Butterfly Network (BFLY) 10-K/A 25 Mar 22 2021 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 01, 2022	Jun. 30, 2021
Entity Listings [Line Items]
Document Type	10-K/A
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-39292
Entity Registrant Name	Butterfly Network, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4618156
Entity Address, Address Line One	530 Old Whitfield Street
Entity Address, City or Town	Guilford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06437
City Area Code	203
Local Phone Number	689-5650
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Public Float			$ 2.1
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York, New York
Entity Central Index Key	0001804176
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	true
Amendment Description	Amendment No. 1
Class A Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	BFLY
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		171,733,179
Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
Entity Listings [Line Items]
Title of 12(b) Security	Warrants to purchase one share of Class A common stock,each at an exercise price of $11.50 per share
Trading Symbol	BFLY WS
Security Exchange Name	NYSE
Class B Common Stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		26,426,937

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 422,841	$ 60,206
Accounts receivable, net	11,936	5,752
Inventories	36,243	25,805
Current portion of vendor advances	27,500	2,571
Prepaid expenses and other current assets	13,384	2,998
Total current assets	511,904	97,332
Property and equipment, net	14,703	6,870
Non-current portion of vendor advances	12,782	37,390
Operating lease assets	24,083
Other non-current assets	8,493	5,599
Total assets	571,965	147,191
Current liabilities:
Accounts payable	5,798	16,400
Deferred revenue, current	13,071	8,443
Accrued purchase commitments, current	5,329	22,890
Accrued expenses and other current liabilities	25,631	21,962
Total current liabilities	49,829	69,695
Deferred revenue, non-current	5,476	2,790
Convertible debt		49,528
Loan payable		4,366
Warrant liabilities	26,229
Accrued purchase commitments, non-current	14,200	19,660
Operating lease liabilities	27,690
Other non-current liabilities	850	2,146
Total liabilities	124,274	148,185
Commitments and contingencies (Note 20)
Convertible preferred stock:
Convertible preferred stock (Series A, B, C and D) $.0001 par value with an aggregate liquidation preference of $0 and $383,829 at December 31, 2021 and 2020, respectively; 0 and 107,197,118 shares authorized, issued and outstanding at December 31, 2021 and 2020, respectively		360,937
Stockholders' equity (deficit):
Additional paid-in capital	874,886	32,874
Accumulated deficit	(427,215)	(394,806)
Total stockholders' equity (deficit)	447,691	(361,931)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	571,965	147,191
Class A Common Stock
Stockholders' equity (deficit):
Common stock	17	$ 1
Class B Common Stock
Stockholders' equity (deficit):
Common stock	$ 3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Convertible preferred stock, shares authorized		107,197,118
Convertible preferred stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, liquidation preference	$ 0	$ 383,829
Convertible preferred stock, shares authorized	0	107,197,118
Convertible preferred stock, shares issued	0	107,197,118
Convertible preferred stock, shares outstanding	0	107,197,118
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	600,000,000	116,289,600
Common stock shares issued	171,613,049	6,593,291
Common stock, shares outstanding (in shares)	171,613,049	6,593,291
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	27,000,000	26,946,089
Common stock shares issued	26,426,937	0
Common stock, shares outstanding (in shares)	26,426,937	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 62,565	$ 46,252	$ 27,583
Cost of revenue:
Total cost of revenue	45,511	107,475	48,478
Gross profit	17,054	(61,223)	(20,895)
Operating expenses:
Research and development	74,461	49,738	48,934
Sales and marketing	49,604	26,263	14,282
General and administrative	85,717	24,395	18,185
Total operating expenses	209,782	100,396	81,401
Loss from operations	(192,728)	(161,619)	(102,296)
Interest income	2,573	285	2,695
Interest expense	(651)	(1,141)
Change in fair value of warrant liabilities	161,095
Other income (expense), net	(2,577)	(231)	(96)
Loss before provision for income taxes	(32,288)	(162,706)	(99,697)
Provision for income taxes	121	39
Net loss and comprehensive loss	$ (32,409)	$ (162,745)	$ (99,697)
Net loss per common share - basic	$ (0.19)	$ (26.87)	$ (17.08)
Net loss per common share - diluted	$ (0.19)	$ (26.87)	$ (17.08)
Weighted-average common shares outstanding - basic	173,810,053	6,056,574	5,838,103
Weighted-average common shares outstanding - diluted	173,810,053	6,056,574	5,838,103
Product
Revenue:
Total revenue	$ 47,868	$ 38,347	$ 25,081
Cost of revenue:
Total cost of revenue	29,308	46,294	38,357
Subscription
Revenue:
Total revenue	14,697	7,905	2,502
Cost of revenue:
Total cost of revenue	2,238	1,068	621
Loss on product purchase commitment
Cost of revenue:
Total cost of revenue	$ 13,965	$ 60,113	$ 9,500

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Convertible Preferred Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-In Capital	Accumulated Deficit	Class A Common Stock	Class B Common Stock	Total
Convertible Preferred Stock, Balance at beginning of the period at Dec. 31, 2018	$ 360,937
Convertible Preferred Stock, Balance at beginning of the period (in shares) at Dec. 31, 2018	107,197,118
Convertible Preferred Stock, Balance at end of the period at Dec. 31, 2019	$ 360,937
Convertible Preferred Stock, Balance at end of the period (in shares) at Dec. 31, 2019	107,197,118
Balance at beginning of the period at Dec. 31, 2018		$ 1		$ 13,420	$ (132,364)			$ (118,943)
Balance at beginning of the period (in shares) at Dec. 31, 2018		5,761,643
Increase (Decrease) in Stockholders' Equity
Net loss					(99,697)			(99,697)
Common stock issued upon exercise of stock options				324				324
Common stock issued upon exercise of stock options (in shares)		178,307
Stock-based compensation expense				6,038				6,038
Balance at end of the period at Dec. 31, 2019		$ 1		19,782	(232,061)			(212,278)
Balance at end of the period (in shares) at Dec. 31, 2019		5,939,950					0
Convertible Preferred Stock, Balance at end of the period at Dec. 31, 2020	$ 360,937							360,937
Convertible Preferred Stock, Balance at end of the period (in shares) at Dec. 31, 2020	107,197,118
Increase (Decrease) in Stockholders' Equity
Net loss					(162,745)			(162,745)
Common stock issued upon exercise of stock options				2,009				$ 2,009
Common stock issued upon exercise of stock options (in shares)		653,341						653,341
Stock-based compensation expense				11,083				$ 11,083
Balance at end of the period at Dec. 31, 2020		$ 1		32,874	(394,806)			(361,931)
Balance at end of the period (in shares) at Dec. 31, 2020		6,593,291				6,593,291	0
Increase (Decrease) in Stockholders' Equity
Net loss					(32,409)			$ (32,409)
Common stock issued upon exercise of stock options (in shares)								8,911,435
Common stock issued upon exercise of stock options and warrants		$ 1		21,708				$ 21,709
Common stock issued upon exercise of stock options and warrants (in shares)		8,886,801
Common stock issued upon vesting of restricted stock units (in shares)		1,018,828
Conversion of convertible preferred stock	$ 360,937	$ (8)	$ (3)	(360,926)				(360,937)
Conversion of convertible preferred stock (in shares)	(107,197,118)	80,770,178	26,426,937
Conversion of convertible debt		$ 1		49,916				49,917
Conversion of convertible debt (in shares)		5,115,140
Net equity infusion from the Business Combination		$ 6		361,281				361,287
Net equity infusion from the Business Combination (in shares)		69,228,811
Stock-based compensation expense				48,181				48,181
Balance at end of the period at Dec. 31, 2021		$ 17	$ 3	$ 874,886	$ (427,215)			$ 447,691
Balance at end of the period (in shares) at Dec. 31, 2021		171,613,049	26,426,937			171,613,049	26,426,937

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (32,409)	$ (162,745)	$ (99,697)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,090	1,316	758
Write-down of vendor advance	2,300	10,560	9,500
Non-cash interest expense on convertible debt	389	1,047
Write-down of inventories	889	7,123	2,711
Stock-based compensation expense	47,798	11,004	6,038
Change in fair value of warrant liabilities	(161,095)
Other	1,900	1,966
Changes in operating assets and liabilities:
Accounts receivable	(6,127)	(4,377)	(1,195)
Inventories	(11,285)	(23,487)	(1,390)
Prepaid expenses and other assets	(10,669)	(20)	931
Vendor advances	(2,621)	1,658	(48,488)
Accounts payable	(10,521)	11,175	2,549
Deferred revenue	7,314	7,446	3,497
Accrued purchase commitments	(23,063)	42,550
Change in operating lease assets and liabilities	1,901
Accrued expenses and other liabilities	4,022	13,084	4,354
Net cash used in operating activities	(189,187)	(81,700)	(120,432)
Cash flows from investing activities:
Purchases of marketable securities	(1,019,003)
Sales of marketable securities	1,017,010
Purchases of property and equipment	(7,877)	(2,376)	(4,468)
Net cash used in investing activities	(9,870)	(2,376)	(4,468)
Cash flows from financing activities:
Proceeds from exercise of stock options and warrants	21,707	2,038	324
Net proceeds from equity infusion from the Business Combination	548,403	(657)
Proceeds from loan payable		4,366
Proceeds from issuance of convertible debt		50,000
Payment of loan payable	(4,366)
Payments of debt issuance costs	(52)	(1,467)
Net cash provided by financing activities	565,692	54,280	324
Net (decrease) increase in cash, cash equivalents and restricted cash	366,635	(29,796)	(124,576)
Cash, cash equivalents and restricted cash, beginning of period	60,206	90,002	214,578
Cash, cash equivalents and restricted cash, end of period	426,841	60,206	90,002
Supplemental disclosure of non-cash investing and financing activities
Purchase of property and equipment	$ 1,841	564	$ 75
Deferred offering costs and debt issuance costs		$ 3,106

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Dec. 31, 2021USD ($)
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets
Cash and cash equivalents	$ 422,841
Restricted cash	4,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 426,841

