# Butterfly Network, Inc. (BFLY) Informational only - not investment advice. CIK: 0001804176 SIC: 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus](/industry/3844/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1804176 Filing source: https://www.sec.gov/Archives/edgar/data/1804176/000180417626000009/bfly-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001804176-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001804176.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 97,610,000 USD | 2025 | verified | | Net income | -77,064,000 USD | 2025 | verified | | Assets | 296,533,000 USD | 2025 | verified | | Free cash flow | -16,048,000 USD | 2025 | computed | | Net margin | -78.95% | 2025 | computed | | Operating margin | -88.53% | 2025 | computed | | Revenue YoY | +18.96% | 2025 | computed | | ROE | -39.32% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | BFLY | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -79.0% | 3.1% | 4 | 148 | | Operating margin | -88.5% | 6.4% | 3 | 145 | | Revenue growth | 19.0% | 8.3% | 80 | 153 | | FCF margin | -16.4% | 7.4% | 20 | 152 | | ROE | -39.3% | 2.4% | 17 | 145 | | ROA | -26.0% | 1.1% | 17 | 154 | | Liabilities / equity | 0.51 | 0.82 | 34 | 150 | | Current ratio | 3.83 | 2.81 | 65 | 153 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 38 SIC Major Group 38, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 97610000 | USD | 2025 | 2026-02-27 | | Net income | -77064000 | USD | 2025 | 2026-02-27 | | Assets | 296533000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001804176.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 27,583,000 | 46,252,000 | 62,565,000 | 73,390,000 | 65,900,000 | 82,056,000 | 97,610,000 | | Net income | | -99,697,000 | -162,745,000 | -32,409,000 | -168,723,000 | -133,700,000 | -72,492,000 | -77,064,000 | | Operating income | | -102,296,000 | -161,619,000 | -192,728,000 | -193,020,000 | -145,610,000 | -74,411,000 | -86,415,000 | | Gross profit | | -20,895,000 | -61,223,000 | 17,054,000 | 39,460,000 | 16,856,000 | 48,831,000 | 45,734,000 | | Diluted EPS | | -17.08 | -26.87 | -0.19 | -0.84 | -0.65 | -0.34 | -0.31 | | Operating cash flow | | -120,432,000 | -81,700,000 | -189,187,000 | -169,115,000 | -98,820,000 | -41,707,000 | -12,700,000 | | Capital expenditures | | 4,468,000 | 2,376,000 | 7,877,000 | 18,302,000 | 5,783,000 | 2,694,000 | 3,348,000 | | Assets | | | 147,191,000 | 571,965,000 | 417,570,000 | 304,274,000 | 256,082,000 | 296,533,000 | | Liabilities | | | 148,185,000 | 124,274,000 | 92,210,000 | 84,221,000 | 87,250,000 | 100,554,000 | | Stockholders' equity | -118,943,000 | -212,278,000 | -361,931,000 | 447,691,000 | 325,360,000 | 220,053,000 | 168,832,000 | 195,979,000 | | Cash and cash equivalents | | 90,002,000 | 60,206,000 | 422,841,000 | 162,561,000 | 134,437,000 | 88,775,000 | 150,489,000 | | Free cash flow | | -124,900,000 | -84,076,000 | -197,064,000 | -187,417,000 | -104,603,000 | -44,401,000 | -16,048,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | -51.80% | | | -88.34% | -78.95% | | Operating margin | | | | | | | -90.68% | -88.53% | | Return on equity | | | | -7.24% | -51.86% | -60.76% | -42.94% | -39.32% | | Return on assets | | | -110.57% | -5.67% | -40.41% | -43.94% | -28.31% | -25.99% | | Liabilities / equity | | | | 0.28 | 0.28 | 0.38 | 0.52 | 0.51 | | Current ratio | | | 1.40 | 10.27 | 6.96 | 5.22 | 3.99 | 3.83 | ## As-reported value updates 3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/BFLY/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001804176.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -0.27 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.17 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.14 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 15,421,000 | -27,368,000 | -0.13 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 16,516,000 | -44,121,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 17,656,000 | -21,761,000 | -0.10 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 21,487,000 | -15,706,000 | -0.07 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 20,561,000 | -16,924,000 | -0.08 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 22,351,000 | -18,101,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 21,225,000 | -13,967,000 | -0.06 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 23,383,000 | -13,834,000 | -0.06 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 21,489,000 | -33,971,000 | -0.13 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 31,514,000 | -15,292,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 26,530,000 | -12,677,000 | -0.05 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 32,612,000 | -12,910,000 | -0.05 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BFLY's latest 10-K: [/company/BFLY/business/](/company/BFLY/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BFLY's latest 10-K: [/company/BFLY/risk-factors/](/company/BFLY/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1804176/000180417626000027/bfly-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. The discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto contained in this Quarterly Report on Form 10-Q and the consolidated financial statements and notes