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Jun 30, 2025
Blend Q2 2025 Earnings Report
Estimated Revenue:$32M
-23.3% YoY
Estimated EPS:$0.02
+139.0% YoY
Key Takeaways
Blend reported a strong second quarter in 2025, achieving its fourth consecutive quarter of year-over-year revenue growth and non-GAAP operating profit. The company saw accelerated sales momentum with 23 new or expanded deals, more than doubling the first quarter's deal count, and ended the quarter with a record remaining performance obligations (RPO) balance of $190.4 million. GAAP loss from operations significantly improved, and non-GAAP diluted net income per share reached $0.00.
Blend achieved its fourth consecutive quarter of year-over-year revenue growth and non-GAAP operating profit.
Sales momentum accelerated in Q2 2025 with 23 new or expanded deals, more than double the previous quarter.
The company ended the second quarter with a record remaining performance obligations (RPO) balance of $190.4 million.
GAAP loss from operations improved to $4.6 million in Q2 2025, compared to $13.1 million in the same period last year.
Revenue by Segment
Forward Guidance
Blend expects total revenue for Q3 2025 to be between $31.5 million and $33.5 million, with non-GAAP Net Operating Income projected between $3.0 million and $4.5 million. The company anticipates a marginal increase in U.S. aggregate industry mortgage originations in Q3 2025, followed by a slight decrease in Q4 2025 in line with normal seasonal patterns.
Positive Outlook
- Expected continued revenue growth in Q3 2025.
- Anticipated non-GAAP Net Operating Income for Q3 2025.
- Expectation of marginally higher U.S. aggregate industry mortgage originations in Q3 2025.
- Guidance reflects continued focus on platform strength and execution.
- The sale of Title365 is expected to transition Blend’s title services to a higher-margin partnership model.
Challenges Ahead
- Economic conditions, including those affecting real estate and mortgage activity, remain highly uncertain.
- The financial condition of some financial customers remains highly uncertain.
- A slight decrease in mortgage volume is expected between Q3 2025 and Q4 2025 due to normal seasonal patterns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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