Blend announces first quarter 2026 financial results

SAN FRANCISCO, CA (May 8, 2026) |

Blend Labs, Inc. (NYSE: BLND), a leading origination platform for digital banking solutions, today announced its first quarter 2026 financial results.

"We reported Q1 numbers today, which came in higher than expected on revenue and non-GAAP operating income, and I think that's a direct reflection of how we're operating," said Nima Ghamsari, Co-founder and Head of Blend. "With an agent-first approach, we're transforming how we work internally and how our customers do business with Autopilot. I believe that combination will drive dramatically more efficiency and speed, and open a path to growth acceleration in 2027."

First Quarter Highlights

• Results Ahead of Guidance: Total revenue and non-GAAP operating income both above the high end of guidance.
• Growing Customer Base: Added or expanded 15 customer relationships in the first quarter — with pipeline up more than 40% year-over-year.
• Returning Capital to Shareholders: Repurchased 11.2 million shares in the first quarter for $18.6 million — $31.4 million remaining on the existing authorization at quarter end.

First quarter revenue was $30.8 million, an increase of 15% compared to the first quarter of 2025. Software platform revenue was $28.0 million, up 15% year-over-year, and Professional services revenue was $2.9 million compared to $2.5 million in the first quarter of 2025. Total GAAP gross profit margin was 76%, up from 71% in the first quarter of 2025, and non-GAAP gross profit margin was 80%, up from 73% in the same period last year. GAAP operating loss was $5.1 million, compared to a loss of $8.0 million in the first quarter of 2025. Non-GAAP operating income was $4.1 million, up from $0.7 million in the same period last year.

GAAP diluted net loss from continuing operations attributable to common stockholders per share was $0.04 in both the first quarter of 2026 and the same period last year. Non-GAAP diluted net loss from continuing operations attributable to common stockholders per share was breakeven ($0.00) in the first quarter of 2026 compared to a loss of $0.01 in the first quarter of 2025.

Second Quarter Outlook

Blend is providing guidance for the second quarter of 2026 as follows:

We have not provided the forward-looking GAAP equivalent to our non-GAAP Operating Income outlook, or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, stock-based compensation, which is affected by our hiring and retention needs and future prices of our stock, and non-recurring, infrequent or unusual items.

Webcast Information

On Thursday, May 7 at 4:30 pm ET, Blend will host a live discussion of its first quarter 2026 financial results. A link to the live discussion will be made available on the Company’s investor relations website at https://investor.blend.com. A replay will also be made available following the discussion at the same website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, quotations of management; the “Second Quarter Outlook” section above; Blend’s expectations regarding its financial condition and operating performance, including growth opportunities, investments and plans for future operations and competitive position; Blend’s partnerships and expectations related to such partnerships on Blend’s products and business; Blend’s products, sales pipeline, and technologies; Blend’s customers and customer relationships, including the businesses of such customers and their positions in the market; Blend’s ability to achieve or maintain profitability in the future; projections for mortgage loan origination volumes, including projections provided by third parties; and other macroeconomic and industry conditions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all.

Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include the risks that: ongoing uncertainty or deterioration in economic conditions, such as increased mortgage interest rates, credit availability, real estate prices, tariffs and regulatory changes, inflation or consumer confidence, adversely affect our industry, markets and business; we fail to retain our existing customers or to acquire new customers in a cost-effective manner; our customers fail to maintain their utilization of our products and services; our relationships with any of our key customers were to be terminated or the level of business with them significantly reduced over time; we are unable to compete in highly competitive markets; we are unable to manage our growth; we are unable to make accurate predictions about our future performance due to our limited operating history in an evolving industry and evolving markets; our restructuring actions do not result in the desired outcomes or adversely affect our business, impairment charges on certain assets have an adverse effect on our financial condition and results of operations; changes to our expectations regarding our share repurchase program; our strategic initiatives, including our decision to exit our Title business, could adversely affect our financial condition; or we are unable to generate sufficient cash flows or otherwise maintain sufficient liquidity to fund our operations and satisfy our liabilities. Further information on these risks and other factors that could affect our financial results are set forth in our filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2025, and will be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These factors could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.