Blend Labs reports $32.9M in Q3 revenue

"In the third quarter, we signed 14 new deals and expansions, including a seven-figure expansion with a top 20 bank and a major renewal and expansion with a consumer banking customer across six product lines, Nima Ghamsari, co-founder and head of Blend, said in a statement. When I look at the macro environment finally showing signs of life particularly the potential for lower rates and combine it with the specific momentum we are generating ourselves, I have never been more excited about our business."

"Blends GAAP operating loss narrowed to $4.9 million, down from $11.3 million in Q3 2024, while non-GAAP operating income increased from $300,000 to $4.6 million during the year. The company said total revenue and non-GAAP operating income for the quarter exceeded the midpoint of its guidance. In Q2 2025, it estimated third-quarter volume between 1.13 million and 1.23 million units, and total revenue between $31.5 million and $33.5 million."

"He said Blend, like others in the mortgage space, is navigating the industry's $11,000 problem, referring to the high cost to produce a loan. Blend's mortgage suite, which comprises 54% of its total revenue, totaled $17.7 million for the third quarter. Mortgage suite revenue was down 18% year over year and down 1% from Q2 2025, said Jason Ream, Blend's head of finance. Its consumer banking suite represented 39% of total revenue, or $12.7 million, during the same period."

GAAP operating loss narrowed to $4.9 million from $11.3 million in Q3 2024, while non-GAAP operating income increased from $300,000 to $4.6 million year over year. Total revenue and non-GAAP operating income for the quarter exceeded the midpoint of guidance. Q2 2025 guidance estimated third-quarter volume between 1.13 million and 1.23 million units and total revenue between $31.5 million and $33.5 million. Fourteen new deals and expansions closed in the quarter, including a seven-figure expansion with a top-20 bank and a multi-product renewal with a consumer banking customer. Strategic priorities include increasing mortgage take rate, expanding the consumer banking suite, and investing in artificial intelligence. Mortgage suite revenue comprised 54% of total revenue and totaled $17.7 million; consumer banking comprised 39% at $12.7 million.

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