Butterfly Network Inc (NYSE: BFLY) is a medical device company that designs and sells handheld, whole-body ultrasound systems built on its proprietary Ultrasound-on-Chip semiconductor platform. Revenue comes from hardware sales of its portable ultrasound probes and recurring software subscriptions, with additional income from professional services and intellectual property licensing to third-party co-development partners. The company sells into the point-of-care ultrasound (POCUS) market, competing against traditional cart-based ultrasound manufacturers and newer handheld device makers. Butterfly reported total revenue of $97.6 million for the year ended December 31, 2025, up from $82.1 million for the year ended December 31, 2024, while incurring net losses of $77.1 million and $72.5 million in those same periods. The company has over 145,000 unique users as of the filing date. It sells through a direct sales force, distributors, and an eCommerce channel to healthcare systems, physicians, and healthcare providers. Headquarters are in the United States.

Revenue model

Hardware sales of handheld ultrasound probes (Butterfly iQ+ and iQ3), recurring cloud-based software subscriptions, professional services for large-scale deployments, and IP licensing fees from co-development partners under the Butterfly Embedded program.

Products and services

Butterfly iQ3 (third-generation, launched 2024), Butterfly iQ+ (second-generation), Butterfly iQ+ Bladder, Butterfly Move, Butterfly iQ+/iQ3 Vet devices; cloud-based software subscriptions; Compass AI software for health system integration; Butterfly Garden SDK for third-party AI development; Butterfly Academy educational software; Butterfly Certified courses; ScanLab education app; teleguidance services; professional services for enterprise deployments; Butterfly Embedded co-development licensing.

Customers and end markets

Healthcare systems, hospitals, physicians, and healthcare providers; medical schools; veterinary market; global conflict zone and rural clinic settings. Customers access products via direct sales force, distributors, and eCommerce.

Value-chain role

Medical device manufacturer and software platform provider. Designs proprietary semiconductor-based ultrasound hardware, develops and sells cloud-based imaging software, and licenses its Ultrasound-on-Chip technology to third-party co-development partners.

Geographic exposure

The filing does not provide a specific geographic revenue breakdown. The company references sales to large healthcare systems, rural clinics, and global conflict zones, indicating an international presence.

Competitors

Traditional cart-based ultrasound device manufacturers, Other POCUS and handheld ultrasound device makers

Source: SEC 10-K, filed 2026-02-27

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