The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q and in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled “Risk Factors” and other parts of this Form 10-Q and in our Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview Blend Labs, Inc. was founded in 2012, with a vision to bring simplicity and transparency to financial services, so everyone can gain access to the capital they need to lead better lives. To realize this vision, we have built a market-leading cloud-based software platform and suite of products for financial services firms that is designed to power the end-to-end consumer journey for any banking product. Our software platform was built in an extensible, modular, and configurable fashion to support continued product expansion. We have technology, data, and service providers on our software platform, including access to an extensive marketplace of insurance carriers and settlement agencies. Our products and marketplaces provide multiple opportunities for us to serve financial services firms and consumers and drive revenue growth. The development of our business reflects ongoing product innovation as we continue to attract financial services firms to our software platform and grow with them as they serve consumers. Financial services firms have been shifting for years to a digital-first approach to acquiring consumers, delivering products, and deepening existing consumer relationships. This imperative to compete through digital-first consumer experiences creates a compelling opportunity for Blend. We believe there is a large, untapped opportunity to provide additional product offerings and drive increased transaction volume for financial institutions and consumers using our software platform. Our platform also includes Blend Builder, which gives our customers the ability to easily configure or build custom workflows from a pre-built set of components, all while leveraging existing infrastructure. Financial services firms can create custom solutions with Blend Builder, or choose from pre-built solutions for Mortgage and Consumer Banking, including Home Equity, Deposit Accounts, Credit Cards, Personal Lending, Auto Lending and more. Our growth strategy is focused on growing the value of our existing customer relationships, as well as adding new customer relationships. In addition, we leverage partnerships to drive efficient product expansion. We see opportunities for expansion into new markets, including markets outside the United States. Recent Developments Industry Trends The mortgage market is heavily influenced by government policies and overall economic conditions. The real estate environment, including interest rates and the general economic environment, typically impacts the demand for mortgage and mortgage related products. In the second quarter of 2026, we saw an increase in mortgage transactions on our software platform compared to the first quarter of 2026, which can be attributed primarily to seasonal trends within the purchase market. Mortgage origination activity depends on many factors, such as changes in the Federal Reserve’s policies or pressures in the macroeconomic environment, including the imposition of tariffs, the impact of trade relations or the possibility of an economic downturn in the United States or worldwide, all of which are uncertain and out of our control. We expect the Federal Reserve's decision-making to continue to have impacts on mortgage origination activity. As a large portion of our revenue is driven by mortgage and mortgage related transaction volumes, changes in the mortgage origination volumes have had, and are likely to continue to have, material effects on our business. Strategic Initiatives As part of our efforts to simplify our business, in the first quarter of 2025, we made a decision to exit our title operations, and on March 1, 2026, we completed the sale of substantially all the assets and liabilities of our title insurance business to a third party. 30 The divestiture is part of our strategic shift to transform into a platform-first company along with the further expansion of our partner ecosystem. We structured the transaction in a way that would allow us to strategically exit the capital-intensive title agency business while maintaining unit economics that we believe will be beneficial in a macro recovery. In connection with this initiative, the results of our previously reported Title segment are currently presented as discontinued operations. Refer to Note 15, Assets Held for Sale and Discontinued Operations, of the Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, for additional information. Restructuring We have taken actions to manage our operating expenses and focus our investments on initiatives critical to achieving our broader strategy. As part of our broader efforts to improve cost efficiency and better align our operating structure with our business activities and the current market, since 2022, we implemented several workforce reduction actions. Refer to Note 11, Restructuring, of the Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, for additional information regarding our workforce reduction actions. Components of Results of Operations Revenue We generate revenue from fees paid by customers to access our software platform and complete transactions, such as a funded loan, new account opening, closing transaction, or API call. Transaction fees are assessed based on completed transactions and are determined by the number and type of software platform components that are needed to support