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BFLY-WT

Butterfly Network, Inc.

BFLY-WT

Butterfly Network, Inc. • NYSE
$0.03 ▼ -4.98% (-0.00)
Market Cap $251.45 M
52w High $0.07
52w Low $0.02
Dividend Yield 0%
P/E 0
Volume 43.05K
Outstanding Shares 8.79B

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 Q3-2024Q4-2024Q1-2025Q2-2025
Product
Product
 $10.00M ▲$30.00M ▲$10.00M ▼$20.00M ▲
Software And Other Services
Software And Other Services
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Service Other
Service Other
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing, but only gradually, and the business is still solidly in the “building” phase rather than the “profit-making” phase. Gross profit has improved over time, which suggests the core product economics are getting better, but operating losses remain large because spending on people, product development, and sales is still high relative to the company’s size. Net losses have narrowed somewhat recently compared with earlier years, yet the company is still far from breakeven and continues to report meaningful losses per share. Overall, it looks like an early-stage medical device and software company that is prioritizing growth and innovation over near-term profitability.

Balance Sheet

Balance Sheet The company holds a noticeable amount of cash relative to its small size and carries only modest debt, which reduces financial strain from interest payments. Total assets and shareholders’ equity have trended down as ongoing losses eat into the balance sheet, but equity is still positive, which means the company is not overburdened by liabilities. The low leverage is a strength, but the shrinking asset and equity base highlight that the business cannot operate at its current loss level indefinitely without either improving results or raising additional capital in the future.

Cash Flow

Cash Flow The business continues to use cash rather than generate it. Operating cash flow has been consistently negative, although the cash burn has improved in recent years compared with the peak loss years. Capital spending is relatively light, so most of the cash outflow is tied to day-to-day operations, including research, engineering, and commercial efforts, rather than heavy investment in factories or equipment. Free cash flow is still negative, which means the company is reliant on its existing cash reserves and potential future financing to sustain operations while it works toward higher scale and efficiency.

Competitive Edge

Competitive Edge Butterfly Network sits in a promising but challenging niche. It has a differentiated handheld ultrasound device built on ultrasound-on-a-chip technology, which allows for portability and lower cost than traditional cart-based machines. Its cloud platform, AI tools, and subscription model deepen the relationship with users and create a growing data asset that can strengthen its algorithms over time. However, it faces large, well-funded rivals in medical imaging who are also pushing into point-of-care ultrasound. These incumbents have strong brands, entrenched hospital relationships, and global sales networks. Butterfly’s edge lies in its chip-based design, software ecosystem, and price disruption, but it must move quickly and execute well to maintain that lead as competitors respond and as patent and legal challenges play out.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of the company’s strategy. It has pioneered ultrasound-on-a-chip, brought multiple generations of handheld probes to market, and is layering on AI tools that assist clinicians during scanning and interpretation. The cloud-based software suite and enterprise products like Compass AI aim to embed Butterfly devices into hospital workflows, not just sell hardware. Future plans around next-generation chips, AI platforms, a third-party AI marketplace, and potential home-based or wearable imaging show an ambition to expand beyond traditional ultrasound use cases. This intensive R&D focus is a major strength but also a cost driver, and the key question is whether these innovations can translate into broad adoption and sustainable, higher-margin revenue over time.

Summary

Butterfly Network looks like a classic high-innovation, early-stage med‑tech story: compelling technology, growing but still modest revenue, and consistent losses as it invests heavily in product, AI, and commercial rollout. The balance sheet is helped by a decent cash position and low debt, but ongoing cash burn and shrinking equity underscore the need for improved scale or future capital. Competitively, the company has a real technological and cost angle in handheld ultrasound, supported by a software and AI ecosystem, yet it faces powerful established imaging players and regulatory and legal complexity. Overall, the investment case centers on whether the company can turn its technological lead and strong R&D pipeline into widespread clinical adoption fast enough to reach a more self-sustaining financial profile, amid meaningful execution and funding risk.