Butterfly Network (BFLY) Company Report

Butterfly Network is expanding its platform, including the Butterfly Garden for third-party AI tool development, and integrating its chip licensing business, Butterfly Embedded, to address a significantly larger total addressable market beyond point-of-care ultrasound.
The company is advancing its proprietary chip technology, with the Poseidon 5.1 chip (doubling mechanical pressure and improving harmonics) entering production, and the future Apollo family chips promising 20 times the processing power for on-device AI and smaller form factors.
Butterfly Network announced a $74 million exclusive licensing deal for its chip with Midjourney, a GenAI company, marking a significant non-dilutive capital infusion and new revenue stream.
CEO Joe DeVivo reported that since 2023, the company has accelerated top-line growth, improved gross margins, reduced cash consumption, and strengthened its balance sheet.

Jan 15, 2026, 5:00 PM

Transcript

Butterfly Network Details Strategic Expansion into Chip Licensing and AI Ecosystem

BFLY

New Projects/Investments

Revenue Acceleration/Inflection

Product Launch

Butterfly Network is strategically expanding its business model to license its proprietary semiconductor chip to third parties for diverse applications beyond point-of-care ultrasound, highlighted by a $74 million deal with GenAI company Midjourney. This initiative, branded Butterfly Embedded, will not be spun out as a separate company.
The company has achieved accelerated top-line growth, improved gross margins, and dramatically reduced cash consumption over the past 24 months, with a pre-announced 17% year-over-year growth for Q4. Additionally, the expiration of warrants means 20 million shares of potential dilution will not occur.
Butterfly is advancing its chip roadmap with the Poseidon 5.1 chip, which doubles mechanical pressure and improves harmonics (expected early 2027), and is developing the Apollo family of semiconductors, offering 20 times the processing power for on-chip AI and smaller, more energy-efficient devices.
The company is enhancing its software and AI capabilities, including a major update to its Compass AI software to streamline reimbursement for hospitals and the launch of Butterfly Garden to integrate third-party AI applications, such as the FDA-approved HeartFocus app.

Jan 15, 2026, 5:00 PM

Transcript

Butterfly Network Discusses New Chip Development, Market Expansion, and Financial Improvements

BFLY

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Butterfly Network announced that warrants at $11.50 are expiring, which means 20 million shares of dilution will not occur.
The company has sent its Poseidon 5.1 chip to production, expected in devices by mid to late 2026 and available in 2027, and is developing an Apollo family of semiconductors with 20 times the processing power.
Butterfly is expanding its market by licensing its chip technology, including a $74 million deal with Midjourney for an exclusive license in a specific domain, and partnerships with three brain-computer interface companies.
The company pre-announced 17% year-over-year growth for Q4 and has accelerated top-line growth, improved gross margins, and significantly reduced cash consumption over the last 24 months.

Jan 15, 2026, 5:00 PM

Transcript

Butterfly Network Warrants Delisting Proceedings Commence

BFLY

Delisting/Listing Issues

NYSE Regulation has initiated delisting proceedings for Butterfly Network, Inc.'s warrants (BFLY WS) due to "abnormally low selling price" levels, pursuant to Section 802.01D of the Listed Company Manual.
Trading in these warrants on the NYSE will be immediately suspended.
The warrants are exercisable for one share of Class A common stock at $11.50 and have an expiration date of February 12, 2026.
Trading in Butterfly Network's Class A common stock (BFLY) will continue on the NYSE.

Jan 14, 2026, 9:15 PM

Press Release

Butterfly Network Announces Preliminary Q4 2025 Revenue Growth

BFLY

Earnings

Guidance Update

Revenue Acceleration/Inflection

Butterfly Network, Inc. anticipates reporting preliminary, unaudited revenue growth of at least 17% year over year for the fourth quarter ended December 31, 2025.
CEO Joseph DeVivo noted strong momentum in the handheld ultrasound business and expects 2026 to be a meaningful inflection year as the company expands co-development and chip licensing opportunities.
Audited fourth quarter and full year 2025 results, including 2026 guidance, are expected to be released in late February.

