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Side-by-side financial comparison of Butterfly Network, Inc. (BFLY) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Butterfly Network, Inc. is the larger business by last-quarter revenue ($26.5M vs $15.8M, roughly 1.7× Spire Global, Inc.). Butterfly Network, Inc. runs the higher net margin — -47.8% vs -176.6%, a 128.8% gap on every dollar of revenue. On growth, Butterfly Network, Inc. posted the faster year-over-year revenue change (25.0% vs -26.9%). Over the past eight quarters, Butterfly Network, Inc.'s revenue compounded faster (11.1% CAGR vs -32.6%).
Butterfly Network, Inc. is a digital health company that develops, manufactures and sells affordable, portable whole-body ultrasound devices powered by proprietary semiconductor technology. It serves clinical professionals, healthcare facilities, and home care users across global markets, with a core mission to expand access to medical imaging for underserved communities.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
BFLY vs SPIR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.5M | $15.8M |
| Net Profit | $-12.7M | $-28.0M |
| Gross Margin | 68.9% | 40.2% |
| Operating Margin | -21.2% | -164.1% |
| Net Margin | -47.8% | -176.6% |
| Revenue YoY | 25.0% | -26.9% |
| Net Profit YoY | — | 42.7% |
| EPS (diluted) | $-0.05 | $-0.85 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $26.5M | — | ||
| Q4 25 | $31.5M | $15.8M | ||
| Q3 25 | $21.5M | $12.7M | ||
| Q2 25 | $23.4M | $19.2M | ||
| Q1 25 | $21.2M | $23.9M | ||
| Q4 24 | $22.4M | $21.7M | ||
| Q3 24 | $20.6M | $28.6M | ||
| Q2 24 | $21.5M | $25.4M |
| Q1 26 | $-12.7M | — | ||
| Q4 25 | $-15.3M | $-28.0M | ||
| Q3 25 | $-34.0M | $-19.7M | ||
| Q2 25 | $-13.8M | $119.6M | ||
| Q1 25 | $-14.0M | $-20.7M | ||
| Q4 24 | $-18.1M | $-48.8M | ||
| Q3 24 | $-16.9M | $-12.5M | ||
| Q2 24 | $-15.7M | $-16.6M |
| Q1 26 | 68.9% | — | ||
| Q4 25 | 67.3% | 40.2% | ||
| Q3 25 | -17.5% | 36.6% | ||
| Q2 25 | 63.7% | 48.9% | ||
| Q1 25 | 63.0% | 36.8% | ||
| Q4 24 | 61.5% | 32.4% | ||
| Q3 24 | 59.5% | 44.5% | ||
| Q2 24 | 58.6% | 43.0% |
| Q1 26 | -21.2% | — | ||
| Q4 25 | -53.0% | -164.1% | ||
| Q3 25 | -163.5% | -166.1% | ||
| Q2 25 | -68.9% | -122.7% | ||
| Q1 25 | -87.0% | -106.5% | ||
| Q4 24 | -77.5% | -144.1% | ||
| Q3 24 | -83.9% | -48.0% | ||
| Q2 24 | -80.2% | -48.6% |
| Q1 26 | -47.8% | — | ||
| Q4 25 | -48.5% | -176.6% | ||
| Q3 25 | -158.1% | -155.3% | ||
| Q2 25 | -59.2% | 623.4% | ||
| Q1 25 | -65.8% | -86.5% | ||
| Q4 24 | -81.0% | -225.2% | ||
| Q3 24 | -82.3% | -43.7% | ||
| Q2 24 | -73.1% | -65.2% |
| Q1 26 | $-0.05 | — | ||
| Q4 25 | $-0.06 | $-0.85 | ||
| Q3 25 | $-0.13 | $-0.61 | ||
| Q2 25 | $-0.06 | $3.72 | ||
| Q1 25 | $-0.06 | $-0.77 | ||
| Q4 24 | $-0.09 | $-1.93 | ||
| Q3 24 | $-0.08 | $-0.50 | ||
| Q2 24 | $-0.07 | $-0.68 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $138.0M | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $191.2M | $112.9M |
| Total Assets | $285.9M | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $138.0M | — | ||
| Q4 25 | $150.5M | $81.8M | ||
| Q3 25 | $144.2M | $96.8M | ||
| Q2 25 | $148.1M | $117.6M | ||
| Q1 25 | $155.2M | $35.9M | ||
| Q4 24 | $88.8M | $19.2M | ||
| Q3 24 | $93.8M | $36.6M | ||
| Q2 24 | $102.1M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M |
| Q1 26 | $191.2M | — | ||
| Q4 25 | $196.0M | $112.9M | ||
| Q3 25 | $203.8M | $133.1M | ||
| Q2 25 | $232.8M | $149.2M | ||
| Q1 25 | $239.7M | $3.7M | ||
| Q4 24 | $168.8M | $-11.7M | ||
| Q3 24 | $181.8M | $30.8M | ||
| Q2 24 | $194.3M | $40.3M |
| Q1 26 | $285.9M | — | ||
| Q4 25 | $296.5M | $211.0M | ||
| Q3 25 | $290.0M | $224.3M | ||
| Q2 25 | $313.3M | $239.5M | ||
| Q1 25 | $318.4M | $208.8M | ||
| Q4 24 | $256.1M | $193.6M | ||
| Q3 24 | $265.3M | $224.2M | ||
| Q2 24 | $273.1M | $230.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-13.9M | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | — | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-13.9M | — | ||
| Q4 25 | $9.0M | $-4.3M | ||
| Q3 25 | $-2.9M | $-12.0M | ||
| Q2 25 | $-7.2M | $-35.1M | ||
| Q1 25 | $-11.7M | $-8.4M | ||
| Q4 24 | $-3.1M | $-19.2M | ||
| Q3 24 | $-7.9M | $14.0M | ||
| Q2 24 | $-10.0M | $-4.4M |
| Q1 26 | — | — | ||
| Q4 25 | $7.9M | $-16.2M | ||
| Q3 25 | $-3.9M | $-20.4M | ||
| Q2 25 | $-8.1M | $-38.7M | ||
| Q1 25 | $-12.0M | $-17.3M | ||
| Q4 24 | $-3.5M | $-24.3M | ||
| Q3 24 | $-8.3M | $5.1M | ||
| Q2 24 | $-10.7M | $-9.9M |
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | -102.1% | ||
| Q3 25 | -18.2% | -161.3% | ||
| Q2 25 | -34.5% | -201.7% | ||
| Q1 25 | -56.7% | -72.6% | ||
| Q4 24 | -15.8% | -112.2% | ||
| Q3 24 | -40.5% | 17.8% | ||
| Q2 24 | -50.0% | -39.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 75.1% | ||
| Q3 25 | 4.7% | 66.2% | ||
| Q2 25 | 3.8% | 18.8% | ||
| Q1 25 | 1.7% | 37.3% | ||
| Q4 24 | 1.8% | 23.5% | ||
| Q3 24 | 2.0% | 31.2% | ||
| Q2 24 | 3.4% | 21.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.29× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFLY
| Product | $14.7M | 55% |
| Software and other services | $11.9M | 45% |
SPIR
Segment breakdown not available.
