Butterfly Network, Inc. — Form 10-Q
Filed July 30, 2026 · analyzed by the Periodic Agent
10-Q
▲ Likely positive
significance 52/100
What the filing says
Butterfly Network entered a 5-year co-development and licensing agreement with Midjourney, Inc. (effective Nov 13, 2025) for Butterfly's ultrasound-on-chip technology. Midjourney pays: $15M one-time NRE fee; $10M annual IP license fee (in quarterly installments); undisclosed milestone payments; and an undisclosed revenue share on commercialized products. Midjourney receives exclusive license to Butterfly IP within a defined imaging field of use; Butterfly retains ownership of improvements to its core chip technology.
Why this rating
Material revenue commitment (~$25M upfront + $10M/yr recurring = ~6.5% of market cap annually) diversifies monetization of core IP, but deal structure capped and contingent on Midjourney commercialization; Butterfly retains strong IP position. Moderate significance: real revenue stream but unproven commercialization path and redacted material terms limit full impact assessment.
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