Blend Labs Inc-A 2025年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedJune 30, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period fromtoCommission File Number001-40599 BLEND LABS, INC. (Exact name of registrant as specified in its charter) 45-5211045 Delaware (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification Number) 7250 Redwood Blvd.,Suite 300Novato,California94945(650)550-4810(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Trading Symbol(s)BLND Name of each exchange on which registeredNew York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theRegistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes☐No☒ As of July31, 2025, there were255,696,747shares of the registrant's Class A common stock outstanding,3,627,385shares of theregistrant's Class B common stock outstanding, andnoshares of the registrant's Class C common stock outstanding. Table of Contents Item 1.Condensed Consolidated Financial Statements (Unaudited)1Condensed Consolidated Balance Sheets1Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)2Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Series A RedeemableConvertible Preferred Stock, and Stockholders’ Equity3Condensed Consolidated Statements of Cash Flows5Notes to Condensed Consolidated Financial Statements6Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations29Item 3.Quantitative and Qualitative Disclosures About Market Risk41Item 4.Controls and Procedures41 PART II. OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Recent Sales of Unregistered SecuritiesItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits and Financial Statement SchedulesSignatures 4343858585858687 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our futurefinancial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as“may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,”“estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern ourexpectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, butare not limited to, statements about: •the impact of changes in economic conditions, including tariffs, trade relations or a potential economic downturn in the U.S.or worldwide,on the levels of real estate and mortgage activity, such as mortgage interest rates, credit availability, real estateprices, inflation, and consumer confidence,and our expectations with regard to mortgage activity;•our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses,operating margi