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…
Earnings analysis · 10-Q
BFLY earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.12
What stood out
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Strong Revenue Growth
Total revenue increased by 25% YoY to $26.53 million, significantly surpassing estimates of $25.79 million.
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Gross Margin Improvement
Gross margin rose to 68.9%, up from 63.0% in Q1 2025, indicating improved cost management.
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Software Segment Growth
Software and services revenue surged 68.2% YoY to $11.88 million, enhancing revenue mix.
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Reduced R&D Spend
R&D expenses decreased to $9.54 million, down 3.9% YoY, reflecting strategic personnel allocation.
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Lower Loss from Operations
Loss from operations narrowed to $13.87 million from $18.47 million in the previous year.
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Stable Cash Balance
Cash and cash equivalents remained strong at $138.0 million as of March 31, 2026, supporting future operations.
What to watch
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Continued Operating Losses
The company reported a net loss of $12.68 million in Q1 2026, despite revenue growth.
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Cash Utilization in Operations
Cash used for operations increased 19% to $13.89 million, driven by higher working capital demands.
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Dependence on Market Expansion
Future growth hinges on the successful adoption of Butterfly's technology in U.S. and international markets.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.