BLND Blend Labs, Inc.

Overview and Growth

Fiscal 2025 results for Blend Labs, Inc. combined $123.58M of revenue with net loss of $6.80M and an operating cash inflow of $11.51M. The $123.58M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $115.76M in fiscal 2024, revenue recorded a 6.8% year-over-year increase. Diluted earnings per share were -$0.10, translating the period’s attributable earnings into the amount reported for each diluted share. At period end, total assets were $170.04M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.73x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $91.17M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 73.8% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $21.73M after the reported operating expense base. Relative to revenue, the operating deficit measured 17.6%, showing the shortfall after operating costs. The company ended the period with a net loss of $6.80M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 5.5% after all recognized items. The pretax result was a loss of $878.00K, establishing the deficit before tax effects. Pretax margin was -0.7%, reflecting a pre-tax loss equal to 0.7% of revenue. The company recognized $249.00K of income tax for the period, completing the transition from pretax income to net income. The loss-to-assets relationship was 4.0%, placing the bottom-line deficit against the company’s resource base. Compared with a $43.34M net loss in fiscal 2024, the current loss improved to $6.80M.

Liquidity and Capital Structure

Total assets were $170.04M, supported by $41.02M of liabilities and -$30.47M of shareholder equity. The company reported negative equity of -$30.47M, a capital deficit that reduces its ability to absorb losses through book equity. At period end, current assets of $97.86M compared with current liabilities of $39.45M, defining the company’s short-term resource position. At 2.48x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $43.58M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 110.5%, excluding receivables and other current assets. Total debt was $0.00, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-assets relationship was 0.0%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 24.1%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 25.6% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 4.5% lower than fiscal 2024 assets of $178.01M, measuring the company’s own balance-sheet change. The reported cash balance changed 3.2% from $42.24M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $11.51M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital spending was $11.59M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 100.7%, connecting investment intensity with the company’s cash-generation base. Negative free cash flow was $81.00K, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 0.1% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 0.0%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.