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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.
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
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.
- Financial condition of some financial customers remains highly uncertain.
- Uncertainty and potential variability of stock-based compensation and internal use software development costs may impact GAAP reconciliation.
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Key Statistics
Market Cap
$777M
P/E Ratio
-13.25
Sector
N/A
Industry
N/A
52-Week High
$4.39
52-Week Low
$2.73
GAAP Gross Profit Margin
60%
Non-GAAP Gross Profit Margin
61%
GAAP Software Platform Gross Margin
78%
Non-GAAP Software Platform Gross Margin
79%
Non-GAAP Operating Margin
13%