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BLEND LABS, INC. 2026 Annual Letter Dear Fellow Stockholders, 2025 was a defining year for Blend. We delivered our first full year of non-GAAP operating profitability, returned our Mortgage business to year-over-year growth, strengthened our balance sheet, and set the stage for a new chapter of agent-first lending headlined by the launch of Blend Autopilot in March 2026. We enter the new year with real momentum, a clear strategy, and the financial strength to press that advantage. Throughout the year we stayed focused on three strategic priorities: 1. Sustainable Profitability and Capital Strength: For the full year 2025, we generated $123.6 million in revenue up 7% year-over-year and $15.1 million in non-GAAP operating income, a meaningful improvement from a $12.8 million loss in 2024. We expanded non-GAAP gross margin to 77% for the year and exited Q4 at 80%, reflecting the operating leverage of our software-first cost structure1. We ended the year with zero debt and $68.3 million in cash, cash equivalents, and marketable securities, and we returned $25 million to shareholders through our share repurchase program. Our Board has authorized a new $50 million repurchase program, reflecting the conviction we have in the intrinsic value of the company. 2. Mortgage Momentum and Product Innovation: Our Mortgage Suite returned to year-over-year revenue growth in Q4, with funded loan volume up 11%. Stabilizing churn, a stronger macro backdrop, and new customer deployments set us up well for 2026. Building on that momentum, in March 2026 we launched a strategically critical new product, Blend Autopilot an intelligent orchestration layer that runs across the entire origination process, coordinating documents, data, guidelines, workflows, and human oversight in real time. Autopilot reviews every document and data field as it comes in, reconciles it against complex investor and regulator guidelines, triggers the right downstream workflows, and updates the loan file automatically taking direct aim at the $11,000 cost-to-originate problem. Seven large customers turned Autopilot on, or committed to, within days of preview launch, and customer response has been extraordinary. 3. Consumer Banking Growth: Our Consumer Banking Suite revenue was up 34% year-over-year in 2025, supported by deeper penetration of our existing base and notable new wins. Notable customer wins in Q4 included a top 40 U.S. credit union with product scope spanning credit cards, deposit accounts, personal loans, and auto loans, and a Rapid Home Equity cross-sell with a large existing bank customer. Consumer banking wins continue to create durable, multi-product relationships and increasingly, a path back into Mortgage for customers who start with us on the deposit side. Building an Agent-First Company The conversation in software today is dominated by how AI will reshape the industry, and we view this moment as one that plays directly to Blend s strengths. We sit deep inside the revenue generation funnel 1 Non-GAAP operating income and non-GAAP gross margin are non-GAAP financial measures. Please see Appendix for a description and reconciliation of these non-GAAP financial measures. Blend Labs, Inc. 2025 Annual Report
of the largest financial institutions in the country, operating as a trusted, secure system of engagement. The structured data flowing through our platform compounds with every transaction, making our AI smarter and our platform stickier over time. And because we typically monetize on funded loans rather than user seats, unlike many enterprise software companies today, AI-driven efficiency can accrue value to our customers without cannibalizing our revenue. Autopilot is the first major expression of that strategy externally. Internally, we are reimagining how Blend itself operates with agents to take a first pass at work across engineering, go-to-market, and back-office functions, and our team focused on judgment and final decisions. We believe Blend s focus on AI adoption will translate into faster and better execution and more scalable profitability for the company. A Foundation Built for Any Environment The work we have done on our cost structure, balance sheet, and product portfolio means Blend no longer needs a specific market backdrop to perform. Our pipeline entered 2026 approximately 40% higher than a year before, and we are seeing a structural shift toward bundled deals that span Mortgage, Rapid, Close, and Consumer Banking. Whether rates remain range-bound or we see a more meaningful rebound in mortgage volumes, we believe we are positioned to take share, grow revenue, and expand margins. Looking Ahead to 2026 Our priorities for 2026 are clear: scale Blend Autopilot across our customer base; continue to grow and deepen our Consumer Banking business; capitalize on any recovery in mortgage volumes; and extend our leadership as an agent-first operating company. We plan to remain disciplined on cost, opportunistic on capital return, and committed to generating sustainable profitability over the long term. Our Mission Endures Blend was founded to bring simplicity and transparency to consumer finance. The progress we made in 2025 financial, strategic, and technological reflects the focus and resilience of our team, the trust of our customers, and the steadfast support from you, our stockholders. Thank you for your continued confidence as we build a company designed to last. Nima Ghamsari Head of Blend & Co-founder Blend Labs, Inc. This letter 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 include Blend s artificial intelligence usage and strategy; Blend s ability to manage costs; plans for Blend s future growth, future operations, partnerships and competitive position; and utilization of Blend s products and services. Please see our statement regarding forward looking statements in the accompanying Annual Report on Form 10-K. Blend Labs, Inc. 2025 Annual Report
 • shareholder letter icon 4/29/2026 Letter Continued (Full PDF)
 • stockholder letter icon 5/2/2023 BLND Stockholder Letter
 • stockholder letter icon 4/29/2024 BLND Stockholder Letter
 • stockholder letter icon 4/28/2025 BLND Stockholder Letter
 • stockholder letter icon More "Information Technology Services" Category Stockholder Letters
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BLND Shareholder/Stockholder Letter Transcript:


BLEND LABS, INC.
2026 Annual Letter
Dear Fellow Stockholders,
2025 was a defining year for Blend. We delivered our first full year of non-GAAP operating profitability,
returned our Mortgage business to year-over-year growth, strengthened our balance sheet, and set the
stage for a new chapter of agent-first lending     headlined by the launch of Blend Autopilot in March
2026. We enter the new year with real momentum, a clear strategy, and the financial strength to press that
advantage.
Throughout the year we stayed focused on three strategic priorities:
1. Sustainable Profitability and Capital Strength: For the full year 2025, we generated $123.6
million in revenue     up 7% year-over-year     and $15.1 million in non-GAAP operating
income, a meaningful improvement from a $12.8 million loss in 2024. We expanded non-GAAP
gross margin to 77% for the year and exited Q4 at 80%, reflecting the operating leverage of our
software-first cost structure1. We ended the year with zero debt and $68.3 million in cash, cash
equivalents, and marketable securities, and we returned $25 million to shareholders through our
share repurchase program. Our Board has authorized a new $50 million repurchase program,
reflecting the conviction we have in the intrinsic value of the company.
2. Mortgage Momentum and Product Innovation: Our Mortgage Suite returned to year-over-year
revenue growth in Q4, with funded loan volume up 11%. Stabilizing churn, a stronger macro
backdrop, and new customer deployments set us up well for 2026. Building on that momentum,
in March 2026 we launched a strategically critical new product, Blend Autopilot     an intelligent
orchestration layer that runs across the entire origination process, coordinating documents, data,
guidelines, workflows, and human oversight in real time. Autopilot reviews every document and
data field as it comes in, reconciles it against complex investor and regulator guidelines, triggers
the right downstream workflows, and updates the loan file automatically     taking direct aim at
the $11,000 cost-to-originate problem. Seven large customers turned Autopilot on, or committed
to, within days of preview launch, and customer response has been extraordinary.
3. Consumer Banking Growth: Our Consumer Banking Suite revenue was up 34% year-over-year
in 2025, supported by deeper penetration of our existing base and notable new wins. Notable
customer wins in Q4 included a top 40 U.S. credit union with product scope spanning credit
cards, deposit accounts, personal loans, and auto loans, and a Rapid Home Equity cross-sell with
a large existing bank customer. Consumer banking wins continue to create durable, multi-product
relationships     and increasingly, a path back into Mortgage for customers who start with us on
the deposit side.
Building an Agent-First Company
The conversation in software today is dominated by how AI will reshape the industry, and we view this
moment as one that plays directly to Blend   s strengths. We sit deep inside the revenue generation funnel
1
Non-GAAP operating income and non-GAAP gross margin are non-GAAP financial measures. Please see Appendix for a
description and reconciliation of these non-GAAP financial measures.
Blend Labs, Inc. 2025 Annual Report

of the largest financial institutions in the country, operating as a trusted, secure system of engagement.
The structured data flowing through our platform compounds with every transaction, making our AI
smarter and our platform stickier over time. And because we typically monetize on funded loans rather
than user seats, unlike many enterprise software companies today, AI-driven efficiency can accrue value
to our customers without cannibalizing our revenue.
Autopilot is the first major expression of that strategy externally. Internally, we are reimagining how
Blend itself operates     with agents to take a first pass at work across engineering, go-to-market, and
back-office functions, and our team focused on judgment and final decisions. We believe Blend   s focus
on AI adoption will translate into faster and better execution and more scalable profitability for the
company.
A Foundation Built for Any Environment
The work we have done on our cost structure, balance sheet, and product portfolio means Blend no longer
needs a specific market backdrop to perform. Our pipeline entered 2026 approximately 40% higher than a
year before, and we are seeing a structural shift toward bundled deals that span Mortgage, Rapid, Close,
and Consumer Banking. Whether rates remain range-bound or we see a more meaningful rebound in
mortgage volumes, we believe we are positioned to take share, grow revenue, and expand margins.
Looking Ahead to 2026
Our priorities for 2026 are clear: scale Blend Autopilot across our customer base; continue to grow and
deepen our Consumer Banking business; capitalize on any recovery in mortgage volumes; and extend our
leadership as an agent-first operating company. We plan to remain disciplined on cost, opportunistic on
capital return, and committed to generating sustainable profitability over the long term.
Our Mission Endures
Blend was founded to bring simplicity and transparency to consumer finance. The progress we made in
2025     financial, strategic, and technological     reflects the focus and resilience of our team, the trust of
our customers, and the steadfast support from you, our stockholders. Thank you for your continued
confidence as we build a company designed to last.
Nima Ghamsari
Head of Blend & Co-founder
Blend Labs, Inc.
This letter 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 include Blend   s artificial
intelligence usage and strategy; Blend   s ability to manage costs; plans for Blend   s future growth, future operations, partnerships
and competitive position; and utilization of Blend   s products and services. Please see our statement regarding forward looking
statements in the accompanying Annual Report on Form 10-K.
Blend Labs, Inc. 2025 Annual Report


shareholder letter icon 4/29/2026 Letter Continued (Full PDF)
 

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