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2021
Organization and Description of Business
Organization and Description of Business	Note 1. Organization and Description of Business ​ Butterfly Network, Inc., formerly known as Longview Acquisition Corp. (the “Company” or “Butterfly”), was incorporated in Delaware on February 4, 2020. The Company’s legal name became Butterfly Network, Inc. following the closing of the business combination discussed in Note 3 “Business Combination”. The prior period financial information represents the financial results and condition of BFLY Operations, Inc. (formerly Butterfly Network, Inc.). ​ The Company is an innovative digital health business transforming care with hand-held, whole body ultrasound. Powered by its proprietary Ultrasound-on-Chip™ technology, the solution enables the acquisition of imaging information from an affordable, powerful device that fits in a healthcare professional’s pocket with a combination of cloud-connected software and hardware technology. ​ The Company operates wholly-owned subsidiaries in Australia, Germany, Netherlands, the United Kingdom and Taiwan. ​ Although the Company has incurred recurring losses in each year since inception, the Company expects its cash and cash equivalents will be sufficient to fund operations for at least the next twelve months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation ​ The accompanying consolidated financial statements include the accounts of BFLY Operations, Inc. (formerly Butterfly Network, Inc.) and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in consolidation. Certain items in the prior year’s consolidated financial statements have been reclassified to conform to the current year presentation reflected in the consolidated financial statements. The Company reclassified the loss on product purchase commitments that was recorded within cost of product revenue on the consolidated statement of operations and comprehensive loss to be presented separately. ​ COVID-19 Outbreak ​ The COVID-19 pandemic that began in 2020 has created significant global economic uncertainty and has impacted the Company’s operating results, financial condition and cash flows. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on ​ The Company has not incurred any significant impairment losses in the carrying values of its assets as a result of the COVID-19 pandemic and is not aware of any specific related event or circumstance that would require the Company to revise the estimates reflected in its financial statements. ​ Functional Currency ​ The Company’s worldwide operations utilize the U.S. dollar (“USD”) as the functional currency considering the significant dependency of each subsidiary on the Company. Subsidiary operations are financed through the funding received from the Company in USD. For foreign entities where the USD is the functional currency, all foreign currency-denominated monetary assets and liabilities are remeasured at end-of-period exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the Company’s operating results in the consolidated statements of operations and comprehensive loss. ​ Concentration of Credit Risk ​ Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. At December 31, 2021 and 2020, a majority of the Company’s cash and cash equivalents were invested in money market accounts at one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. ​ As of December 31, 2021, one customer accounted for approximately 15% of the Company’s accounts receivable. As of December 31, 2020, no customer accounted for more than 10% of the Company’s accounts receivable. For the years end December 31, 2021, 2020 and 2019, no customer accounted for more than 10% of the total revenues. ​ Segment Information ​ The Company’s Chief Operating Decision Maker, its Chief Executive Officer (“CEO”), reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates in a single reportable segment. Substantially, all of the Company’s long-lived assets are located in the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. ​ Use of Estimates ​ The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions about future events that affect the amounts reported in its consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates and assumptions. Significant estimates and assumptions include: ​ ● revenue recognition, including determination of the timing and pattern of satisfaction of performance obligations, determination of the standalone selling price (“SSP”) of performance obligations; ● assumptions underlying the warranty liability calculation; ● assumptions underlying the measurement of the purchase commitment loss; ● measurement and allocation of capitalized costs, the net realizable value (the selling price as well as estimated costs of completion, disposal and transportation) of inventory, and demand and future use of inventory; ● assumptions underlying the incremental borrowing rate calculation; ● assumptions underlying the warrant liability calculation; ● valuation allowances with respect to deferred tax assets; and ● assumptions underlying the fair value used in calculation of the stock-based compensation. The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s consolidated financial statements. ​ Revenue Recognition ​ The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to in exchange for these goods and services. To achieve this core principle, the Company applies the following 5 steps: ​ ● Step 1: Identify Contracts with Customers: The Company’s contracts with customers typically occur either through direct sales or through eCommerce. The Company executes signed contracts with direct sales customers. Direct sales typically have 30-day payment terms, and multi-year software subscriptions typically require advance payment for each annual subscription period. The Company’s contracts with eCommerce customers are executed when the customer indicates that it has read and agrees to the terms and conditions of the purchase prior to purchasing the specific goods and services. The goods and services sold through the Company’s eCommerce platform require upfront payment for the goods and the services upon check-out. ● Step 2: Identify Performance Obligations: The Company’s contracts with customers often include multiple performance obligations. The Company has identified the following performance obligations in its contracts with customers: ● Hardware devices ● Hardware accessories ● Maintenance and support for the software that is used in connection with the hardware devices, including the right to an unspecified number of software updates as and when available ● Cloud-based software subscriptions, which represent an obligation to provide the customer with ongoing access to the Company’s hosted software applications on a continuous basis throughout the subscription period ● Implementation and integration services ● Extended warranties ● Step 3: Determine Transaction Price: The Company’s contracts with customers include variable consideration in the form of refunds and credits for product returns and price concessions. The Company estimates variable consideration using the expected value method based on a portfolio of data from similar contracts. ● Step 4: Allocate Transaction Price to Performance Obligations: The Company allocates transaction price to the performance obligations in a contract with a customer based on the relative standalone selling prices of the goods and services. For the cloud-based software subscriptions, which the Company sells to customers on a standalone basis (including renewals of subscriptions), the Company uses the observable standalone selling price, based on the price for which the Company sells these services to customers in standalone contracts, including contracts for renewals of subscriptions. The Company’s sales of hardware devices represent a bundled sale of a good and a service that includes two performance obligations, namely the unit of hardware device, and the support and maintenance of the software that is used in conjunction with the device, including a right for the customer to receive an unspecified number of software updates. The Company has an observable standalone selling price for the bundle and estimates the standalone selling price of the performance obligations within the bundle using estimation techniques that maximize the use of observable inputs. ● Step 5: Recognize Revenue as Performance Obligations are Satisfied: Each unit of hardware devices and accessories is a performance obligation satisfied at a point in time, when control of the good transfers from the Company to the customer. The Company’s services, including the cloud-based software subscriptions, extended warranties, and support and maintenance, are stand-ready obligations that are satisfied over time by providing the customer with ongoing access to the Company’s resources. The Company uses the time elapsed (straight-line) measure of progress to recognize revenue as these performance obligations are satisfied evenly over the respective service period. The implementation and integration services are performance obligations satisfied over time, and the Company uses the costs incurred as inputs in the measure of progress to recognize revenue as it satisfies these performance obligations. Deferred Revenue ​ Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from subscription services described above and is reduced as the revenue recognition criteria are met. Deferred revenue is classified as current or non-current based on expected revenue recognition timing. Specifically, deferred revenue that will be recognized as revenue within the succeeding 12 month period is recorded as current, and the portion of deferred revenue where revenue is expected to be recognized beyond 12 months from the reporting date is recorded as non-current deferred revenue in the Company’s consolidated balance sheets. ​ Warranties ​ The Company offers a standard product warranty that its products will operate free of material defects and function in accordance with the standard specifications for a period of one year from when control is transferred to the customer. The Company evaluated the warranty liability under ASC Topic 606 and determined that it is an assurance type warranty. At the time revenue is recognized, an estimate of future warranty costs is recorded as a component of cost of revenue and as a liability in accrued expenses. Factors that affect the warranty obligation include historical as well as current product failure rates, service delivery costs incurred in correcting product failures, and warranty policies and business practices. ​ Cash and Cash Equivalents ​ All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents. At December 31, 2021 and 2020, cash and cash equivalents consist principally of cash and money market accounts. ​ Trade Accounts Receivable and Allowance for Doubtful Accounts ​ Accounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts based on the probability of future collection. The Company estimates its allowance for doubtful accounts based on historical loss patterns, the number of days that billings are past due, current market conditions, and reasonable and supportable forecasts of future economic conditions, in accordance with ASC 326 "Financial Instruments-Credit Losses." Accounts receivable are written off when deemed uncollectible and collection of the receivable is no longer being actively pursued. The following table summarizes the allowance for doubtful accounts activity: ​ ​ ​ ​ ​ (in thousands) Fair Value Allowance for doubtful accounts as of December 31, 2019 ​ $ — Additions (recoveries) ​ 576 Deductions – write offs ​ — Allowance for doubtful accounts as of December 31, 2020 ​ $ 576 Additions (recoveries) ​ ​ (54) Deductions – write offs ​ ​ (82) Allowance for doubtful accounts as of December 31, 2021 ​ $ 440 ​ Inventories ​ Inventories primarily consist of raw materials, work in progress and finished goods which are purchased and held by the Company’s third-party contract manufacturers. Inventories are stated at the lower of actual cost, determined using the average cost method, or net realizable value. Cost includes all direct and indirect production costs to convert materials into a finished product. Net realizable value is based upon an estimated average selling price reduced by the estimated costs of completion, disposal and transportation. The determination of net realizable value involves certain judgments including estimating average selling prices. The Company reduces the value of inventory for estimated obsolescence or lack of marketability by the difference between the cost of the affected inventory and the net realizable value. ​ The valuation of inventory also requires the Company to estimate excess and obsolete inventory. The Company considers new product development schedules, the effect that new products might have on the sale of existing products, product obsolescence and product merchantability, including whether older products can be re-manufactured into new products among other factors. ​ Losses expected to arise from firm, non-cancelable and unhedged commitments for the future purchase of inventory items are recognized unless the losses are recoverable through firm sales contracts or other means. ​ Restricted Cash ​ Restricted cash includes deposits in financial institutions used to secure a lease agreement. The Company classified the amounts within other non-current assets as the deposits are used to secure a long-term lease. The amount shown as restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the consolidated statement of cash flows. ​ Security Deposits ​ Security deposits represent amounts paid to third parties in relation to non-cancelable leases. ​ Vendor Advances ​ Vendor advances represent amounts paid to third party vendors for future services to be received related to production of the Company’s inventory. The amounts are presented net of writeoffs. The classification current or non-current is based on the estimated timing of inventory delivery. ​ Property and Equipment, net ​ Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. ​ Useful lives for property and equipment are as follows: ​ ​ ​ ​ Property and Equipment Estimated Useful Life Software 3 Machinery and equipment 3 – 5 years Furnitures and fixtures 5 7 Leasehold improvements Lesser of estimated useful life or remaining lease term ​ Expenditures for major renewals and improvements are capitalized. Expenditures for repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation is eliminated from the balance sheet, and any resulting gains or losses are included in the statements of operations and comprehensive loss in the period of disposal. ​ Capitalized Software Development Costs ​ Costs to develop software internally for internal use are capitalized and recorded as capitalized software development costs on the consolidated balance sheets as a component of property and equipment, net. The Company capitalizes qualifying costs associated with internally-developed software incurred during the application development stage so long as management with the relevant authority authorizes the project, it is probable the project will be completed, and the software will be used to perform the function intended. Costs incurred during the preliminary project and post-implementation stages, including training and maintenance, are expensed as incurred. Capitalized costs are amortized on a project-by-project basis using the straight-line method over the estimated economic life of the application, which is three years, beginning when the asset is substantially ready for use. Amortization expense is classified in the consolidated statement of operations based upon the nature of the project. ​ Deferred Offering Costs ​ Offering costs, consisting of legal, accounting, printer and filing fees related to the Company’s business combination, were deferred and were offset against proceeds from the transaction upon the consummation of the business combination. In the event the transaction was terminated, all deferred offering costs would be expensed. Deferred offering costs capitalized as of December 31, 2021 and 2020 were $0.0 million and $3.7 million, respectively. ​ Leases ​ The Company primarily enters into leases for office space that are classified as operating leases. The Company determines if an arrangement is or contains a lease at inception. may terminate its leases with the notice required under the lease and upon the payment of a termination fee, if required. The Company’s leases do not include substantial variable payments based on index or rate. The Company’s lease agreements do not contain any significant residual value guarantees or material restrictive covenants. ​ The Company’s leases do not provide a readily determinable implicit discount rate. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The lease payments related to the next 12 months are included in other current liabilities in the accompanying consolidated balance sheets. The Company recognizes a single lease cost on a straight-line basis over the term of the lease, and the Company classifies all cash payments within operating activities in the statement of cash flows. ​ The Company evaluates right-of-use assets for impairment consistent with its property, plant and equipment policy. There were no impairments of right-of-use assets in 2021. The Company does not have any finance or capital leases as of December 31, 2021 or 2020. ​ Impairment of Long-Lived Assets ​ The Company reviews its long-lived assets for impairment at least annually or whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Each impairment test is based on a comparison of the undiscounted cash flow to the recorded value of the asset. If the recorded value of the asset is less than the undiscounted cash flow, the asset is written down to its estimated fair value. The Company recorded an impairment charge of $1.4 million during the year ended December 31, 2020 related to the historical prepayments to a related party for the acquisition of capital assets. No impairments were recorded for the year ended December 31, 2021 and 2019. ​ Convertible Debt ​ The Company evaluated its convertible debt for embedded derivatives. Embedded provisions (like conversion options) are assessed under ASC Topic 815, Derivatives and Hedging To the extent that any embedded conversion option in the convertible debt is not bifurcated as an embedded derivative, that conversion option was also evaluated under ASC Topic 470, Debt Debt issuance costs were recorded as a reduction to the carrying amount of the convertible debt and are amortized to interest expense using the effective interest method. The convertible debt was classified as short-term or long-term based on the debt’s payment schedule. ​ Warrant Liability ​ The Company’s outstanding warrants include publicly-traded warrants (the “Public Warrants”) which were issued as one Derivatives and Hedging—Contracts in Entity’s Own Equity ​ Cost of Revenue ​ Product: Cost of revenue consists of product costs including manufacturing costs, personnel costs and benefits, duties and other applicable importing costs, packaging, warranty replacement costs, depreciation expense, fulfillment costs, payment processing fees and inventory obsolescence and write-offs. ​ Subscription: Cost of revenue consists of personnel costs, cloud hosting costs, amortization of internal use software and payment processing fees. ​ Research and Development ​ Research and development expenses primarily consist of personnel costs and benefits, facilities-related expenses, consulting and professional fees, fabrication services, software and other outsourcing expenses. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred. ​ Sales and Marketing ​ Sales and marketing costs primarily consist of personnel costs and benefits, third party logistics, fulfillment and outbound shipping costs, facilities-related expenses, advertising, promotional, as well as conferences, meetings and other events. Advertising expenses are expensed as incurred. For the years ended December 31, 2021, 2020 and 2019, advertising expenses were $8.3 million, $4.7 million and $0.9 million, respectively. ​ General and Administrative ​ General and administrative expenses primarily consist of personnel costs and benefits, patent and filing fees, facilities costs, office expenses and outside services. Outside services consist of professional services, legal and other professional fees. ​ Net Loss per Common Share ​ We compute net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of each class of the Company’s common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of the Company’s common stock, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of the Company’s common stock outstanding would have been anti-dilutive. Since the Company was in a net loss position for all periods presented, the basic earnings per share (“EPS”) calculation excludes preferred stock as it does not participate in net losses of the Company. Refer to Note 13 “Net Loss Per Share” for further discussion. ​ Convertible Preferred Stock ​ The Company applied the guidance in ASC Topic 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities ​ Stock-Based Compensation ​ The measurement of share-based compensation expense for all stock-based payment awards, including stock options and restricted stock units granted to employees, directors, and nonemployees, is based on the estimated fair value of the awards on the date of grant. ​ The Company recognizes stock-based compensation expense for its’ awards on a straight-line basis over the requisite service period of the individual grants, which is generally the vesting period, based on the estimated grant date fair values. Generally, awards fully vest three ​ Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, stock options granted to non-employees were accounted for based on their fair value on the measurement date. Stock options granted to non-employees were subject to periodic revaluation over their vesting terms. As a result, the charge to statements of operations and comprehensive loss for non-employee options with vesting requirements was affected in each reporting period by a change in the fair value of the option calculated under the Black-Scholes option-pricing model. ​ The Company during the year ended December 31, 2021 and 2020 granted performance based restricted stock units. The Company accounted for these awards according to the relevant provisions of ASC 718 - Stock Compensation. For performance awards, the Company recognizes expense using the accelerated attribution method. Refer to Note 12 “Equity Incentive Plan” for further discussion about the nature of the transactions. ​ Common Stock Valuations ​ Prior to the Closing of the Business Combination, Valuation of Privately Held Company Equity Securities Issued as Compensation Closing of the Business Combination t ​ Income Taxes ​ The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. ​ The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. ​ Recent Accounting Pronouncements Adopted ​ In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that Is a Service Contract (Topic 350-40) , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). As a result, eligible implementation costs incurred in a cloud computing arrangement that is a service contract are capitalized as prepaid expenses and other current assets on the balance sheet, recognized on a straight-line basis over its life in the statement of operations and comprehensive loss in the same line item as the fees for the associated arrangement, and the related activity is generally classified as an operating activity in the statement of cash flows. The Company prospectively adopted such guidance on January 1, 2021 and there was no material effect of adoption on the consolidated financial statements as of and for the year ended December 31, 2021. ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ​ The Company elected to use the package of practical expedients permitted under the transition guidance. The Company did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases. For each asset class and the related lease agreements in which the Company is the lessee that include lease and non-lease components, the Company made an election about the use of the practical expedient on all leases entered into or modified after January 1, 2021 to combine lease and non-lease components. Additionally, the Company elected to not record on the balance sheet leases with a term of twelve months or less.