Jan 12, 2026, 1:04 PM

8-K

Butterfly Network Reports Preliminary Q4 2025 Revenue Growth

BFLY

Earnings

Guidance Update

Revenue Acceleration/Inflection

Butterfly Network expects to report preliminary, unaudited fourth quarter 2025 revenue growth of at least 17% year over year.
Joseph DeVivo, CEO, noted strong momentum and continued growth in the handheld ultrasound business, projecting 2026 as a meaningful inflection year through expanding co-development and chip licensing opportunities.
John Doherty, CFO, stated that audited fourth quarter and full year 2025 results are anticipated in late February, along with 2026 guidance.
The company will provide a business update at the 44th J.P. Morgan Healthcare Conference on January 15, 2026.

Jan 12, 2026, 1:01 PM

Press Release

Butterfly Network Discusses Market Position, Financial Outlook, and Growth Strategy

BFLY

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Butterfly Network is democratizing medical imaging with its ultrasound-on-a-chip technology, enabling whole-body imaging with a single, mobile, cloud-based device. The company holds 40%-50% unit volume market share in the handheld ultrasound market and is dominant in developed markets.
The company aims to achieve $500 million in revenue by 2028, supported by organic growth and new business opportunities, including a $65 million, five-year partnership to license its semiconductor technology to a generative AI company.
As of Q3, Butterfly Network reported $148 million in cash. The company expects an adjusted EBITDA loss of $32 million-$35 million for the current year, an improvement from the prior year, and anticipates cash usage in the upper $30 million to $40 million range for the year.
Butterfly Network is on a rapid innovation path, with its fourth-generation chip slated for release by the end of 2026 or early 2027, and development for a fifth-generation chip already in progress.

Dec 2, 2025, 6:20 PM

Transcript

Butterfly Network Discusses Market Position, Financial Outlook, and Future Strategy

BFLY

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Butterfly Network is democratizing medical imaging with its ultrasound-on-a-chip technology, which enables whole-body imaging with a single device and is currently on its third-generation chip, with a fourth-generation chip planned for release in late 2026/early 2027.
The company holds a 40%-50% unit volume market share in the handheld ultrasound market, estimated at $300-$400 million within the $10 billion global ultrasound market, and is present in approximately 70% of medical schools.
Butterfly Network ended Q3 with $148 million in cash and projects an adjusted EBITDA loss between $32 million-$35 million for the current year, an improvement over the prior year.
The company aims to achieve $500 million in revenue by 2028, supported by new business opportunities including a $65 million, five-year deal with a generative AI company for chip licensing and development.

Dec 2, 2025, 6:20 PM

Transcript

Butterfly Network Discusses Ultrasound-on-a-Chip Technology and Growth Strategy

BFLY

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Butterfly Network is advancing medical imaging with its proprietary ultrasound on a chip technology, aiming to make ultrasound accessible to every doctor and nurse globally. The company is currently on its third-generation chip and expects its fourth-generation chip to be released by the end of 2026 or beginning of 2027.
In the handheld ultrasound market, Butterfly Network holds a significant position, with 40%-50% market share by unit volume and a dominant presence in the U.S.. The company's device is priced around $4,000, making it more affordable than traditional cart-based systems which range from $30,000-$150,000.
For the current year (2025), Butterfly Network anticipates an adjusted EBITDA loss between $32 million-$35 million, an improvement over the prior year. The company ended Q3 2025 with $148 million in cash.
Butterfly Network has a long-term ambition to achieve $500 million in revenue by 2028, driven by core business growth, AI integration, and strategic partnerships. This includes a recent $65 million deal over five years with a generative AI company to leverage its semiconductor technology.

Dec 2, 2025, 6:20 PM

Transcript

Butterfly Network Signs Co-Development and Licensing Agreement with Midjourney

BFLY

New Projects/Investments

Revenue Acceleration/Inflection

On November 17, 2025, Butterfly Network, Inc. entered into a Co-Development and Licensing Agreement with Midjourney, Inc..
The agreement grants Midjourney an exclusive license to Butterfly Network's ultrasound-on-chip technology, software, and backend technology.
Butterfly Network will receive a one-time non-recurring fee of $15 million and an annual license fee of $10 million, payable quarterly, over the five-year term of the agreement.
Additional payments include up to $9 million for specified milestones, revenue sharing from hardware products, and payments for chip purchases.