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Sep 30, 2023
Blend Q3 2023 Earnings Report
Revenue and operating loss targets were met for the third consecutive quarter.
Key Takeaways
Blend Labs, Inc. reported third quarter 2023 financial results with total company revenue of $40.6 million, driven by double-digit year-over-year growth in consumer banking business revenue. The mortgage business outperformed the broader origination market, and the company achieved a material reduction in cash burn.
Total company revenue was $40.6 million, with Platform revenue of $28.6 million and Title revenue of $11.9 million.
Consumer Banking Suite revenue totaled $6.2 million, an increase of 18% year-over-year.
Blend GAAP gross profit margin was approximately 54%, up from 38% in Q3 2022.
Blend’s mortgage suite economic value per funded loan rose to $86 in 3Q23 from $77 in 3Q22.
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 fourth quarter of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income