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2021
Business Combination
Business Combination	Note 3. Business Combination On February 12, 2021 (the “Closing Date”), the Company consummated the previously announced business combination (the “Business Combination”) pursuant to the terms of the Business Combination Agreement, dated as of November 19, 2020 (the “Business Combination Agreement”), by and among Longview, Clay Merger Sub, Inc., a Delaware corporation incorporated on November 12, 2020 (“Merger Sub”), and Butterfly Network, Inc., a Delaware corporation (“Legacy Butterfly”). Immediately upon the consummation of the Business Combination and the other transactions contemplated by the Business Combination Agreement (collectively, the “Transactions”, and such completion, the “Closing”), Merger Sub merged with and into Legacy Butterfly, with Legacy Butterfly surviving the Business Combination as a wholly-owned subsidiary of Longview (the “Merger”). In connection with the Transactions, Longview changed its name to “Butterfly Network, Inc.” and Legacy Butterfly changed its name to “BFLY Operations, Inc.” The Merger is accounted for as a reverse recapitalization in accordance with U.S. GAAP primarily due to the fact that Legacy Butterfly stockholders continue to control the Company following the closing of the Business Combination. Reported shares and earnings per share available to holders of the Company’s capital stock and equity awards prior to the Business Combination have been retroactively restated reflecting the exchange ratio established pursuant to the Business Combination ​ Pursuant to the Merger, at the Effective Time of the Merger (the “Effective Time”): ​ • each share of Legacy Butterfly capital stock (other than the Legacy Butterfly Series A preferred stock) that was issued and outstanding immediately prior to the Effective Time was automatically canceled and converted into the right to receive 1.0383 shares of the Company’s Class A common stock, rounded down to the nearest whole number of shares; ​ • each share of Legacy Butterfly Series A preferred stock that was issued and outstanding immediately prior to the Effective Time was automatically canceled and converted into the right to receive 1.0383 shares of the Company’s Class B common stock, rounded down to the nearest whole number of shares; ​ ​ • each option to purchase shares of Legacy Butterfly common stock, whether vested or unvested, that was outstanding and unexercised as of immediately prior to the Effective Time was assumed by the Company and became an option (vested or unvested, as applicable) to purchase a number of shares of the Company’s Class A common stock equal to the number of shares of Legacy Butterfly common stock subject to such option immediately prior to the Effective Time multiplied by 1.0383, rounded down to the nearest whole number of shares, at an exercise price per share equal to the exercise price per share of such option immediately prior to the Effective Time divided by 1.0383 and rounded up to the nearest whole cent; ​ • each Legacy Butterfly restricted stock unit outstanding immediately prior to the Effective Time was assumed by the Company and became a restricted stock unit with respect to a number of shares of the Company’s Class A common stock, rounded to the nearest whole share, equal to the number of shares of Legacy Butterfly common stock subject to such Legacy Butterfly restricted stock unit immediately prior to the Effective Time multiplied by 1.0383; and ​ • the principal amount plus accrued but unpaid interest, if any, on the Legacy Butterfly convertible notes outstanding as of immediately prior to the Effective Time was automatically canceled and converted into the right to receive shares of the Company’s Class A common stock, with such shares of the Company’s Class A common stock calculated by dividing the outstanding principal plus accrued interest, if any, of each Legacy Butterfly convertible note by $10.00, rounded down to the nearest whole number of shares. ​ In addition, on February 12, 2021, Longview filed the Second Amended and Restated Certificate of Incorporation (the “Restated Certificate”) with the Secretary of State of the State of Delaware, which became effective simultaneously with the Effective Time. As a consequence of filing the Restated Certificate, the Company adopted a dual class structure, comprised of the Company’s Class A common stock, which is entitled to one vote per share, and the Company’s Class B common stock, which is entitled to 20 votes per share. The Company’s Class B common stock is subject to a “sunset” provision if Jonathan M. Rothberg, Ph.D., the founder of Legacy Butterfly and Chairman of the Company (“Dr. Rothberg”), and other permitted holders of the Company’s Class B common stock collectively cease to beneficially own at least twenty percent (20%) of the number of shares of the Company’s Class B common stock (as such number of shares is equitably adjusted in respect of any reclassification, stock dividend, subdivision, combination or recapitalization of the Company’s Class B common stock) collectively held by Dr. Rothberg and permitted transferees of the Company’s Class B common stock as of the Effective Time. In addition, concurrently with the execution of the Business Combination Agreement, on November 19, 2020, Longview entered into subscription agreements (the “Subscription Agreements”) with certain institutional investors (the “PIPE Investors”), pursuant to which the PIPE Investors purchased, immediately prior to the Closing, an aggregate of 17,500,000 shares of Longview Class A common stock at a purchase price of $10.00 per share (the “PIPE Financing”). The total number of shares of the Company’s Class A common stock outstanding immediately following the Closing was approximately 164,862,470, comprising: 59 • 95,633,659 shares of the Company’s Class A common stock issued to Legacy Butterfly stockholders (other than certain holders of Legacy Butterfly Series A preferred stock) and holders of Legacy Butterfly convertible notes in the Merger; ​ • 17,500,000 shares of the Company’s Class A common stock issued in connection with the Closing to the PIPE Investors pursuant to the PIPE Financing; ​ • 10,350,000 shares of the Company’s Class A common stock issued to holders of shares of Longview Class B common stock outstanding at the Effective Time; and ​ • 41,378,811 shares of the Company’s Class A common stock held by holders of Longview Class A common stock outstanding at the Effective Time. ​ The total number of shares of the Company’s Class B common stock issued at the Closing was approximately 26,426,937. Immediately following the Closing, Dr. Rothberg held approximately 76.2% of the combined voting power of the Company. Accordingly, Dr. Rothberg and his permitted transferees control the Company and the Company is a controlled company within the meaning of the corporate governance standards of the New York Stock Exchange (the “NYSE”). ​ The most significant change in the post-combination Company’s reported financial position and results was an increase in cash of $ 589.5 million. The Company as the accounting acquirer incurred $11.4 million in transaction costs relating to the Business Combination, which has been offset against the gross proceeds recorded in additional paid-in capital in the consolidated statements of changes in convertible preferred stock and stockholders’ equity (deficit). The Company on the date of Closing used proceeds of the Transactions to pay off $30.9 million, representing all significant liabilities of the acquiree excluding the warrant liability. As of the date of the Closing, the Company recorded net liabilities of $186.5 million with a corresponding offset to additional paid-in capital. The net liabilities include warrant liabilities of $187.3 million and other insignificant assets and liabilities. The Company received proceeds of $0.6 million related to other transactions that occurred at the same time as the Business Combination.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2021
Revenue Recognition
Revenue Recognition	Note 4. Revenue Recognition Disaggregation of Revenue ​ The Company disaggregates revenue from contracts with customers by product type and by geographical market. The Company believes that these categories aggregate the payor types by nature, amount, timing and uncertainty of its revenue streams. The following table summarizes the Company’s disaggregated revenues (in thousands) for the year ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pattern of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognition ​ 2021 2020 2019 By Product Type: ​ ​ ​ ​ ​ ​ Devices and accessories ​ Point-in-time ​ $ 47,868 ​ $ 38,347 ​ $ 25,081 Subscription services and other services ​ Over time ​ 14,697 ​ 7,905 ​ 2,502 Total revenue ​ ​ ​ $ 62,565 ​ $ 46,252 ​ $ 27,583 By Geographical Market: ​ ​ ​ ​ ​ United States ​ ​ ​ $ 42,993 ​ $ 33,237 ​ $ 23,997 International ​ ​ ​ 19,572 ​ 13,015 ​ 3,586 Total revenue ​ ​ ​ $ 62,565 ​ $ 46,252 ​ $ 27,583 ​ Contract Balances ​ Contract balances represent amounts presented in the consolidated balance sheets when either the Company has transferred goods or services to the customer, or the customer has paid consideration to the Company under the contract. These contract balances include trade accounts receivable and deferred revenue. Deferred revenue represents cash consideration received from customers for services that are transferred to the customer over the respective subscription period. The accounts receivable balances represent amounts billed to customers for goods and services for which the Company has an unconditional right to payment of the amount billed. ​ The following table provides information about receivables and deferred revenue from contracts with customers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Accounts receivable, net ​ $ 11,936 ​ $ 5,752 Deferred revenue, current ​ 13,071 ​ 8,443 Deferred revenue, non-current ​ 5,476 ​ 2,790 ​ The Company recognizes a receivable when it has an unconditional right to payment, and payment terms are typically 30 days for product and service sales on credit. ​ The amount of revenue recognized during the years ended December 31, 2021 and 2020 that was included in the deferred revenue balance at the beginning of the period was $8.4 million and $3.2 million, respectively. ​ Transaction Price Allocated to Remaining Performance Obligations ​ On December 31, 2021, the Company had $21.2 million of remaining performance obligations. The Company expects to recognize 64% of its remaining performance obligations as revenue in fiscal year 2022 2023 ​ Significant Judgments ​ The Company makes significant judgments applying the guidance related to the determination of the timing and pattern of satisfaction of performance obligations and determination of the SSP of performance obligations. See Note 2 “Summary of Significant Accounting Policies” for details. ​ Costs of Obtaining or Fulfilling Contracts ​ The Company incurs incremental costs of obtaining contracts and costs of fulfilling contracts with customers. Incremental costs of obtaining contracts, which include commissions and referral fees paid to third parties as a result of obtaining contracts with customers, are capitalized to the extent that the Company expects to recover such costs. Costs of fulfilling contracts that relate specifically to a contract with a customer, and result from activities that generate the Company’s resources and enable it to satisfy its performance obligations in the contract with the customer, are capitalized to the extent that the Company expects to recover such costs. Capitalized costs are amortized in a pattern that is consistent with the Company’s transfer to the customer of the related goods and services. Such costs were not material during the years ended December 31, 2021 and 2020. ​ Practical Expedients and Accounting Policy Elections ​ In determining the transaction price of its contracts with customers, the Company estimates variable consideration using a portfolio of data from similar contracts. ​ As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component in contracts in which the period between when the Company transfers the promised good or service to the customer and when the customer pays for that good or service is a year or less. ​ The Company has made an accounting policy election to exclude all sales taxes from the transaction price of its contracts with customers. Accordingly, sales taxes collected from customers and remitted to government authorities are not included in revenue and are accounted for as a liability until they have been remitted to the respective government authority.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 5. Fair Value of Financial Instruments Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. ​ The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Company utilizes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: ​ ● Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. ● Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. ● Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no assets or liabilities valued with Level 3 inputs. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates their fair values due to the short-term or on demand nature of these instruments. The fair value of the loan payable and the convertible debt using Level 2 inputs was deemed to approximate carrying value as of December 31, 2020, due to the recency of the issuance dates. ​ There were no transfers between fair value measurement levels during the years ended December 31, 2021 and 2020. ​ The Company determined the fair value of its Public Warrants as Level 1 financial instruments, as they are traded in active markets. Because any transfer of Private Warrants from the initial holder of the Private Warrants would result in the Private Warrants having substantially the same terms as the Public Warrants, management determined that the fair value of each Private Warrant is the same as that of a Public Warrant. Accordingly, the Private Warrants are classified as Level 2 financial instruments. ​ The following table summarizes the Company’s liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Level ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 December 31, 2021: ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 17,525 ​ $ 17,525 ​ $ — ​ $ — Private Warrants ​ ​ 8,704 ​ ​ — ​ ​ 8,704 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 26,229 ​ $ 17,525 ​ $ 8,704 ​ $ — ​ The Company did not have any assets or liabilities similar to those above requiring fair value measurement at December 31, 2020.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventories
Inventories	Note 6. Inventories A summary of inventories is as follows at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Raw materials ​ $ 19,853 ​ 7,688 Work-in-progress ​ 1,122 ​ 865 Finished goods ​ 15,268 ​ 17,252 Total inventories ​ $ 36,243 ​ $ 25,805 ​ Work-in-progress represents inventory items in intermediate stages of production by third party manufacturers. For the years ended December 31, 2021, 2020 and 2019, net realizable value inventory adjustments and excess and obsolete inventory charges were $0.9 million, $7.1 million and $2.7 million, respectively, and were recognized in cost of revenues.

Other Non-Current Assets

Other Non-Current Assets	12 Months Ended
	Dec. 31, 2021
Other Non-Current Assets
Other Non-Current Assets	Note 7. Other Non-Current Assets Other non-current assets consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Security deposits ​ $ 1,883 ​ $ 1,888 Restricted cash ​ ​ 4,000 ​ ​ — Deferred offering costs ​ — ​ 3,711 Other long-term assets ​ ​ 2,610 ​ ​ — Total other non-current assets ​ $ 8,493 ​ $ 5,599 ​

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2021
Property and Equipment, Net
Property and Equipment, Net	Note 8. Property and Equipment, Net Property and equipment, net, are recorded at historical cost and consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Machinery and equipment ​ $ 6,861 ​ $ 5,102 Leasehold improvements ​ 4,212 ​ 4,166 Software ​ 3,831 ​ 888 Construction in progress ​ 5,086 ​ 70 Other ​ 89 ​ 42 ​ ​ 20,079 ​ 10,268 Less: accumulated depreciation and amortization ​ (5,376) ​ (3,398) Property and equipment, net ​ $ 14,703 ​ $ 6,870 ​ Depreciation and amortization expense amounted to $2.1 million, $1.3 million and $0.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2021
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 9. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Employee compensation ​ $ 12,746 ​ $ 5,968 Customer deposits ​ 1,850 ​ 1,177 Accrued warranty liability ​ 266 ​ 646 Non-income tax ​ 2,477 ​ 3,695 Professional fees ​ 2,797 ​ 5,432 Vendor settlements ​ ​ — ​ ​ 2,975 Current portion of operating lease liabilities ​ ​ 1,391 ​ ​ — Other ​ 4,104 ​ 2,069 Total accrued expenses and other current liabilities ​ $ 25,631 ​ $ 21,962 ​ Warranty expense activity for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Balance, beginning of period ​ $ 1,826 ​ $ 876 ​ $ 133 Warranty provision charged to operations ​ 58 ​ 2,498 ​ 2,203 Warranty claims ​ (768) ​ (1,548) ​ (1,460) Balance, end of period ​ $ 1,116 ​ $ 1,826 ​ $ 876 ​ The Company classifies its accrued warranty liability based on the timing of expected warranty activity. The future costs of expected activity greater than one year is recorded within other non-current liabilities on the consolidated balance sheet.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit)	Note 10. Stockholders’ Equity (Deficit) Common stock ​ Dividends ​ Holders of the Company’s Class A and Class B common stock are not entitled to receive dividends unless declared by the Board. Any such dividends would be subject to the preferential dividend rights of the holders of the then outstanding preferred stock or any other series stock having preferential rights. Holders of the Class A and Class B common stock will share ratably, if and when any dividend is declared, out of funds legally available. There have been no dividends declared to date. Voting rights ​ The holders of shares of the Class A common stock are entitled to 1 vote per share on all matters on which the shares shall be entitled to vote. The holders of shares of the Class B common stock are entitled to 20 votes per share on all matters on which the shares shall be entitled to vote. Generally, holders of all classes of common stock vote together as a single class. ​ Liquidation Rights ​ On the liquidation, dissolution, distribution of assets or winding up of the Company, each holder of Class B common stock, together with each holder of Class A common stock, will be entitled, pro rata on a per share basis, to all assets of the Company of whatever kind available for distribution to the holders of common stock, subject to the designations, preferences, limitations, restrictions and relative rights of any other class or series of preferred stock of the Company then outstanding and unless disparate or different treatment of the shares of Class A common stock and Class B common stock is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock, each voting separately as a class. ​ Other Matters ​ Holders of shares of Class A common stock do not have subscription, redemption or conversion rights. ​ Holders of Class B common stock have the right to convert shares of their Class B common stock into fully paid and non-assessable shares of Class A common stock, on a one-to-one basis, at the option of the holder at any time upon written notice to the Company. Holders of Class B common stock will have their Class B common stock automatically converted into Class A common stock, on a one-to-one basis, upon the occurrence of any of the events described below: ​ (1) Any sale, assignment, transfer, conveyance, hypothecation, or other transfer or disposition, directly or indirectly, of any Class B common stock or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law (including by merger, consolidation, or otherwise), including, without limitation the transfer of a share of Class B common stock to a broker or other nominee or the transfer of, or entering into a binding agreement with respect to, voting control over such share by proxy or otherwise, other than a permitted transfer. ​ (2) Upon the first date on which Dr. Rothberg, together with all other qualified stockholders, collectively cease to beneficially own at least 20% of the number of Class B common stock (as such number of shares is equitably adjusted in respect of any reclassification, stock dividend, subdivision, combination, or recapitalization of the Class B common stock) collectively beneficially owned by Dr. Rothberg and permitted transferees of Class B common stock as of the effective time of the Merger. ​ (3) Upon the date specified by the affirmative vote of the holders of at least two -thirds (2/3) of the outstanding shares of Class B common stock, voting as a separate class.

