Butterfly Network, Inc. (BFLY) Stock Price & How to Invest
Short answer
Butterfly Network (NYSE: BFLY) is a medical-device company selling handheld, semiconductor-based ultrasound probes plus attached software, so investing in it is a bet on point-of-care ultrasound going mainstream while the company is still deeply unprofitable and richly valued relative to roughly $103M of trailing revenue.
BFLY stock price
As of 2026-07-08, Butterfly Network, Inc. (BFLY) last closed at $7.34, up 276.4% over the past year. Over the past 52 weeks it has traded between $1.33 and $8.91.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Butterfly Network, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Butterfly Network, Inc. (BFLY) do?
Butterfly Network designs and sells handheld ultrasound systems built on its proprietary Ultrasound-on-Chip technology, which replaces the traditional piezoelectric crystals in an ultrasound machine with a semiconductor sensor. That lets a single probe (the flagship iQ3) image the whole body and connect to a phone or tablet, and the company layers on subscription software, cloud storage, and AI tools that push clinicians toward higher-margin recurring revenue. Customers include hospitals, clinics, medical schools, and increasingly international and lower-resource settings where a $2,000-to-$5,000-range device is far cheaper than a cart-based system.
The investment picture is classic emerging medtech: real and reaccelerating growth (Q1 2026 revenue rose about 25% year over year, led by roughly 68% software growth) against persistent losses and cash burn, offset by a solid cash cushion of about $138M. The stock has been extremely volatile, having run up sharply, so it trades at a high multiple of sales while the company is still guiding to an adjusted-EBITDA loss for 2026. The bull case rests on software mix, AI, and international expansion driving the model toward profitability; the bear case is that competition, hardware-cycle lumpiness, and dilution keep margins and the share price under pressure.
What's driving Butterfly Network, Inc. (BFLY)?
1. Software and recurring-revenue mix shift
Software and other services revenue grew roughly 68% year over year in Q1 2026 to about $12M and now makes up a larger share of the total. Because software carries much higher gross margins than probes, this mix shift is the main lever pushing company gross margin toward the high-60s percent range and narrowing the adjusted-EBITDA loss.
2. iQ3 probe and hardware refresh cycle
The higher-priced iQ3 probe, launched domestically and then internationally, has lifted average selling prices and international revenue. New hardware refreshes drive device replacement demand, though they also make quarterly revenue lumpy as sales are tied to launch timing and channel adoption.
3. AI and international expansion
Butterfly is embedding AI-guided acquisition and interpretation tools and pushing into international markets where handheld ultrasound can leapfrog expensive cart systems. Management frames AI plus global reach as the path to broadening the addressable market beyond specialist sonographers to generalist clinicians.
4. Cost discipline and path toward breakeven
The company has cut quarterly cash burn to record lows and narrowed its adjusted-EBITDA loss versus prior year while still investing in R&D and sales. Reaching sustainable profitability depends on holding operating expenses roughly flat while revenue compounds in the 20%-plus range.
What are the risks to Butterfly Network, Inc. (BFLY)?
Butterfly remains unprofitable, with trailing losses of roughly $76M against about $103M of revenue as of Q1 2026, so it depends on its cash balance and, potentially, future capital raises that could dilute shareholders. The point-of-care ultrasound market is competitive, with GE HealthCare, Philips, Clarius, Exo, and others fielding rival handheld devices, which can pressure pricing and adoption. Revenue is lumpy because it leans on hardware launch cycles and large institutional orders, and the stock trades at a high multiple of sales after a large run-up, leaving it vulnerable to sharp drawdowns if growth or margins disappoint. Regulatory, reimbursement, and clinical-adoption dynamics add further uncertainty to the timeline for profitability.
