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Dec 31, 2024
Blend Q4 2024 Earnings Report
Estimated Revenue:$41.2M
+9.2% YoY
Estimated EPS:$0.00975
+100.0% YoY
Key Takeaways
Blend Labs, Inc. reported a strong fourth quarter in 2024, with total revenue increasing 15% year-over-year to $41.4 million. The company achieved non-GAAP income from operations of $5.2 million, significantly surpassing guidance, and saw a 48% annual revenue growth in its Consumer Banking business.
Total revenue for Q4 2024 was $41.4 million, a 15% increase year-over-year.
Non-GAAP income from operations reached $5.2 million, exceeding guidance.
Consumer Banking Suite revenue grew by 48% year-over-year to $9.5 million.
GAAP diluted net loss per share was $0.03, an improvement from $0.13 in Q4 2023.
Revenue by Segment
Forward Guidance
For Q1 2025, Blend expects Blend Platform Segment Revenue to be between $25.0 million and $27.0 million, and Non-GAAP Net Operating Income to be between -$1.0 million and $1.0 million. For the full year 2025, Consumer Banking Suite Revenue 2023 to 2026 CAGR is expected to increase from 35% to 40%.
Positive Outlook
- Expected continued growth in Consumer Banking Suite revenue, with CAGR increasing from 35% to 40% for 2023-2026.
- Focus on core mission of delivering frictionless origination software.
- Expansion of high-margin partnerships in homeowners insurance and income verification.
- Finalizing similar approach in title insurance.
- Strategic partnerships and platform expansion are expected to positively impact market size.
Challenges Ahead
- U.S. aggregate industry mortgage originations are expected to be lower in 1Q25 relative to 4Q24.
- Mortgage market size is projected to be between 800,000 and 900,000 units for 1Q25.
- Economic conditions, including real estate and mortgage activity levels, remain highly uncertain.
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