each product offering. We do not charge for abandoned or rejected applications, even though they cause us to incur costs related to these applications. Arrangements with our customers do not provide the contractual right to take possession of our software at any point in time. Revenue is recognized when access to our platform is provisioned to our customers or as transactions are completed, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We also generate revenue from providing access to Blend Builder, professional services related to the deployment of our platform, premier support services, and consulting services. We also earn revenue from third-party providers which integrate their marketplaces into our platform for services such as property and casualty insurance. We typically charge third-party providers a combination of fixed and variable license fees. Our customers have the ability to access our platform under subscription arrangements, in which customers commit to a minimum number of completed transactions at specified prices over the contract term, or under usage-based arrangements, in which customers prepay a fixed amount in advance, typically annually or semi-annually, based on their anticipated consumption of specified products at specified prices or pay monthly in arrears a variable amount for completed transactions at specified prices. Our subscription and prepaid usage-based arrangements are generally noncancelable, and we may also earn additional overage fees if the number of completed transactions exceeds the contractual amounts. Our usage-based arrangements paid in arrears can generally be terminated at any time by the customer. We recognize revenue ratably for our subscription arrangements because the customer receives and consumes the benefits of our platform throughout the contract period. We recognize fees for usage-based arrangements as the completed transactions are processed using our platform. Since 2023, we have seen a shift away from subscription arrangements towards prepaid multi-year usage-based arrangements in our customer contracts. Revenue from third-party providers for access to our platform is recognized ratably over the term of the contract. Cost of Revenue Cost of revenue consists primarily of software-related costs, which include costs of subscribed hosting and support, costs of premier support services, and the costs of delivering professional services. Software-related costs of subscribed hosting services and support consist primarily of expenses related to hosting our services, third-party fees related to platform connectivity services, which include verification of income, assets, and employment, software licenses and expenses related to providing support to our customers. Costs of premier support and professional services consist primarily of personnel-related expenses, including stock-based compensation expense, expenses associated with delivering implementation and other services, travel expenses, and allocated overhead costs. 31 For each application submission, we incur third-party costs as described above, including costs for incomplete transactions for which we do not charge fees to our customers. The timing of those costs may not be aligned with the revenue recognized. We expect our cost of revenue to continue to increase in dollar amounts as we grow our business and revenue and decrease as a percentage of our revenue over the long term as we achieve greater scale in our business, although the percentage may fluctuate from period to period. Operating Expenses We expect to see our expenses slightly increase in 2026 as compared to 2025. This trend is primarily driven by a decrease in software capitalization rates for 2026 compared to the previous year due to the adoption of ASU No. 2025-06, Intangibles—Goodwill and Other-Internal-Use Software (Subtopic 350-40), which is expected to result in a decrease in the amount of software costs eligible for capitalization as certain agile development activities may not meet the 'probable-to-complete' threshold as early as they did under the legacy stage-based model, particularly for projects involving novel technology. Research and Development Research and development expenses consist primarily of personnel-related expenses, including stock-based compensation expense, associated with our engineering personnel responsible for the design, development, and testing of new products and features, professional and outside services fees, software and hosting costs, facilities costs, and allocated overhead costs. Research and development costs are expensed as incurred, unless they qualify as capitalizable internal-use software development costs. Sales and Marketing Sales and marketing expenses consist primarily of personnel-related expenses, including stock-based compensation expense, costs of general marketing activities, advertising and promotional activities, travel-related expenses, facilities costs, and allocated overhead costs. Sales commissions that are incremental costs of acquiring a contract with a customer as well as associated payroll taxes, are deferred and amortized on a straight-line basis over the estimated period of benefit. Sales commissions that are not incremental costs of acquiring a contract with a customer are expensed in the period incurred. General and Administrative General and administrative expenses consist primarily of personnel-related expenses, including stock-based compensation expense for our finance, accounting, legal and compliance, human resources, and other