"CEO Nima Ghamsari told analysts on Thursday that the company came in higher on revenue and non-GAAP operating income than expected. Blend also signed 15 new deals and delivered a pipeline increase of more than 40% year over year as of the end of March. But the world has shifted underneath us in those two months: increased global conflict, inflation, and rising mortgage rates. That leads me to be a little conservative in the short-term numbers, Ghamsari said."
"Blend's total revenue for the first quarter was $30.8 million, up 15% year over year. Breaking down the business lines, software platform revenue reached $28 million (up 15%), while professional services revenue accounted for $2.9 million (up 16%). The company's Mortgage Suite performed particularly well, generating $17.2 million in revenue an 18% year-over-year increase. Funded loans on the platform reached 187,000, surging 29% from the previous year, with the economic value per funded loan landing at $84."
"A major highlight for the quarter was the March launch of Blend Autopilot, an artificial intelligence-based agent for mortgage lenders. As of Monday, 65 lenders had activated the tool, with 22 running it live in production. The agent has already processed more than 7,000 applications during its preview phase, and the company plans to introduce paid tiers starting in June. The paid tiers are where the full product lives what we call underwriting intelligence where Autopilot is reading the documents, taking real action on the loan file, running calculations, reconciling its guidelines, and driving the work forward, Ghamsari said."
"Over time, our intent is to move the paid tiers of Autopilot to a per funded loan model, just like the rest of our mortgage suite. Internally, Blend is also reaping the benefits of AI. The rollout of its internal Background Agents has boosted engineering productivity by more than 150% in 2026 compared to 2025, based on the number of pull requests generated by the team."
Blend reported first-quarter total revenue of $30.8 million, up 15% year over year, and higher-than-expected non-GAAP operating income. Software platform revenue was $28.0 million, up 15%, and professional services revenue was $2.9 million, up 16%. Mortgage Suite generated $17.2 million, up 18% year over year, with 187,000 funded loans, up 29%, and $84 economic value per funded loan. In March, Blend launched Blend Autopilot, an AI agent for mortgage lenders, with 65 lenders activated and 22 live in production. During preview, it processed more than 7,000 applications, and paid tiers are planned to start in June. Internal Background Agents increased engineering productivity by more than 150% in 2026 versus 2025.
#revenue-growth #mortgage-suite #ai-automation #autopilot-underwriting-intelligence #engineering-productivity
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