How is Butterfly Network, Inc. (BFLY) valued? (approximate, JUNE 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Butterfly Network, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$103M
- Q1 2026 revenue growth: ~25% YoY
- FY2026 revenue guidance: ~$117M to $121M
- Gross margin (Q1 2026): ~69%
- Cash and equivalents: ~$138M
- Market cap: ~$1.5B to $2.3B (volatile)
As of mid-2026, Butterfly generated roughly $103M in trailing revenue while posting net losses, and it guided to full-year 2026 revenue of about $117M to $121M with an adjusted-EBITDA loss of roughly $21M to $25M. With a market cap in the $1.5B-to-$2.3B range after a large share-price run, the stock trades at a high multiple of sales, so the valuation embeds substantial future growth. The roughly $138M cash balance gives it a multi-year runway at current burn rates.
Who competes with Butterfly Network, Inc. (BFLY)?
Large medical-device OEMs
GE HealthCare (Vscan Air) and Philips (Lumify) sell handheld or portable ultrasound backed by major distribution, service networks, and hospital relationships, competing on brand trust and integrated workflows especially in cardiac and vascular imaging.
Handheld point-of-care specialists
Clarius, Exo (Exo Iris), Mindray (TE Air), and EchoNous (Kosmos) are focused handheld-ultrasound challengers competing directly with the iQ3 on price, AI guidance, image quality, and subscription terms.
Traditional cart-based ultrasound
Incumbent cart and console ultrasound systems from GE, Philips, Canon, Samsung Medison, and others remain the imaging standard in many settings; Butterfly competes by offering a far cheaper, portable alternative for point-of-care use.
How to invest in Butterfly Network, Inc. (BFLY)
There are three common ways to get BFLY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so BFLY sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where BFLY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Butterfly Network, Inc. (BFLY)
BFLY pairs genuine revenue growth and a differentiated ultrasound-on-chip platform with steep losses and a demanding valuation, making it a high-risk, growth-stage story rather than a settled profitable business.
More on Butterfly Network, Inc. (BFLY)
Whether BFLY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BFLY a buy?, and where the stock could go from here in the BFLY stock forecast.
For income investors, whether BFLY pays a dividend and how the payout looks is covered in does BFLY pay a dividend?
Build a basket around BFLY with Walnut
Use Butterfly Network, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Butterfly Network do?
+
It makes handheld ultrasound probes built on a proprietary Ultrasound-on-Chip semiconductor, letting a single device image the whole body when plugged into a phone or tablet. It also sells subscription software, cloud storage, and AI tools that add recurring revenue on top of the hardware.
Is Butterfly Network profitable?
+
No. As of Q1 2026 the company was still posting net losses, with trailing losses of roughly $76M against about $103M of revenue. It has narrowed its adjusted-EBITDA loss and cut cash burn, but management still guides to an adjusted-EBITDA loss for full-year 2026.
How fast is Butterfly growing?
+
Revenue grew about 25% year over year in Q1 2026 to roughly $26.5M, led by software and services up around 68%. Full-year 2026 guidance of about $117M to $121M implies roughly 20% to 24% annual growth.
What is the iQ3 probe?
+
The iQ3 is Butterfly's flagship third-generation handheld ultrasound probe, offered at a higher price point than earlier models. Its domestic and international launches have raised average selling prices and helped lift international revenue.
Who are Butterfly Network's main competitors?
+
In handheld point-of-care ultrasound it competes with GE HealthCare's Vscan Air, Philips' Lumify, Clarius, Exo, Mindray, and EchoNous. It also competes indirectly with traditional cart-based ultrasound systems from large imaging OEMs.
How much cash does Butterfly have?
+
As of mid-2026 the company reported roughly $138M in cash and equivalents against modest debt, for a net cash position of over $100M. That balance funds a multi-year runway at its recent reduced burn rate, though future losses could still require additional capital.
Why is BFLY stock so volatile?
+
It is a small, unprofitable growth-stage medtech whose share price has swung sharply, including a large run-up. Lumpy hardware-driven revenue, a high valuation relative to sales, and sensitivity to growth and margin surprises all amplify the volatility.
How can I research investing in BFLY?
+
You can review its SEC filings, quarterly results, revenue mix, cash burn, and competitive position, then weigh the growth story against its losses and valuation. Walnut is not an investment adviser, and this page is descriptive information, not a recommendation to buy or sell.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Butterfly Network, Inc.'s investor relations page or your broker before making investment decisions.