Butterfly Network, Inc.

Listed Company

BFLYCIK 0001804176NYSENon-AcceleratedSmaller ReportingX-Ray Apparatus & Tubes & Related Irradiation ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$97.61M

Net Income

$-77.06M

Total Assets

$296.53M

Equity

$195.98M

Shares Out

—

Op. Cash Flow

$-12.70M

Business

Butterfly Network, Inc. develops and sells portable, semiconductor-based ultrasound systems and cloud-connected software to expand access to medical imaging at the point of care. Offerings include handheld devices (iQ+ and iQ3), specialty bladder and veterinary probes, software subscriptions, the Compass enterprise platform, teleguidance, education, and professional deployment services. The company operates product and services lines focused on device hardware, software/subscription services, enterprise deployments, veterinary solutions, and education. It sells worldwide through direct sales, distributors and eCommerce to hospitals, clinics, medical schools, NGOs and pilot home-care programs.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	98	82	66	73	63
Total cost of revenue	52	33	49	—	—
Gross profit	46	49	17	39	17
Research and development	36	38	56	88	74
Sales and marketing	46	42	39	59	50
General and administrative	39	40	50	78	86
Other	11	4	18	7	—
Total operating expenses	132	123	162	232	210
Loss from operations	−86	−74	−146	−193	−193
Interest income	6	5	7	3	3
Interest expense	−1	−1	0	−2,000	—
Change in fair value of warrant liabilities	2	−2	5	21	161
Other income (expense), net	3	−13,000	−2,000	98,000	−3
Loss before provision for income taxes	−77	−73	−134	−169	−32
Provision (benefit) for income taxes	100,000	−30,000	80,000	42,000	121,000
Net loss and comprehensive loss	−77	−72	−134	—	—
Net loss and comprehensive loss	−77	−72	−134	−169	−32
Net loss per common share attributable to Class A and B common stockholders - basic (in dollars per share)	−0.31	−0.34	−0.65	−0.84	−0.19
Net loss per common share attributable to Class A and B common stockholders - diluted (in dollars per share)	−0.31	−0.34	−0.65	−0.84	−0.19
Weighted-average common shares used to compute net loss per share attributable to Class A and Class B common stockholders - basic (in shares)	247	212	205	200	174
Weighted-average common shares used to compute net loss per share attributable to Class A and Class B common stockholders - diluted (in shares)	247	212	205	200	174

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	150	89	134	163	423
Accounts receivable, net of allowance for credit losses of $1,389 and $2,583 at December 31, 2025 and December 31, 2024, respectively	27	21	13	15	12
Inventories	61	71	73	60	36
Current portion of vendor advances	2	6	3	35	—
Prepaid expenses and other current assets	8	7	8	9	13
Total current assets	249	193	231	357	512
Property and equipment, net	17	20	25	31	15
Intangible assets, net	8	9	10	—	—
Non-current portion of vendor advances	5	15	15	—	13
Operating lease assets	13	14	16	22	24
Other non-current assets	6	6	6	8	8
Total assets	297	256	304	418	572
Accounts payable	5	4	5	7	6
Deferred revenue, current	27	16	16	16	13
Accrued purchase commitments, current	131,000	131,000	131,000	2	5
Warrant liabilities, current	413,000	0	—	—	—
Accrued expenses and other current liabilities	32	28	23	26	26
Total current liabilities	65	48	44	51	50
Deferred revenue, non-current	9	7	7	5	5
Warrant liabilities, non-current	0	3	—	—	—
Operating lease liabilities	18	20	23	30	28
Other non-current liabilities	8	9	9	588,000	850,000
Total liabilities	101	87	84	92	124
Commitments and contingencies (Note 17)	—	—	—	—	—
Additional paid-in capital	1,075	971	950	921	875
Accumulated deficit	−879	−802	−730	−596	−427
Total stockholders equity	196	169	220	325	448
Total liabilities and stockholders equity	297	256	304	418	572

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−77	−72	−134	−169	−32
Depreciation, amortization, and impairments	8	10	11	6	2
Non-cash interest expense	1	1	0	0	389,000
Write-down of inventories	8	15,000	21	800,000	900,000
Write-down of vendor advances	10	0	0	—	—
Stock-based compensation expense	23	21	27	43	48
Change in fair value of warrant liabilities	−2	2	−5	—	—
Gain on lease termination	0	0	−200,000	0	—
Other	799,000	1	633,000	615,000	2
Accounts receivable	−7	−9	−162,000	−3	−6
Inventories	1	2	−34	−25	−11
Prepaid expenses and other assets	−2	1	3	4	−11
Vendor advances	4	−2	17	5	−3
Accounts payable	1	−841,000	−2	1	−11
Deferred revenue	13	435,000	2	2	7
Accrued purchase commitments	0	0	−2	−17	−23
Change in operating lease assets and liabilities	−855,000	−750,000	−635,000	—	—
Accrued expenses and other liabilities	5	4	−4	901,000	4
Net cash used in operating activities	−13	−42	−99	−169	−189
Purchases of marketable securities	0	0	−297,000	−76	−1,019
Sales of marketable securities	0	0	76	0	1,017
Purchases of property, equipment, and intangible assets, including capitalized software	−3	−3	−6	−18	−8
Sales of property and equipment	0	36,000	10,000	57,000	—
Net cash provided by (used in) investing activities	−3	−3	70	−94	−10
Proceeds from exercise of stock options	816,000	64,000	228,000	3	22
Proceeds from employee stock purchase plan	1	495,000	0	0	—
Net proceeds from share offering	81	0	0	—	—
Payments to tax authorities for restricted stock units withheld	−3	−739,000	0	—	—
Payments on technology license commitment	−3	−1	0	0	—
Net cash provided by (used in) financing activities	78	−1	228,000	3	566
Net increase (decrease) in cash, cash equivalents, and restricted cash	62	−46	−28	−260	367
Interest paid	810,000	190,000	0	—	—
Acquisition of property, equipment, and intangible assets, including capitalized software	396,000	470,000	9	5	2

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro