Highlights

  • Third quarter total Revenue was USD 32.9 million, up 1% from USD 32.7 million.
  • Mortgage suite revenue was USD 17.4 million, down 2% year over year.
  • The net loss was USD 1.9 million against Net Income of USD 12.1 million.
  • Fourth quarter revenue is guided to USD 27.7 million to USD 29.7 million.

Blend Labs, Inc. (NYSE:BLND) shares fell 17.26% to USD 0.94 on November 6, 2026, trading near their 52-week low. The company reported third quarter total revenue of USD 32.9 million, up 1% from USD 32.7 million, and a net loss of USD 1.9 million against net income of USD 12.1 million.

Blend has a market Capitalization of about USD 223.08 million at the current price. It provides a cloud based software platform for financial services, with a focus on Mortgage and related lending products.

Third Quarter Results

Gross profit was USD 23.8 million against USD 24.3 million, and total operating expenses fell to USD 26.4 million from USD 29.6 million. The loss from operations narrowed to USD 2.6 million from USD 5.3 million. Non-GAAP Gross Profit was USD 25.4 million, and non-GAAP gross Margin was 77.2% against 77.7% in the third quarter of 2025 and 78.3% in the prior quarter.

Nine Month Results

Total revenue was USD 97.6 million against USD 91.2 million, and gross profit was USD 72.0 million against USD 66.6 million. The loss from operations narrowed to USD 9.3 million from USD 18.2 million. The net loss was USD 11.5 million against USD 4.5 million. Net cash provided by Operating Activities from continuing operations was USD 17.0 million against USD 11.5 million.

Outlook and Management Commentary

Management guided fourth quarter total revenue to between USD 27.7 million and USD 29.7 million, a decline of approximately 8% to 15% year over year. It expects fourth quarter non-GAAP Operating Income of USD 2.3 million to USD 3.3 million, a non-GAAP Operating Margin of approximately 10% at the midpoint. Management said the decline reflects the loss of one large customer and the shift of its verification and insurance products to a Partnership model, where it now records net revenue rather than gross revenue. Management said mortgage rates were about 6.8% when it last spoke in August.

Balance Sheet

Free Cash Flow for the quarter was essentially flat, bringing the year to date total to USD 14.3 million. The company ended the quarter with USD 44.2 million in cash, cash equivalents and marketable securities and no debt. Cash and cash equivalents were USD 20.7 million against USD 45.1 million at the end of 2025, and total Assets were USD 143.8 million.