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Butterfly Network cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.4M in Q3 2026 · −$27.6M over twelve months

Operating cash flow−$2.3M
Capital spending−$1.1M
Free cash flow−$3.4M
Cash conversion cycle671 days

Analysis

In Q3 2026, Butterfly Network generated −$2.3M of operating cash flow and spent $1.1M on capital projects, leaving free cash flow of −$3.4M. That is $492K more than in Q3 2025 (−$3.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$23.4M; the largest uses were operating cash flow ($23.4M), capital spending ($4.2M), taxes on employees’ shares ($16K); besides operations, cash came from other financing ($3.9M), shares issued ($1.7M); the cash balance fell by $21.9M.

Operating cash flow was −$2.3M against net income of −$12.8M. The largest differences: accrued liabilities +$6.9M, stock-based pay +$6.7M, prepaid and other assets −$3.6M.

Its cash conversion cycle was 671 days (receivables 102 + inventory 618 − payables 48).

Free cash flow

Butterfly Network: free cash flow by quarterButterfly Network: free cash flow by quarter−$3.5MQ4 2024−$12.0MQ1 2025−$8.1MQ2 2025−$3.9MQ3 2025$7.9MQ4 2025−$14.8MQ1 2026−$17.2MQ2 2026−$3.4MQ3 2026
Operating cash flow less capital spending.
Butterfly Network: operating cash flow against capital spendingButterfly Network: operating cash flow against capital spendingOperating cash flowCapital spending−$3.1M$408KQ4 2024−$11.7M$353KQ1 2025−$7.2M$896KQ2 2025−$2.9M$1.0MQ3 2025$9.0M$1.1MQ4 2025−$13.9M$950KQ1 2026−$16.3M$974KQ2 2026−$2.3M$1.1MQ3 2026
Latest (Q3 2026): Operating cash flow −$2.3M, Capital spending $1.1M.

Capital allocation, year by year

Butterfly Network: where the cash came from (up) and went (down), by fiscal yearButterfly Network: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$189MFY2021: Net borrowing −$4.4MFY2021: Shares issued $21.7MFY2021: Capital spending −$7.9M$21.7MFY2021FY2022: Operating cash flow −$169MFY2022: Shares issued $3.0MFY2022: Asset sales $57KFY2022: Capital spending −$18.3M$3.1MFY2022FY2023: Operating cash flow −$98.8MFY2023: Shares issued $200KFY2023: Asset sales $10KFY2023: Capital spending −$5.8M$210KFY2023FY2024: Operating cash flow −$41.7MFY2024: Shares issued $100KFY2024: Asset sales $36KFY2024: Capital spending −$2.7M$136KFY2024FY2025: Operating cash flow −$12.7MFY2025: Shares issued $81.8MFY2025: Capital spending −$3.3M$81.8MFY2025
Over these 5 years operating cash flow totalled −$512M; the largest uses were operating cash flow ($512M) and capital spending ($38.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$122M
Debtnone
Net cash$122M
Cash runway4.4 years

Butterfly Network is burning cash: its operations consume cash, a free cash flow of −$27.6M a year at the current rate against $122M of cash and investments: a runway of about 4.4 years before any new financing.

Where the cash came from and went

Butterfly Network: sources (+) and uses (−) of cash, Q3 2026Butterfly Network: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$2.4MOperating cash flow−$2.3MCapital spending−$1.1MOther financing$1.1M
Butterfly Network: sources (+) and uses (−) of cash, TTM to Q3 2026Butterfly Network: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$23.4MCash drawn (+) / kept (−)$21.9MCapital spending−$4.2MOther financing$3.9MShares issued$1.7MTaxes on employees’ shares−$16K

From profit to cash

Butterfly Network: net income to operating cash flow, Q3 2026Butterfly Network: net income to operating cash flow, Q3 2026Net income−$12.8MStock-based pay$6.7MReceivables−$3.4MInventory−$1.0MPayables$2.1MAccrued liabilities$6.9MDeferred revenue$1.4MPrepaid and other assets−$3.6MOperating cash flow−$2.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202610261848671
Q2 20268357531628
Q1 20268865945702
Q4 20257555239588
Q3 202510523912332
Q2 20258674130797
Q1 20258680437852
Q4 20248576942812

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$2.3M−$1.1M—$2.4M−$3.4M
Q2 2026−$16.3M−$974K—$13.3M−$17.2M
Q1 2026−$13.9M−$950K—$12.5M−$14.8M
Q4 2025$9.0M−$1.1M$466K−$6.3M$7.9M
Q3 2025−$2.9M−$1.0M—$3.9M−$3.9M
Q2 2025−$7.2M−$896K−$103K$7.1M−$8.1M
Q1 2025−$11.7M−$353K$81.1M−$66.4M−$12.0M
Q4 2024−$3.1M−$408K$495K$5.0M−$3.5M

Butterfly Network: income statement and cash flow

Butterfly Network, Q3 2026: revenue $32.6M (+52% year over year), operating margin -41.7%. The chart follows the revenue to costs, profit and cash.

Butterfly Network: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.