Blend Labs Reports Q3 2026 Results with Growth in Consumer Banking Amidst Declining Mortgage Volumes
Blend Labs (BLND) reported third-quarter revenue of $32.9 million, representing a modest 1% year-over-year growth. While the company's Mortgage Suite saw a 2% decline due to lower funded loan volumes, the Consumer Banking Suite grew by 5%, driven by demand for home equity products. Non-GAAP operating income reached $4.9 million, surpassing management's previous guidance range. Despite strong sales activity and expansion in the Autopilot customer base, the company issued cautious Q4 revenue guidance of $27.7 million to $29.7 million, forecasting an 8% to 15% decline. This outlook is driven by a significant expected contraction in industry mortgage volumes. Management noted that high existing mortgage rates have caused refinance applications to drop roughly 60% compared to earlier in the year.
Tickers: $BLND
Topics: consumer banking mortgage loans operating income revenue growth sales activity