Convertible Preferred Stock

Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2021
Convertible Preferred Stock.
Convertible Preferred Stock	Note 11. Convertible Preferred Stock The Company has issued four series of Convertible Preferred Stock, Series A through Series D. Prior to the completion of the Business Combination there were no significant changes to the terms of the Convertible Preferred Stock. Upon the Closing of the Business Combination, the Convertible Preferred Stock converted into the right to receive Class A and Class B common stock based on the Business Combination’s conversion ratio of 1.0383 of the Company’s shares for each Legacy Butterfly share. The Company recorded the conversion at the carrying value of the Convertible Preferred Stock at the time of Closing. There are no shares of Convertible Preferred Stock outstanding as of December 31 ​ The following table summarizes the authorized, issued and outstanding Convertible Preferred Stock of the Company as of immediately prior to the Business Combination and December 31, 2020 (in thousands, except share and per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance Shares Total ​ ​ ​ ​ Initial ​ ​ ​ ​ Price ​ Authorized, ​ Proceeds or ​ ​ ​ ​ Net ​ Liquidation ​ ​ Year of ​ Per ​ Issued and ​ Exchange ​ Issuance ​ Carrying ​ Price Per Class ​ Issuance ​ Share ​ Outstanding ​ Value ​ Costs ​ Value ​ Share Series A 2012 ​ $ 0.04 26,946,090 ​ $ 1,038 ​ $ 11 ​ $ 1,027 ​ $ 0.77 Series B 2014 ​ 0.77 25,957,500 ​ 20,000 ​ 99 ​ 19,901 ​ 0.77 Series C 2014 – 2015 ​ 3.21 29,018,455 ​ 93,067 ​ 246 ​ 92,821 ​ 3.21 Series D 2018 ​ 9.89 25,275,073 ​ 250,000 ​ 2,812 ​ 247,188 ​ 9.89 ​ ​ ​ ​ ​ ​ 107,197,118 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2021
Equity Incentive Plan
Equity Incentive Plan	Note 12. Equity Incentive Plan The Company’s 2012 Employee, Director and Consultant Equity Incentive Plan (the "2012 Plan") was adopted by its Board of Directors and stockholders in March 2012. The Butterfly Network, Inc. Amended and Restated 2020 Equity Incentive Plan (the “2020 Plan”, and together with the 2012 Plan, the “Plans”) was approved by the Board in the fourth quarter of 2020 and by the stockholders in the first quarter of 2021. Grants under the 2012 Plan and the 2020 Plan are included in the tables below. ​ As of December 31, 2021, the number of shares of common stock reserved for issuance under the 2020 Plan was 25.6 million. The 2020 Plan is administered by the Board. The Board may grant stock-based awards, restricted stock and options to purchase shares either as incentive stock options or non-qualified stock options. The restricted stock and option grants are subject to certain terms and conditions, option periods and conditions, exercise rights and privileges and are fully discussed in the 2020 Plan. As of December 31, 2021, 17.0 million common shares remain available for issuance under the 2020 Plan. In connection with the Closing of the Business Combination, the Company has not granted and will not grant any additional awards under the 2012 Plan. However, the 2012 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder. As of December 31, 2021, the number of shares of common stock reserved for issuance under the 2012 Plan was 13.1 million. ​ In connection with the Closing of the Business Combination, the Company adjusted the equity awards as described in Note 3 “Business Combination”. The adjustments to the awards did not result in incremental expense as the equitable adjustments were made pursuant to a preexisting, nondiscretionary anti-dilution provision in the 2012 Plan, and the fair-value, vesting conditions and classification of the awards are the same immediately before and after the modification. ​ Stock option activity ​ Each stock option grant carries varying vesting schedules whereby the options may be exercised at the participant’s sole discretion provided they are an employee, director or consultant of the Company on the applicable vesting date. Each option shall terminate not more than ten years from the date of the grant. ​ A summary of the stock option activity under the 2020 Plan is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Number of ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Term ​ (in thousands) Outstanding at December 31, 2019 15,254,566 ​ 2.26 6.94 47,820 Granted 14,492,505 ​ 5.56 Exercised (653,341) ​ 3.07 Forfeited (2,385,401) ​ 2.50 Outstanding at December 31, 2020 26,708,329 ​ 4.03 7.06 143,338 Granted 8,101,866 ​ 12.98 Exercised (8,911,435) ​ 2.46 Forfeited (9,655,228) ​ 6.12 Outstanding at December 31, 2021 16,243,532 ​ 8.11 7.63 24,398 Options exercisable at December 31, 2020 11,553,081 ​ 2.29 6.01 82,033 Options exercisable at December 31, 2021 7,399,460 ​ 4.34 5.88 21,300 Vested and expected to vest at December 31, 2020 23,175,751 ​ 3.82 6.94 129,047 Vested and expected to vest at December 31, 2021 12,943,351 ​ 7.30 7.26 23,242 ​ The total intrinsic value excludes those options whereby the stock price does not exceed the exercise price of the option. ​ Additional information about the Company’s stock option activity during the years ended December 31, 2021, 2020 and 2019 is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Cash proceeds from the exercise of stock options (in millions) ​ $ 21.7 ​ $ 2.0 ​ $ 0.3 Total intrinsic value of stock options exercised (in millions) ​ 80.9 ​ 3.6 ​ 0.5 Weighted average grant date fair value of options granted ​ 6.47 ​ 3.27 ​ 2.31 ​ The intrinsic value of a stock option that’s been exercised is the amount by which the stock price exceeds the exercise price of the option on the date of exercise. ​ During 2020, in connection with employee terminations, the Company extended the post-employment exercise period with regards to 733,000 options. The incremental expense resulting from the modifications was not significant to the consolidated statement of operations and comprehensive loss. ​ On January 23, 2021, the former Chief Executive Officer and member of the Board of Directors of Legacy Butterfly resigned from his position as Chief Executive Officer. Pursuant to the separation agreement between the former Chief Executive Officer and Legacy Butterfly, the former officer received equity-based compensation. The equity compensation includes the acceleration of vesting of the officer’s service-based options. The acceleration of 1.6 million options was pursuant to the original option award agreement. The Company recognized $2.6 million of expense related to the acceleration of this option award during the year ended December 31, 2021. ​ In accordance with ASC Topic 718, the Company estimates and records the compensation cost associated with the grants described above with an offsetting entry to paid-in capital. As described in Note 2 “Summary of Significant Accounting Policies”, the Company selected the Black-Scholes option pricing model for determining the estimated fair value for service. The Black-Scholes model requires the use of subjective assumptions which determine the fair value of stock-based awards. The assumptions used to value option grants to employees were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Risk free interest rate 0.6% – 1.4% ​ 0.4% – 1.7% ​ 2.3% – 2.5% Expected dividend yield 0% ​ 0% ​ 0% Expected term 5.5 years – 6.2 years ​ 5.9 years – 6.3 years ​ 6 years – 6.1 years Expected volatility 51% – 63% ​ 50% ​ 50% ​ The assumptions used to value option grants to non-employees were as follows: ​ ​ ​ ​ ​ ​ ​ 2020 2019 Risk free interest rate 0.4% – 1.7% ​ 1.5% – 2.7% Expected dividend yield 0% ​ 0% Expected term 1.1 years – 6.1 years ​ 8.1 years – 10 years Expected volatility 50% ​ 50% ​ The Company did not grant any options to non-employees during the year ended December 31, 2021. ​ Risk free interest rate ​ The risk-free interest rate for periods within the expected term of the awards is based on the U.S. Treasury yield curve in effect at the time of the grant. ​ Expected dividend yield ​ The Company has never declared or paid any cash dividends and does not expect to pay any cash dividends in the foreseeable future. ​ Expected term ​ For employee awards, the Company calculates the expected term using the “simplified” method, which is the simple average of the vesting period and the contractual term. The simplified method is applied as the Company does not have sufficient historical data to provide a reasonable basis for an estimate of the expected term. The Company calculates the expected term for employee awards that take into account the effects of employee’s expected exercise and post-vesting employment termination behavior. ​ For non-employee awards, the expected term is determined on an award by award basis. Prior to the adoption of ASU 2018-07, the contractual term was used. ​ Expected volatility ​ Prior to the Closing of the Business Combination, as the Company was privately held from inception until the Closing of the Business Combination in 2021, there was no specific historical or implied volatility information available. Accordingly, the Company estimates the expected volatility on the historical stock volatility of a group of similar companies that are publicly traded over a period equivalent to the expected term of the stock-based awards. ​ Subsequent to the Closing of the Business Combination, the Company considered the historical stock volatilities of its’ peer companies, the historical volatility of the Company's stock price, and the implied stock price volatility derived from the price of exchange traded options on the Company's stock. Due to the lack of historical and implied volatility data of the Company’s common stock for a significant portion of fiscal 2021, the Company primarily estimated the expected volatility using the historical stock volatility of a group of similar companies that are publicly traded over a period equivalent to the expected term of the stock-based awards. ​ Exercise price ​ The exercise price is taken directly from the grant notice issued to employees and non-employees. ​ Restricted stock unit activity ​ A summary of the restricted stock unit activity under the 2020 Plan is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant Date ​ ​ Stock Units ​ Fair Value Outstanding at December 31, 2020 1,894,897 ​ 9.40 Granted 3,375,079 ​ 14.77 Vested and converted to shares (1,018,828) ​ 9.40 Forfeited (292,323) ​ 12.77 Outstanding at December 31, 2021 3,958,825 ​ 13.73 ​ The total fair value of the restricted stock units vested during the year ended December 31, 2021 was $10.4 million. ​ Included in the table above are performance-based restricted stock units that include certain service conditions in the award. In January 2021, the Company granted 1.0 million restricted stock units to certain executives. In 2020, the Company granted 1.9 million restricted stock units to certain employees and consultants, including a grant of 1.0 million restricted stock units to the Chairman of the Board and significant stockholder of Butterfly. The service condition for these awards is satisfied by providing service to the Company based on the defined service period per the award agreement. The performance-based condition is satisfied upon the occurrence of a business combination event as defined in the award agreement. The achievement of the performance condition was deemed satisfied in the first quarter of 2021, when the completion of the Business Combination occurred. During the year ended December 31, 2021, the Company recognized the full grant date fair value of the awards granted to the Chairman of the Board and one other consultant as service to the Company was no longer required since the Business Combination closed in the first quarter of 2021. For the remaining awards, continued service is still required for the awards to continue to vest per the award agreements. The achievement of the performance condition was not deemed satisfied and the Company did not recognize any expense for these awards for the period ended December 31, 2020. ​ In the third quarter of 2021 and excluded from the table above, the Company approved 0.1 million performance-based restricted stock units for certain executives. The service condition for these awards is satisfied by providing service to the Company based on the defined service period per the award agreement. The performance-based conditions are objective and subjective performance metrics defined in the award agreement. Each award agreement provides that the Compensation Committee of the Board of Directors (the “Compensation Committee”) has discretion over the number of shares that will vest pursuant to the performance metrics. During the first quarter of the year ending December 31, 2023, the Compensation Committee will certify the number of shares vested under the performance-based restricted stock unit awards. The Company concluded a grant date has not occurred and that the service inception date precedes the grant date. For awards that management estimates will vest, the expense is recognized using the accelerated attribution method over the requisite service period as defined in the award agreement. The fair value of these awards is remeasured at the close of each reporting period until a grant date occurs. An insignificant amount of expense for these awards was recognized during the year ended December 31, 2021. ​ The Company’s stock-based compensation expense for the periods presented was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Cost of revenue – subscription ​ $ 21 ​ $ 15 ​ $ 15 Research and development ​ 9,060 ​ 4,551 ​ 3,693 Sales and marketing ​ 8,074 ​ 2,591 ​ 1,041 General and administrative ​ 30,643 ​ 3,847 ​ 1,289 Total stock-based compensation expense ​ $ 47,798 ​ $ 11,004 ​ $ 6,038 ​ No related tax benefits of the stock-based compensation expense have been recognized and no related tax benefits have been realized from the exercise of stock options due to the Company’s net operating loss carryforwards. ​ Total unrecognized stock-based compensation expense for service based awards as of December 31, 2021 and 2020 was $78.8 million and $33.1 million, respectively, which will be recognized over the remaining weighted average vesting period of 2.8 years and 3.5 years, respectively.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2021
Net Loss Per Share
Net Loss Per Share	Note 13. Net Loss Per Share We compute net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of each class of the Company’s common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of the Company’s common stock, including those presented in the table below, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of the Company’s common stock outstanding would have been anti-dilutive. Since the Company was in a net loss position for all periods presented, the basic earnings per share (“EPS”) calculation excludes preferred stock as it does not participate in net losses of the Company. ​ As the Company uses the two-class method required for companies with multiple classes of common stock, the following table presents the calculation of basic and diluted net loss per share for each class of the Company’s common stock outstanding (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Class A Class B Common Stock Numerator: ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (28,048) ​ $ (4,361) ​ $ (32,409) Numerator for basic and diluted EPS – loss available to common stockholders ​ $ (28,048) ​ $ (4,361) ​ $ (32,409) Denominator: ​ ​ ​ Weighted-average common shares outstanding ​ 150,424,024 ​ 23,386,029 ​ 173,810,053 Denominator for basic and diluted EPS – weighted-average common stock ​ 150,424,024 ​ 23,386,029 ​ 173,810,053 Basic and diluted loss per share ​ $ (0.19) ​ $ (0.19) ​ $ (0.19) ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ ​ 2020 2019 Numerator: ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (162,745) ​ $ (99,697) Numerator for basic and diluted EPS – loss available to common stockholders ​ $ (162,745) ​ $ (99,697) Denominator: ​ ​ Weighted-average common shares outstanding ​ 6,056,574 ​ 5,838,103 Denominator for basic and diluted EPS – weighted-average common stock ​ 6,056,574 ​ 5,838,103 Basic and diluted loss per share ​ $ (26.87) ​ $ (17.08) ​ For the periods presented above, the net loss per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Company’s Restated Certificate. The undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. For the years ended December 31, 2020 and 2019, the undistributed earnings are only allocated to Class A common stock as there were no shares of Class B common stock outstanding. ​ Anti-dilutive common equivalent shares were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Outstanding options to purchase common stock ​ 16,243,532 ​ 26,708,329 15,254,566 Outstanding restricted stock units ​ 3,577,894 ​ 1,894,897 ​ — Outstanding warrants ​ 20,652,837 ​ — ​ — Outstanding convertible preferred stock (Series A through D) ​ — ​ 107,197,118 107,197,118 Total anti-dilutive common equivalent shares ​ 40,474,263 ​ 135,800,344 122,451,684 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	Note 14. Income Taxes Income (loss) before provision for income taxes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 2020 2019 Federal ​ $ (32,706) ​ $ (162,876) ​ $ (98,833) Foreign ​ 418 ​ 170 ​ (864) Loss before provision for income taxes ​ $ (32,288) ​ $ (162,706) ​ $ (99,697) ​ The Company recorded a tax provision of $0.12 million and $0.04 million for the years ended December 31, 2021 and 2020, respectively, due to foreign income and return to provision adjustments. Due to the Company’s loss position domestically, the Company has not recorded a significant federal tax provision for the years ended December 31, 2021 and 2020. Due to the Company’s overall loss position, the Company has not recorded a tax provision for the year ended December 31, 2019. ​ A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In Thousands) ​ 2021 2020 2019 Income at US statutory rate ​ 21.00 % 21.00 % 21.00 % State taxes, net of federal benefit ​ 15.42 % 3.18 % 3.30 % Permanent differences ​ (0.94) % (0.70) % (0.44) % Stock compensation ​ (10.10) % 0.00 % 0.00 % Change in fair value of warrants ​ 104.78 % 0.00 % 0.00 % Tax credits ​ 12.51 % 0.86 % 1.32 % Foreign rate differential ​ 0.01 % 0.00 % (0.01) % Valuation allowance ​ (142.86) % (24.35) % (25.04) % Other ​ (0.20) % (0.01) % (0.13) % ​ ​ (0.38) % (0.02) % (0.00) % ​ Net deferred tax assets as of December 31, 2021 and 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In Thousands) 2021 2020 Deferred tax assets ​ ​ Net operating loss carryforwards ​ $ 122,279 ​ $ 83,058 Tax credits ​ 10,620 ​ 6,582 Stock compensation ​ 4,752 ​ 4,088 Accruals and reserves ​ 7,929 ​ 7,293 Lease liability ​ ​ 7,063 ​ ​ — Depreciation ​ ​ 102 ​ ​ — Other ​ 1,889 ​ 853 Total deferred tax assets ​ $ 154,634 ​ $ 101,874 Valuation allowance ​ (148,785) ​ (101,773) Total deferred tax assets ​ $ 5,849 ​ $ 101 Deferred tax liabilities ​ ​ Right-of-use asset ​ ​ (5,849) ​ ​ — Depreciation ​ — ​ (101) Net deferred tax assets ​ $ — ​ $ — ​ As of December 31, 2021 and 2020, the Company has federal net operating loss (“NOL”) carryforwards of approximately $494.8 million and $330.2 million, respectively. As of December 31, 2021 and 2020, the Company has state NOL carryforwards of approximately $323.8 million and $232.1 million, respectively. Of the $494.8 million of federal NOL carryforwards, $73.7 million will begin to expire at various dates in 2031 and $421.1 million may be carried forward indefinitely. The state NOL carryforwards begin to expire in 2031. As of December 31, 2021, the Company also had federal and state tax credits of $9.2 million and $1.8 million, which begin to expire in 2032 and 2022, respectively. ​ Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of December 31, 2021 and 2020, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance as of December 31, 2021 and 2020. ​ The utilization of NOLs and tax credit carryforwards to offset future taxable income may be subject to an annual limitation as a result of ownership changes that have occurred previously or may occur in the future. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, (“IRC”), a corporation that undergoes an ownership change may be subject to limitations on its ability to utilize its pre-change NOLs and other tax attributes otherwise available to offset future taxable income and/or tax liability. An ownership change is defined as a cumulative change of 50% or more in the ownership positions of certain stockholders during a rolling three-year period. The Company has completed a formal study through September 30, 2021 to determine if any ownership changes within the meaning of IRC Section 382 and 383 have occurred. As a result of the study, it was determined the Company experienced an ownership change on February 12, 2021; however, the limitation from the ownership change will not result in any of the NOLs or tax credits expiring unutilized. ​ The Company’s valuation allowance increased by $47.0 million and $39.6 million for the years ended December 31, 2021 and 2020, respectively, due primarily to the generation of net operating losses. ​ The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations for both federal taxes and the many states in which the Company operates or does business. ASC 740-10 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. ​ The Company records uncertain tax positions as liabilities in accordance with ASC 740-10 and adjusts these liabilities when the Company’s judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of December 31, 2021 and 2020, the Company has not recorded any uncertain tax positions in its financial statements. ​ The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations and comprehensive loss as required. As of December 31, 2021 and 2020, there were no significant accrued interest or penalties. ​ The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and foreign jurisdictions, where applicable. There are currently no pending tax examinations. The Company’s tax years are still open under statute from December 31, 2017 to the present. Federal and state net operating losses are subject to review by taxing authorities in the year utilized.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Related Party Transactions	Note 15. Related Party Transactions Prior to the Closing of the Business Combination, there were no significant changes in the nature of the Company’s related party transactions since December 31, 2020. Pursuant to a First Addendum dated November 19, 2020 to the Amended and Restated Technology Services Agreement dated November 11, 2020 by and between the Company, 4Catalyzer Corporation (“4Catalyzer”), and other participant companies controlled by Dr. Rothberg (the “ARTSA”), Butterfly terminated its participation under the ARTSA immediately prior to the Closing of the Business Combination. ​ Prior to the Closing of the Business Combination, the Company subleased office and laboratory spaces from 4Catalyzer. Additionally, under the ARTSA, the Company and the other participant companies agreed to share certain non-core technologies and also provided for 4Catalyzer to perform certain services for the Company and each other participant company. The ARTSA also provides for the participant companies to provide other services to each other. These expenditures are recorded within the accompanying consolidated statements of operations and comprehensive loss and allocated to the proper operating expense caption based on the nature of the service. ​ A summary of related-party transactions and balances with 4Catalyzer are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Total incurred for operating expenses ​ $ 583 ​ $ 5,571 ​ $ 7,721 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Due from related parties ​ $ — ​ $ 38 Due to related parties ​ 88 ​ 154 ​

Loan Payable

Loan Payable	12 Months Ended
	Dec. 31, 2021
Loan Payable
Loan Payable	Note 16. Loan Payable In May 2020, the Company received loan proceeds of $4.4 million under the Paycheck Protection Program (“PPP”). The PPP loan was evidenced by a promissory note dated May 1, 2020. The Company used the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities. The term of the Company’s PPP loan was two years. The interest rate on the PPP loan was 1% per annum and no payments of principal or interest were due during fiscal 2020. The loan provider did not provide for a payment schedule. The PPP loan was unsecured and guaranteed by the Small Business Administration and was subject to any new guidance and new requirements released by the Department of the Treasury. Following the Closing of the Business Combination, the Company repaid the loan in full in February 2021. For the years ended December 31, 2021 and 2020, the Company recognized an insignificant amount of interest expense in the consolidated statement of operations and comprehensive loss related to the loan.