thereto contained in our 2025 Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described under the caption "Risk Factors" in Item 1A of Part I of our 2025 Annual Report on Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. Overview We are an innovative digital health business transforming care through a unique combination of portable, semiconductor-based ultrasound technology, intuitive software, services, and educational offerings that can make medical imaging more accessible than ever before. Butterfly’s solution enables the practical application of ultrasound information into the clinical workflow through affordable hardware that fits in a healthcare professional’s pocket and is paired with cloud-connected software that is easily accessed through a mobile application. Butterfly developed ultrasound devices that can perform whole-body imaging in a single handheld probe because they are powered by our proprietary semiconductor technology instead of piezoelectric crystals. Our Ultrasound-on-Chip™ makes ultrasound more accessible outside of large healthcare institutions, while our software is intended to make the product easy to use, fully integrated with the clinical workflow, and accessible on a user’s smartphone, tablet, and almost any hospital computer system connected to the Internet. We aim to enable the delivery of imaging information anywhere at point-of-care to drive earlier detection throughout the body and remote management of health conditions. We market and sell the Butterfly system, which includes probes, related accessories, and software subscriptions (which we refer to herein as our "core business"), to healthcare systems, physicians, and healthcare providers through a direct sales force, distributors, and our eCommerce channel. We also license our proprietary Ultrasound-on-Chip™ semiconductor platform for co-development of novel technologies in non-competitive markets through our Embedded program. Key Performance Measures We review the key performance measures discussed below to evaluate the business and measure performance, identify trends, formulate plans, and make strategic decisions. Our key performance measures may fluctuate over time as the adoption of our devices increases, which may shift the revenue mix more toward software and other services. The quarterly measures may be impacted by the timing of device sales. Units fulfilled We define units fulfilled as the number of devices whereby control is transferred to a customer. We do not adjust this measure for returns as our volume of returns has historically been low. We view units fulfilled as a key indicator of the growth of our business. We believe that this measure is useful to investors because it presents our core growth and the performance of our business period over period. 20 Table of Contents For the three months ended Units fulfilled increased by 1,176 units, or 22.5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was largely driven by higher probe sales volume in the U.S. through direct sales to health systems and medical schools as well as our eCommerce sales channel. Software and other services mix We define software and other services mix as a percentage of our total revenue recognized in a reporting period that is based on software subscriptions and other related services, consisting primarily of our software as a service ("SaaS") offering. We view software and other services mix as a key indicator of the profitability of our business, and thus we believe that this measure is useful to investors. Software and other services mix increased by 22.9 percentage points, to 51.8%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase was primarily driven by increases in software and other services revenue generated by our Embedded partnerships, including our co-development partnership with Midjourney, Inc. 21 Table of Contents Description of Certain Components of Financial Data Revenue Product revenue consists of revenue from the sale of products, such as medical devices, accessories, and semiconductor chips. Our software and other services revenue consists of revenue from the sale of SaaS subscriptions, extended warranties, services related to our Embedded partnerships, implementation and integration services, and software development kits ("SDKs"), which may be perpetual or term-based. SaaS subscriptions include licenses for teams and individuals as well as enterprise-level subscriptions. Services related to our Embedded partnerships include out-licensing arrangements and related research and development services. For sales of products and perpetual SDKs, revenue is recognized at a point in time upon transfer of control to the customer. Sales of SaaS subscriptions, extended warranties, and term-based SDKs are generally related to stand-ready obligations or continued provision of access, and the revenue for those offerings is recognized ratably over time. For sales of services related to our Embedded partnerships and implementation and integration services, revenue is recognized over time using input methods to determine a measure of progress. Over time, as adoption of our devices increases through further market penetration, as practitioners in the Butterfly network continue to use our devices, and as our Embedded collaborations continue to grow and develop, we expect our annual revenue mix to shift more toward software and other services. The quarterly revenue mix may be impacted by the timing of device sales. To date, we have invested in building out our commercial footprint, with the ultimate goal of growing adoption at large-scale healthcare systems and driving awareness of the usability of ultrasound. As we expand our healthcare system software offerings and develop relationships with larger healthcare systems, we continue to expect a higher proportion of our sales in healthcare systems compared to eCommerce. Cost of revenue Cost of product revenue includes manufacturing costs, personnel costs and benefits, inbound freight, packaging, warranty replacement costs, royalty fees for licensed intellectual property, payment processing fees, and inventory obsolescence and write-offs. We expect our cost of product revenue to fluctuate over time due to the level of units fulfilled in any given period and to fluctuate as a percentage of product revenue over time as our focus on operational efficiencies in our supply chain may be offset by increased prices of certain inventory components. Cost of software and other services revenue includes personnel costs, cloud hosting costs, and payment processing fees. Because the costs and associated expenses to deliver our software and other service offerings are less than the costs and associated expenses of manufacturing and selling our products, we anticipate an improvement in profitability and margin expansion over time as our revenue mix shifts increasingly towards software and other services. We plan to continue to invest additional resources to expand and further develop our SaaS and other service offerings which will be reflected in cost of revenue as amortization expense. Research and development Research and development expenses primarily consist of personnel costs and benefits, professional services, facilities-related expenses and depreciation, fabrication services, and software costs. Most of our research and development expenses are related to developing new products and services that have not reached the point of commercialization and improving our products and services that have been commercialized. Fabrication services include certain third-party engineering costs, product testing, and test boards. Research and development expenses are expensed as incurred. We expect to continue to make substantial investments in our product and software development, clinical, and regulatory capabilities. Sales and marketing Sales and marketing expenses primarily consist of personnel costs and benefits, advertising, conferences and events, facilities-related expenses, and software costs. We expect to increase our investments in our commercial capabilities. General and administrative General and administrative expenses primarily consist of personnel costs and benefits, insurance, patent fees, software costs, facilities-related expenses, and outside services. Outside services consist of professional services, legal fees and other professional fees. 22 Table of Contents Other Operating expenses classified as other are expenses which we do not consider representative of our ongoing operations. These other expenses primarily consist of employee severance and benefits costs related to reductions in force, litigation costs, loss contingencies and related loss recoveries related to ongoing litigation, and legal settlements. Results of Operations We operate as a single reportable segment to reflect the way our CODM reviews and assesses the performance of the business. The accounting policies are described in Note 2 "Summary of Significant Accounting Policies" in our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1804176/000180417626000009/bfly-20251231.htm Complete FY 2025 MD&A: /company/BFLY/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this Annual Report on Form 10-K. Overview We are an innovative digital health business transforming care through a unique combination of portable, semiconductor-based ultrasound technology, intuitive software, services, and educational offerings that can make medical imaging more accessible than ever before. Butterfly’s solution enables the practical application of ultrasound information into the clinical workflow through affordable hardware that fits in a healthcare professional’s pocket and is paired with cloud-connected software that is easily accessed through a mobile application. Butterfly developed ultrasound devices that can perform whole-body imaging in a single handheld probe because they are powered by our proprietary semiconductor technology instead of piezoelectric crystals. Our Ultrasound-on-Chip™ makes ultrasound more accessible outside of large healthcare institutions, while our software is intended to make the product easy to use, fully integrated with the clinical workflow, and accessible on a user’s smartphone, tablet, and almost any hospital computer system connected to the Internet. We aim to enable the delivery of imaging information anywhere at point-of-care to drive earlier detection throughout the body and remote management of health conditions. We market and sell the Butterfly system, which includes probes, related accessories, and software subscriptions, to healthcare systems, physicians, and healthcare providers through a direct sales force, distributors, and our eCommerce channel. We also license our 44 Table of Contents proprietary Ultrasound-on-Chip™ semiconductor platform for co-development of novel technologies in non-competitive markets through a program called Butterfly Embedded™. Key Performance Measures We review the key performance measures discussed below to evaluate the business and measure performance, identify trends, formulate plans, and make strategic decisions. Our key performance measures may fluctuate over time as the adoption of our devices increases, which may shift the revenue mix more toward software and other services. Units fulfilled We define units fulfilled as the number of devices whereby control is transferred to a customer. We do not adjust this measure for returns as our volume of returns has historically been low. We view units fulfilled as a key indicator of the growth of our business. We believe that this measure is useful to investors because it presents our core growth and performance of our business period over period. Units fulfilled increased by 1,792, or 9.1%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by higher probe sales volume in our US and veterinary sales channels. Software and other services mix We define software and other services mix as a percentage of our total revenue recognized in a reporting period that is based on software subscriptions and other related services, consisting primarily of our software as a service (“SaaS”) offering. We view software and other services mix as a key indicator of the profitability of our business, and thus we believe that this measure is useful to investors. 45 Table of Contents Software and other services mix increased by 1.1 percentage points, to 35.0%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was primarily driven by increases in software subscription revenue from our Butterfly Embedded™ partnerships. Description of Certain Components of Financial Data Revenue Revenue consists of revenue from the sale of products, such as medical devices, accessories, and semiconductor chips, and the sale of software and other services. Our software and related service offerings include SaaS subscriptions, product support and maintenance (“Support”), software development kits ("SDKs") which may be perpetual or term-based, and partnership support services. SaaS subscriptions include licenses for teams and individuals as well as enterprise-level subscriptions. For sales of products and perpetual SDKs, revenue is recognized at a point in time upon transfer of control to the customer. SaaS subscriptions, Support, and term-based SDKs are generally related to stand-ready obligations and are recognized ratably over time. Over time, as adoption of our devices increases through further market penetration, as practitioners in the Butterfly network continue to use our devices, and as our Butterfly Embedded™ collaborations continue to grow and develop, we expect our annual revenue mix to shift more toward software and other services. The quarterly revenue mix may be impacted by the timing of device sales. To date, we have invested in building out our commercial footprint, with the ultimate goal of growing adoption at large-scale healthcare systems and driving awareness of the usability of ultrasound. As we expand our healthcare system software offerings and develop relationships with larger healthcare systems, we continue to expect a higher proportion of our sales in healthcare systems compared to eCommerce. Cost of revenue Cost of product revenue consists of product costs including manufacturing costs, personnel costs and benefits, inbound freight, packaging, warranty replacement costs, royalty fees for licensed intellectual property, payment processing fees, and inventory obsolescence and write-offs. We expect our cost of product revenue to fluctuate over time due to the level of units fulfilled in any given period and fluctuate as a percentage of product revenue over time as our focus on operational efficiencies in our supply chain may be offset by increased prices of certain inventory components. Cost of software and other services revenue consists of personnel costs, cloud hosting costs and payment processing fees. Because the costs and associated expenses to deliver our SaaS offerings are less than the costs and associated expenses of manufacturing and selling our devices, we anticipate an improvement in profitability and margin expansion over time as our revenue mix shifts increasingly towards software and other services. We plan to continue to invest additional resources 46 Table of Contents to expand and further develop our SaaS and other service offerings which will be reflected in cost of revenue as amortization expense. Research and development Research and development expenses primarily consist of personnel costs and benefits, professional services, facilities-related expenses and depreciation, fabrication services, and software costs. Most of our research and development expenses are related to developing new products and services that have not reached the