In February 2026, Butterfly Network, Inc. announced its Q4 2025 revenue at a record $31.51 million, marking its first positive operating cash flow, thanks in part to a partnership with Midjourney. Full-year revenues reached $97.61 million, despite ongoing net losses. Butterfly’s Ultrasound-on-Chip technology and Butterfly Embedded™ platform are key to its strategy to diversify into AI imaging and enterprise software. For 2026, the company projects an adjusted EBITDA loss of $21 million to $25 million but anticipates revenue between $117 million and $121 million, translating to a 20% to 24% growth rate. While positive cash flow and a promising partnership may attract investors, the risks of ongoing losses and potential dilution remain prominent. Analysts forecast revenue growth up to $135.9 million by 2028, suggesting a fair value of $5.06 per share, representing a potential 34% upside from the current price. Explore deeper insights on Butterfly’s investment narrative.
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