Butterfly Logs 41% Q4 Growth, First Positive Cash Flow, Guides to $117M–$121M Revenue
Butterfly Network reported full-year 2025 revenue of $97.6 million, up 19% year-over-year, and fourth-quarter revenue of $31.5 million, up 41%, delivering its first positive operating cash flow quarter. The company forecasts 2026 revenue of $117–121 million (20–24% growth) and an adjusted EBITDA loss of $21–25 million.
1. Q4 and Full-Year 2025 Results
Butterfly Network delivered full-year 2025 revenue of $97.6 million, a 19% increase from 2024, and fourth-quarter revenue of $31.5 million, up 41% year-over-year. The company achieved its first quarter of positive operating cash flow, improved gross margin to 67%, and narrowed adjusted EBITDA loss to $3.2 million from $9.1 million.
2. Midjourney Contract and Embedded Strategy
The $74 million Midjourney contract contributed $6.8 million in Q4 revenue and underpins the Butterfly Embedded strategy, which now has eight to nine active partners. Revenues from embedded partnerships and software services rose to $13.4 million, up 76%, driving 43% of total revenue and highlighting the company’s semiconductor ultrasound platform expansion.
3. 2026 Outlook and Risks
For full-year 2026, Butterfly projects revenue of $117–121 million (20–24% growth) with an adjusted EBITDA loss of $21–25 million, factoring in tariff pressures and investments in new products like the P5.1 chip and iQ Station. The first-quarter forecast ranges from $24–28 million in revenue and an $8–10 million adjusted EBITDA loss, reflecting seasonality and planned investment costs.