administrative teams, certain executives, stock-based compensation expense related to the stand-alone stock option award granted to our Co-Founder and Head of Blend in 2021, professional services fees, including audit, legal and compliance, facilities costs, software and hosting costs, external consulting expenses, and insurance expenses. Restructuring Restructuring charges related to workforce reduction plans are comprised of cash expenditures for compensation and severance payments, employee benefits, payroll taxes and related facilitation costs. Refer to Note 11, Restructuring, of the Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, for additional information. Other Income (Expense), Net Other income (expense), net consists primarily of unrealized gains and losses on and interest income earned from our investment portfolio. Provision for Income Taxes Provision for income taxes consists primarily of U.S. state and foreign income taxes. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is not more likely than not that such net deferred tax assets will be realized. Equity in losses of equity method investees, net of tax 32 Equity in losses of equity method investees, net of tax, represents the Company’s share of net losses from investees accounted for under the equity method. Results of Operations Starting with the first quarter of 2025, we classified the results of our previously reported Title segment as discontinued operations. Refer to Note 14, Segment Information, and Note 15, Assets Held for Sale and Discontinued Operations, of the Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, for additional information. The following tables set forth our results of operations for the periods presented in dollars and as a percentage of our revenue: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Revenue Software platform $ 31,404 $ 29,465 $ 59,397 $ 53,767 Professional services 2,433 2,164 5,283 4,707 Total revenue 33,837 31,629 64,680 58,474 Cost of revenue(1) Software platform 7,152 6,560 12,920 12,457 Professional services 1,800 1,713 3,510 3,660 Total cost of revenue 8,952 8,273 16,430 16,117 Gross profit 24,885 23,356 48,250 42,357 Operating expenses: Research and development(1) 8,683 7,486 18,096 15,329 Sales and marketing(1) 6,740 6,950 12,938 14,137 General and administrative(1) 11,034 13,718 23,187 24,950 Restructuring 4 28 666 747 Total operating expenses 26,461 28,182 54,887 55,163 Loss from operations (1,576) (4,826) (6,637) (12,806) Other income (expense), net 221 1,018 261 2,132 Loss before income taxes (1,355) (3,808) (6,376) (10,674) Income tax expense (119) (41) (182) (71) Loss before equity in losses of equity method investee (1,474) (3,849) (6,558) (10,745) Equity in losses of equity method investees, net of tax (338) — (719) — Loss from continuing operations (1,812) (3,849) (7,277) (10,745) Income (loss) from discontinued operations 329 (2,998) (2,255) (5,801) Net loss $ (1,483) $ (6,847) $ (9,532) $ (16,546) (1)Includes stock-based compensation as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Cost of revenue $ 146 $ 116 $ 268 $ 286 Research and development(2) 1,496 1,272 3,157 2,956 Sales and marketing 794 618 1,076 1,338 General and administrative 4,542 5,576 9,257 9,098 Total stock-based compensation $ 6,978 $ 7,582 $ 13,758 $ 13,678 ____________ (2) Net of $0.1 million and $0.2 million of additions to capitalized internal-use software for the three and six months ended June 30, 2026, and $1.1 million and $2.3 million for the three and six months ended June 30, 2025, respectively. 33 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (as a % of revenue)* Revenue Software platform 93 % 93 % 92 % 92 % Professional services 7 7 8 8 Total revenue 100 100 100 100 Cost of revenue Software platform 21 21 20 21 Professional services 5 5 5 6 Total cost of revenue 26 26 25 27 Gross margin 74 74 75 73 Operating expenses: Research and development 26 24 28 26 Sales and marketing 20 22 20 24 General and administrative 33 43 36 43 Restructuring — — 1 1 Total operating expenses 79 89 85 94 Loss from operations (5) (15) (10) (21) Other income (expense), net 1 3 — 4 Loss before income taxes (4) (12) (10) (17) Income tax expense — — — — Loss before equity in losses of equity method investee (4) (12) (10) (17) Equity in losses of equity method investees, net of tax (1) — (1) — Loss from continuing operations (5) (12) (11) (17) Income (loss) from discontinued operations 1 (10) (3) (10) Net loss (4) % (22) % (15) % (27) % ____________ *Certain percentages may not foot due to rounding. Comparison of the Three Months Ended June 30, 2026 and 2025 Revenue and Cost of Revenue Three Months Ended June 30, 2026 2025 $ Change % Change (In thousands) Revenue: Mortgage Suite $ 19,240 $ 17,987 $ 1,253 7 % Consumer Banking Suite 12,164 11,478 686 6 % Professional Services 2,433 2,164 269 12 % Total revenue 33,837 31,629 2,208 7 % Cost of revenue: 8,952 8,273 679 8 % Gross profit and gross margin: $ 24,885 74 % $ 23,356 74 % $ 1,529 7 % Total revenue increased by $2.2 million, or 7%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. •Mortgage Suite revenue increased by $1.3 million, or 7%, primarily due to an increase in overall mortgage market originations year-over-year and new customer deployments; partially offset by customer churn and the transition to a partnership model for verification of income. •Consumer Banking Suite revenue increased by $0.7 million, or 6%, primarily due to deployments of several large customers, partially offset by customer churn and the transition to a partnership model for verification of income. 