BFLY Butterfly Network, Inc.

Overview and Growth

In fiscal 2025, Butterfly Network, Inc. recorded $97.61M of revenue, net loss of $77.06M, and an operating cash outflow of $12.70M. The $97.61M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 19.0% above fiscal 2024 revenue of $82.06M, marking a year-over-year increase. Diluted earnings per share were -$0.31, translating the period’s attributable earnings into the amount reported for each diluted share. The company employed $296.53M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.33x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $45.73M as gross profit before recognizing operating expenses and other items. Gross margin was 46.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $86.42M, reflecting costs that exceeded gross profit. An operating margin of -88.5% reflected costs exceeding revenue-level gross profit by 88.5% of sales. After all below-operating-line items, the company recorded a net loss of $77.06M for the fiscal year. Measured against revenue, the bottom-line deficit represented 79.0% after all recognized items. EBITDA was negative $79.72M, showing a deficit before interest, taxes, depreciation, and amortization. The company reported a pretax loss of $76.95M, before the effect of income taxes. The pretax loss equaled 78.8% of revenue, measuring the pre-tax deficit against sales. The company recognized $110.00K of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 39.3% of period-end equity, showing the deficit relative to book capital. The net loss equaled 26.0% of period-end assets, showing the deficit relative to the asset base. Compared with a $72.49M net loss in fiscal 2024, the current loss increased to $77.06M.

Liquidity and Capital Structure

The company held $296.53M of assets against $100.55M of liabilities and $195.98M of equity, revealing how the asset base was financed. At period end, current assets of $249.10M compared with current liabilities of $65.12M, defining the company’s short-term resource position. The current ratio was 3.83x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $150.49M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 231.1% of current liabilities, showing how much near-term coverage came from cash alone. Equity equaled 66.1% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 33.9%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 50.7% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 15.8% higher than fiscal 2024 assets of $256.08M, measuring the company’s own balance-sheet change. Reported equity changed 16.1% from $168.83M in fiscal 2024, placing the current capital base higher year over year. Compared with $88.78M in fiscal 2024, the current cash balance moved 69.5% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $12.70M, showing that operations absorbed cash during the period. The company spent $3.35M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $16.05M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 16.4%. The cash deficit after capital spending represented 5.4% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.