Butterfly Network, Inc. Class A (BFLY)

Butterfly Network reported Q3 2025 EPS of -$0.04, beating estimates, with revenue of $21.49 million, a 5% year-over-year growth. Preliminary Q4 2025 revenue growth was reported to be at least 17% year-over-year. Following the earnings announcement, BFLY shares gained +5.7% and drifted +25.7% higher over the subsequent 25 days. A secondary public offering generated $81 million in net proceeds. The company beat top-and-bottom-line expectations for Q3 2024, and the stock was up over 142% year-to-date as of November 10, 2024. Butterfly Network's price target was increased by 11.94% to $4.78.

Management indicated that the third quarter of 2025 was a seasonally softer period for revenue growth, attributing it to seasonality and the timing of some large deals, suggesting demand may fluctuate throughout the year.

Butterfly Network, Inc. is a health technology company focused on democratizing medical imaging through its Ultrasound-on-Chip technology. Its major products include Butterfly iQ+ and iQ3 ultrasound devices, Butterfly iQ+ Bladder, Butterfly iQ+ Vet, the Butterfly system, cloud-based software solutions, ScanLab, and technology licensing.

Butterfly Network, Inc. develops, manufactures, and commercializes its ultrasound imaging solutions in the United States and internationally. The company has expanded its market presence globally, including recent expansion in Europe and new markets in Indonesia, the Netherlands, and Belgium. The Gates Foundation funded a program that distributed 1,000 iQ+ handheld ultrasound probes across South Africa and Kenya, training over 1,050 healthcare providers.

Butterfly Network has garnered positive attention for its financial performance and advancements in patient care, with case studies validating the ROI of its technology. Kansas City University's Medical School has adopted Butterfly's ScanLab AI training app. The company is actively pivoting towards building an AI-powered platform. However, the company faces fierce competition and a difficult road to profitability, with concerns about underperforming products, net losses, cost-cutting measures, stock price volatility, shrinking cash reserves, and potential for further dilution.

Butterfly Network's ownership is a mix of institutional, retail, and individual investors. As of early 2026, there are 277 institutional owners holding a total of 124,713,259 shares, with major holders including BlackRock, Inc., and Vanguard Group Inc. Jonathan Rothberg, the company's Top Key Executive, is the largest individual shareholder, holding 15% of shares outstanding. CEO Joseph DeVivo directly holds 1.1% of the total shares outstanding. Insiders collectively own approximately 29.90% of the company's stock.