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Butterfly Network (BFLY) investor relations material
Butterfly Network Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue reached $21.5 million, up 5% year-over-year, driven by higher ASPs, international expansion, and strong iQ3 adoption despite tough comparisons and seasonal softness.
Net loss for Q3 2025 was $34.0 million, primarily due to a $17.4 million non-cash inventory write-down related to iQ+ components.
Cash burn reduced to a record low of $3.9 million, with cash and equivalents at $144.2 million at quarter-end.
AI initiatives, new product launches, and expanded global security certifications are driving product differentiation and market reach.
Enterprise sales faced macro headwinds, but pipeline opportunities increased and momentum is expected to return in 2026.
Financial highlights
Q3 2025 revenue was $21.5 million (5% YoY growth); U.S. revenue $16.1 million, international $5.4 million (4% YoY growth).
Product revenue rose to $14.6 million (up 8% YoY); software and services revenue was flat at $6.9 million.
Adjusted gross margin increased to 63.9% from 60% YoY, excluding a $17.4 million non-cash inventory write-off; GAAP gross margin was -17.5%.
Adjusted EBITDA loss improved to $8.1 million from $8.4 million; net loss per share was $(0.13).
Cash and cash equivalents were $144.2 million as of September 30, 2025, bolstered by an $81 million equity raise in January 2025.
Outlook and guidance
Full-year 2025 revenue guidance reaffirmed at $91–$95 million, implying Q4 revenue of $25–$29 million.
Full-year adjusted EBITDA loss guidance narrowed to $32–$35 million.
Management expects continued investment in growth, with sufficient liquidity for at least 12 months.
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