BFLY · Butterfly Network, Inc.

Butterfly Network delivered a strong Q1 2026, with revenue of $26.5 million surpassing consensus estimates, driven by 25% U.S. growth to $21.4 million from Butterfly Embedded partnerships including Midjourney co-development, and 23% international growth to $5.2 million from probe sales and favorable iQ3 product mix. Gross margin expanded to 68.9% from 63.0% YoY, boosted by higher-margin Embedded licensing revenue and lower software amortization. Operating expenses rose modestly 1% to $32.2 million, with cash operating expenses up due to headcount investments supporting growth. Net loss improved to $12.7 million, Adjusted EBITDA loss narrowed 32% to $6.1 million, and cash position remained solid at $138 million. CEO Joseph DeVivo highlighted three growth engines: scaling point-of-care ultrasound globally, expanding into Home & Community Care with a first commercial agreement expected H1 2026, and Butterfly Embedded with a ninth partner signed. Operational highlights include FDA clearance for Gestational Age AI tool, Butterfly Garden adding partners to 30, first enterprise Compass AI deal, and Apollo platform progress. The company reaffirmed FY2026 revenue guidance of $117-121 million (20-24% growth) and Adjusted EBITDA loss of $21-25 million, plus Q2 revenue $27-31 million, signaling confidence in sustained momentum across its integrated platform.