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Butterfly Network (BFLY) investor relations material

Butterfly Network Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary1 Aug, 2025

Executive summary

  • Achieved record quarterly revenue of $23.4 million in Q2 2025, up 8.8–9% year-over-year, with gross margin at an all-time high of 63.7–64% and lowest cash use to date at $7–7.1 million, despite macroeconomic headwinds.

  • Net loss for Q2 2025 was $13.8 million, improved from $15.7 million in Q2 2024, reflecting higher gross profit and reduced operating expenses.

  • Advanced AI and software initiatives, including the commercial phase of Butterfly Garden, upcoming Compass AI launch, and FDA clearance for three AI-powered clinical applications.

  • Leadership transition announced: CFO/COO departure, interim appointment, and search for permanent replacement underway.

  • Closed a large enterprise-wide deal with a top five global health system, marking progress in enterprise and medical school channels, though sales cycles have lengthened.

Financial highlights

  • Q2 2025 revenue: $23.4 million (up 8.8–9% year-over-year); six-month revenue: $44.6 million (up 14%).

  • Gross profit increased to $14.9 million, with gross margin rising to 63.7–64% from 58.6–59% year-over-year.

  • Net loss narrowed to $13.8 million from $15.7 million in the prior year period.

  • Adjusted EBITDA loss improved to $6.2 million from $8.1 million year-over-year; normalized cash burn was $7 million.

  • Cash and cash equivalents at quarter-end were $148.1–$152 million, up from $88.8 million at year-end 2024.

Outlook and guidance

  • Full-year revenue guidance revised to $91–96 million, reflecting persistent macro headwinds and delayed large deals; high end depends on closing delayed deals.

  • Adjusted EBITDA loss guidance improved to $32–37 million for the year, reflecting continued expense discipline.

  • Q3 revenue expected between $20–22 million, with adjusted EBITDA loss of $8–9 million.

  • Management expects current resources to fund operations for at least the next 12 months.

  • Anticipates launch of Compass AI software and commercial deployment of HomeCare solution before year-end.

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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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