Butterfly Network Inc Financials

BFLY

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Butterfly Network Inc (BFLY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 58/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Butterfly Network Inc has an operating margin of -90.7%, meaning the company retains $-91 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -221.0% the prior year.

Growth

Butterfly Network Inc's revenue surged 24.5% year-over-year to $82.1M, reflecting rapid business expansion. This strong growth earns a score of 99/100.

Leverage

Butterfly Network Inc carries a low D/E ratio of 0.52, meaning only $0.52 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 3.99, Butterfly Network Inc holds $3.99 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Butterfly Network Inc generated -$41.7M in operating cash flow, capex of $2.7M consumed most of it, leaving -$44.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Butterfly Network Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.58x

For every $1 of reported earnings, Butterfly Network Inc generates $0.58 in operating cash flow (-$41.7M OCF vs -$72.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-59.0x

Butterfly Network Inc earns $-59.0 in operating income for every $1 of interest expense (-$74.4M vs $1.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$82.1M

YoY+24.5%

5Y CAGR+24.4%

Butterfly Network Inc generated $82.1M in revenue in fiscal year 2024. This represents an increase of 24.5% from the prior year.

EBITDA

-$65.5M

YoY+52.2%

Butterfly Network Inc's EBITDA was -$65.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 52.2% from the prior year.

Free Cash Flow

-$44.4M

YoY+57.6%

Butterfly Network Inc generated -$44.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 57.6% from the prior year.

Net Income

-$72.5M

YoY+45.8%

Butterfly Network Inc reported -$72.5M in net income in fiscal year 2024. This represents an increase of 45.8% from the prior year.

EPS (Diluted)

$-0.34

YoY+47.7%

Butterfly Network Inc earned $-0.34 per diluted share (EPS) in fiscal year 2024. This represents an increase of 47.7% from the prior year.

Cash & Debt

$88.8M

YoY-34.0%

5Y CAGR-0.3%

Butterfly Network Inc held $88.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.00

Butterfly Network Inc paid $0.00 per share in dividends in fiscal year 2024.

Shares Outstanding

N/A

Gross Margin

59.5%

YoY+33.9pp

5Y CAGR+135.3pp

Butterfly Network Inc's gross margin was 59.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 33.9 percentage points from the prior year.

Operating Margin

-90.7%

YoY+130.3pp

5Y CAGR+280.2pp

Butterfly Network Inc's operating margin was -90.7% in fiscal year 2024, reflecting core business profitability. This is up 130.3 percentage points from the prior year.

Net Margin

-88.3%

YoY+114.5pp

5Y CAGR+273.1pp

Butterfly Network Inc's net profit margin was -88.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 114.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$37.8M

YoY-32.0%

5Y CAGR-5.0%

Butterfly Network Inc invested $37.8M in research and development in fiscal year 2024. This represents a decrease of 32.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$2.7M

YoY-53.4%

5Y CAGR-9.6%

Butterfly Network Inc invested $2.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 53.4% from the prior year.

BFLY Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$82.1M+24.5%	$65.9M-10.2%	$73.4M+17.3%	$62.6M+35.3%	$46.3M+67.7%	$27.6M
Cost of Revenue	$33.2M-32.3%	$49.0M+44.5%	$33.9M-25.4%	$45.5M-57.7%	$107.5M+121.7%	$48.5M
Gross Profit	$48.8M+189.7%	$16.9M-57.3%	$39.5M+131.4%	$17.1M+127.9%	-$61.2M-193.0%	-$20.9M
R&D Expenses	$37.8M-32.0%	$55.6M-36.8%	$88.0M+18.2%	$74.5M+49.7%	$49.7M+1.6%	$48.9M
SG&A Expenses	$39.8M-19.8%	$49.6M-36.1%	$77.6M-9.5%	$85.7M+251.4%	$24.4M+34.1%	$18.2M
Operating Income	-$74.4M+48.9%	-$145.6M+24.6%	-$193.0M-0.2%	-$192.7M-19.2%	-$161.6M-58.0%	-$102.3M
Interest Expense	$1.3M	$0-100.0%	$2K-99.7%	$651K-42.9%	$1.1M	N/A
Income Tax	-$32K-139.0%	$82K+95.2%	$42K-65.3%	$121K+210.3%	$39K	N/A
Net Income	-$72.5M+45.8%	-$133.7M+20.8%	-$168.7M-420.6%	-$32.4M+80.1%	-$162.7M-63.2%	-$99.7M
EPS (Diluted)	$-0.34+47.7%	$-0.65+22.6%	$-0.84-342.1%	$-0.19+99.3%	$-26.87-57.3%	$-17.08

