NYSE$BLND
Blend Labs Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Blend met fourth quarter 2023 revenue guidance and delivered strong operating loss improvement in every quarter in 2023.
Blend Labs, Inc. announced its fourth quarter and full year 2023 financial results, showing progress on strategic priorities including expanding consumer banking footprint, deepening mortgage relationships, and streamlining cost structure, resulting in a significant reduction in loss from operations.
- Closed eight new consumer banking deals in the fourth quarter, including a multi-year deal with Citizens Bank.
- Welcomed two new top 100 financial institutions to its mortgage solution.
- Mortgage suite economic value per funded loan rose to $91 in 4Q23 from $81 in 4Q22.
- Blend GAAP net operating loss decreased significantly in 4Q23 compared to the same period last year.
Headline financials
Revenue & EPS history
Blend · Revenue · Quarterly
$36.1M
Revenue by segment
Blend · $28.6M total across 3 segments · Q3 2023
- Mortgage Suite$20.3M—70.9%
- Consumer Banking Suite$6.2M—21.6%
- Professional Services$2.14M+147.1%7.5%
Forward guidance
Blend is providing guidance for the first quarter of 2024.
Tailwinds
- Blend Platform Segment Revenue $22.0 – $24.0
- Title Revenue $10.5 – $11.5
- Blend Labs, Inc. Consolidated Revenue $32.5 – $35.5
- Non-GAAP Net Operating Loss ($14.0) – ($12.0)
- Blend’s 1Q24 guidance reflects an internally estimated 800,000 - 875,000 U.S. aggregate industry mortgage originations in 1Q24.
Headwinds
- Economic conditions, including those affecting the levels of real estate and mortgage activity, as well as the financial condition of some of our financial customers, remain highly uncertain.
- We have not provided the forward-looking GAAP equivalent to our non-GAAP Net Operating Loss 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.
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Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+1.6%
Avg return
Earnings day
+0.4%
Avg return
5 days after
-7.0%
Avg return
30 days after
50%
12 / 24 earnings
Positive
+40.1%
Q1 2023
Best reaction
-37.9%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.9% | -11.9% | +0.6% | |
| Q4 2025 | +11.8% | -9.8% | -12.9% | |
| Q3 2025 | -7.5% | -6.8% | -3.4% | |
| Q1 2025 | +7.3% | +9.7% | +13.7% | |
| Q4 2024 | -10.8% | -11.4% | +1.4% | |
| Q3 2024 | +16.8% | +25.0% | +40.8% | |
| Q2 2024 | +23.6% | +40.8% | +25.8% | |
| Q1 2024 | +15.4% | +16.2% | +10.4% | |
| Q4 2023 | +7.7% | +24.5% | -3.1% | |
| Q3 2023 | -3.5% | -14.8% | +12.7% | |
| Q2 2023 | +13.5% | +7.1% | -11.9% | |
| Q1 2023 | +40.1% | +36.8% | +46.3% | |
| Q4 2022 | -37.9% | -32.7% | -48.2% | |
| Q3 2022 | +11.8% | +16.6% | -33.7% | |
| Q2 2022 | +16.8% | +2.0% | +1.6% | |
| Q1 2022 | +27.3% | +18.0% | +2.8% | |
| Q4 2019 | -20.3% | -17.3% | -28.4% | |
| Q4 2021 | -20.3% | -17.3% | -28.4% | |
| Q3 2020 | -5.6% | -8.6% | -40.8% | |
| Q3 2021 | -16.7% | -16.5% | -47.2% | |
| Q4 2020 | -8.7% | -8.7% | -16.0% | |
| Q2 2020 | -8.7% | -8.7% | -16.0% | |
| Q1 2021 | -8.7% | -8.7% | -16.0% | |
| Q2 2021 | -7.4% | -13.1% | -17.4% | |
| Q1 2020 | — | — | — |
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