Logo

BFLY

Butterfly Network, Inc.

BFLY

Butterfly Network, Inc. • NYSE
$3.10 ▲ 0.65% (+0.02)
Market Cap $783.05 M
52w High $4.98
52w Low $1.32
Dividend Yield 0%
P/E -9.39
Volume 2.40M
Outstanding Shares 252.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $21.489M ▼ $28.618M ▼ $-33.971M ▼ -158.086% ▼ $-0.13 ▼ $-31.685M ▼
Q2-2025 $23.383M ▲ $30.991M ▼ $-13.834M ▲ -59.163% ▲ $-0.056 ▲ $-11.364M ▼
Q1-2025 $21.225M ▼ $31.848M ▲ $-13.967M ▲ -65.804% ▲ $-0.059 ▲ $-11.253M ▲
Q4-2024 $22.351M ▲ $31.047M ▲ $-18.101M ▼ -80.985% ▲ $-0.085 ▼ $-15.371M ▼
Q3-2024 $20.561M $29.479M $-16.924M -82.311% $-0.08 $-13.929M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $144.233M ▼ $290.002M ▼ $86.172M ▲ $203.83M ▼
Q2-2025 $148.136M ▼ $313.278M ▼ $80.472M ▲ $232.806M ▼
Q1-2025 $155.212M ▲ $318.412M ▲ $78.716M ▼ $239.696M ▲
Q4-2024 $88.775M ▼ $256.082M ▼ $87.25M ▲ $168.832M ▼
Q3-2024 $93.758M $265.272M $83.44M $181.832M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-33.971M ▼ $-2.887M ▲ $-1.016M ▼ $-1.223M ▼ $-3.903M ▲ $-3.903M ▲
Q2-2025 $-13.834M ▲ $-7.167M ▲ $-896K ▼ $987K ▼ $-7.076M ▼ $-8.063M ▲
Q1-2025 $-13.967M ▲ $-11.677M ▼ $-353K ▲ $78.467M ▲ $66.437M ▲ $-12.03M ▼
Q4-2024 $-18.102M ▼ $-3.12M ▲ $-408K ▲ $-1.495M ▼ $-5.023M ▲ $-3.528M ▲
Q3-2024 $-16.924M $-7.92M $-413K $0 $-8.333M $-8.334M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $10.00M ▲$10.00M ▲$20.00M ▲$10.00M ▼
Software And Other Services
Software And Other Services
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Service Other
Service Other
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily since going public, but the company is still firmly in the “build-out” phase rather than the “profit” phase. Gross margins have swung from negative to positive and, over time, have generally improved, which suggests the hardware and software offering is getting more efficient and better priced. Operating and net losses remain sizable, though the most recent year shows a clear step toward narrower losses. That points to some early operating leverage, but the business is not yet close to self-sustaining. Earnings per share are still clearly in the red, with some one-off distortion in the first SPAC year and then more typical, recurring losses after that. In plain terms: sales are growing and the economics of each device and subscription seem to be getting better, but overhead and growth spending are still heavy relative to the current scale of the business.

Balance Sheet

Balance Sheet The balance sheet shows a company that benefited from a large capital raise soon after its listing and has been drawing down that cushion over time. Total assets and cash peaked a couple of years after the SPAC transaction and have since declined as funds have been used to support operating losses and growth initiatives. Debt levels are low and stable, which is a clear positive: Butterfly is not highly leveraged and does not appear to be burdened by large interest obligations. Shareholders’ equity flipped from negative before the SPAC to clearly positive afterward, and remains positive today, although the equity base has been gradually shrinking as losses accumulate. Overall, the company still has a net cash profile and financial flexibility, but the trend points to a business that will eventually need either a sustained move toward breakeven or additional capital if losses continue at a similar pace.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting a business that is still funding its day-to-day activities from its cash reserves rather than from internally generated cash. Free cash flow tracks closely with operating cash flow, since capital spending has been relatively modest compared with the operating burn. The encouraging sign is direction: cash outflows have become less severe in the most recent years, indicating improving cost discipline, better margins, or both. Still, the company is not yet at or near cash flow breakeven, and its strategy assumes several more years of investment before it gets there. In short, Butterfly is a cash-consuming growth story today, not a cash-generating one, and its runway depends on the remaining cash balance and management’s ability to keep narrowing the gap.