Convertible Debt

Convertible Debt	12 Months Ended
	Dec. 31, 2021
Convertible Debt.
Convertible Debt	Note 17. Convertible Debt In 2020, the Company issued convertible debt for total gross proceeds of $50.0 million. Prior to the Closing of the Business Combination, there were no significant changes to the terms of the debt agreement. ​ Pursuant to the terms of the debt, at the Closing of the Business Combination, the convertible debt was automatically canceled and converted into the right to receive shares of the Company’s Class A common stock. The debt was converted with $49.9 million, the net carrying value of the debt as of the Closing of the Business Combination, in stockholders’ equity with a corresponding decrease to the convertible debt for the principal, accrued interest and unamortized debt issuance costs in the consolidated balance sheet. ​ The Company recorded interest expense and amortization expense for the issuance costs of $0.6 million and $1.0 million for the years ended December 31, 2021 and 2020, respectively.

Warrants

Warrants	12 Months Ended
	Dec. 31, 2021
Warrants
Warrants	Note 18. Warrants ​ Public Warrants ​ The Company issued Public Warrants and Private Warrants in connection with its IPO during the year ended December 31, 2020. As of December 31, 2021, there were an aggregate of 13,799,504 outstanding Public Warrants, which entitle the holder to acquire Class A common stock. During the year ended December 31, 2021, the amount of exercises of Public Warrants was not significant. The amount reclassified into equity upon the exercise of the Public Warrants was not significant. Each whole warrant entitles the registered holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment as discussed below, beginning on May 26, 2021. The warrants will expire on February 12, 2026 or earlier upon redemption or liquidation. ​ Redemptions ​ At any time while the warrants are exercisable, the Company may redeem not less than all of the outstanding Public Warrants: ​ ● ​at a price of $0.01 per warrant; ● ​upon a minimum of 30 days ’ prior written notice of redemption (the “ 30-day redemption period”) to each warrant holder; ● ​provided that the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the warrant holders; and ● provided that there is an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants, and a current prospectus relating thereto, available through the 30 -day redemption period or the Company has elected to require the exercise of the warrants on a “cashless basis” (as described below). ​ If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants at $0.01 per warrant, each holder of Public Warrants will be entitled to exercise his, her or its Public Warrants prior to the scheduled redemption date. ​ If the Company calls the Public Warrants for redemption for $0.01 as described above, the Board may elect to require any holder that wishes to exercise his, her or its Public Warrant to do so on a “cashless basis.” If the Board makes such election, all holders of Public Warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” ​over the exercise price of the warrants by (y) the “fair market value.” For purposes of the redemption provisions of the warrants, the “fair market value” means the average last reported sale price of the Class A common stock for the 10 ​ Commencing 90 days after the warrants become exercisable, the Company may redeem not less than all of the outstanding Public Warrants and Private Warrants: ​ ● at $0.10 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption; ● provided that the last reported sale price of the Class A common stock equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; ● provided that the Private Warrants are also concurrently exchanged at the same price (equal to a number of shares of Class A common stock) as the outstanding Public Warrants; and ● provided that there is an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day redemption period. ​ If the foregoing conditions are satisfied and the Company issues a notice of redemption of the warrants at $0.10 per warrant, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date on a cashless basis and receive that number of shares based on the redemption date and the “fair market value” of the Class A common stock, in accordance with a table set forth in the warrant agreement. ​ The Company evaluated the Public Warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) ​ Private Warrants ​ As of December 31, 2021, there were 6,853,333 Private Warrants outstanding. There have been no exercises of the Private Warrants. The Private Warrants are identical to the Public Warrants, except that so long as they are held by Longview Investors LLC (the “Sponsor”) or any of its permitted transferees, (i) the Private Warrants and the shares of Class A common stock issuable upon the exercise of the Private Warrants are not transferable, assignable or saleable until 30 days after the completion of the Business Combination, (ii) the Private Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and (iii) the Private Warrants are not subject to the Company’s redemption option at the price of $0.01 per warrant. The Private Warrants are subject to the Company’s redemption option at the price of $0.10 per warrant, provided that the other conditions of such redemption are met, as described above. If the Private Warrants are held by a holder other than the Sponsor or any of its permitted transferees, the Private Warrants will be redeemable by the Company in all redemption scenarios applicable to the Public Warrants and exercisable by such holders on the same basis as the Public Warrants. ​ The Company evaluated the Private Warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, in conjunction with the SEC Division of Corporation Finance’s April 12, 2021 Public Statement, Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”), and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the terms of the warrants provide for potential changes to the settlement amounts dependent upon the characteristics of the warrant holder, and, because the holder of a warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provision would preclude the warrant from being classified in equity and thus the warrants should be classified as a liability. ​ The Company recognized a gain of $161.1 million as a change in fair value of warrant liabilities in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2021.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	Note 19. Leases Operating leases (ASC 842): ​ The Company has operating leases primarily for office space. Most leases are not cancelable prior to their expiration. The Company accounts for leases in accordance with ASC 842 by recording right-of-use assets and lease liabilities. ​ In May 2021, the Company entered into a lease arrangement for office space in Burlington, MA which expires in December 2032 and includes approximately $27.3 million of legally binding minimum lease payments. As stated in the agreement, the Company and the landlord agreed to a payment schedule that includes escalating rent payments beginning on the lease commencement date. The lease contains a tenant improvement allowance of $5.2 million, which is recognized as a reduction of minimum lease payments and recognized on a straight-line basis over the term of the lease. The Company utilized $2.1 million of the allowance during fiscal 2021 for purchases of property and equipment. The lease also includes termination and renewal options to be exercised at the discretion of the Company. These options are not reflected in the lease term as it is not reasonably certain that they will be exercised. The Company gained access to the office space and began recognizing expense for the lease in the third quarter of 2021. The rent expense is included below in the operating lease cost table. ​ In the second quarter of 2021, the Company delivered a $4.0 million letter of credit for the Burlington, MA lease, secured by a deposit of the same amount with a financial institution that issued the letter of credit. The deposit is classified as restricted cash and included in other non-current assets on the consolidated balance sheets. ​ The following table presents the components of operating lease cost: ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2021 Operating lease cost ​ $ 2,927 Short-term lease cost ​ 287 Variable lease cost ​ 100 Total operating lease cost ​ $ 3,314 ​ The expected maturities related to the Company’s leases with initial non-cancellable lease terms in excess of one year at December 31, 2021 are as follows: ​ ​ ​ ​ ​ Year ended December 31, Operating Lease Payments 2022 ​ $ 2,042 2023 ​ 3,633 2024 ​ ​ 4,513 2025 ​ ​ 4,657 2026 ​ ​ 4,768 2027 and thereafter ​ ​ 22,986 Total gross operating lease payments ​ ​ 42,599 Less: tenant allowances ​ ​ (3,233) Total net operating lease payments ​ ​ 39,366 Less: imputed interest ​ ​ (10,285) Total operating lease liabilities, reflecting the present value of net lease payments ​ $ 29,081 ​ Additional information related to operating leases is presented as follows: ​ ​ ​ ​ ​ ​ December 31, 2021 Weighted average remaining lease term (in years) ​ 9.4 ​ Weighted average discount rate ​ 5.5 % ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ Operating lease payments, included in cash flows from operating activities ​ $ 1,012 ​ ​ ​ ​ Non-cash additions to operating lease assets ​ $ 13,929 ​ Operating leases (ASC 840): ​ The Company leases office space under operating leases. Minimum rental payments under operating leases are recognized on a straight-line basis over the term of the lease. Rent expense under the operating lease was $2.1 million and $1.9 million in 2020 and 2019, respectively. ​ The following is a schedule of future minimum rental payments under non-cancelable operating leases with initial terms in excess of one year as of December 31, 2020 (in thousands): ​ ​ ​ ​ ​ Years ending December 31: ​ 2021 ​ $ 1,044 2022 ​ 2,043 2023 ​ 1,934 2024 ​ 1,904 2025 ​ 1,987 Thereafter ​ 7,354 Total future minimum rental payments ​ $ 16,266 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies.
Commitments and Contingencies	Note 20. Commitments and Contingencies Commitments ​ Purchase commitments: ​ The Company enters into inventory purchase commitments with third-party manufacturers in the ordinary course of business. These commitments are generally non-cancellable and are based on sales forecasts. These agreements range from one ​ During 2019, the Company entered into an inventory supply agreement with a certain third-party manufacturing vendor which was subsequently amended in November 2020. The amended agreement included provisions to increase the aggregate purchase commitments to $169.3 million and extend its time frame to December 2022. The provisions of the agreement also allow the Company, once the defined cumulative purchase threshold per the agreement is reached, to pay for a portion of the subsequent inventory purchases using an advance previously paid to the vendor. In the fourth quarter of fiscal year 2021, the Company reached the defined threshold and utilized a portion of the vendor advance to pay for inventory purchases. ​ During the year ended December 31, 2021 the Company recognized an additional loss on product purchase commitments of $14.0 million. The loss consisted of $2.3 million, recorded as a write-down of vendor advances and $11.7 million, recorded as an accrued purchase commitment liability. During the year ended December 31, 2021, the Company utilized $35.0 million of the accrued purchase commitment liability to reduce the value of inventory purchased under its minimum commitment in the supply arrangement. ​ During the year ended December 31, 2020 the Company recognized a loss on product purchase commitments of $53.2 million. The net loss was comprised of $10.6 million, recorded as a write-down of the vendor advance and $42.6 million, recorded as an accrued purchase commitment liability. During the year ended December 31, 2019 the Company recognized a loss on product purchase commitments of $9.5 million, recorded as a write-down of vendor advances. ​ The Company applied the guidance in Topic 330, Inventory, to assess the purchase commitment and related loss. The Company considered a variety of factors and data points when determining the existence and scope of a loss for the minimum purchase commitment. The factors and data points included Company-specific forecasts which are reliant on the Company’s limited sales history, agreement-specific provisions, macroeconomic factors and market and industry trends. Determining the loss is subjective and requires significant management judgment and estimates. Future events may differ from those assumed in the Company’s assessment, and therefore the loss may change in the future. ​ As of December 31, 2021, the Company has a prepaid advance of $31.9 million, net of write-downs and an accrual of $19.5 million related to the agreement with this vendor. The portion of the balances that is expected to be utilized in the next 12 months is included in current assets and current liabilities in the accompanying consolidated balance sheets. ​ Other Purchase Commitments: ​ In September 2020, the Company has renegotiated certain inventory purchase commitments with other third party manufacturing vendors and as a result certain inventory purchase commitments have been canceled. As a result of the renegotiations, the Company recorded the expected losses on those commitments of $6.9 million as a loss on product purchase commitments in the consolidated statement of operations for the year ended December 31, 2020. ​ Other commitments: ​ The Company sponsors a 401(k) defined contribution plan covering all eligible US employees. Contributions to the 401(k) plan are discretionary. The Company did not make any matching contributions to the 401(k) plan for the years ended December 31, 2021, 2020 and 2019. ​ Contingencies ​ The Company is involved in litigation and legal matters which have arisen in the normal course of business, including but not limited to medical malpractice matters. Although the ultimate results of these matters are not currently determinable, management does not expect that they will have a material effect on the Company’s consolidated balance sheet, statements of operations and comprehensive loss, or cash flows. ​ On December 14, 2020, a stockholder of Longview filed a lawsuit in the Supreme Court of the State of New York, County of New York against Longview and the members of the Longview Board, styled Nair v. Longview Acquisition Corp. et al. (the “Nair Complaint”). On December 16, 2020, a second stockholder of Longview filed a lawsuit in the Supreme Court of the State of New York, County of New York against Longview, the members of its board of directors, and Butterfly, styled Lau v. Longview Acquisition Corp., et al. (the “Lau Complaint”). Both the Nair Complaint and the Lau Complaint alleged, among other things, that (i) defendants engaged in an unfair sales process and agreed to inadequate consideration in connection with the proposed transaction, and (ii) that the Registration Statement filed with the SEC on November 27, 2020 in connection with the proposed transaction is materially misleading, and sought, among other things, to enjoin the proposed transaction, rescind the transaction or award rescissory damages to the extent it is consummated, and an award of attorneys’ fees and expenses. The Nair Complaint was voluntarily dismissed on February 21, 2021, and the Lau Complaint was voluntarily dismissed on March 2, 2021. During fiscal 2021, the Company paid an insignificant amount to resolve plaintiffs’ requests for an attorney fee award. ​ The Company enters into indemnification provisions under some agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claim because of the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in the Company’s consolidated statements of operations and comprehensive loss in connection with the indemnification provisions have not been material.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	Note 21. Subsequent Events On February 16, 2022, a putative class action lawsuit, styled Rose v. Butterfly Network, Inc.,

