Q2 2025 Blend Labs Inc Earnings Call Transcript
Key Points
- Blend Labs Inc (BLND) reported its fourth consecutive quarter of year-over-year total revenue growth and non-GAAP operating profitability.
- The company achieved significant sales momentum in Q2 2025 with 23 new or expanded deals, doubling the number from Q1.
- Blend Labs Inc (BLND) has seen a 43% year-over-year growth in its consumer banking suite revenue, contributing to a more diversified and stable revenue stream.
- The company has successfully reduced customer churn, receiving zero churn notices in 2025, indicating strong customer satisfaction and retention.
- Blend Labs Inc (BLND) is actively expanding its market share with new logos and increasing its take rate with existing customers, positioning itself well for future growth.
- The company's free cash flow for the quarter was negative $9 million, compared to negative $5.1 million in the same quarter last year.
- Blend Labs Inc (BLND) experienced a 3% decrease in mortgage suite revenue, primarily driven by lower economic value per funded loan (EVPSL).
- The company anticipates near-term headwinds impacting EVPSL for the rest of 2025 due to a large strategic deal with lower upfront pricing.
- Despite positive revenue growth, the company is facing ongoing pressure in the mortgage market, which could impact operating expenses.
- Blend Labs Inc (BLND) is still in the early stages of its AI journey, and the investment needed to fully capitalize on AI opportunities remains uncertain.
Thank you for standing by and welcome to the Blend Labs Inc. Second Quarter 2025 earnings call.
(Operator instructions)
I would like her to call over to McDonnelly, head of investor relations. Please go ahead.
Good afternoon and welcome to Blend's financial results conference call for the second quarter of 2025. I'm Meg Nunnally, Blend's Head of Investor Relations. Joining me today is Nima Gamsari, our Co-Founder and CEO; and Amir Jafari, our Head of Finance and Administration.
Before we start today's call, I'd like to note some of the statements on our call will be forward-looking. We also refer to certain non-GAAP measures which are reconciled to GAAP measures in today's earnings release and in the appendix to our supplemental slides. Non-GAAP measures are not intended to be a substitute for GAAP results. Unless otherwise stated, all financial measures we'll discuss today, including our profitability, refer to non-GAAP.
Also, certain statements made during today's
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