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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.
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Q3 2025 earnings summary31 Oct, 2025

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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Butterfly Network, Inc. develops, manufactures, and commercializes ultrasound imaging solutions. The company's product is the Butterfly iQ that converts a smartphone into a portable ultrasound system to image any part of the body.

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