[144] Keurig Dr Pepper Inc. SEC Filing

Rhea-AI Filing Summary

Butterfly Network (BFLY) Q2-25 10-Q highlights

• Revenue: $23.4 m, +9% YoY; product sales +14% on higher iQ3 pricing and Octiv chip deliveries; software & services flat.
• Gross margin: 63.7% vs 58.6% prior-year as software amortization fell and manufacturing efficiencies improved.
• Operating expenses: $31.0 m (-3% YoY). R&D -12% to $8.3 m; G&A -9% to $9.1 m; Sales & Marketing +19% to $11.6 m as the company scales commercial teams.
• Net loss: –$13.8 m (-12% YoY); EPS –$0.06 vs –$0.07.
• Cash & equivalents: $148.1 m at 30 Jun 25, up from $88.8 m at 31 Dec 24 after a $81 m January share offering; operating cash burn for H1-25 narrowed to $18.8 m from $30.7 m.
• Balance sheet: Assets $313 m, equity $233 m; warrant liabilities down to $1.2 m from $2.7 m.
• Key metrics: Gross profit $14.9 m (+18%); H1 revenue $44.6 m (+14%); H1 net loss –$27.8 m (vs –$37.5 m).

Management attributes margin gains to cost controls and lower software amortization. Litigation and severance drove $2.0 m of “Other” costs. With ~250 m diluted shares outstanding, dilution risk rises, but the strengthened cash position extends runway beyond 12 months.

Positive

• Revenue up 8.8% YoY with product growth driven by higher iQ3 pricing and international volume.
• Gross margin expanded 510 bps to 63.7%, indicating improved unit economics.
• Net loss narrowed 12% and H1 operating cash burn fell 39%.
• $81 m equity raise lifted cash to $148 m, extending liquidity runway.
• Warrant liabilities reduced to $1.2 m, lowering balance-sheet volatility.

Negative

• Company remains loss-making (–$13.8 m quarterly, –$27.8 m H1).
• Sales & Marketing costs rose 19%, tempering overall expense reductions.
• Dilution risk: share count grew to 248 m; additional equity financing could be needed long-term.
• ‘Other’ operating costs (litigation, severance) more than tripled YoY.
• Inventory still high at $68.9 m, carrying obsolescence risk.

Insights

Sell-side Equity Analyst

TL;DR: Modest topline growth, improving margins, still loss-making; cash raise materially extends runway—overall neutral to slightly constructive.

Revenue beat is modest but quality improved: hardware ASPs higher and services steady. 500 bps gross-margin expansion to 64% shows manufacturing efficiency and lower cloud/amortization costs. Expense discipline evident in R&D and G&A cuts; however S&M spend ramped 19% to drive adoption, offsetting savings. Net loss narrowed 12% and operating cash burn almost halved in H1, important given persistent negative FCF. January $81 m equity raise lifts cash to $148 m, ~3 years at current burn (<$50 m/yr per management). Dilution (shares +19% YoY) and litigation costs are watch points. No change to 2025 guidance disclosed. Overall, filing is incrementally positive on liquidity and margin trajectory but fundamental turnaround still pending.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

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Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
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144: Issuer Information

Name of Issuer

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Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

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144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	208000	6791200.00	1358435279	08/01/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/02/2023	Restricted Stock Units	Issuer			208000	07/02/2023	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for ROBERT J. GAMGORT 1999 TRUST U/ADTD 12/17/1999 53 South Avenue Burlington MA 01803	Common	07/29/2025	208000	6901918.40
10b5-1 Sales for ROBERT J. GAMGORT 1999 TRUST U/ADTD 12/17/1999 53 South Avenue Burlington MA 01803	Common	06/02/2025	208000	6885486.40

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ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

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ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How did BFLY’s Q2-25 revenue compare with Q2-24?

Revenue rose to $23.4 million, an 8.8% increase year over year.

What was Butterfly Network’s Q2-25 net loss per share?

The company reported a net loss of $0.06 per share versus $0.07 last year.

How much cash does Butterfly Network have?

As of 30 Jun 25, cash and cash equivalents were $148.1 million, boosted by an $81 m share offering in January.

What drove the gross margin improvement to 63.7%?

Management cites higher hardware ASPs, manufacturing efficiencies, and lower software amortization costs.

Is Butterfly Network still burning cash?

Yes, but H1-25 operating cash burn improved to $18.8 m from $30.7 m a year earlier.

How many shares are outstanding after the equity raise?

As of 24 Jul 25, there were 225.3 m Class A and 26.4 m Class B shares outstanding.