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$21.5M-8.1%	$23.4M+10.2%	$21.2M-5.0%	$22.4M+4.0%	$21.5M+21.7%	$17.7M+6.9%	$16.5M+7.1%	$15.4M
Cost of Revenue	$25.2M+197.3%	$8.5M+8.2%	$7.8M-8.9%	$8.6M-3.2%	$8.9M+20.6%	$7.4M-74.6%	$29.1M+381.1%	$6.0M
Gross Profit	-$3.8M-125.2%	$14.9M+11.3%	$13.4M-2.6%	$13.7M+9.1%	$12.6M+22.5%	$10.3M+182.0%	-$12.5M-233.6%	$9.4M
R&D Expenses	$8.7M+4.7%	$8.3M-16.2%	$9.9M+12.5%	$8.8M-6.2%	$9.4M-12.2%	$10.7M-4.4%	$11.2M-7.6%	$12.1M
SG&A Expenses	$9.3M+1.7%	$9.1M-4.9%	$9.6M-3.4%	$9.9M-1.3%	$10.1M-3.5%	$10.4M-15.6%	$12.4M+7.0%	$11.6M
Operating Income	-$35.1M-118.2%	-$16.1M+12.8%	-$18.5M-6.7%	-$17.3M-0.5%	-$17.2M+23.8%	-$22.6M+51.6%	-$46.7M-43.5%	-$32.6M
Interest Expense	$385K+4.6%	$368K+6.1%	$347K+4.2%	$333K+7.8%	$309K+3.0%	$300K	N/A	N/A
Income Tax	$16K-20.0%	$20K+185.7%	$7K+106.4%	-$110K-747.1%	$17K+466.7%	$3K+400.0%	-$1K-150.0%	$2K
Net Income	-$34.0M-145.6%	-$13.8M+1.0%	-$14.0M+22.8%	-$18.1M-15.2%	-$15.7M+27.8%	-$21.8M+50.7%	-$44.1M-61.2%	-$27.4M
EPS (Diluted)	$-0.13-116.7%	$-0.060.0%	$-0.06+33.3%	$-0.09-28.6%	$-0.07+30.0%	$-0.10+52.4%	$-0.21-61.5%	$-0.13

BFLY Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$256.1M-15.8%	$304.3M-27.1%	$417.6M-27.0%	$572.0M+288.6%	$147.2M	N/A
Current Assets	$192.6M-16.7%	$231.3M-35.2%	$357.1M-30.2%	$511.9M+425.9%	$97.3M	N/A
Cash & Equivalents	$88.8M-34.0%	$134.4M-17.3%	$162.6M-61.6%	$422.8M+602.3%	$60.2M-33.1%	$90.0M
Inventory	$70.8M-3.1%	$73.0M+21.8%	$60.0M+65.5%	$36.2M+40.4%	$25.8M	N/A
Accounts Receivable	$20.8M+55.0%	$13.4M-8.6%	$14.7M+23.0%	$11.9M+107.5%	$5.8M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$87.3M+3.6%	$84.2M-8.7%	$92.2M-25.8%	$124.3M-75.6%	$509.1M	N/A
Current Liabilities	$48.2M+8.9%	$44.3M-13.8%	$51.3M+3.0%	$49.8M-28.5%	$69.7M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$168.8M-23.3%	$220.1M-32.4%	$325.4M-27.3%	$447.7M+223.7%	-$361.9M-70.5%	-$212.3M
Retained Earnings	-$802.1M-9.9%	-$729.6M-22.4%	-$595.9M-39.5%	-$427.2M-8.2%	-$394.8M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$290.0M-7.4%	$313.3M-1.6%	$318.4M+24.3%	$256.1M-6.2%	$273.1M-3.9%	$284.3M-6.6%	$304.3M-9.0%	$334.2M
Current Assets	$241.4M-4.9%	$253.7M-1.4%	$257.4M+33.6%	$192.6M-5.8%	$204.5M-4.1%	$213.3M-7.8%	$231.3M-13.9%	$268.6M
Cash & Equivalents	$144.2M-2.6%	$148.1M-4.6%	$155.2M+74.8%	$88.8M-13.0%	$102.1M-9.4%	$112.7M-16.2%	$134.4M-10.4%	$150.0M
Inventory	$62.2M-9.7%	$68.9M-0.6%	$69.3M-2.1%	$70.8M-4.6%	$74.2M-0.4%	$74.5M+2.0%	$73.0M-22.3%	$94.0M
Accounts Receivable	$24.4M-0.4%	$24.5M+23.4%	$19.9M-4.4%	$20.8M+29.0%	$16.1M+15.8%	$13.9M+3.7%	$13.4M-1.7%	$13.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$86.2M+7.1%	$80.5M+2.2%	$78.7M-9.8%	$87.3M+10.7%	$78.8M-1.9%	$80.3M-4.7%	$84.2M+9.7%	$76.8M
Current Liabilities	$50.3M+12.7%	$44.7M+5.2%	$42.5M-11.9%	$48.2M+18.2%	$40.8M-1.8%	$41.5M-6.2%	$44.3M-2.4%	$45.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$203.8M-12.4%	$232.8M-2.9%	$239.7M+42.0%	$168.8M-13.1%	$194.3M-4.8%	$204.0M-7.3%	$220.1M-14.5%	$257.4M
Retained Earnings	-$863.9M-4.1%	-$829.9M-1.7%	-$816.1M-1.7%	-$802.1M-4.6%	-$767.1M-2.1%	-$751.4M-3.0%	-$729.6M-6.4%	-$685.5M

