$BFLY

Butterfly Network, Inc.

CIK:0001804176|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 32,612	$ 23,383	$ 59,142	$ 44,608
Cost of revenue:
Total cost of revenue	9,324	8,492	17,568	16,336
Gross profit	23,288	14,891	41,574	28,272
Operating expenses:
Research and development	10,542	8,315	20,080	18,239
Sales and marketing	11,467	11,559	22,884	23,179
General and administrative	11,355	9,130	22,173	18,729
Other	3,588	1,987	3,973	2,691
Total operating expenses	36,952	30,991	69,110	62,838
Loss from operations	(13,664)	(16,100)	(27,536)	(34,566)
Interest income	1,079	1,503	2,265	3,155
Interest expense	(282)	(368)	(561)	(715)
Change in fair value of warrant liabilities	0	620	413	1,446
Other income (expense), net	(43)	531	(168)	2,906
Loss before provision for income taxes	(12,910)	(13,814)	(25,587)	(27,774)
Provision for income taxes	0	20	0	27
Net loss	(12,910)	(13,834)	(25,587)	(27,801)
Comprehensive loss	$ (12,910)	$ (13,834)	$ (25,587)	$ (27,801)
Net loss per common share attributable to Class A and B common stockholders - basic (in dollars per share)	$ (0.05)	$ (0.06)	$ (0.10)	$ (0.12)
Net loss per common share attributable to Class A and B common stockholders - diluted (in dollars per share)	$ (0.05)	$ (0.06)	$ (0.10)	$ (0.12)
Weighted-average shares used to compute net loss per share attributable to Class A and B common stockholders - basic (in shares)	262,100,993	248,393,811	259,324,052	241,695,884
Weighted-average shares used to compute net loss per share attributable to Class A and B common stockholders - diluted (in shares)	262,100,993	248,393,811	259,324,052	241,695,884
Product
Revenue:
Total revenue	$ 15,720	$ 16,621	$ 30,373	$ 30,785
Cost of revenue:
Total cost of revenue	7,370	6,670	13,725	12,494
Software and other services
Revenue:
Total revenue	16,892	6,762	28,769	13,823
Cost of revenue:
Total cost of revenue	$ 1,954	$ 1,822	$ 3,843	$ 3,842

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (25,587)	$ (27,801)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization, and impairments	3,471	4,442
Non-cash interest expense	561	713
Write-down of inventories	0	66
Stock-based compensation expense	12,580	12,148
Change in fair value of warrant liabilities	(413)	(1,446)
Other	834	172
Changes in operating assets and liabilities:
Accounts receivable	(8,636)	(3,909)
Inventories	2,830	1,816
Prepaid expenses and other assets	(9,630)	(874)
Vendor advances	46	1,244
Accounts payable	(1,945)	(927)
Deferred revenue	(10,643)	(581)
Change in operating lease assets and liabilities	(455)	(411)
Accrued expenses and other liabilities	6,824	(3,496)
Net cash used in operating activities	(30,163)	(18,844)
Cash flows from investing activities:
Purchases of property, equipment, and intangible assets, including capitalized software	(1,924)	(1,249)
Net cash used in investing activities	(1,924)	(1,249)
Cash flows from financing activities:
Proceeds from exercise of stock options	5,031	274
Proceeds from employee stock purchase plan	1,233	949
Net proceeds from share offering	0	81,006
Payments to tax authorities for restricted stock units withheld	(7)	(2,775)
Net cash provided by financing activities	6,257	79,454
Net increase (decrease) in cash, cash equivalents, and restricted cash	(25,830)	59,361
Cash, cash equivalents, and restricted cash, beginning of period	154,504	92,790
Cash, cash equivalents, and restricted cash, end of period	$ 128,674	$ 152,151

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 124,659	$ 150,489
Accounts receivable, net of allowance for credit losses of $1,785 and $1,389 at June 30, 2026 and December 31, 2025, respectively	34,554	26,744
Inventories	58,559	61,389
Current portion of vendor advances	2,157	2,063
Prepaid expenses and other current assets	18,018	8,418
Total current assets	237,947	249,103
Property and equipment, net	15,850	16,587
Intangible assets, net	6,816	7,516
Non-current portion of vendor advances	4,868	5,008
Operating lease assets	11,805	12,652
Other non-current assets	5,709	5,667
Total assets	282,995	296,533
Current liabilities:
Accounts payable	3,518	5,442
Deferred revenue, current	15,472	26,909
Accrued purchase commitments, current	131	131
Warrant liabilities, current	0	413
Accrued expenses and other current liabilities	39,482	32,222
Total current liabilities	58,603	65,117
Deferred revenue, non-current	10,185	9,391
Operating lease liabilities	16,293	17,721
Other non-current liabilities	8,514	8,325
Total liabilities	93,595	100,554
Commitments and contingencies (Note 12)
Stockholders’ equity:
Additional paid-in capital	1,094,154	1,075,147
Accumulated deficit	(904,781)	(879,194)
Total stockholders’ equity	189,400	195,979
Total liabilities and stockholders’ equity	282,995	296,533
Class A Common Stock
Stockholders’ equity:
Common stock	24	23
Class B Common Stock
Stockholders’ equity:
Common stock	$ 3	$ 3