Butterfly Network, Inc. (BFLY) Earnings
Butterfly Network, Inc. is expected to report next earnings on July 31, 2026 (in NaN days), with a consensus EPS estimate of $-0.03. BFLY has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise -3.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.04 | $-0.03 | +25.0% | $27M | +1.7% |
| Oct 31, 2025 | $-0.07 | $-0.13 | -85.7% | $21M | -18.1% |
| Aug 1, 2025 | $-0.07 | $-0.06 | +14.3% | $23M | +0.8% |
| May 2, 2025 | $-0.09 | $-0.06 | +33.3% | $21M | -12.3% |
| Feb 28, 2025 | $-0.09 | $-0.08 | +11.1% | $22M | +0.5% |
| Nov 1, 2024 | $-0.10 | $-0.08 | +20.0% | $21M | -2.1% |
| Aug 1, 2024 | $-0.10 | $-0.05 | +50.0% | $21M | +9.7% |
| May 1, 2024 | $-0.12 | $-0.07 | +41.7% | $18M | +5.1% |
| Feb 28, 2024 | $-0.12 | $-0.21 | -75.0% | $17M | +7.6% |
| Nov 2, 2023 | $-0.15 | $-0.13 | +13.3% | $15M | +1.9% |
| Aug 3, 2023 | $-0.17 | $-0.14 | +17.6% | $18M | +2.6% |
| May 11, 2023 | $-0.20 | $-0.17 | +15.0% | $15M | -2.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Butterfly had strong financial performance in Q1 2026 with 25% revenue growth, 69% gross margin, and lowest first quarter net loss since going public. - Made progress in digital transformation of imaging, with FDA clearance of BlindSweep AI tool for determining fetal age. - Butterfly Garden platform has 30 partners, with four existing partners receiving FDA clearance for software. - Compass AI launch showing early success, pipeline of software deals up sharply, and first enterprise deal closed. - Progress in home and community care with expected first commercial agreement signed in first half of 2026 and training nurses in 3rd quarter. - Update on RoHS lead exemption for handheld ultrasound, with OKEO recommending re-approval for two years. - John highlighted solid execution in Q1 2026 with revenue above consensus, gross margin improvement, adjusted EBITDA above consensus, and guidance improvement due to revenue performance, higher gross margin, and financial discipline. - Joe discussed convergence of computational power, AI, and digital imaging systems, growth engines including chronic care ultrasound, home and community care, and embedded, and progress with Mid Journey and Apollo chip.
Guidance
- Second quarter 2026 revenue expected in range of $27 million to $31 million, a year-over-year increase of 24% at midpoint. Adjusted EBITDA loss expected in range of $6 million to $8 million. - Full year 2026 revenue expected between $117 million and $121 million, an increase of approximately 20% to 24% over 2025. Adjusted EBITDA loss expected between $21 million and $25 million. Guidance includes increased investment in key areas to support innovation and revenue growth.
Segment performance
In the first quarter of 2026, revenue was $26.5 million, a 25% year-over-year increase. U.S. revenue was $21.4 million, 25% higher year-over-year, driven by embedded revenue and core business demand. International revenue was $5.2 million, a 23% year-over-year increase. Core business revenue was $20.8 million, up 10% vs Q1 2025, driven by volume and price growth and higher mix of IQ3 sales. Butterfly embedded revenue was $5.7 million, a 147% increase vs Q1 2025, primarily driven by the Mid-Journey Partnership. Gross profit was $18.3 million, a 37% increase from prior year, with gross margin percentage at 69% (up from 63% prior year). Adjusted EBITDA loss was $6.1 million in Q1 2026, an improvement from $9.1 million in the prior year period.
Risks & headwinds
- Monitor war in the Middle East and ripple effects on global economy and tariffs in certain markets, though impacts to business have been minor. - Risks associated with forward-looking statements, including known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from forward-looking statements. These risks are described in the company's filings with the Securities and Exchange Commission.
Analyst Q&A
Q: Jake Soucherian from CHIS asked about progress with med schools in Q2 and Compass AI enterprise deal.
A: Jake was told Q2 is big for medical schools with momentum continuing, and pipeline for Compass AI is up with expected enterprise sales to follow.
Q: Josh Jennings from TD Cowen asked about Butterfly Embedded pipeline and home and community care commercial agreement.
A: Josh was informed each new embedded partner creates new market segments, and home and community care is moving to commercial stage with first agreement expected in first half of 2026 and expansion planned.
Q: Andrew Brackman from William Blair asked about embedded partnerships life cycle and visibility.
A: Andrew was told embedded partnerships start with inbounds, involve multiple steps including lab work and roadmapping, and tap into new markets with recurring revenue streams.
Q: Ben Hainor from Lake Street Capital Markets asked about FDA enthusiasm on gestational age AI tool and additional form factors.
A: Ben was informed FDA clearance de-risks AI tools and there will be a new probe early next year and station in early to mid 2027, with wearables coming through embedded partners.