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Butterfly Network vs Nano-X Imaging: revenue, profit, margins and growth compared

Butterfly Network brought in $97.6M of revenue in fiscal 2025, Nano-X Imaging $13M in fiscal 2025. Revenue changed by +19.0% at Butterfly Network and +15.4% at Nano-X Imaging on the year before, so Butterfly Network grew faster. Butterfly Network kept -79.0% of its revenue as net profit, Nano-X Imaging -576.1%. Free cash flow was -$16M at Butterfly Network and -$45M at Nano-X Imaging.

Side by side, latest fiscal year

BFLYNNOX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$97.6M$13M
Revenue growth+19.0%+15.4%
Net income-$77.1M-$75M
Net margin-79.0%-576.1%
Free cash flow-$16M-$45M
Free cash flow margin-16.4%-345.6%
Earnings per share (diluted)-$0.31-$1.16
Cash$150.5M$49.2M
Debtn/an/a
Price to earningsn/an/a
Market value$2.5Bn/a
Dividend yieldn/an/a
Rank by revenue in sector#303 of 523 · Health care#427 of 523 · Health care

Over the years

Revenue
BFLY FY2019: $27.6MBFLY FY2020: $46.3MBFLY FY2021: $62.6MBFLY FY2022: $73.4MBFLY FY2023: $65.9MBFLY FY2024: $82.1MBFLY FY2025: $97.6MNNOX FY2021: $1.3MNNOX FY2022: $8.6MNNOX FY2023: $9.9MNNOX FY2024: $11.3MNNOX FY2025: $13MFY19FY20FY21FY22FY23FY24FY25
BFLY $97.6MNNOX $13M
Net income
BFLY FY2019: -$99.7MBFLY FY2020: -$162.7MBFLY FY2021: -$32.4MBFLY FY2022: -$168.7MBFLY FY2023: -$133.7MBFLY FY2024: -$72.5MBFLY FY2025: -$77.1MNNOX FY2018: -$1.9MNNOX FY2020: -$22.6MNNOX FY2020: -$43.8MNNOX FY2021: -$61.8MNNOX FY2022: -$113.2MNNOX FY2023: -$60.8MNNOX FY2024: -$53.5MNNOX FY2025: -$75MFY18FY19FY20FY21FY22FY23FY24FY25
BFLY -$77.1MNNOX -$75M
Net margin
BFLY FY2019: -361.4%BFLY FY2020: -351.9%BFLY FY2021: -51.8%BFLY FY2022: -229.9%BFLY FY2023: -202.9%BFLY FY2024: -88.3%BFLY FY2025: -79.0%NNOX FY2021: -4,739.1%NNOX FY2022: -1,320.2%NNOX FY2023: -613.6%NNOX FY2024: -474.3%NNOX FY2025: -576.1%FY19FY20FY21FY22FY23FY24FY25
BFLY -79.0%NNOX -576.1%
Revenue growth
BFLY FY2020: +67.7%BFLY FY2021: +35.3%BFLY FY2022: +17.3%BFLY FY2023: -10.2%BFLY FY2024: +24.5%BFLY FY2025: +19.0%NNOX FY2022: +557.8%NNOX FY2023: +15.5%NNOX FY2024: +13.9%NNOX FY2025: +15.4%FY20FY21FY22FY23FY24FY25
BFLY +19.0%NNOX +15.4%
Free cash flow
BFLY FY2019: -$124.9MBFLY FY2020: -$84.1MBFLY FY2021: -$197.1MBFLY FY2022: -$187.4MBFLY FY2023: -$104.6MBFLY FY2024: -$44.4MBFLY FY2025: -$16MNNOX FY2018: -$3.7MNNOX FY2020: -$5.6MNNOX FY2020: -$35.5MNNOX FY2021: -$61.2MNNOX FY2022: -$50.6MNNOX FY2023: -$48.1MNNOX FY2024: -$39.4MNNOX FY2025: -$45MFY18FY19FY20FY21FY22FY23FY24FY25
BFLY -$16MNNOX -$45M

Fiscal years as each company reports them; the two may end in different months.

Questions about Butterfly Network and Nano-X Imaging

Which is bigger by revenue, Butterfly Network or Nano-X Imaging?

Butterfly Network is bigger by revenue: $97.6M in fiscal 2025, against $13M for Nano-X Imaging in fiscal 2025.

Which keeps more of its revenue as profit, Butterfly Network or Nano-X Imaging?

Butterfly Network had a net margin of -79.0% in fiscal 2025; Nano-X Imaging had -576.1% in fiscal 2025.

Which grew revenue faster, Butterfly Network or Nano-X Imaging?

In their latest fiscal years revenue changed by +19.0% at Butterfly Network and +15.4% at Nano-X Imaging.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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