34 •Professional Services revenue increased by $0.3 million, or 12%, primarily due to an increase in consulting services and an increase in professional services associated with the support of our platform. Cost of revenue increased by $0.7 million, or 8%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to increased costs incurred to support revenue growth. Gross profit increased by $1.5 million, or 7%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 due to the increase in revenue. Gross margin remained relatively consistent at 74% for the three months ended June 30, 2026 compared to 74% for the three months ended June 30, 2025. Operating Expenses Three Months Ended June 30, 2026 2025 $ Change % Change (In thousands) Operating expenses: Research and development $ 8,683 $ 7,486 $ 1,197 16 % Sales and marketing 6,740 6,950 (210) (3 %) General and administrative 11,034 13,718 (2,684) (20 %) Restructuring 4 28 (24) (86 %) Total operating expenses $ 26,461 $ 28,182 $ (1,721) (6 %) Research and Development Research and development expenses increased by $1.2 million, or 16%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily due to a $3.5 million decrease in the capitalization of internal-use software development costs, and a $0.3 million increase in software and hosting costs, offset by a $1.7 million decrease in personnel related expenses and a $0.8 million decrease in stock-based compensation expense attributable to a decrease in headcount, in each case, related to our restructuring actions. Sales and Marketing Sales and marketing expenses decreased by $0.2 million, or 3%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily due to a $0.2 million decrease in professional and outside services costs and a $0.2 million decrease in trade shows and conferences costs, offset by a $0.2 million increase in travel and entertainment expenses. General and Administrative General and administrative expenses decreased by $2.7 million, or 20%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily due to a $1.0 million decrease in stock-based compensation expense, a $0.7 million decrease in facilities costs, a $0.5 million decrease in personnel related expenses attributable to a decrease in headcount, in each case, related to our restructuring actions, a $0.2 million decrease in new business initiative expenses, and a $0.2 million decrease in professional and outside services costs. Restructuring Restructuring expense was immaterial for three months ended June 30, 2026 and 2025. 35 Other Income (Expense), net Three Months Ended June 30, 2026 2025 $ Change % Change (In thousands) Other income (expense), net $ 221 $ 1,018 $ (797) (78 %) Other income (expense), net decreased by $0.8 million, or 78%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily due to a $0.5 million decrease in interest income on our investment portfolio due to a smaller invested cash balance and a $0.2 million increase in commission expenses related to our share repurchases. Income Tax Expense Three Months Ended June 30, 2026 2025 $ Change % Change (In thousands) Income tax expense $ (119) $ (41) $ (78) 190 % The increase in income tax expense for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was immaterial. Comparison of the Six Months Ended June 30, 2026 and 2025 Revenue and Cost of Revenue Six Months Ended June 30, 2026 2025 $ Change % Change (In thousands) Revenue: Mortgage Suite $ 36,472 $ 32,645 $ 3,827 12 % Consumer Banking Suite 22,925 21,122 1,803 9 % Professional Services 5,283 4,707 576 12 % Total revenue 64,680 58,474 6,206 11 % Cost of revenue: 16,430 16,117 313 2 % Gross profit and gross margin: $ 48,250 75 % $ 42,357 72 % $ 5,893 14 % Total revenue increased by $6.2 million, or 11%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. •Mortgage Suite revenue increased by $3.8 million, or 12%, primarily due to an increase in overall mortgage market originations year-over-year, new customer deployments; partially offset by customer churn and the transition to a partnership model for verification of income. •Consumer Banking Suite revenue increased by $1.8 million, or 9%, primarily due to deployments of several large customers, partially offset by customer churn and the transition to a partnership model for verification of income. •Professional Services revenue increased by $0.6 million, or 12%, primarily due to an increase in services associated with the support of our platform. Cost of revenue increased by $0.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to increased usage costs commensurate with the growth in our revenue, partially offset by savings from our transition to a partnership model for verification of income and a favorable non-recurring benefit recognized in 2026. Gross profit increased by $5.9 million, or 14%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Gross margin was 75% for the six months ended June 30, 2026 compared to 72% for the six months ended June 30, 2025. The increase in gross margin was primarily due to our transition to a lower-cost partnership model for verification of income services, as well as a one-time benefit recognized in cost of revenue during 2026. 