Blend Q2 2025 revenue up 10% YoY to $31.5M; non-GAAP operating income positive

Blend Labs, Inc.

GAAP loss from operations narrowed to $4.6M from $13.1M YoY; diluted EPS -$0.03 vs -$0.09.
Non-GAAP income from operations $4.7M (15% margin) vs loss of $5.5M in Q2 2024.
Record RPO of $190.4M; 23 new/expanded deals, more than double Q1 2025.
Sold Title365 to Covius to transition to a higher-margin partnership model.
Q3 guidance: revenue $31.5M-$33.5M, non-GAAP net operating income $3.0M-$4.5M.

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