-000049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1855747/000185574724000049/blnd-20240508.htm
  HTML page:      https://secwatch.observer/filing/0001855747-24-000049

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