Blend Labs, Inc. reported its Q1 2025 earnings Thursday, touting a turnaround as its financial losses narrowed, deal pipeline strengthened and it landed major clients while sharpening its focus to become “software-first.”

SEC filings show that Blend’s platform revenue for the first quarter came in at $26.8 million, nearly all of which was from its software platform business ($24.3 million). While the revenue was a 12% ($2.9 million) improvement year over year, the quarter marked a decline from Blend’s $41.4 million reported in Q4 2024.

Overall, Blend lost $9.2 million in the first quarter.

“We’re delivering strong results across the business—closing nearly details ⇒

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