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation ​ The accompanying consolidated financial statements include the accounts of BFLY Operations, Inc. (formerly Butterfly Network, Inc.) and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in consolidation. Certain items in the prior year’s consolidated financial statements have been reclassified to conform to the current year presentation reflected in the consolidated financial statements. The Company reclassified the loss on product purchase commitments that was recorded within cost of product revenue on the consolidated statement of operations and comprehensive loss to be presented separately.
COVID-19 Outbreak	COVID-19 Outbreak ​ The COVID-19 pandemic that began in 2020 has created significant global economic uncertainty and has impacted the Company’s operating results, financial condition and cash flows. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on ​ The Company has not incurred any significant impairment losses in the carrying values of its assets as a result of the COVID-19 pandemic and is not aware of any specific related event or circumstance that would require the Company to revise the estimates reflected in its financial statements. ​
Functional Currency	Functional Currency ​ The Company’s worldwide operations utilize the U.S. dollar (“USD”) as the functional currency considering the significant dependency of each subsidiary on the Company. Subsidiary operations are financed through the funding received from the Company in USD. For foreign entities where the USD is the functional currency, all foreign currency-denominated monetary assets and liabilities are remeasured at end-of-period exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the Company’s operating results in the consolidated statements of operations and comprehensive loss.
Concentration of Credit Risk	Concentration of Credit Risk ​ Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. At December 31, 2021 and 2020, a majority of the Company’s cash and cash equivalents were invested in money market accounts at one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. ​ As of December 31, 2021, one customer accounted for approximately 15% of the Company’s accounts receivable. As of December 31, 2020, no customer accounted for more than 10% of the Company’s accounts receivable. For the years end December 31, 2021, 2020 and 2019, no customer accounted for more than 10% of the total revenues.
Segment Information	Segment Information ​ The Company’s Chief Operating Decision Maker, its Chief Executive Officer (“CEO”), reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates in a single reportable segment. Substantially, all of the Company’s long-lived assets are located in the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.
Use of Estimates	Use of Estimates ​ The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions about future events that affect the amounts reported in its consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates and assumptions. Significant estimates and assumptions include: ​ ● revenue recognition, including determination of the timing and pattern of satisfaction of performance obligations, determination of the standalone selling price (“SSP”) of performance obligations; ● assumptions underlying the warranty liability calculation; ● assumptions underlying the measurement of the purchase commitment loss; ● measurement and allocation of capitalized costs, the net realizable value (the selling price as well as estimated costs of completion, disposal and transportation) of inventory, and demand and future use of inventory; ● assumptions underlying the incremental borrowing rate calculation; ● assumptions underlying the warrant liability calculation; ● valuation allowances with respect to deferred tax assets; and ● assumptions underlying the fair value used in calculation of the stock-based compensation. The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s consolidated financial statements.
Revenue Recognition	Revenue Recognition ​ The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to in exchange for these goods and services. To achieve this core principle, the Company applies the following 5 steps: ​ ● Step 1: Identify Contracts with Customers: The Company’s contracts with customers typically occur either through direct sales or through eCommerce. The Company executes signed contracts with direct sales customers. Direct sales typically have 30-day payment terms, and multi-year software subscriptions typically require advance payment for each annual subscription period. The Company’s contracts with eCommerce customers are executed when the customer indicates that it has read and agrees to the terms and conditions of the purchase prior to purchasing the specific goods and services. The goods and services sold through the Company’s eCommerce platform require upfront payment for the goods and the services upon check-out. ● Step 2: Identify Performance Obligations: The Company’s contracts with customers often include multiple performance obligations. The Company has identified the following performance obligations in its contracts with customers: ● Hardware devices ● Hardware accessories ● Maintenance and support for the software that is used in connection with the hardware devices, including the right to an unspecified number of software updates as and when available ● Cloud-based software subscriptions, which represent an obligation to provide the customer with ongoing access to the Company’s hosted software applications on a continuous basis throughout the subscription period ● Implementation and integration services ● Extended warranties ● Step 3: Determine Transaction Price: The Company’s contracts with customers include variable consideration in the form of refunds and credits for product returns and price concessions. The Company estimates variable consideration using the expected value method based on a portfolio of data from similar contracts. ● Step 4: Allocate Transaction Price to Performance Obligations: The Company allocates transaction price to the performance obligations in a contract with a customer based on the relative standalone selling prices of the goods and services. For the cloud-based software subscriptions, which the Company sells to customers on a standalone basis (including renewals of subscriptions), the Company uses the observable standalone selling price, based on the price for which the Company sells these services to customers in standalone contracts, including contracts for renewals of subscriptions. The Company’s sales of hardware devices represent a bundled sale of a good and a service that includes two performance obligations, namely the unit of hardware device, and the support and maintenance of the software that is used in conjunction with the device, including a right for the customer to receive an unspecified number of software updates. The Company has an observable standalone selling price for the bundle and estimates the standalone selling price of the performance obligations within the bundle using estimation techniques that maximize the use of observable inputs. ● Step 5: Recognize Revenue as Performance Obligations are Satisfied: Each unit of hardware devices and accessories is a performance obligation satisfied at a point in time, when control of the good transfers from the Company to the customer. The Company’s services, including the cloud-based software subscriptions, extended warranties, and support and maintenance, are stand-ready obligations that are satisfied over time by providing the customer with ongoing access to the Company’s resources. The Company uses the time elapsed (straight-line) measure of progress to recognize revenue as these performance obligations are satisfied evenly over the respective service period. The implementation and integration services are performance obligations satisfied over time, and the Company uses the costs incurred as inputs in the measure of progress to recognize revenue as it satisfies these performance obligations. Deferred Revenue ​ Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from subscription services described above and is reduced as the revenue recognition criteria are met. Deferred revenue is classified as current or non-current based on expected revenue recognition timing. Specifically, deferred revenue that will be recognized as revenue within the succeeding 12 month period is recorded as current, and the portion of deferred revenue where revenue is expected to be recognized beyond 12 months from the reporting date is recorded as non-current deferred revenue in the Company’s consolidated balance sheets. ​ Warranties ​ The Company offers a standard product warranty that its products will operate free of material defects and function in accordance with the standard specifications for a period of one year from when control is transferred to the customer. The Company evaluated the warranty liability under ASC Topic 606 and determined that it is an assurance type warranty. At the time revenue is recognized, an estimate of future warranty costs is recorded as a component of cost of revenue and as a liability in accrued expenses. Factors that affect the warranty obligation include historical as well as current product failure rates, service delivery costs incurred in correcting product failures, and warranty policies and business practices.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents. At December 31, 2021 and 2020, cash and cash equivalents consist principally of cash and money market accounts.
Trade Accounts Receivable and Allowance for Doubtful Accounts	Trade Accounts Receivable and Allowance for Doubtful Accounts ​ Accounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts based on the probability of future collection. The Company estimates its allowance for doubtful accounts based on historical loss patterns, the number of days that billings are past due, current market conditions, and reasonable and supportable forecasts of future economic conditions, in accordance with ASC 326 "Financial Instruments-Credit Losses." Accounts receivable are written off when deemed uncollectible and collection of the receivable is no longer being actively pursued. The following table summarizes the allowance for doubtful accounts activity: ​ ​ ​ ​ ​ (in thousands) Fair Value Allowance for doubtful accounts as of December 31, 2019 ​ $ — Additions (recoveries) ​ 576 Deductions – write offs ​ — Allowance for doubtful accounts as of December 31, 2020 ​ $ 576 Additions (recoveries) ​ ​ (54) Deductions – write offs ​ ​ (82) Allowance for doubtful accounts as of December 31, 2021 ​ $ 440
Inventories	Inventories ​ Inventories primarily consist of raw materials, work in progress and finished goods which are purchased and held by the Company’s third-party contract manufacturers. Inventories are stated at the lower of actual cost, determined using the average cost method, or net realizable value. Cost includes all direct and indirect production costs to convert materials into a finished product. Net realizable value is based upon an estimated average selling price reduced by the estimated costs of completion, disposal and transportation. The determination of net realizable value involves certain judgments including estimating average selling prices. The Company reduces the value of inventory for estimated obsolescence or lack of marketability by the difference between the cost of the affected inventory and the net realizable value. ​ The valuation of inventory also requires the Company to estimate excess and obsolete inventory. The Company considers new product development schedules, the effect that new products might have on the sale of existing products, product obsolescence and product merchantability, including whether older products can be re-manufactured into new products among other factors. ​ Losses expected to arise from firm, non-cancelable and unhedged commitments for the future purchase of inventory items are recognized unless the losses are recoverable through firm sales contracts or other means.
Restricted Cash	Restricted Cash ​ Restricted cash includes deposits in financial institutions used to secure a lease agreement. The Company classified the amounts within other non-current assets as the deposits are used to secure a long-term lease. The amount shown as restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the consolidated statement of cash flows.
Security Deposits	Security Deposits ​ Security deposits represent amounts paid to third parties in relation to non-cancelable leases. ​
Vendor Advances	Vendor Advances ​ Vendor advances represent amounts paid to third party vendors for future services to be received related to production of the Company’s inventory. The amounts are presented net of writeoffs. The classification current or non-current is based on the estimated timing of inventory delivery. ​
Property and Equipment, net	Property and Equipment, net ​ Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. ​ Useful lives for property and equipment are as follows: ​ ​ ​ ​ Property and Equipment Estimated Useful Life Software 3 Machinery and equipment 3 – 5 years Furnitures and fixtures 5 7 Leasehold improvements Lesser of estimated useful life or remaining lease term ​ Expenditures for major renewals and improvements are capitalized. Expenditures for repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation is eliminated from the balance sheet, and any resulting gains or losses are included in the statements of operations and comprehensive loss in the period of disposal.
Capitalized Software Development Costs	Capitalized Software Development Costs ​ Costs to develop software internally for internal use are capitalized and recorded as capitalized software development costs on the consolidated balance sheets as a component of property and equipment, net. The Company capitalizes qualifying costs associated with internally-developed software incurred during the application development stage so long as management with the relevant authority authorizes the project, it is probable the project will be completed, and the software will be used to perform the function intended. Costs incurred during the preliminary project and post-implementation stages, including training and maintenance, are expensed as incurred. Capitalized costs are amortized on a project-by-project basis using the straight-line method over the estimated economic life of the application, which is three years, beginning when the asset is substantially ready for use. Amortization expense is classified in the consolidated statement of operations based upon the nature of the project. ​
Deferred Offering Costs	Deferred Offering Costs ​ Offering costs, consisting of legal, accounting, printer and filing fees related to the Company’s business combination, were deferred and were offset against proceeds from the transaction upon the consummation of the business combination. In the event the transaction was terminated, all deferred offering costs would be expensed. Deferred offering costs capitalized as of December 31, 2021 and 2020 were $0.0 million and $3.7 million, respectively.
Leases	Leases ​ The Company primarily enters into leases for office space that are classified as operating leases. The Company determines if an arrangement is or contains a lease at inception. may terminate its leases with the notice required under the lease and upon the payment of a termination fee, if required. The Company’s leases do not include substantial variable payments based on index or rate. The Company’s lease agreements do not contain any significant residual value guarantees or material restrictive covenants. ​ The Company’s leases do not provide a readily determinable implicit discount rate. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The lease payments related to the next 12 months are included in other current liabilities in the accompanying consolidated balance sheets. The Company recognizes a single lease cost on a straight-line basis over the term of the lease, and the Company classifies all cash payments within operating activities in the statement of cash flows. ​ The Company evaluates right-of-use assets for impairment consistent with its property, plant and equipment policy. There were no impairments of right-of-use assets in 2021. The Company does not have any finance or capital leases as of December 31, 2021 or 2020.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets ​ The Company reviews its long-lived assets for impairment at least annually or whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Each impairment test is based on a comparison of the undiscounted cash flow to the recorded value of the asset. If the recorded value of the asset is less than the undiscounted cash flow, the asset is written down to its estimated fair value. The Company recorded an impairment charge of $1.4 million during the year ended December 31, 2020 related to the historical prepayments to a related party for the acquisition of capital assets. No impairments were recorded for the year ended December 31, 2021 and 2019.
Convertible Debt	Convertible Debt ​ The Company evaluated its convertible debt for embedded derivatives. Embedded provisions (like conversion options) are assessed under ASC Topic 815, Derivatives and Hedging To the extent that any embedded conversion option in the convertible debt is not bifurcated as an embedded derivative, that conversion option was also evaluated under ASC Topic 470, Debt Debt issuance costs were recorded as a reduction to the carrying amount of the convertible debt and are amortized to interest expense using the effective interest method. The convertible debt was classified as short-term or long-term based on the debt’s payment schedule.
Warrant Liability	Warrant Liability ​ The Company’s outstanding warrants include publicly-traded warrants (the “Public Warrants”) which were issued as one Derivatives and Hedging—Contracts in Entity’s Own Equity
Cost of Revenue	Cost of Revenue ​ Product: Cost of revenue consists of product costs including manufacturing costs, personnel costs and benefits, duties and other applicable importing costs, packaging, warranty replacement costs, depreciation expense, fulfillment costs, payment processing fees and inventory obsolescence and write-offs. ​ Subscription: Cost of revenue consists of personnel costs, cloud hosting costs, amortization of internal use software and payment processing fees.
Research and Development	Research and Development ​ Research and development expenses primarily consist of personnel costs and benefits, facilities-related expenses, consulting and professional fees, fabrication services, software and other outsourcing expenses. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred.
Sales and Marketing	Sales and Marketing ​ Sales and marketing costs primarily consist of personnel costs and benefits, third party logistics, fulfillment and outbound shipping costs, facilities-related expenses, advertising, promotional, as well as conferences, meetings and other events. Advertising expenses are expensed as incurred. For the years ended December 31, 2021, 2020 and 2019, advertising expenses were $8.3 million, $4.7 million and $0.9 million, respectively. ​
General and Administrative	General and Administrative ​ General and administrative expenses primarily consist of personnel costs and benefits, patent and filing fees, facilities costs, office expenses and outside services. Outside services consist of professional services, legal and other professional fees.
Net Loss per Common Share	Net Loss per Common Share ​ We compute net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of each class of the Company’s common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of the Company’s common stock, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of the Company’s common stock outstanding would have been anti-dilutive. Since the Company was in a net loss position for all periods presented, the basic earnings per share (“EPS”) calculation excludes preferred stock as it does not participate in net losses of the Company. Refer to Note 13 “Net Loss Per Share” for further discussion.
Convertible Preferred Stock	Convertible Preferred Stock ​ The Company applied the guidance in ASC Topic 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities ​
Stock-Based Compensation	Stock-Based Compensation ​ The measurement of share-based compensation expense for all stock-based payment awards, including stock options and restricted stock units granted to employees, directors, and nonemployees, is based on the estimated fair value of the awards on the date of grant. ​ The Company recognizes stock-based compensation expense for its’ awards on a straight-line basis over the requisite service period of the individual grants, which is generally the vesting period, based on the estimated grant date fair values. Generally, awards fully vest three ​ Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, stock options granted to non-employees were accounted for based on their fair value on the measurement date. Stock options granted to non-employees were subject to periodic revaluation over their vesting terms. As a result, the charge to statements of operations and comprehensive loss for non-employee options with vesting requirements was affected in each reporting period by a change in the fair value of the option calculated under the Black-Scholes option-pricing model. ​ The Company during the year ended December 31, 2021 and 2020 granted performance based restricted stock units. The Company accounted for these awards according to the relevant provisions of ASC 718 - Stock Compensation. For performance awards, the Company recognizes expense using the accelerated attribution method. Refer to Note 12 “Equity Incentive Plan” for further discussion about the nature of the transactions.
Common Stock Valuations	Common Stock Valuations ​ Prior to the Closing of the Business Combination, Valuation of Privately Held Company Equity Securities Issued as Compensation Closing of the Business Combination t
Income Taxes	Income Taxes ​ The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. ​ The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted ​ In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that Is a Service Contract (Topic 350-40) , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). As a result, eligible implementation costs incurred in a cloud computing arrangement that is a service contract are capitalized as prepaid expenses and other current assets on the balance sheet, recognized on a straight-line basis over its life in the statement of operations and comprehensive loss in the same line item as the fees for the associated arrangement, and the related activity is generally classified as an operating activity in the statement of cash flows. The Company prospectively adopted such guidance on January 1, 2021 and there was no material effect of adoption on the consolidated financial statements as of and for the year ended December 31, 2021. ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ​ The Company elected to use the package of practical expedients permitted under the transition guidance. The Company did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases. For each asset class and the related lease agreements in which the Company is the lessee that include lease and non-lease components, the Company made an election about the use of the practical expedient on all leases entered into or modified after January 1, 2021 to combine lease and non-lease components. Additionally, the Company elected to not record on the balance sheet leases with a term of twelve months or less.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Schedule of allowance for doubtful accounts	​ ​ ​ ​ ​ (in thousands) Fair Value Allowance for doubtful accounts as of December 31, 2019 ​ $ — Additions (recoveries) ​ 576 Deductions – write offs ​ — Allowance for doubtful accounts as of December 31, 2020 ​ $ 576 Additions (recoveries) ​ ​ (54) Deductions – write offs ​ ​ (82) Allowance for doubtful accounts as of December 31, 2021 ​ $ 440
Schedule of useful life for property and equipment	​ ​ ​ ​ Property and Equipment Estimated Useful Life Software 3 Machinery and equipment 3 – 5 years Furnitures and fixtures 5 7 Leasehold improvements Lesser of estimated useful life or remaining lease term

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue Recognition
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pattern of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognition ​ 2021 2020 2019 By Product Type: ​ ​ ​ ​ ​ ​ Devices and accessories ​ Point-in-time ​ $ 47,868 ​ $ 38,347 ​ $ 25,081 Subscription services and other services ​ Over time ​ 14,697 ​ 7,905 ​ 2,502 Total revenue ​ ​ ​ $ 62,565 ​ $ 46,252 ​ $ 27,583 By Geographical Market: ​ ​ ​ ​ ​ United States ​ ​ ​ $ 42,993 ​ $ 33,237 ​ $ 23,997 International ​ ​ ​ 19,572 ​ 13,015 ​ 3,586 Total revenue ​ ​ ​ $ 62,565 ​ $ 46,252 ​ $ 27,583
Schedule of receivables and deferred revenue from contracts with customers	The following table provides information about receivables and deferred revenue from contracts with customers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Accounts receivable, net ​ $ 11,936 ​ $ 5,752 Deferred revenue, current ​ 13,071 ​ 8,443 Deferred revenue, non-current ​ 5,476 ​ 2,790

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value of Financial Instruments
Schedule of liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Level ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 December 31, 2021: ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 17,525 ​ $ 17,525 ​ $ — ​ $ — Private Warrants ​ ​ 8,704 ​ ​ — ​ ​ 8,704 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 26,229 ​ $ 17,525 ​ $ 8,704 ​ $ —

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventories
Summary of inventories	A summary of inventories is as follows at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Raw materials ​ $ 19,853 ​ 7,688 Work-in-progress ​ 1,122 ​ 865 Finished goods ​ 15,268 ​ 17,252 Total inventories ​ $ 36,243 ​ $ 25,805

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Other Non-Current Assets
Schedule of other non-current assets	Other non-current assets consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Security deposits ​ $ 1,883 ​ $ 1,888 Restricted cash ​ ​ 4,000 ​ ​ — Deferred offering costs ​ — ​ 3,711 Other long-term assets ​ ​ 2,610 ​ ​ — Total other non-current assets ​ $ 8,493 ​ $ 5,599

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Property and Equipment, Net
Schedule of property and equipment, net	Property and equipment, net, are recorded at historical cost and consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Machinery and equipment ​ $ 6,861 ​ $ 5,102 Leasehold improvements ​ 4,212 ​ 4,166 Software ​ 3,831 ​ 888 Construction in progress ​ 5,086 ​ 70 Other ​ 89 ​ 42 ​ ​ 20,079 ​ 10,268 Less: accumulated depreciation and amortization ​ (5,376) ​ (3,398) Property and equipment, net ​ $ 14,703 ​ $ 6,870

