Butterfly Network, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
BFLY$6.51-2.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(77,064) | $(72,492) | $(133,700) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation, amortization, and impairments | 8,081 | 10,342 | 10,574 |
| Non-cash interest expense | 1,490 | 1,256 | — |
| Write-down of inventories | 7,975 | 15 | 21,083 |
| Write-down of vendor advances | 9,621 | — | — |
| Stock-based compensation expense | 23,435 | 21,032 | 27,480 |
| Change in fair value of warrant liabilities | (2,272) | 1,859 | (4,544) |
| Gain on lease termination | — | — | (214) |
| Other | 799 | 1,102 | 633 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (6,753) | (8,503) | (162) |
| Inventories | 1,425 | 2,218 | (34,135) |
| Prepaid expenses and other assets | (1,616) | 1,304 | 2,979 |
| Vendor advances | 3,897 | (2,498) | 17,091 |
| Accounts payable | 1,195 | (841) | (1,875) |
| Deferred revenue | 12,846 | 435 | 2,206 |
| Accrued purchase commitments | — | — | (2,015) |
| Change in operating lease assets and liabilities | (855) | (750) | (635) |
| Accrued expenses and other liabilities | 5,096 | 3,814 | (3,586) |
| Net cash used in operating activities | (12,700) | (41,707) | (98,820) |
| Cash flows from investing activities: | |||
| Purchases of marketable securities | — | — | (297) |
| Sales of marketable securities | — | — | 76,484 |
| Purchases of property, equipment, and intangible assets, including capitalized software | (3,348) | (2,694) | (5,783) |
| Sales of property and equipment | — | 36 | 10 |
| Net cash provided by (used in) investing activities | (3,348) | (2,658) | 70,414 |
| Cash flows from financing activities: | |||
| Proceeds from exercise of stock options | 816 | 64 | 228 |
| Proceeds from employee stock purchase plan | 1,415 | 495 | — |
| Net proceeds from share offering | 81,006 | — | — |
| Payments to tax authorities for restricted stock units withheld | (2,784) | (739) | — |
| Payments on technology license commitment | (2,691) | (1,315) | — |
| Net cash provided by (used in) financing activities | 77,762 | (1,495) | 228 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 61,714 | (45,860) | (28,178) |
| Cash, cash equivalents, and restricted cash, beginning of period | 92,790 | 138,650 | 166,828 |
| Cash, cash equivalents, and restricted cash, end of period | $154,504 | $92,790 | $138,650 |
| Supplementary cash flow disclosures: | |||
| Interest paid | $810 | $190 | $— |
| Non-cash investing and financing activities: | |||
| Acquisition of property, equipment, and intangible assets, including capitalized software | $396 | $470 | $9,247 |
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