36 Operating Expenses Six Months Ended June 30, 2026 2025 $ Change % Change (In thousands) Operating expenses: Research and development $ 18,096 $ 15,329 $ 2,767 18 % Sales and marketing 12,938 14,137 (1,199) (8 %) General and administrative 23,187 24,950 (1,763) (7 %) Restructuring 666 747 (81) (11 %) Total operating expenses $ 54,887 $ 55,163 $ (276) (1 %) Research and Development Research and development expenses increased by $2.8 million, or 18%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to a $7.7 million decrease in the capitalization of internal-use software development costs and a $0.9 million increase in software and hosting costs, offset by a $3.5 million decrease in personnel related expenses and a $1.8 million decrease in stock-based compensation expense and a $0.3 million decrease in facilities related expenses, each attributable to a decrease in headcount related to our restructuring actions. Sales and Marketing Sales and marketing expenses decreased by $1.2 million, or 8%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to $0.5 million decrease in personnel related expenses attributable to a decrease in headcount and a $0.4 million decrease in facilities related expenses, each related to our restructuring actions, and a $0.5 million decrease in professional and outside services costs, offset by a $0.2 million increase in travel and entertainment expenses. General and Administrative General and administrative expenses decreased by $1.8 million, or 7%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to a $0.7 million decrease in personnel and related expenses attributable to a decrease in headcount related to our restructuring actions, a $0.7 million decrease in facilities related expenses and a $0.5 million decrease in business taxes, both due to an abandoned lease related to our restructuring actions. Restructuring Restructuring expenses were materially consistent across the six months ended June 30, 2026 and the six months ended June 30, 2025, as the smaller headcount impact of the 2026 workforce reduction plan was offset by higher severance costs driven by differences in the composition of the impacted workforce. The costs related to each workforce reduction plan included cash expenditures for compensation and severance payments, employee benefits, payroll taxes and related facilitation costs. Other Income (Expense), net Six Months Ended June 30, 2026 2025 $ Change % Change (In thousands) Other income (expense), net $ 261 $ 2,132 $ (1,871) (88 %) Other income (expense), net decreased by $1.9 million, or 88%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily driven by a $1.0 million reduction in interest income on our investment portfolio, reflecting a smaller invested cash balance and a change in investment mix compared to 2025, a $0.3 million unfavorable change in foreign currency remeasurement on intercompany balances with our Indian subsidiary, and a $0.4 million increase in commission expenses related to our share repurchases. 37 Income Tax Expense Six Months Ended June 30, 2026 2025 $ Change % Change (In thousands) Income tax expense $ (182) $ (71) $ (111) 156 % The increase in income tax expense for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to an increase in business operations in India. Liquidity and Capital Resources Since our inception, we have financed our operations primarily through proceeds from the issuance of our stock and warrants and cash generated from the sale of our product offerings, as well as debt financing. As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $44.9 million. Cash and cash equivalents are comprised of bank deposits and money market funds. Marketable securities are comprised of U.S. treasury and agency securities. Most of our cash and cash equivalents are held in the United States. Although we generated positive cash flow from operations for the six months ended June 30, 2026, we have generated significant losses from operations and negative cash flows from operating activities in the past as reflected in our accumulated deficit of $1,401.3 million as of June 30, 2026. We may incur operating losses in the future due to the investments that we intend to make in our business and pressures on revenue growth due to the recent macroeconomic environment, and as a result, we may require additional capital resources to grow our business. Share Repurchase Program On March 10, 2026, we announced the authorization of a share repurchase program for the repurchase of shares of our Class A common stock, in an aggregate amount up to $50.0 million. Our prior share repurchase program was fully completed during the year ended December 31, 2025. Repurchases may be made at our discretion from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Exchange Act. We may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of our Class A common stock under this authorization. The share repurchase program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares of our Class A common stock. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. During the three and six months ended June 30, 2026, we repurchased and retired 12,177,584 and 22,218,943 shares of our Class A common stock for $20.2 million and $36.8 million, respectively. The Company had $13.2 million available to repurchase shares of Class A common stock under its share repurchase program as of June 30, 2026. Refer to Note 9, Stockholders’ Equity, of the Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, for additional information. Material Cash Requirements Our material cash requirements arising from known contractual and other obligations primarily relate to lease obligations for our office locations and purchase commitments. We believe that current cash, cash equivalents and marketable securities will be sufficient to fund our operations for at least the next 12 months. Our future capital requirements, however, will depend on continued growth in our customer base, the timing and extent of spending to support our research and development efforts, the expansion of sales and marketing activities, the introduction of new and enhanced products and features, the continuing market adoption of Blend’s software platform, and the effectiveness of our efforts to improve cost efficiency. We may in the future enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights; additionally, we may repurchase shares of our Class A common stock from time to time under our share repurchase program. In the event that additional financing is required from outside sources, we may seek to raise additional funds at any time through equity, equity-linked arrangements, and debt. