BFLY Stock Today: Butterfly Network Jumps on Licensing Deal, Insider Buying and AI Momentum (Nov. 24, 2025)

Ticker: NYSE: BFLY
Published: November 24, 2025

Butterfly Network (BFLY) is back on traders’ radar today. The digital health and handheld ultrasound company’s share price is surging after a cluster of bullish catalysts — including a new multi-year licensing deal, aggressive insider buying, fresh AI product news and continuing follow‑through from its latest earnings report.

As of this afternoon on Monday, November 24, 2025, BFLY stock is trading around $3.28–$3.29, up roughly 24% versus its previous close in the mid‑$2.60s. Intraday, shares have traded between the high‑$2.80s and low‑$3.30s, with volume topping 16 million shares, far above average. ^[1]

At these levels, Butterfly Network’s market value sits around $800 million, still firmly in small‑cap territory, and the stock remains highly volatile. Over the last year it has swung between $1.32 and $4.98 per share. ^[2]

BFLY stock price today: a sharp move in a volatile name

Today’s jump continues a powerful rebound move. A weekend trading note highlighted that BFLY was already up about 21% over the week ending November 21, climbing from under $2.00 to roughly $2.81 in just a few sessions. ^[3]

Meanwhile, one widely followed insider‑activity screen shows Butterfly Network among the day’s standout names, with the stock up over 16% intraday and touching an intra‑day high around $3.10 by midday Monday. ^[4]

For context:

Price today (approx.): $3.28–$3.29
Change vs. prior close: about +24%
Today’s intraday range: roughly $2.83–$3.30
52‑week range: $1.32–$4.98
Recent market cap: around $0.8 billion

The takeaway: BFLY is acting like a classic high‑beta, news‑driven small‑cap — big moves in short timeframes, tied closely to headlines and sentiment.

What’s driving BFLY stock today?

1. A $25M+ licensing deal with Midjourney

One of the biggest new developments is a five‑year co‑development and licensing agreement with Midjourney, Inc., centered on Butterfly’s ultrasound‑on‑chip technology. ^[5]

Key terms from the company’s recent 8‑K filing and related coverage:

Midjourney receives an exclusive, non‑transferable license in a defined field to use Butterfly’s semiconductor‑based ultrasound technology, software and backend systems. ^[6]
Butterfly receives:
- $15 million one‑time upfront fee, plus
- $10 million per year in license fees for five years (paid quarterly),
- Up to $9 million in additional milestone payments,
- Revenue‑sharing on future hardware using Butterfly chips, and
- Payments for any chip purchases. ^[7]

Just the fixed parts of the contract imply at least $65 million in contracted fees over five years (before milestones and revenue‑sharing). That’s a material amount against Butterfly’s trailing annual revenue of about $82 million, and investors are quickly trying to incorporate this into their valuation math. ^[8]

Importantly, not all of that $65 million is recognized upfront — the upfront fee and recurring license payments will be recognized over the life of the agreement under standard revenue‑recognition rules, and the milestone and revenue‑sharing components are contingent. But strategically, the deal underscores that Butterfly’s ultrasound‑on‑chip platform has value beyond its own devices.

2. Heavy insider buying from Larry Robbins

Another clear bullish signal for BFLY stock: large insider buying by noted investor and director Larry Robbins.

Recent SEC filings, summarized by multiple outlets, show that Robbins bought 2.8 million shares of Butterfly Network between November 19 and 21, at prices roughly between $2.35 and $2.58, for a total investment of about $6.7–$6.8 million. ^[9]

As of those disclosures:

Robbins’ purchases were coded as open‑market buys (transaction code “P”). ^[10]
His total direct and indirect holdings climbed to over 12.7 million shares. ^[11]
A Nasdaq insider‑buying report notes that at Monday’s intraday high around $3.10, Robbins was already up nearly 28% on that recent purchase, highlighting how quickly sentiment has swung in his favor. ^[12]

Insider buying does not guarantee future performance, but large, concentrated purchases are often interpreted as a vote of confidence in a company’s long‑term prospects — especially when they come after a big drawdown.