BFLY Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$41.7M+57.8%	-$98.8M+41.6%	-$169.1M+10.6%	-$189.2M-131.6%	-$81.7M+32.2%	-$120.4M
Capital Expenditures	$2.7M-53.4%	$5.8M-68.4%	$18.3M+132.3%	$7.9M+231.5%	$2.4M-46.8%	$4.5M
Free Cash Flow	-$44.4M+57.6%	-$104.6M+44.2%	-$187.4M+4.9%	-$197.1M-134.4%	-$84.1M+32.7%	-$124.9M
Investing Cash Flow	-$2.7M-103.8%	$70.4M+175.1%	-$93.8M-850.1%	-$9.9M-315.4%	-$2.4M+46.8%	-$4.5M
Financing Cash Flow	-$1.5M-755.7%	$228K-92.1%	$2.9M-99.5%	$565.7M+942.2%	$54.3M+16653.1%	$324K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$2.9M+59.7%	-$7.2M+38.6%	-$11.7M-274.3%	-$3.1M+68.8%	-$10.0M+51.6%	-$20.7M-57.8%	-$13.1M+18.0%	-$16.0M
Capital Expenditures	$1.0M+13.4%	$896K+153.8%	$353K-13.5%	$408K-44.4%	$734K-35.5%	$1.1M-54.7%	$2.5M+139.7%	$1.0M
Free Cash Flow	-$3.9M+51.6%	-$8.1M+33.0%	-$12.0M-241.0%	-$3.5M+67.1%	-$10.7M+50.8%	-$21.8M-39.7%	-$15.6M+8.3%	-$17.0M
Investing Cash Flow	-$1.0M-13.4%	-$896K-153.8%	-$353K+13.5%	-$408K+41.6%	-$699K+38.6%	-$1.1M+54.7%	-$2.5M-139.7%	-$1.0M
Financing Cash Flow	$0-100.0%	$987K-98.7%	$78.5M+5348.6%	-$1.5M	$0	$0	$0-100.0%	$92K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BFLY Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	59.5%+33.9pp	25.6%-28.2pp	53.8%+26.5pp	27.3%+159.6pp	-132.4%-56.6pp	-75.8%
Operating Margin	-90.7%+130.3pp	-221.0%+42.1pp	-263.0%+45.0pp	-308.0%+41.4pp	-349.4%+21.4pp	-370.9%
Net Margin	-88.3%+114.5pp	-202.9%+27.0pp	-229.9%-178.1pp	-51.8%+300.1pp	-351.9%+9.6pp	-361.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-28.3%+15.6pp	-43.9%-3.5pp	-40.4%-34.7pp	-5.7%+104.9pp	-110.6%	N/A
Current Ratio	3.99-1.2	5.22-1.7	6.96-3.3	10.27+8.9	1.40	N/A
Debt-to-Equity	0.52+0.1	0.38+0.1	0.280.0	0.28+1.7	-1.41	N/A
FCF Margin	-54.1%+104.6pp	-158.7%+96.6pp	-255.4%+59.6pp	-315.0%-133.2pp	-181.8%+271.0pp	-452.8%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	-17.5%-81.2pp	63.7%+0.6pp	63.0%+1.6pp	61.5%+2.9pp	58.6%+0.4pp	58.2%+134.1pp	-75.9%-136.8pp	60.8%
Operating Margin	-163.5%-94.7pp	-68.8%+18.2pp	-87.0%-9.6pp	-77.5%+2.8pp	-80.2%+47.9pp	-128.1%+154.8pp	-283.0%-71.8pp	-211.2%
Net Margin	-158.1%-98.9pp	-59.2%+6.6pp	-65.8%+15.2pp	-81.0%-7.9pp	-73.1%+50.1pp	-123.3%+143.9pp	-267.1%-89.7pp	-177.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-11.7%-7.3pp	-4.4%-0.0pp	-4.4%+2.7pp	-7.1%-1.3pp	-5.8%+1.9pp	-7.6%+6.8pp	-14.5%-6.3pp	-8.2%
Current Ratio	4.80-0.9	5.68-0.4	6.06+2.1	3.99-1.0	5.01-0.1	5.13-0.1	5.22-0.7	5.92
Debt-to-Equity	0.42+0.1	0.35+0.0	0.33-0.2	0.52+0.1	0.41+0.0	0.39+0.0	0.38+0.1	0.30
FCF Margin	-18.2%+16.3pp	-34.5%+22.2pp	-56.7%-40.9pp	-15.8%+34.2pp	-50.0%+73.5pp	-123.5%-29.0pp	-94.5%+15.9pp	-110.4%

