Butterfly Network, Inc. reported a total revenue of $26.5 million for the first quarter of 2026, marking a 25% increase from $21.2 million in the same period of 2025. The growth was driven by a 3.5% rise in product revenue, which reached $14.7 million, and a significant 68.2% increase in software and other services revenue, which totaled $11.9 million. The company's gross profit also improved, rising to $18.3 million, compared to $13.4 million a year earlier, resulting in a gross margin of 68.9%, up from 63.0%.

Despite the revenue growth, Butterfly Network reported a net loss of $12.7 million for the quarter, a slight improvement from the $14.0 million loss recorded in the first quarter of 2025. The loss per share was $0.05, compared to $0.06 in the prior year. The company attributed the reduced loss to a combination of increased revenue and a decrease in certain operating expenses, including research and development costs, which fell to $9.5 million from $9.9 million, reflecting a strategic reallocation of resources.

Operationally, Butterfly Network saw an increase in units fulfilled, with 234 additional devices sold, representing a 4.9% growth year-over-year. This increase was particularly notable in the international distributor and veterinary sales channels, bolstered by the launch of the iQ3 Vet probe. The company also reported a shift in its revenue mix, with software and services now accounting for 44.8% of total revenue, up from 33.3% in the previous year, indicating a strategic pivot towards higher-margin offerings.

In terms of financial position, Butterfly Network's cash and cash equivalents stood at $138.0 million as of March 31, 2026, down from $150.5 million at the end of 2025. The company utilized $12.5 million in cash for operations during the quarter, reflecting ongoing investments in growth and development. Looking ahead, Butterfly Network expects to continue leveraging its proprietary Ultrasound-on-Chip™ technology to expand its market presence and enhance product adoption, while maintaining a focus on improving profitability through increased software and service revenue.

About Butterfly Network, Inc.

Butterfly Network, Inc. develops portable, semiconductor-based ultrasound devices and cloud-connected software that enable accessible, affordable medical imaging at the point of care. Its flagship products, including Butterfly iQ+ and iQ3, serve healthcare practitioners, hospitals, and veterinary markets worldwide. The company’s AI-powered, handheld ultrasound solutions integrate with clinical workflows, supporting diverse care settings from hospitals to remote and home environments, aiming to democratize ultrasound imaging through innovation and education.

This description was generated via AI from an annual report. Updated 8 months ago.

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