Blend Q2 revenue $40.5M, beats operating loss target; Consumer Banking rev $8.0M (+37% YoY); approves $25M buyback

Blend Labs, Inc.

2024-Q2 EPS reported -$0.18 revenue$75,427,000

Total Q2 revenue $40.5M inline with guidance; Blend Platform $28.7M (Mortgage -17% to $18.5M, Consumer Banking +37% to $8.0M).
GAAP operating loss narrowed to $13.3M from $36.7M; non-GAAP operating loss $5.6M from $17.9M.
Cash and marketable securities $119.9M, no debt after term loan repaid; free cash flow $(8.5)M vs $(34.6)M.
Board authorized first-ever $25M share repurchase program.
Q3 2024 guidance: consolidated revenue $39.5-$43.5M; non-GAAP net operating loss $(7.0)-$(4.0)M.

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