The San Francisco-based company reported a non-GAAP net loss of $15.1 million from January to March, lower than the $17.6 million loss in the previous quarter and $35.6 million in the same period of 2023.
Nima Ghamsari, head of Blend, said the deal with Haveli includes eliminating interest costs and improving the balance sheet, making Blend debt-free for the first time as a public company.
In Q1, Blend's cash burn resulting in unlevered free cash flow was $1.3 million, compared to $14.4 million in the previous quarter and $40 million in the same period of 2023.
Blend posted revenues of $34.9 million in Q1, near the high end of the guidance, with most revenue from the platform segment ($23.8 million) compared to the title segment ($11.1 million).
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