Competitive Edge

Competitive Edge Butterfly sits in a highly competitive corner of medical imaging, going up against established giants in ultrasound. Its main edge is not size, but a distinctive technology and ecosystem: a single, handheld probe that can image the whole body, tied into a software and AI platform. The company has built a meaningful moat around proprietary Ultrasound-on-Chip technology, backed by a large patent portfolio. This offers clear differentiation on portability and potentially on cost, though it also invites legal disputes in a crowded intellectual-property landscape. On top of the hardware, Butterfly is layering subscription software, AI tools, and workflow solutions like Compass AI, which deepen customer relationships and make switching less attractive once a system is embedded. However, the firm still competes with major players that have stronger balance sheets, broad product lines, and large salesforces. Winning requires not only better technology, but also convincing hospitals and clinicians to change habits and integrate new tools into daily workflows. Butterfly has an early-mover brand in handheld whole-body ultrasound, but must keep proving image quality, reliability, and economic value in order to defend and expand its position.

Innovation and R&D

Innovation and R&D Innovation is the core of Butterfly’s story. Its Ultrasound-on-Chip platform is fundamentally different from traditional ultrasound designs and opens the door to smaller, cheaper, and more flexible devices. The company keeps iterating on its iQ product line, with newer generations improving image quality, ergonomics, and automation features. Beyond hardware, Butterfly is investing heavily in software and AI. Compass AI aims to solve real workflow problems—documentation, compliance, and revenue capture—which matter a lot to hospitals and health systems. The “Butterfly Garden” marketplace encourages third-party developers to build specialized AI applications, creating a broader ecosystem and potential network effects. The roadmap extends further: new, more powerful chips, an AI-focused chip for on-device intelligence, moves into homecare and remote monitoring, and even robotics partnerships for image-guided procedures. Strategic licensing deals also show an intention to monetize the core technology in ways that do not rely solely on selling devices. Taken together, R&D is ambitious and multi-pronged. The upside is a pipeline of new products and services; the risk is execution complexity and the need to translate innovation into consistent, profitable revenue.

Summary

Butterfly Network is an early-stage, high-innovation medical device company that has successfully introduced a disruptive handheld ultrasound platform but is still working through the financial and commercial challenges of scaling. On the positive side, revenue is growing, unit economics are improving, gross margins have strengthened, and operating losses have begun to narrow. The company maintains low financial leverage and still has a net cash position, giving it room to continue investing. Its technology base, patent portfolio, software and AI ecosystem, and first-mover status in handheld whole-body ultrasound provide a differentiated competitive position. On the risk side, the business remains loss-making with ongoing cash burn, and its cash reserves have trended downward since the peak post-SPAC period. Butterfly competes with much larger imaging companies and must drive broad clinical adoption across multiple care settings to justify its R&D and platform ambitions. Legal and regulatory complexities, especially around intellectual property and new AI-enabled tools, add further uncertainty. Going forward, the key things to monitor are: continued revenue growth, durability of improving margins, progress toward cash flow breakeven, adoption of its software and AI offerings, and execution on new markets such as homecare and robotics. The long-term outcome will hinge on Butterfly’s ability to turn its strong innovation engine and early technological lead into a sustainable, self-funding business model.

NEWS

November 21, 2025 · 8:05 AM UTC

Butterfly Network to Participate at the 8th Annual Evercore Healthcare Conference

Read more

November 17, 2025 · 8:05 AM UTC

Butterfly Network Launches Compass AI to Power the Next Generation of POCUS Program Management

Read more

October 31, 2025 · 6:30 AM UTC

Butterfly Network Reports Third Quarter 2025 Financial Results

Read more

October 29, 2025 · 8:05 AM UTC

Butterfly Network to Participate at UBS Global Healthcare Conference 2025

Read more

October 27, 2025 · 8:05 AM UTC

Butterfly Network Strengthens Global Information Security Posture with ISO 27001, SOC-2 Type 2, C5 Germany, and NHS DSPT Accreditations

Read more