| Revision of Previously Issued Quarterly Information |
Revision of Previously Issued Quarterly Information (in thousands, except per share data) Refer to Note 17, Revision of Previously Issued Quarterly Information, of the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2025 for detailed information relating revisions made to our prior period information.
The following tables present the effect of the revision adjustments on the previously reported unaudited condensed consolidated statement of operations and comprehensive income (loss) and unaudited condensed consolidated statement of cash flows for the three and six months ended June 30, 2025. | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2025 | | As Reported | | Adjustments | | As Revised | | Revenue | | | | | | | Software platform | $ | 29,391 | | | $ | 74 | | | $ | 29,465 | | | Professional services | 2,132 | | | 32 | | | 2,164 | | | | | | | | | Total revenue | 31,523 | | | 106 | | | 31,629 | | | Cost of revenue | | | | | | | Software platform | 6,505 | | | 55 | | | 6,560 | | | Professional services | 1,713 | | | — | | | 1,713 | | | | | | | | | Total cost of revenue | 8,218 | | | 55 | | | 8,273 | | | Gross profit | 23,305 | | | 51 | | | 23,356 | | | Operating expenses: | | | | | | | Research and development | 7,332 | | | 154 | | | 7,486 | | | Sales and marketing | 6,950 | | | — | | | 6,950 | | | General and administrative | 13,619 | | | 99 | | | 13,718 | | | | | | | | | | | | | | | Restructuring | 28 | | | — | | | 28 | | | Total operating expenses | 27,929 | | | 253 | | | 28,182 | | | Loss from operations | (4,624) | | | (202) | | | (4,826) | | | | | | | | | Other income (expense), net | 1,018 | | | — | | | 1,018 | | | Loss before income taxes | (3,606) | | | (202) | | | (3,808) | | | Income tax expense | (41) | | | — | | | (41) | | | Loss from continuing operations | (3,647) | | | (202) | | | (3,849) | | | Loss from discontinued operations (Note 15) | (2,998) | | | — | | | (2,998) | | | Net loss | (6,645) | | | (202) | | | (6,847) | | | Less: Net loss attributable to noncontrolling interest included in discontinued operations | — | | | — | | | — | | | Net loss attributable to Blend Labs, Inc. | (6,645) | | | (202) | | | (6,847) | | | Less: Accretion of redeemable noncontrolling interest to redemption value from discontinued operations | — | | | — | | | — | | | Less: Accretion of Series A redeemable convertible preferred stock to redemption value | (4,376) | | | — | | | (4,376) | | | Net loss attributable to Blend Labs, Inc. common stockholders | $ | (11,021) | | | $ | (202) | | | $ | (11,223) | | | | | | | | | Net loss per share attributable to Blend Labs, Inc. common stockholders - basic and diluted: | | | | | | | Continuing operations | $ | (0.03) | | | $ | — | | | $ | (0.03) | | | Discontinued operations | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | Weighted average shares used in calculating net loss per share: | | | | | | | Basic and diluted | 259,211 | | | — | | | 259,211 | | | | | | | | | Comprehensive loss: | | | | | | | Net loss | $ | (6,645) | | | $ | (202) | | | $ | (6,847) | | | Unrealized loss on marketable securities | (44) | | | — | | | (44) | | | Foreign currency translation loss | (7) | | | — | | | (7) | | | Comprehensive loss | (6,696) | | | (202) | | | (6,898) | | | Less: Comprehensive loss attributable to noncontrolling interest | — | | | — | | | — | | | Comprehensive loss attributable to Blend Labs, Inc. | $ | (6,696) | | | $ | (202) | | | $ | (6,898) | | | | | | | |
| | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | As Reported | | Adjustments | | As Revised | | Revenue | | | | | | | Software platform | $ | 53,651 | | | $ | 116 | | | $ | 53,767 | | | Professional services | 4,642 | | | 65 | | | 4,707 | | | | | | | | | Total revenue | 58,293 | | | 181 | | | 58,474 | | | Cost of revenue | | | | | | | Software platform | 12,369 | | | 88 | | | 12,457 | | | Professional services | 3,660 | | | — | | | 3,660 | | | | | | | | | Total cost of revenue | 16,029 | | | 88 | | | 16,117 | | | Gross profit | 42,264 | | | 93 | | | 42,357 | | | Operating expenses: | | | | | | | Research and development | 14,853 | | | 476 | | | 15,329 | | | Sales and marketing | 14,137 | | | — | | | 14,137 | | | General and administrative | 24,844 | | | 106 | | | 24,950 | | | | | | | | | | | | | | | Restructuring | 747 | | | — | | | 747 | | | Total operating expenses | 54,581 | | | 582 | | | 55,163 | | | Loss from operations | (12,317) | | | (489) | | | (12,806) | | | | | | | | | Other income (expense), net | 2,132 | | | — | | | 2,132 | | | Loss before income taxes | (10,185) | | | (489) | | | (10,674) | | | Income tax expense | (71) | | | — | | | (71) | | | Loss from continuing operations | (10,256) | | | (489) | | | (10,745) | | | Loss from discontinued operations (Note 15) | (5,801) | | | — | | | (5,801) | | | Net loss | (16,057) | | | (489) | | | (16,546) | | | Less: Net loss attributable to noncontrolling interest included in discontinued operations | 182 | | | — | | | 182 | | | Net loss attributable to Blend Labs, Inc. | (15,875) | | | (489) | | | (16,364) | | | Less: Accretion of redeemable noncontrolling interest to redemption value from discontinued operations | (1,254) | | | — | | | (1,254) | | | Less: Accretion of Series A redeemable convertible preferred stock to redemption value | (8,578) | | | — | | | (8,578) | | | Net loss attributable to Blend Labs, Inc. common stockholders | $ | (25,707) | | | $ | (489) | | | $ | (26,196) | | | | | | | | | Net loss per share attributable to Blend Labs, Inc. common stockholders - basic and diluted: | | | | | | | Continuing operations | $ | (0.07) | | | $ | — | | | $ | (0.07) | | | Discontinued operations | $ | (0.03) | | | $ | — | | | $ | (0.03) | | | Weighted average shares used in calculating net income (loss) per share: | | | | | | | Basic and diluted | 259,004 | | | — | | | 259,004 | | | | | | | | | Comprehensive loss: | | | | | | | Net loss | $ | (16,057) | | | $ | (489) | | | $ | (16,546) | | | Unrealized loss on marketable securities | (38) | | | — | | | (38) | | | Foreign currency translation loss | (50) | | | — | | | (50) | | | Comprehensive loss | (16,145) | | | (489) | | | (16,634) | | | Less: Comprehensive loss attributable to noncontrolling interest | 182 | | | — | | | 182 | | | Comprehensive loss attributable to Blend Labs, Inc. | $ | (15,963) | | | $ | (489) | | | $ | (16,452) | |
| | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | As Reported | | Adjustments | | As Revised | | Operating activities | | | | | | | Net loss | $ | (16,057) | | | $ | (489) | | | $ | (16,546) | | | Net loss from continuing operations | (10,256) | | | (489) | | | (10,745) | | | | | | | | | Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | Stock-based compensation | 13,610 | | | 68 | | | 13,678 | | | | | | | | | Changes in operating assets and liabilities: | | | | | | | Trade and other receivables | (364) | | | (142) | | | (506) | | | Prepaid expenses and other assets, current and non-current | (1,262) | | | 543 | | | (719) | | | Deferred revenue | 12,734 | | | (382) | | | 12,352 | | | Other liabilities, current and non-current | 2,210 | | | (6) | | | 2,204 | | Net cash provided by operating activities - continuing operations | 14,793 | | | (408) | | | 14,385 | | Net cash provided by operating activities | 14,022 | | | (408) | | | 13,614 | | | | | | | | | Additions to property, equipment and internal-use software development costs | (8,320) | | | 408 | | | (7,912) | | | Net cash used in investing activities - continuing operations | (7,483) | | | 408 | | | (7,075) | | | Net cash used in investing activities | (7,603) | | | 408 | | | (7,195) | |
The impact of the revisions on the Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Series A Redeemable Convertible Preferred Stock, and Stockholders' Equity was solely within net (loss) income for errors impacting accumulated deficit as presented above.
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