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Jun 30, 2025
Butterfly Q2 2025 Earnings Report
Butterfly Network reported its second quarter 2025 financial results, achieving its highest quarterly revenue and gross margins in company history, alongside a significant reduction in cash used.
Key Takeaways
Butterfly Network delivered its strongest revenue quarter ever at $23.4 million, marking a 9% year-over-year growth. The company also achieved record gross margins of 64% and significantly reduced its cash usage to $7.1 million, the lowest in any quarter, demonstrating strong financial discipline and progress towards breakeven.
Achieved highest quarterly revenue in company history at $23.4 million, representing 9% year-over-year growth.
Reached record gross margins of 64%, up from 58.6% in the prior year period, primarily due to higher average selling prices and improved software and services margins.
Reduced quarterly cash used to $7.1 million, marking the lowest cash usage in any quarter.
Reported a net loss of $13.8 million, an improvement from $15.7 million in the prior year period, and an Adjusted EBITDA loss of $6.2 million, down from $8.1 million year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Butterfly Network has revised its full-year revenue guidance and improved its Adjusted EBITDA guidance for fiscal year 2025.
Positive Outlook
- Full year revenue guidance of $92 million to $96 million, indicating approximately 15% growth.
- Improved Adjusted EBITDA loss guidance of $32 million to $37 million, suggesting a better outlook than previously anticipated.
- Expected launch of Compass AI software in Q3, aiming to optimize documentation processes with advanced AI tools.
- Anticipated launch of HeartFocus by DESKi to Butterfly users in Q3, with other FDA-cleared AI applications to follow.
- Progress towards the first commercial agreement for Butterfly HomeCare solution, aiming for deployment in a partner's first state before year-end.
Challenges Ahead
- The company is still projecting an Adjusted EBITDA loss for the full fiscal year.
- The macro environment remains challenging, as noted by the CEO.
- The resignation of Heather Getz, Chief Financial and Operations Officer, effective August 1, 2025, introduces a leadership transition.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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