3. Compass AI: a new AI‑driven software catalyst

On November 17, 2025, Butterfly Network launched Compass AI, the latest generation of its enterprise software platform for point‑of‑care ultrasound (POCUS) programs. ^[13]

According to the company:

Many hospital ultrasound programs still use order‑based workflows, which can leave exams undocumented, unreviewed and unreimbursed.
Butterfly says traditional workflows may capture only ~15% of compliant ultrasound studies, leaving the majority unbilled. ^[14]
Compass AI replaces that with an AI‑enhanced, encounter‑based workflow, and internal data cited by Butterfly suggests documentation compliance can reach up to ~94% with the platform, potentially enabling up to 5× more revenue from the same scan volume. ^[15]

Compass AI adds several AI‑driven features:

Documentation Agent – ambient voice dictation to auto‑complete notes during an exam, aiming to cut charting time.
QA Agent – AI‑powered image review and feedback to streamline quality assurance.
Program dashboard & fleet visibility – tools to monitor usage, credentialing, unbilled scans and potential ROI across multiple sites and devices. ^[16]

Earlier in October, Butterfly also emphasized its strengthened information security posture, including ISO 27001, SOC‑2 Type 2, C5 (Germany) and NHS DSPT accreditations — important badges for winning enterprise health‑system deals. ^[17]

For investors, Compass AI and broader AI initiatives are meaningful because they shift the story from being just a hardware device maker to one with recurring, software‑driven revenue and potentially higher‑margin enterprise contracts.

4. Evercore Healthcare Conference appearance as an upcoming catalyst

Butterfly has also announced that CEO Joseph DeVivo and interim CFO Megan Carlson will participate in a fireside chat and one‑on‑one investor meetings at the 8th Annual Evercore Healthcare Conference on December 2, 2025, in Coral Gables, Florida. ^[18]

A live webcast will be available via the investor section of Butterfly’s website. Management‑hosted investor meetings at such conferences can sometimes precede new analyst coverage, updated models or even additional corporate announcements — another reason traders are treating BFLY as a near‑term catalyst play.

Fundamentals: revenue growth, big losses and improving cash use

Despite the bullish headlines, Butterfly Network is still unprofitable, with wide negative margins — a critical consideration for anyone looking beyond today’s move.

Q3 2025 results

Butterfly reported Q3 2025 earnings on October 31:

Revenue: $21.5 million, up about 4.5–5% year over year and slightly above analyst expectations around $21.2 million. ^[19]
GAAP EPS: –$0.13 per share, which missed some earnings estimates that were closer to a loss of $0.07. ^[20]
Adjusted EPS: –$0.04, beating the consensus forecast of –$0.06. ^[21]

The headline margins looked ugly:

GAAP gross margin swung to about –17.5% versus +59.5% in the prior‑year quarter, largely due to a $17.4 million write‑down of excess and obsolete inventory. ^[22]
On an adjusted basis (excluding that write‑down), adjusted gross margin improved to about 63.9% from 60%, helped by higher average selling prices and lower software amortization. ^[23]

The company reported a net loss of $34 million for the quarter versus $16.9 million a year earlier, but highlighted that its cash and equivalents stood at about $144 million as of September 30. ^[24]

A separate earnings summary notes that, over the last four quarters combined, Butterfly generated around $82 million in revenue and about –$72 million in net income, implying deeply negative net margins near –90%. ^[25]

2025 guidance

For full‑year 2025, Butterfly currently expects:

Revenue of $91–95 million, roughly 13% growth year over year, broadly in line with prior guidance. ^[26]
Adjusted EBITDA loss between $32 million and $35 million, a modest improvement on earlier guidance and consistent with management’s message about controlling cash burn. ^[27]

Consensus estimates compiled by MarketBeat suggest that full‑year EPS is expected to be around –$0.35, improving slightly to –$0.33 next year — still firmly in loss‑making territory. ^[28]

The Midjourney licensing agreement, if executed as described, could add meaningful high‑margin revenue to that picture over time, but details on the revenue‑recognition cadence will matter.

Valuation and analyst views on BFLY stock

Price‑to‑sales and profitability

Using recent figures:

Market cap: roughly $825 million. ^[29]
Trailing 12‑month revenue: about $82 million. ^[30]

That implies a price‑to‑sales (P/S) ratio of roughly 9–10×. For a company still losing money and facing negative net margins, that’s a valuation that assumes significant future growth and margin expansion.

Analyst price targets

Analyst opinions are mixed, but leaning cautiously constructive:

Investing.com consensus:
- Average 12‑month target: $3.92
- Range: $3.25–$4.50
- Overall rating: “Strong Buy” from four analysts, all listed as buys. ^[31]
MarketBeat / Wall Street Zen snapshot:
- Mix of Buy, Hold and Sell ratings, with an overall “Hold” consensus and an average price target of roughly $3.00 (below today’s price). ^[32]

From a pure numbers standpoint, that means:

Against the more bullish $3.92 average target, today’s ~$3.28 leaves roughly 20% implied upside.
Against the more conservative ~$3.00 target, the stock is now trading above consensus.

