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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Butterfly Network
Butterfly Network (BFLY) investor relations material
Butterfly Network Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Q4 2025 revenue reached $31.5 million, up 41% year-over-year, marking the highest quarterly result and the first quarter of positive operating cash flow, driven by the Midjourney deal upfront payments.
The company is executing a strategic growth plan focused on expanding its core POCUS business, enabling new applications (home care, Butterfly Embedded), and advancing its semiconductor ultrasound platform.
Material revenue contributions are now coming from outside the core POCUS business, notably from Butterfly Embedded partnerships.
Transitioning from a medical device company to a semiconductor-based platform, with strategic focus on AI-native imaging and sensing.
Generated positive net cash flow of $6.3 million in Q4 and reported the lowest annual cash usage in company history.
Financial highlights
Q4 2025 revenue was $31.5 million, a 41% increase year-over-year; full-year 2025 revenue was $97.6 million, up 19%.
U.S. revenue in Q4 was $26.8 million (up 55% year-over-year); international revenue was $4.7 million (down 6%).
Product revenue in Q4 was $18.1 million (up 23%); software and services revenue was $13.4 million (up 76%), now 43% of total revenue.
Gross profit for Q4 was $21.2 million (up 55%), with gross margin rising to 67% from 61% year-over-year.
Adjusted EBITDA loss for Q4 was $3.2 million (improved 65%); full-year adjusted EBITDA loss was $26.5 million (improved 32%).
Cash and equivalents at year-end were $154.5 million; annual cash use was $19.4 million, a $26.4 million improvement.
Operating expenses for Q4: $37.9 million (up 22% YoY); net loss: $15.3 million (improved from $18.1 million YoY).
Adjusted EPS for Q4: $(0.02) vs. $(0.05) YoY.
Outlook and guidance
Q1 2026 revenue expected between $24 million and $28 million, reflecting typical seasonality.
Q1 2026 adjusted EBITDA loss expected between $8 million and $10 million due to seasonal expenses.
Full-year 2026 revenue guidance is $117 million to $121 million (20–24% growth); adjusted EBITDA loss expected between $21 million and $25 million.
Guidance includes continued investment in innovation, Butterfly Embedded, and tariff impacts.
Home care commercialization expected to contribute revenue by late 2026 or 2027.
Embedded strategy's future revenue contribution
Gross margin drivers: Embedded vs. amortization
HomeCare and Apollo chip's market impact
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Next Butterfly Network earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
Butterfly Network
Next Butterfly Network earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
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Frequently asked questions
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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