Loading...
•
Jun 30, 2023
Blend Q2 2023 Earnings Report
Second quarter results exceeded guidance on revenue and non-GAAP operating loss, accelerating path to profitability.
Key Takeaways
Blend's second quarter results beat top and bottom-line expectations, driven by faster adoption of add-on mortgage products and new deployments of their consumer banking suite, while also progressing ahead of schedule on cost reduction efforts.
Total company revenue was $42.8 million, composed of Platform revenue of $30.3 million and Title revenue of $12.5 million.
Consumer Banking Suite revenue totaled $5.8 million in 2Q23, an increase of 27% as compared to the prior-year period.
Blend GAAP and non-GAAP gross profit margin was approximately 55%, up from 39% in 2Q22, primarily due to an expansion in Blend Platform gross profit margin.
Blend announced further streamlining of its workforce, expected to reduce operating expenses by an additional $33 million on an annualized basis.
Blend
Blend
Blend Revenue by Segment
Revenue by Segment
Mortgage Suite Revenue
CapyFin.comConsumer Banking Suite Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
Blend is providing guidance for the third quarter of 2023 as follows: Blend Platform Revenue $27.0 - 30.0 million, Title Revenue $11.0 - 12.0 million, Blend Labs, Inc. Consolidated Revenue $38.0 - 42.0 million, Non-GAAP Net Operating Loss $17.5 - 15.5 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income