Volatility and performance

Several services highlight Butterfly Network as a high‑beta stock, with a beta figure around 2.3–2.6, meaning it tends to move more than the broader market on both up and down days. ^[33]

Despite the recent rebound, one AI‑driven research note from TipRanks pegs Butterfly’s year‑to‑date performance at about –42%, underscoring how painful the prior drawdown has been for holders. ^[34]

Put differently: BFLY is the kind of stock that can rip higher on good news and just as easily collapse on disappointments.

Key risks for BFLY stock investors

Today’s rally doesn’t erase the underlying risks. Some of the key issues to keep in mind:

Persistent losses and negative margins
- Butterfly is still producing substantial net losses, with net margins near –90% over the last year and a Q3 net loss that roughly doubled year over year. ^[35]
- The inventory write‑down that crushed GAAP gross margin in Q3 may be one‑off, but it underlines the execution risk around demand forecasting and product transitions.
Execution on AI and enterprise software
- Compass AI and related software offerings are central to the company’s growth story — but hospital sales cycles are slow, compliance requirements are strict and integration with existing systems can be complex.
- If health systems are slow to adopt or budget pressures increase, revenue from these higher‑margin software solutions could lag expectations.
Concentration and competitive landscape
- Butterfly operates in competitive medical imaging and POCUS markets, facing well‑capitalized incumbents as well as newer AI‑driven entrants.
- Maintaining differentiation via ultrasound‑on‑chip, AI features and certifications will require sustained R&D and marketing investment.
Small‑cap, high‑volatility profile
- With a sub‑$1 billion market cap and a high beta, the stock is exposed to risk‑on / risk‑off swings in broader markets and can be highly sensitive to analyst notes, filings and social‑media chatter. ^[36]
Licensing deal uncertainties
- The Midjourney agreement adds contracted revenue, but the timing of recognition, milestone achievements and hardware‑linked revenue‑sharing is still uncertain. ^[37]

What today’s move could mean for BFLY stock

For short‑term traders, BFLY is behaving like a classic news‑momentum name:

Positive developments (licensing, insider buying, AI product launch, conference appearance) have stacked up within a couple of weeks.
The stock’s prior weakness created room for a sharp bounce, aided by high short interest and a thin float. ^[38]

For longer‑term investors, the picture is more nuanced:

Bullish case:
- Butterfly’s ultrasound‑on‑chip technology, expanding AI capabilities and enterprise software (Compass AI) could make it a key player in democratizing ultrasound and capturing under‑monetized imaging workflows. ^[39]
- The Midjourney deal validates the platform’s value to third parties and locks in multi‑year, relatively high‑margin revenue. ^[40]
- Insider buying and repeated appearances at top healthcare conferences suggest management and sophisticated investors see meaningful upside over a multi‑year horizon. ^[41]
Bearish or cautious case:
- Continued heavy losses and a rich sales multiple leave little room for major execution missteps. ^[42]
- The strong recent rally already prices in some of the positive news, and one analyst aggregation now shows the stock trading above a more conservative average target. ^[43]

How to follow BFLY from here

If you’re tracking Butterfly Network stock (whether as an investor or trader), the next few months will likely hinge on:

Details on the Midjourney deal: any commentary on revenue timing and milestone potential. ^[44]
Compass AI traction: new customer wins, expansions and proof that AI‑driven workflows boost billing and compliance in real‑world deployments. ^[45]
Evercore Healthcare Conference remarks: especially any updated commentary on guidance, pipeline or capital needs on December 2. ^[46]
Next earnings report: currently expected around March 4, 2026, when the company will update investors on revenue, cash burn and the early impact of its new initiatives. ^[47]

Final word

BFLY’s surge today reflects a powerful mix of hard news (licensing and earnings), insider conviction, and AI‑driven narrative. At the same time, the company remains an early‑stage, loss‑making small‑cap with a volatile trading history and a valuation that assumes real progress on growth and margins.

This article is for informational and educational purposes only and does not constitute financial advice, a recommendation to buy or sell any security, or a substitute for individualized investment guidance. If you’re considering any investment in Butterfly Network or similar high‑volatility stocks, it’s wise to do your own research, consider your risk tolerance, and consult a qualified financial professional.

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