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Employee compensation ​ $ 12,746 ​ $ 5,968 Customer deposits ​ 1,850 ​ 1,177 Accrued warranty liability ​ 266 ​ 646 Non-income tax ​ 2,477 ​ 3,695 Professional fees ​ 2,797 ​ 5,432 Vendor settlements ​ ​ — ​ ​ 2,975 Current portion of operating lease liabilities ​ ​ 1,391 ​ ​ — Other ​ 4,104 ​ 2,069 Total accrued expenses and other current liabilities ​ $ 25,631 ​ $ 21,962
Schedule of warranty expense activity	Warranty expense activity for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Balance, beginning of period ​ $ 1,826 ​ $ 876 ​ $ 133 Warranty provision charged to operations ​ 58 ​ 2,498 ​ 2,203 Warranty claims ​ (768) ​ (1,548) ​ (1,460) Balance, end of period ​ $ 1,116 ​ $ 1,826 ​ $ 876

Convertible Preferred Stock (Ta

Convertible Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2021
Convertible Preferred Stock.
Schedule of authorized, issued and outstanding Convertible Preferred Stock	The following table summarizes the authorized, issued and outstanding Convertible Preferred Stock of the Company as of immediately prior to the Business Combination and December 31, 2020 (in thousands, except share and per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance Shares Total ​ ​ ​ ​ Initial ​ ​ ​ ​ Price ​ Authorized, ​ Proceeds or ​ ​ ​ ​ Net ​ Liquidation ​ ​ Year of ​ Per ​ Issued and ​ Exchange ​ Issuance ​ Carrying ​ Price Per Class ​ Issuance ​ Share ​ Outstanding ​ Value ​ Costs ​ Value ​ Share Series A 2012 ​ $ 0.04 26,946,090 ​ $ 1,038 ​ $ 11 ​ $ 1,027 ​ $ 0.77 Series B 2014 ​ 0.77 25,957,500 ​ 20,000 ​ 99 ​ 19,901 ​ 0.77 Series C 2014 – 2015 ​ 3.21 29,018,455 ​ 93,067 ​ 246 ​ 92,821 ​ 3.21 Series D 2018 ​ 9.89 25,275,073 ​ 250,000 ​ 2,812 ​ 247,188 ​ 9.89 ​ ​ ​ ​ ​ ​ 107,197,118 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Incentive Plan
Summary of the stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Number of ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Term ​ (in thousands) Outstanding at December 31, 2019 15,254,566 ​ 2.26 6.94 47,820 Granted 14,492,505 ​ 5.56 Exercised (653,341) ​ 3.07 Forfeited (2,385,401) ​ 2.50 Outstanding at December 31, 2020 26,708,329 ​ 4.03 7.06 143,338 Granted 8,101,866 ​ 12.98 Exercised (8,911,435) ​ 2.46 Forfeited (9,655,228) ​ 6.12 Outstanding at December 31, 2021 16,243,532 ​ 8.11 7.63 24,398 Options exercisable at December 31, 2020 11,553,081 ​ 2.29 6.01 82,033 Options exercisable at December 31, 2021 7,399,460 ​ 4.34 5.88 21,300 Vested and expected to vest at December 31, 2020 23,175,751 ​ 3.82 6.94 129,047 Vested and expected to vest at December 31, 2021 12,943,351 ​ 7.30 7.26 23,242
Summary of additional information about stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Cash proceeds from the exercise of stock options (in millions) ​ $ 21.7 ​ $ 2.0 ​ $ 0.3 Total intrinsic value of stock options exercised (in millions) ​ 80.9 ​ 3.6 ​ 0.5 Weighted average grant date fair value of options granted ​ 6.47 ​ 3.27 ​ 2.31
Schedule of assumptions used to value option grants to employees and non-employees	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Risk free interest rate 0.6% – 1.4% ​ 0.4% – 1.7% ​ 2.3% – 2.5% Expected dividend yield 0% ​ 0% ​ 0% Expected term 5.5 years – 6.2 years ​ 5.9 years – 6.3 years ​ 6 years – 6.1 years Expected volatility 51% – 63% ​ 50% ​ 50% ​ ​ ​ ​ ​ ​ ​ 2020 2019 Risk free interest rate 0.4% – 1.7% ​ 1.5% – 2.7% Expected dividend yield 0% ​ 0% Expected term 1.1 years – 6.1 years ​ 8.1 years – 10 years Expected volatility 50% ​ 50%
Summary of the restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant Date ​ ​ Stock Units ​ Fair Value Outstanding at December 31, 2020 1,894,897 ​ 9.40 Granted 3,375,079 ​ 14.77 Vested and converted to shares (1,018,828) ​ 9.40 Forfeited (292,323) ​ 12.77 Outstanding at December 31, 2021 3,958,825 ​ 13.73
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Cost of revenue – subscription ​ $ 21 ​ $ 15 ​ $ 15 Research and development ​ 9,060 ​ 4,551 ​ 3,693 Sales and marketing ​ 8,074 ​ 2,591 ​ 1,041 General and administrative ​ 30,643 ​ 3,847 ​ 1,289 Total stock-based compensation expense ​ $ 47,798 ​ $ 11,004 ​ $ 6,038

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Net Loss Per Share
Schedule of calculation of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Class A Class B Common Stock Numerator: ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (28,048) ​ $ (4,361) ​ $ (32,409) Numerator for basic and diluted EPS – loss available to common stockholders ​ $ (28,048) ​ $ (4,361) ​ $ (32,409) Denominator: ​ ​ ​ Weighted-average common shares outstanding ​ 150,424,024 ​ 23,386,029 ​ 173,810,053 Denominator for basic and diluted EPS – weighted-average common stock ​ 150,424,024 ​ 23,386,029 ​ 173,810,053 Basic and diluted loss per share ​ $ (0.19) ​ $ (0.19) ​ $ (0.19) ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ ​ 2020 2019 Numerator: ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (162,745) ​ $ (99,697) Numerator for basic and diluted EPS – loss available to common stockholders ​ $ (162,745) ​ $ (99,697) Denominator: ​ ​ Weighted-average common shares outstanding ​ 6,056,574 ​ 5,838,103 Denominator for basic and diluted EPS – weighted-average common stock ​ 6,056,574 ​ 5,838,103 Basic and diluted loss per share ​ $ (26.87) ​ $ (17.08)
Schedule of anti-dilutive common equivalent shares	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Outstanding options to purchase common stock ​ 16,243,532 ​ 26,708,329 15,254,566 Outstanding restricted stock units ​ 3,577,894 ​ 1,894,897 ​ — Outstanding warrants ​ 20,652,837 ​ — ​ — Outstanding convertible preferred stock (Series A through D) ​ — ​ 107,197,118 107,197,118 Total anti-dilutive common equivalent shares ​ 40,474,263 ​ 135,800,344 122,451,684

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of income (loss) before provision for income taxes	Income (loss) before provision for income taxes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 2020 2019 Federal ​ $ (32,706) ​ $ (162,876) ​ $ (98,833) Foreign ​ 418 ​ 170 ​ (864) Loss before provision for income taxes ​ $ (32,288) ​ $ (162,706) ​ $ (99,697)
Schedule of reconciliation of the statutory income tax rate to the effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In Thousands) ​ 2021 2020 2019 Income at US statutory rate ​ 21.00 % 21.00 % 21.00 % State taxes, net of federal benefit ​ 15.42 % 3.18 % 3.30 % Permanent differences ​ (0.94) % (0.70) % (0.44) % Stock compensation ​ (10.10) % 0.00 % 0.00 % Change in fair value of warrants ​ 104.78 % 0.00 % 0.00 % Tax credits ​ 12.51 % 0.86 % 1.32 % Foreign rate differential ​ 0.01 % 0.00 % (0.01) % Valuation allowance ​ (142.86) % (24.35) % (25.04) % Other ​ (0.20) % (0.01) % (0.13) % ​ ​ (0.38) % (0.02) % (0.00) %
Schedule of net deferred tax assets	Net deferred tax assets as of December 31, 2021 and 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In Thousands) 2021 2020 Deferred tax assets ​ ​ Net operating loss carryforwards ​ $ 122,279 ​ $ 83,058 Tax credits ​ 10,620 ​ 6,582 Stock compensation ​ 4,752 ​ 4,088 Accruals and reserves ​ 7,929 ​ 7,293 Lease liability ​ ​ 7,063 ​ ​ — Depreciation ​ ​ 102 ​ ​ — Other ​ 1,889 ​ 853 Total deferred tax assets ​ $ 154,634 ​ $ 101,874 Valuation allowance ​ (148,785) ​ (101,773) Total deferred tax assets ​ $ 5,849 ​ $ 101 Deferred tax liabilities ​ ​ Right-of-use asset ​ ​ (5,849) ​ ​ — Depreciation ​ — ​ (101) Net deferred tax assets ​ $ — ​ $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Summary of related-party transactions and balances	A summary of related-party transactions and balances with 4Catalyzer are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Total incurred for operating expenses ​ $ 583 ​ $ 5,571 ​ $ 7,721 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Due from related parties ​ $ — ​ $ 38 Due to related parties ​ 88 ​ 154

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Schedule of operating lease cost	​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2021 Operating lease cost ​ $ 2,927 Short-term lease cost ​ 287 Variable lease cost ​ 100 Total operating lease cost ​ $ 3,314
Schedule of operating lease expected future payments	​ ​ ​ ​ ​ Year ended December 31, Operating Lease Payments 2022 ​ $ 2,042 2023 ​ 3,633 2024 ​ ​ 4,513 2025 ​ ​ 4,657 2026 ​ ​ 4,768 2027 and thereafter ​ ​ 22,986 Total gross operating lease payments ​ ​ 42,599 Less: tenant allowances ​ ​ (3,233) Total net operating lease payments ​ ​ 39,366 Less: imputed interest ​ ​ (10,285) Total operating lease liabilities, reflecting the present value of net lease payments ​ $ 29,081 The following is a schedule of future minimum rental payments under non-cancelable operating leases with initial terms in excess of one year as of December 31, 2020 (in thousands): ​ ​ ​ ​ ​ Years ending December 31: ​ 2021 ​ $ 1,044 2022 ​ 2,043 2023 ​ 1,934 2024 ​ 1,904 2025 ​ 1,987 Thereafter ​ 7,354 Total future minimum rental payments ​ $ 16,266
Schedule of lease term, discount rate and cash flows from operating lease	​ ​ ​ ​ ​ ​ December 31, 2021 Weighted average remaining lease term (in years) ​ 9.4 ​ Weighted average discount rate ​ 5.5 % ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ Operating lease payments, included in cash flows from operating activities ​ $ 1,012 ​ ​ ​ ​ Non-cash additions to operating lease assets ​ $ 13,929

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk - customer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable
Number of customers	1	0
Revenues
Number of customers	0	0	0
Major Customer | Accounts receivable
Concentration risk (as a percentage)	15.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts as of beginning balance	$ 576
Additions (recoveries)	54	$ (576)
Deductions - write offs	(82)
Allowance for doubtful accounts as of ending balance	$ 440	$ 576

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Minimum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Minimum | Furnitures and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Maximum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Maximum | Furnitures and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Additional information (Details) $ in Millions	May 26, 2020	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Number of operating segments | segment		1
Warranty period		1 year
Value of public warrants per warrant issued during IPO (as a percent)	33.00%
Deferred offering costs		$ 0	$ 3.7
Impairments of right-of-use assets		0
Impairment charges		0	1.4	$ 0
Advertising expense		$ 8.3	$ 4.7	$ 0.9
Term of stock options		10 years
Minimum
Vesting period of stock options		3 years
Maximum
Vesting period of stock options		4 years

Business Combination (Details)

Business Combination (Details) $ / shares in Units, $ in Millions	Feb. 12, 2021USD ($)Vote$ / sharesshares	Nov. 19, 2020$ / sharesshares
Business Combination
Conversion ratio to receive shares upon merger	1.0383
Increase in cash | $	$ 589.5
Transaction costs | $	11.4
Significant liabilities incurred and paid off, excluding warrant liabilities | $	30.9
Amount of liabilities assumed | $	186.5
Warrant liabilities | $	187.3
Additional proceeds | $	$ 0.6
Class A Common Stock
Business Combination
Conversion price | $ / shares	$ 10
Number of votes | Vote	1
Shares outstanding following the business combination	164,862,470
Class B Common Stock
Business Combination
Number of votes | Vote	20
Percentage of shares cease to own upon recapitalization	20.00%
Shares issued upon closing of business combination	26,426,937
Dr. Rothberg | Class B Common Stock
Business Combination
Voting interests after the Closing (as a percent)	76.20%
Legacy Butterfly Stockholders | Class A Common Stock
Business Combination
Shares outstanding following the business combination	95,633,659
Longview Class A Stockholders | Class A Common Stock
Business Combination
Shares outstanding following the business combination	41,378,811
Legacy Longview Acquisition Corp | Longview Class B Stockholders | Class A Common Stock
Business Combination
Shares outstanding following the business combination	10,350,000
Legacy Butterfly Network Inc | Class A Common Stock
Business Combination
Conversion ratio to receive shares upon merger	1.0383
Legacy Butterfly Network Inc | Class B Common Stock
Business Combination
Conversion ratio to receive shares upon merger	1.0383
Restricted stock units
Business Combination
Conversion ratio to receive shares upon merger	1.0383
Stock options
Business Combination
Conversion ratio to receive shares upon merger	1.0383
Conversion ratio to receive shares upon exercise of option	1.0383
PIPE Investment | Class A Common Stock
Business Combination
Share price (in dollars per share) | $ / shares		$ 10
Shares outstanding following the business combination	17,500,000
Subscription agreement, shares issued to PIPE investors		17,500,000

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue Recognition
Total revenue	$ 62,565	$ 46,252	$ 27,583
United States
Revenue Recognition
Total revenue	42,993	33,237	23,997
International
Revenue Recognition
Total revenue	19,572	13,015	3,586
Product
Revenue Recognition
Total revenue	47,868	38,347	25,081
Subscription
Revenue Recognition
Total revenue	$ 14,697	$ 7,905	$ 2,502

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition
Accounts receivable, net	$ 11,936	$ 5,752
Deferred revenue, current	13,071	8,443
Deferred revenue, non-current	$ 5,476	$ 2,790
Payment terms	30 days

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition
Amount of revenue recognized	$ 8.4	$ 3.2
Remaining performance obligations	$ 21.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue Recognition
Percentage of remaining performance obligations as revenue	64.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue Recognition
Percentage of remaining performance obligations as revenue	36.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Fair Value, Recurring $ in Thousands	Dec. 31, 2021USD ($)
Liabilities
Total liabilities at fair value on a recurring basis	$ 26,229
Public Warrants
Liabilities
Warrants	17,525
Private Warrants
Liabilities
Warrants	8,704
Level 1
Liabilities
Total liabilities at fair value on a recurring basis	17,525
Level 1 | Public Warrants
Liabilities
Warrants	17,525
Level 2
Liabilities
Total liabilities at fair value on a recurring basis	8,704
Level 2 | Private Warrants
Liabilities
Warrants	$ 8,704

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventories
Raw materials	$ 19,853	$ 7,688
Work-in-progress	1,122	865
Finished goods	15,268	17,252
Total inventories	36,243	25,805
Net realizable value inventory adjustments and excess and obsolete inventory charges	$ 889	$ 7,123	$ 2,711

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Non-Current Assets
Security deposits	$ 1,883	$ 1,888
Restricted cash	4,000
Deferred offering costs		3,711
Other long-term assets	2,610
Total other non-current assets	$ 8,493	$ 5,599

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment, Net
Property and equipment, gross	$ 20,079	$ 10,268
Less: accumulated depreciation and amortization	(5,376)	(3,398)
Property and equipment, net	14,703	6,870
Depreciation and amortization expense	2,090	1,316	$ 758
Machinery and equipment
Property and Equipment, Net
Property and equipment, gross	6,861	5,102
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	4,212	4,166
Software
Property and Equipment, Net
Property and equipment, gross	3,831	888
Construction in progress
Property and Equipment, Net
Property and equipment, gross	5,086	70
Other
Property and Equipment, Net
Property and equipment, gross	$ 89	$ 42

