BFLY earnings analysis
What we found in BFLY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Butterfly Network reported Q1 2026 revenues of $26.53 million, reflecting a 25% increase year-over-year and exceeding consensus estimates of $25.79 million. The company achieved a gross margin of 68.9%, up from 63.0% a year prior, but still reported a net loss of $12.68 million, which was slightly improved from the previous year's loss of $13.97 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue increased by 25% YoY to $26.53 million, significantly surpassing estimates of $25.79 million.
- Gross Margin Improvement
- Gross margin rose to 68.9%, up from 63.0% in Q1 2025, indicating improved cost management.
- Software Segment Growth
- Software and services revenue surged 68.2% YoY to $11.88 million, enhancing revenue mix.
- Reduced R&D Spend
- R&D expenses decreased to $9.54 million, down 3.9% YoY, reflecting strategic personnel allocation.
- Lower Loss from Operations
- Loss from operations narrowed to $13.87 million from $18.47 million in the previous year.
- Stable Cash Balance
- Cash and cash equivalents remained strong at $138.0 million as of March 31, 2026, supporting future operations.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Operating Losses
- The company reported a net loss of $12.68 million in Q1 2026, despite revenue growth.
- Cash Utilization in Operations
- Cash used for operations increased 19% to $13.89 million, driven by higher working capital demands.
- Dependence on Market Expansion
- Future growth hinges on the successful adoption of Butterfly's technology in U.S. and international markets.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.12
- Gross margin
- 68.9%
- Operating margin
- -52.3%
- Segment
- Product Revenue: $14.65M
- Segment
- Software and Services Revenue: $11.88M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · February 27, 2026
- Butterfly reported record revenue of $97.6 million for the year ended December 31, 2025 (up from $82.1 million in 2024) while still recording a net loss of $77.1 million in 2025 (vs. $72.5 million in 2024). The company…
- 10-Q · October 31, 2025
- Butterfly reported Q3 2025 revenue of $21.489M, up $0.928M (≈4.5%) year-over-year, driven by product sales. However, margins collapsed: gross profit was a loss of $3.757M (gross margin -17.5%) and operating loss widened…
- 10-Q · November 1, 2024
- Butterfly reported Q3 revenue of $20.561M, up 33.3% year-over-year from $15.421M, with gross margin improving to 59.5%. Operating expenses declined to $29.479M (from $41.945M), cutting the quarterly operating loss to…
- 10-K · March 4, 2024
- Butterfly Network positions itself as a semiconductor-based, handheld whole-body ultrasound company (Ultrasound-on-Chip™) selling devices, software and services; it reported total revenue of $65.9 million and a net loss…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing BFLY makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever