Butterfly Network, Inc.

butterflynetwork.com

What Do They Do?

Sells handheld, semiconductor-based ultrasound devices, cloud-connected software and related services to healthcare systems, healthcare practitioners and veterinarians.

How Do They Make Money?

Customers buy devices and accessories, with direct-sale payment terms typically 30 to 90 days. Software customers pay for access over subscription periods; licensing and development agreements can include upfront, annual and milestone payments.

revenue

Segment	Share	Revenue	How money arrives
Devices and accessories Sold outright	65% FY2022: 68%		Sold outright
Software and other services Mix	35% FY2022: 32%		Mix

Who Are Their Customers?

Sells to healthcare systems through direct sales and distributor partnerships, and reaches physicians, other healthcare providers and veterinarians through direct sales, distributors and eCommerce.

Do Revenues Turn Into Profits?

No. It lost $77.1M in FY2025.

Operating income, FY2025

−89% of revenue

▲ +16% (Loss) vs FY2024 (−$74.4M, −91%)

Net income, FY2025

−79% of revenue

▲ +6% (Loss) vs FY2024 (−$72.5M, −88%)

Free cash flow, FY2025

−16% of revenue

▼ −64% (Loss) vs FY2024 (−$44.4M, −54%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +39%; vs $23.4M in Q2 FY2025
Net income: ▼ −7% (Loss); vs −$13.8M in Q2 FY2025

Product share of revenue vs 71.1% in Q2 FY2025

Growing. Revenue grew 56% in 4 years, from $62.6M in FY2021 to $97.6M in FY2025, about 12% a year.

Additional handheld model The older report describes a handheld Butterfly ultrasound device; the latest report also describes another handheld model, expanding the product lineup.

Revenue over time

Devices and accessories Software and other services

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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