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Mar 31, 2024
Blend Q1 2024 Earnings Report
Blend's Q1 2024 financial performance was reported, with revenue meeting guidance and operating loss outperforming targets.
Key Takeaways
Blend Labs, Inc. announced its Q1 2024 financial results, highlighting revenue of $34.9 million, composed of Blend Platform segment revenue of $23.8 million and Title segment revenue of $11.1 million. The company improved its cash burn, resulting in unlevered free cash flow for the quarter of $(1.3) million.
Received a $150 million investment from Haveli Investments, marking the beginning of a new chapter for Blend and the establishment of a long-term partnership.
Paid down the full balance of the term loan, eliminating interest and servicing costs.
GAAP net operating loss significantly decreased compared to the same period last year.
Made significant progress on important customer deployments, including going live with Michigan Schools and Government Credit Union.
Blend
Blend
Blend Revenue by Segment
Revenue by Segment
Mortgage Suite Revenue
CapyFin.comConsumer Banking Suite Revenue
CapyFin.comTotal Software Platform Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
Blend is providing guidance for the second quarter of 2024 as follows: Blend Platform Segment Revenue $27.0 – $30.0, Title Revenue $10.5 – $11.5, Blend Labs, Inc. Consolidated Revenue $37.5 – $41.5, Non-GAAP Net Operating Loss ($10.5) – ($7.5)
Revenue & Expenses
Visualization of income flow from segment revenue to net income