Blend Labs Inc. ended 2025 with a profitable quarter as improved mortgage market conditions supported its business, while executives said the company is largely insulated from the recent “SaaSpocalypse” affecting the software industry.

The company reported non-GAAP operating income of $5.4 million in the fourth quarter, up from $4.3 million in the third quarter and $3.7 million in Q4 2024. For the full year, non-GAAP operating income totaled $15 million, compared with a loss of $12.7 million in 2024.

Business pipeline growth

During the fourth quarter, Blend signed 10 new deals and expansions, including two new mortgage customers, one details ⇒

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