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition would be adversely affected. See the section titled “Risk Factors—Risks Related to Our Business and Operations—We may require additional capital to support business growth, and this capital might not be available on acceptable terms, if at all.” 38 Cash Flows The following table summarizes our cash flows for the periods indicated: Six Months Ended June 30, 2026 2025 (In thousands) Net cash provided by operating activities - continuing operations $ 16,200 $ 14,385 Net cash provided by (used in) investing activities - continuing operations 1,092 (7,075) Net cash used in financing activities - continuing operations (39,209) (8,827) Effect of exchange rates on cash, cash equivalents, and restricted cash (24) — Net decrease in cash, cash equivalents, and restricted cash - continuing operations (21,941) (1,517) Net increase (decrease) in cash, cash equivalents, and restricted cash - discontinued operations 189 (891) Net decrease in cash, cash equivalents, and restricted cash $ (21,752) $ (2,408) The Company’s liquidity is not expected to be materially impacted from the disposal of the component reported as discontinued operations. Cash Provided by Operating Activities Our primary source of operating cash inflows is collections from our customers. Operating cash outflows consist primarily of personnel-related expenditures, payments to third party vendors, and obligations under our partnership arrangements. Net cash provided by operating activities for the six months ended June 30, 2026 and 2025 was $16.2 million and $14.4 million, respectively. The change in cash from operations reflects our net loss adjusted for noncash items, such as stock-based compensation, depreciation and amortization, amortization of deferred contract costs, amortization of operating lease right-of-use assets, equity in losses of equity method investees, as well as changes in operating assets and liabilities. Fluctuations in operating assets and liabilities are affected primarily by changes in trade and other receivables, prepaid expenses and other current assets, deferred contract costs, accrued compensation, deferred revenue, accounts payable and other liabilities. Cash Provided by (Used in) Investing Activities Net cash provided by investing activities during the six months ended June 30, 2026 was $1.1 million, which was primarily due to the maturities of marketable securities of $8.0 million, offset by $5.0 million used in the purchase of marketable securities and $1.9 million in additions to property and equipment, primarily related to capitalized internal-use software development costs. Net cash used in investing activities during the six months ended June 30, 2025 was $7.1 million, which was primarily due to maturities of marketable securities of $27.7 million and sales of marketable securities of $0.9 million, offset by $23.7 million used in the purchase of marketable securities, $7.9 million in additions to property and equipment related to capitalized internal-use software development costs and $4.0 million investment in non-marketable equity securities. Cash Used in Financing Activities Net cash used in financing activities for the six months ended June 30, 2026 was $39.2 million, primarily consisting of $37.2 million related to share repurchases and $2.1 million of taxes paid related to net share settlement of equity awards, offset by $0.1 million proceeds from the exercises of stock options. Net cash used in financing activities for the six months ended June 30, 2025 was $8.8 million, which was primarily due to $5.5 million of taxes paid related to net share settlement of equity awards and $4.1 million related to share repurchases, offset by $0.8 million proceeds from the exercises of stock options. Contingent Obligations As of June 30, 2026, we did not have relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities that were established for the purpose of facilitating off-balance sheet arrangements or other purposes. 39 Critical Accounting Estimates Our unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q are prepared in accordance with the U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of our unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, costs, and expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Our actual results may differ from these estimates under different assumptions or conditions. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows could be affected. There have been no material changes to our critical accounting estimates as described in our Annual Report on Form 10-K for the year ended December 31, 2025. Recent Accounting Pronouncements Refer to Note 2, Summary of Significant Accounting Policies, of the Notes to Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.