Blend Labs
Embeds a white-labeled origination platform inside banks' and lenders' own lending workflows.
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Profile
Provides a white-labeled, cloud-based origination platform that banks, credit unions, and mortgage lenders embed to run loan and account-opening workflows end to end, spanning mortgages, home equity, vehicle loans, credit cards, and deposits. Revenue comes from software licensed to those institutions rather than from consumers directly.
A cloud-based origination platform that banks, credit unions, independent mortgage banks, and mortgage servicers embed to run the application-to-close journey for mortgages, home equity, refinancing, vehicle loans, credit cards, personal loans, and deposit accounts, processing trillions of dollars in loan applications annually.
Blend Builder forms the modular workflow layer beneath these products; Intelligent Origination, added more recently, layers agentic AI onto document handling and pre-funding checks. The software is licensed to lenders and white-labeled inside their own digital experiences.
Loan volume tracks the mortgage cycle, rising and falling with interest rates. One lending customer supplies a meaningful share of recent revenue and is being acquired by a larger rival, concentrating near-term relationship risk. The founder's super-voting shares preserve control independent of economic ownership, and a capital-intensive title-insurance unit acquired alongside the public listing was recently divested, leaving a software-only structure.
Company facts
Categories
Key statistics
Year to date −49.8% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 7, 2026 | Goldman Sachs | Target | $3.50 | $3 | |
| May 15, 2026 | Canaccord Genuity | Reiterate | Buy | $5.25 | $4.50 |
| May 8, 2026 | Goldman Sachs | Target | $7 | $3.50 | |
| Mar 11, 2026 | UBS | Reiterate | Neutral | $2 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.02 | $0.03 | +70.3% | $33.1M | $33.8M | +2.3% | −16.41% |
| May 7, 2026Q1 FY26 | $0.02 | −$0.03 | −250.0% | $30.0M | $30.8M | +2.7% | −14.81% |
| Mar 10, 2026Q4 FY25 | $0.01 | −$0.03 | −400.0% | $31.8M | $32.4M | +1.9% | +11.66% |
| Nov 6, 2025Q3 FY25 | $0.02 | −$0.03 | −250.0% | $31.8M | $32.9M | +3.4% | −6.69% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $26.8M | $31.5M | $32.9M | $32.4M | $30.8M | $33.8M | |
| Gross profit | $19.0M | $23.3M | $24.5M | $24.4M | $23.4M | $24.9M | |
| Operating income | −$7.7M | −$4.6M | −$4.9M | −$4.5M | −$4.4M | −$1.6M | |
| Net income | −$10.5M | −$6.6M | $12.5M | −$3.5M | −$8.0M | −$1.5M | |
| Diluted EPS | −$0.06 | −$0.04 | $0.03 | −$0.03 | −$0.05 | −$0.03 | |
| Gross margin | 70.8% | 73.9% | 74.4% | 75.4% | 75.8% | 73.5% | |
| Operating margin | -28.7% | -14.7% | -14.9% | -13.8% | -14.3% | -4.7% |
Fiscal years (4-quarter sums)FY21 $234.5M · FY22 $235.2M · FY23 $156.8M · FY24 $139.1M · FY25 $123.6M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $44.9M · Total debt $2.0M · Total assets $143.6M · Shareholders' equity $94.8M
Dividends
No dividends on record.
Ownership
Shares outstanding 242.12M · Float 171.34M · 70.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Brian N. Sheth | 64.33M | 22.60% | 13D | Jun 12, 2026 |
| Haveli Investments, L.P. · director, 10 percent owner: | 18.71M | 7.73% | Form 4 | Aug 19, 2026 |
| Haveli Investment Management LLC | 18.69M | 7.72% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 15.58M | 6.43% | 13F | Aug 7, 2026 |
| Cypress Point Investment Management LP | 14.30M | 5.91% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Haveli Investments, L.P. | director, 10 percent owner: | +17,397 | $1.44 |
| Aug 17, 2026 | Oxana Tkach | officer: PRINCIPAL ACCOUNTING OFFICER | −21,209 | $1.45 |
| Aug 5, 2026 | Matthew Christopher Thomson | officer: Head of Revenue | −15,041 | $2.00 |
| Jun 11, 2026 | Haveli Investments, L.P. | director, 10 percent owner: | +250,000 | $1.74 |
| Jun 12, 2026 | Haveli Investments, L.P. | director, 10 percent owner: | +256,928 | $1.70 |
Peers
- Intercontinental Exchange
Encompass LOS + Black Knight anchor incumbent mortgage-tech infrastructure
- nCino
Bank OS with SimpleNexus mortgage POS across credit unions and community banks
- Q2
Digital banking and onboarding stack for community and mid-size banks
- Alkami Technology
Digital banking for community/regional banks — overlaps in deposit onboarding
- Fiserv
Core-banking incumbent with adjacent onboarding and consumer-lending modules
- FIS
Broad banking-tech incumbent with adjacent digital-banking and lending modules
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Blend Labs | $1.52 | +0.33% | $368.0M | — | 38.8 | 2.8 | +7.3% |
| Intercontinental Exchange | $162.37 | +0.02% | $91.13B | 22.9 | 19.7 | 6.8 | −18.3% |
| nCino | $22.99 | −0.13% | $2.52B | 76.6 | 16.0 | 4.0 | +8.2% |
| Q2 | $65.13 | +0.12% | $4.06B | 46.5 | 21.0 | 4.8 | +12.6% |
| Alkami Technology | $20.22 | +0.05% | $2.16B | — | 20.7 | 4.4 | +15.9% |
| Fiserv | $53.30 | +0.24% | $28.36B | 10.2 | 7.2 | 1.4 | −10.0% |
| FIS | $41.31 | −0.33% | $21.42B | 6.3 | 6.5 | 1.7 | +29.1% |
| Median | 22.9 | 17.9 | 4.2 | +10.4% |