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Frequently Asked Questions

What is Butterfly Network Inc's annual revenue?

Butterfly Network Inc (BFLY) reported $82.1M in total revenue for fiscal year 2024. This represents a 24.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Butterfly Network Inc's revenue growing?

Butterfly Network Inc (BFLY) revenue grew by 24.5% year-over-year, from $65.9M to $82.1M in fiscal year 2024.

Is Butterfly Network Inc profitable?

No, Butterfly Network Inc (BFLY) reported a net income of -$72.5M in fiscal year 2024, with a net profit margin of -88.3%.

What is Butterfly Network Inc's earnings per share (EPS)?

Butterfly Network Inc (BFLY) reported diluted earnings per share of $-0.34 for fiscal year 2024. This represents a 47.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Butterfly Network Inc's EBITDA?

Butterfly Network Inc (BFLY) had EBITDA of -$65.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Butterfly Network Inc's gross margin?

Butterfly Network Inc (BFLY) had a gross margin of 59.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Butterfly Network Inc's operating margin?

Butterfly Network Inc (BFLY) had an operating margin of -90.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Butterfly Network Inc's net profit margin?

Butterfly Network Inc (BFLY) had a net profit margin of -88.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Butterfly Network Inc's free cash flow?

Butterfly Network Inc (BFLY) generated -$44.4M in free cash flow during fiscal year 2024. This represents a 57.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Butterfly Network Inc's operating cash flow?

Butterfly Network Inc (BFLY) generated -$41.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Butterfly Network Inc's total assets?

Butterfly Network Inc (BFLY) had $256.1M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Butterfly Network Inc's capital expenditures?

Butterfly Network Inc (BFLY) invested $2.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Butterfly Network Inc spend on research and development?

Butterfly Network Inc (BFLY) invested $37.8M in research and development during fiscal year 2024.

What is Butterfly Network Inc's current ratio?

Butterfly Network Inc (BFLY) had a current ratio of 3.99 as of fiscal year 2024, which is generally considered healthy.

What is Butterfly Network Inc's debt-to-equity ratio?

Butterfly Network Inc (BFLY) had a debt-to-equity ratio of 0.52 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Butterfly Network Inc's return on assets (ROA)?

Butterfly Network Inc (BFLY) had a return on assets of -28.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Butterfly Network Inc's cash runway?

Based on fiscal year 2024 data, Butterfly Network Inc (BFLY) had $88.8M in cash against an annual operating cash burn of $41.7M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Butterfly Network Inc's Piotroski F-Score?

Butterfly Network Inc (BFLY) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Butterfly Network Inc's earnings high quality?

Butterfly Network Inc (BFLY) has an earnings quality ratio of 0.58x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Butterfly Network Inc cover its interest payments?

Butterfly Network Inc (BFLY) has an interest coverage ratio of -59.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Butterfly Network Inc?

Butterfly Network Inc (BFLY) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.