point of commercialization and improving our products and services that have been commercialized. Fabrication services include certain third-party engineering costs, product testing, and test boards. Research and development expenses are expensed as incurred. We expect to continue to make substantial investments in our product and software development, clinical, and regulatory capabilities. Sales and marketing Sales and marketing expenses primarily consist of personnel costs and benefits, advertising, conferences and events, facilities-related expenses, and software costs. We expect to increase our investments in our commercial capabilities. General and administrative General and administrative expenses primarily consist of personnel costs and benefits, insurance, patent fees, software costs, facilities-related expenses, and outside services. Outside services consist of professional services, legal fees and other professional fees. Other Operating expenses classified as other are expenses which we do not consider representative of our ongoing operations. These other expenses primarily consist of employee severance and benefits costs related to reductions in force, business transformation initiatives, litigation costs, and legal settlements. Results of Operations We operate as a single reportable segment to reflect the way our chief operating decision maker reviews and assesses the performance of the business. The accounting policies are described in Note 2 “Summary of Significant Accounting Policies” in our consolidated financial statements included in this Annual Report on Form 10-K. 47 Table of Contents [[GREPCENT_TABLE]] [["","","Year ended December 31,"],["","","2025","","2024","","2023"],["(in thousands)","","Dollars","","% of total revenue","","Dollars","","% of total revenue","","Dollars","","% of total revenue"],["Revenue:"],["Product","","$","63,443","","","65.0","%","","$","54,200","","","66.1","%","","$","40,036","","","60.8","%"],["Software and other services","","34,167","","","35.0","","","27,856","","","33.9","","","25,864","","","39.2"],["Total revenue","","97,610","","","100.0","","","82,056","","","100.0","","","65,900","","","100.0"],["Cost of revenue:"],["Product","","44,065","","","45.1","","","24,380","","","29.7","","","40,655","","","61.7"],["Software and other services","","7,811","","","8.0","","","8,845","","","10.8","","","8,389","","","12.7"],["Total cost of revenue","","51,876","","","53.1","","","33,225","","","40.5","","","49,044","","","74.4"],["Gross profit","","45,734","","","46.9","","","48,831","","","59.5","","","16,856","","","25.6"],["Operating expenses:"],["Research and development","","36,262","","","37.1","","","37,800","","","46.1","","","55,616","","","84.4"],["Sales and marketing","","45,876","","","47.0","","","41,567","","","50.7","","","39,073","","","59.3"],["General and administrative","","39,235","","","40.2","","","39,810","","","48.5","","","49,613","","","75.3"],["Other","","10,776","","","11.0","","","4,065","","","5.0","","","18,164","","","27.6"],["Total operating expenses","","132,149","","","135.4","","","123,242","","","150.2","","","162,466","","","246.5"],["Loss from operations","","(86,415)","","","(88.5)","","","(74,411)","","","(90.7)","","","(145,610)","","","(221.0)"],["Interest income","","5,911","","","6.1","","","5,020","","","6.1","","","7,450","","","11.3"],["Interest expense","","(1,490)","","","(1.5)","","","(1,261)","","","(1.5)","","","\u2014","","","\u2014"],["Change in fair value of warrant liabilities","","2,272","","","2.3","","","(1,859)","","","(2.3)","","","4,544","","","6.9"],["Other income (expense), net","","2,768","","","2.8","","","(13)","","","0.0","","","(2)","","","0.0"],["Loss before provision for income taxes","","(76,954)","","","(78.8)","","","(72,524)","","","(88.4)","","","(133,618)","","","(202.8)"],["Provision (benefit) for income taxes","","110","","","0.1","","","(32)","","","0.0","","","82","","","0.1"],["Net loss and comprehensive loss","","$","(77,064)","","","(79.0)","%","","$","(72,492)","","","(88.3)","%","","$","(133,700)","","","(202.9)","%"]] [[/GREPCENT_TABLE]] Comparison of the Years Ended December 31, 2025 and 2024 Revenue [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BFLY/mda/fy2025/ All MD&A years: /company/BFLY/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BFLY/mda/fy2024/): filed 2025-02-28; accession 0001628280-25-009036 (https://www.sec.gov/Archives/edgar/data/1804176/000162828025009036/bfly-20241231.htm) - [FY 2023 MD&A](/company/BFLY/mda/fy2023/): filed 2024-03-04; accession 0001558370-24-002308 (https://www.sec.gov/Archives/edgar/data/1804176/000155837024002308/bfly-20231231x10k.htm) - [FY 2022 MD&A](/company/BFLY/mda/fy2022/): filed 2023-03-23; accession 0001558370-23-004464 (https://www.sec.gov/Archives/edgar/data/1804176/000155837023004464/bfly-20221231x10k.htm) - [FY 2021 MD&A](/company/BFLY/mda/fy2021/): filed 2022-02-28; accession 0001558370-22-002397 (https://www.sec.gov/Archives/edgar/data/1804176/000155837022002397/tmb-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BFLY.md · JSON record: /company/BFLY.json · verified financials: /company/BFLY/financials.json / /company/BFLY/financials.csv · machine TOC for the whole site: /llms.txt