Butterfly Network (BFLY) Earnings Date & Reports

Key Takeaways

• Butterfly Network is scheduled to report its third quarter 2026 results on Thursday, October 29, 2026, before the market opens.
• Consensus estimates point to roughly $28 million in revenue and a net loss of approximately $0.04 to $0.05 per share.
• The company's own guidance calls for third quarter revenue of $26 million to $30 million and an adjusted EBITDA loss of $6 million to $9 million.
• Butterfly entered the quarter on record momentum, reporting $32.6 million in revenue (up 39% year over year) and a 71.4% gross margin in the second quarter.
• Investors will focus on Embedded partnership growth, the commercial launch of Home and Community Care, and progress toward adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) breakeven.

Earnings Context and Why It Matters

Butterfly Network, a pioneer in semiconductor-based ultrasound devices, programmable cloud software, and artificial intelligence, has been repositioning itself around higher-margin recurring revenue streams. Its second quarter marked a turning point: record revenue, a sharp gross margin expansion to 71%, and a materially narrowed adjusted EBITDA loss. Management responded by raising full-year 2026 guidance. The upcoming report is important because it will test whether that momentum is durable, particularly given the lumpy, milestone-driven nature of Embedded revenue and the early-stage rollout of the company's Home and Community Care initiative. For investors, this print serves as a checkpoint on the company's path toward profitability.

Earnings Expectations

For the third quarter of 2026, consensus estimates suggest revenue near $28 million, with a net loss per share in the range of roughly $0.04 to $0.05. These figures sit within the company's guided range of $26 million to $30 million in revenue. Butterfly also guided to an adjusted EBITDA loss of $6 million to $9 million for the quarter, reflecting continued investment in commercial expansion and product development.

Investors will likely measure results against the strong second quarter, when revenue rose 39% year over year to $32.6 million and adjusted earnings per share of a $0.01 loss beat consensus expectations for a $0.04 loss. That print was powered by Butterfly Embedded, which surged 439% year over year to $10.8 million, and by a 23% increase in probe unit sales. Historically, the stock has reacted positively to beats, including a premarket gain of roughly 5% following the second quarter release.

Key metrics to watch include the pace of new Embedded partnership signings, the contribution of higher-margin software and services revenue, gross margin sustainability, and any commentary on the Home and Community Care commercial launch that began on October 1, 2026.

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Market Reaction and Investor Sentiment

Sentiment heading into the third quarter print is broadly constructive, reflecting the company's record second quarter and raised full-year guidance. Following the July 30, 2026 release, the stock exhibited a positive post-earnings drift, and analysts such as Needham initiated coverage with a Buy rating in late September. However, several risk factors could temper the reaction. International revenue fell 14% year over year in the second quarter as larger orders shifted timing, and average selling prices declined 12% amid education-driven deal structures. The milestone-based nature of Embedded revenue also introduces quarter-to-quarter variability. Investors will be listening closely for whether core point-of-care ultrasound revenue reaccelerates and whether the international order flow normalized into the third quarter as management anticipated.

Forward Outlook and Key Factors to Monitor

Following this report, investors should watch several forward-looking catalysts that extend beyond the single quarter's headline numbers. First is the trajectory of Butterfly Embedded, which management indicated could run at roughly $7 million to $8 million per quarter, with fluctuations as new partners commercialize. The pace of new partnership signings and any expansion of the Midjourney relationship will be key demand signals.

Second, the Home and Community Care program launched its first commercial state on October 1, 2026, with revenue contributions expected to begin in the fourth quarter. Commentary on nurse training, population-based fee structures, and per-scan economics will offer early visibility into this new growth engine.

Third, the product roadmap matters. Management has guided to a next-generation P5.1 probe launch in the first quarter of 2027 and Apollo chip deliveries to partners by late 2027 or early 2028. Progress on these milestones, along with full FedRAMP (Federal Risk and Authorization Management Program) certification for federal sales, could shape the medium-term outlook.

Finally, margin trends and cost discipline remain central. The company's ability to sustain gross margins near 71% while narrowing adjusted EBITDA losses will indicate whether the shift toward software and services is translating into a structurally more profitable business. Tariffs, supply-chain constraints, and pricing pressure remain variables worth monitoring.

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