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities
Employee compensation	$ 12,746	$ 5,968
Customer deposits	1,850	1,177
Accrued warranty liability	266	646
Non-income tax	2,477	3,695
Professional fees	2,797	5,432
Vendor settlements		$ 2,975
Current portion of operating lease liabilities	$ 1,391
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Other	$ 4,104	$ 2,069
Total accrued expenses and other current liabilities	$ 25,631	$ 21,962

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Warranty expense activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accrued Expenses and Other Current Liabilities
Balance, beginning of period	$ 1,826	$ 876	$ 133
Warranty provision charged to operations	58	2,498	2,203
Warranty claims	(768)	(1,548)	(1,460)
Balance, end of period	$ 1,116	$ 1,826	$ 876

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details)	12 Months Ended
	Dec. 31, 2021Vote$ / shares
Stockholders' Equity (Deficit)
Dividends declared | $ / shares	$ 0
Common stock, conversion ratio	1
Class A Common Stock
Stockholders' Equity (Deficit)
Votes per share	1
Class B Common Stock
Stockholders' Equity (Deficit)
Votes per share	20
Common stock, beneficial ownership	20.00%
Number of affirmative vote	0.67%

Convertible Preferred Stock (De

Convertible Preferred Stock (Details)	12 Months Ended
	Dec. 31, 2021itemshares	Dec. 31, 2020shares
Convertible preferred stock
Convertible Preferred Stock
Number of series | item	4
Shares Outstanding | shares	0	107,197,118
Class A Common Stock
Convertible Preferred Stock
Business combination conversion ratio	1.0383
Class B Common Stock
Convertible Preferred Stock
Business combination conversion ratio	1.0383

Convertible Preferred Stock - A

Convertible Preferred Stock - Authorized, issued and outstanding Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Convertible Preferred Stock
Shares Authorized, Issued and Outstanding	107,197,118
Convertible preferred stock
Convertible Preferred Stock
Shares Authorized, Issued and Outstanding	107,197,118	0
Series A convertible preferred stock
Convertible Preferred Stock
Issuance Price per share	$ 0.04
Shares Authorized, Issued and Outstanding	26,946,090
Total Proceeds or Exchange Value	$ 1,038
Issuance Costs	11
Net Carrying Value	$ 1,027
Initial Liquidation Price per share	$ 0.77
Series B convertible preferred stock
Convertible Preferred Stock
Issuance Price per share	$ 0.77
Shares Authorized, Issued and Outstanding	25,957,500
Total Proceeds or Exchange Value	$ 20,000
Issuance Costs	99
Net Carrying Value	$ 19,901
Initial Liquidation Price per share	$ 0.77
Series C convertible preferred stock
Convertible Preferred Stock
Issuance Price per share	$ 3.21
Shares Authorized, Issued and Outstanding	29,018,455
Total Proceeds or Exchange Value	$ 93,067
Issuance Costs	246
Net Carrying Value	$ 92,821
Initial Liquidation Price per share	$ 3.21
Series D convertible preferred stock
Convertible Preferred Stock
Issuance Price per share	$ 9.89
Shares Authorized, Issued and Outstanding	25,275,073
Total Proceeds or Exchange Value	$ 250,000
Issuance Costs	2,812
Net Carrying Value	$ 247,188
Initial Liquidation Price per share	$ 9.89

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Equity Incentive Plan
Expiration period			10 years
Tax benefits of the stock-based compensation expense			$ 0
Tax benefits from the exercise of stock options			0
Unrecognized stock-based compensation expense			$ 78,800,000	$ 33,100,000
Remaining weighted average vesting period			2 years 9 months 18 days	3 years 6 months
Stock options
Equity Incentive Plan
Post employment exercise options				733,000
Acceleration			1,600,000
Expense related to acceleration			$ 2,600,000
Stock options | Maximum
Equity Incentive Plan
Expiration period			10 years
Performance Based Restricted Stock Units | Employees
Equity Incentive Plan
Granted	1,000,000	100,000		1,900,000
Restricted stock units
Equity Incentive Plan
Total fair value			$ 10,400,000
Granted			3,375,079
Board of Directors Chairman | Performance Based Restricted Stock Units
Equity Incentive Plan
Granted				1,000,000
2012 Plan
Equity Incentive Plan
Common Stock reserved for issuance			13,100,000
2020 Plan
Equity Incentive Plan
Common Stock reserved for issuance			25,600,000
Common shares remain available for issuance			17,000,000

Equity Incentive Plan - Stock o

Equity Incentive Plan - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Outstanding at beginning of year	26,708,329	15,254,566
Granted	8,101,866	14,492,505
Exercised	(8,911,435)	(653,341)
Forfeited	(9,655,228)	(2,385,401)
Outstanding at end of year	16,243,532	26,708,329	15,254,566
Options exercisable	7,399,460	11,553,081
Vested and expected to vest	12,943,351	23,175,751
Weighted Average Exercise Price
Outstanding at beginning of year	$ 4.03	$ 2.26
Granted	12.98	5.56
Exercised	2.46	3.07
Forfeited	6.12	2.50
Outstanding at end of year	8.11	4.03	$ 2.26
Options exercisable	4.34	2.29
Vested and expected to vest	$ 7.30	$ 3.82
Weighted Average Remaining Contractual Term
Outstanding at the end of year	7 years 7 months 17 days	7 years 21 days	6 years 11 months 8 days
Options exercisable	5 years 10 months 17 days	6 years 3 days
Vested and expected to vest	7 years 3 months 3 days	6 years 11 months 8 days
Aggregate Intrinsic Value
Outstanding at beginning of year	$ 143,338	$ 47,820
Outstanding at end of year	24,398	143,338	$ 47,820
Options exercisable	21,300	82,033
Vested and expected to vest	$ 23,242	$ 129,047

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional information about stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Incentive Plan
Cash proceeds from the exercise of stock options	$ 21.7	$ 2	$ 0.3
Total intrinsic value of stock options exercised	$ 80.9	$ 3.6	$ 0.5
Weighted average grant date fair value of options granted (in dollars per share)	$ 6.47	$ 3.27	$ 2.31

Equity Incentive Plan - Option

Equity Incentive Plan - Option grants to employees and non-employees (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	8,101,866	14,492,505
Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	0
Stock options | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate, minimum	0.60%	0.40%	2.30%
Risk free interest rate, maximum	1.40%	1.70%	2.50%
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility		50.00%	50.00%
Stock options | Employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 6 months	5 years 10 months 24 days	6 years
Expected volatility	51.00%
Stock options | Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 2 months 12 days	6 years 3 months 18 days	6 years 1 month 6 days
Expected volatility	63.00%
Stock options | Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate, minimum		0.40%	1.50%
Risk free interest rate, maximum		1.70%	2.70%
Expected dividend yield		0.00%	0.00%
Expected volatility		50.00%	50.00%
Stock options | Non-employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		1 year 1 month 6 days	8 years 1 month 6 days
Stock options | Non-employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		6 years 1 month 6 days	10 years

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted stock unit activity (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of RSUs
Outstanding at beginning of year | shares	1,894,897
Granted | shares	3,375,079
Vested and converted to shares | shares	(1,018,828)
Forfeited | shares	(292,323)
Outstanding at end of year | shares	3,958,825
Weighted Average Grant Date Fair Value
Outstanding at beginning of year | $ / shares	$ 9.40
Granted | $ / shares	14.77
Vested and converted to shares | $ / shares	9.40
Forfeited | $ / shares	12.77
Outstanding at end of year | $ / shares	$ 13.73

Equity Incentive Plan - Stock-b

Equity Incentive Plan - Stock-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Incentive Plan
Total stock-based compensation expense	$ 47,798	$ 11,004	$ 6,038
Cost of revenue - subscription
Equity Incentive Plan
Total stock-based compensation expense	21	15	15
Research and development
Equity Incentive Plan
Total stock-based compensation expense	9,060	4,551	3,693
Sales and marketing
Equity Incentive Plan
Total stock-based compensation expense	8,074	2,591	1,041
General and administrative
Equity Incentive Plan
Total stock-based compensation expense	$ 30,643	$ 3,847	$ 1,289

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Allocation of undistributed earnings	$ (32,409)
Numerator for basic and diluted EPS - loss available to common stockholders	$ (32,409)
Denominator:
Weighted-average common shares outstanding - basic	173,810,053	6,056,574	5,838,103
Weighted-average common shares outstanding - diluted	173,810,053	6,056,574	5,838,103
Basic loss per share	$ (0.19)	$ (26.87)	$ (17.08)
Diluted loss per share	$ (0.19)	$ (26.87)	$ (17.08)
Class A Common Stock
Numerator:
Allocation of undistributed earnings	$ (28,048)	$ (162,745)	$ (99,697)
Numerator for basic and diluted EPS - loss available to common stockholders	$ (28,048)	$ (162,745)	$ (99,697)
Denominator:
Weighted-average common shares outstanding - basic	150,424,024	6,056,574	5,838,103
Weighted-average common shares outstanding - diluted	150,424,024	6,056,574	5,838,103
Basic loss per share	$ (0.19)	$ (26.87)	$ (17.08)
Diluted loss per share	$ (0.19)	$ (26.87)	$ (17.08)
Common stock, shares outstanding (in shares)	171,613,049	6,593,291
Class B Common Stock
Numerator:
Allocation of undistributed earnings	$ (4,361)
Numerator for basic and diluted EPS - loss available to common stockholders	$ (4,361)
Denominator:
Weighted-average common shares outstanding - basic	23,386,029
Weighted-average common shares outstanding - diluted	23,386,029
Basic loss per share	$ (0.19)
Diluted loss per share	$ (0.19)
Common stock, shares outstanding (in shares)	26,426,937	0	0

Net Loss Per Share - Anti-dilut

Net Loss Per Share - Anti-dilutive common equivalent shares (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Loss Per Share
Total anti-dilutive common equivalent shares	40,474,263	135,800,344	122,451,684
Stock options
Net Loss Per Share
Total anti-dilutive common equivalent shares	16,243,532	26,708,329	15,254,566
Restricted stock units
Net Loss Per Share
Total anti-dilutive common equivalent shares	3,577,894	1,894,897
Outstanding warrants
Net Loss Per Share
Total anti-dilutive common equivalent shares	20,652,837
Convertible preferred stock
Net Loss Per Share
Total anti-dilutive common equivalent shares		107,197,118	107,197,118

Income Taxes - Income (loss) be

Income Taxes - Income (loss) before provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Federal	$ (32,706)	$ (162,876)	$ (98,833)
Foreign	418	170	(864)
Loss before provision for income taxes	$ (32,288)	$ (162,706)	$ (99,697)

Income Taxes - Statutory income

Income Taxes - Statutory income tax rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Income at US statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	15.42%	3.18%	3.30%
Permanent differences	(0.94%)	(0.70%)	(0.44%)
Stock compensation	(10.10%)	0.00%	0.00%
Change in fair value of warrants	104.78%	0.00%	0.00%
Tax credits	12.51%	0.86%	1.32%
Foreign rate differential	0.01%	0.00%	(0.01%)
Valuation allowance	(142.86%)	(24.35%)	(25.04%)
Other	(0.20%)	(0.01%)	(0.13%)
Total	(0.38%)	(0.02%)	0.00%

Income Taxes - Net deferred tax

Income Taxes - Net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforwards	$ 122,279	$ 83,058
Tax Credits	10,620	6,582
Stock compensation	4,752	4,088
Accruals and reserves	7,929	7,293
Lease liability	7,063
Depreciation	102
Other	1,889	853
Total deferred tax assets	154,634	101,874
Valuation allowance	(148,785)	(101,773)
Total Deferred tax assets	5,849	101
Deferred tax liabilities
Right-of-use asset	$ (5,849)
Depreciation		$ (101)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Tax provision	$ 120	$ 40
Valuation allowance related to net operating losses	47,000	39,600
Accrued interest or penalties	0	0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss ("NOL") carryforwards	494,800	330,200
Net operating loss ("NOL") carryforwards, subject to expire	73,700
Net operating loss ("NOL") carryforwards, carried forward indefinitely	421,100
Federal and state tax credits	9,200
State
Operating Loss Carryforwards [Line Items]
Net operating loss ("NOL") carryforwards	323,800	$ 232,100
Federal and state tax credits	$ 1,800

Related Party Transactions (Det

Related Party Transactions (Details) - 4C - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions
Total incurred for operating expenses	$ 583	$ 5,571	$ 7,721
Due from related parties		38
Due to related parties	$ 88	$ 154

Loan Payable (Details)

Loan Payable (Details) - PPP Loan - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020
Loan Payable
Loan proceeds	$ 4.4
Term of PPP Loan (in years)	2 years
Interest rate (in percent)		1.00%
Payments on principal and interest		$ 0

Convertible Debt (Details)

Convertible Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Convertible Debt.
Gross proceeds		$ 50,000
Conversion amount	$ 49,917
Interest and amortization expense for the issuance costs	$ 600	$ 1,000

Warrants (Details)

Warrants (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)D$ / sharesshares
Warrants
Change in fair value of warrant liabilities | $	$ (161,095)
Public Warrants
Warrants
Shares called by warrants | shares	13,799,504
Warrants settleable in cash shares held for tender offer percentage	50.00%
Private Warrants
Warrants
Shares called by warrants | shares	6,853,333
Fair market value trading days | D	30
Warrants exercised | shares	0
Class A Common Stock | Public Warrants
Warrants
Shares called by warrants | shares	1
Exercise price	$ 11.50
Warrant Redemption $0.01 | Public Warrants
Warrants
Warrants redemption price per warrant	$ 0.01
Warrants redemption period	30 days
Warrant Redemption $0.01 | Private Warrants
Warrants
Warrants redemption price per warrant	$ 0.01
Warrant Redemption $0.01 | Class A Common Stock | Public Warrants
Warrants
Trading day period	30 days
Trading day period for cashless basis redemption	10 days
Stock price trigger	$ 18
Threshold trading days | D	20
Warrant Redemption $0.10 | Public Warrants
Warrants
Period of warrants become exercisable	90 days
Warrants redemption price per warrant	$ 0.10
Warrants redemption period	30 days
Warrant Redemption $0.10 | Private Warrants
Warrants
Warrants redemption price per warrant	$ 0.10
Warrant Redemption $0.10 | Class A Common Stock | Public Warrants
Warrants
Stock price trigger	$ 10

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	May 31, 2021	Dec. 31, 2020
Leases
Operating lease payments	$ 39,366
Security deposits	1,883			$ 1,888
Office Space in Burlington
Leases
Operating lease payments			$ 27,300
Tenant improvement allowance			$ 5,200
Tenant improvement allowance utilized	$ 2,100
Option to terminate	true
Option to extend	true
Other Noncurrent Assets | Office Space in Burlington
Leases
Security deposits		$ 4,000

Leases - Lease cost (Details)

Leases - Lease cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Leases
Operating lease cost	$ 2,927
Short-term lease cost	287
Variable lease cost	100
Total operating lease cost	$ 3,314

Leases - Operating lease paymen

Leases - Operating lease payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating lese payments
2022	$ 2,042
2023	3,633
2024	4,513
2025	4,657
2026	4,768
2027 and thereafter	22,986
Total gross operating lease payments	42,599
Less: tenant allowances	(3,233)
Total net operating lease payments	39,366
Less: imputed interest	(10,285)
Total operating lease liabilities, reflecting the present value of net lease payments	$ 29,081

Leases - Lease term and discoun

Leases - Lease term and discount rate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Leases
Weighted average remaining lease term (in years)	9 years 4 months 24 days
Weighted average discount rate (as a percent)	5.50%
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease payments, included in cash flows from operating activities	$ 1,012
Non-cash additions to operating lease assets	$ 13,929

Leases - Future Minimum Annual

Leases - Future Minimum Annual Payments Prior to Adoption of Topic 842 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Rent expense	$ 2,100	$ 1,900
Years ending December 31:
2021	1,044
2022	2,043
2023	1,934
2024	1,904
2025	1,987
Thereafter	7,354
Total future minimum rental payments	$ 16,266

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies
Write-down of vendor advance		$ 2,300	$ 10,560	$ 9,500
Losses on commitments			(6,900)
Inventory purchase commitments
Commitments and Contingencies
Minimum inventory purchase commitments		116,100
Amount of increase to purchase commitment	$ 169,300
Net loss on vendor purchase commitment		(14,000)	(53,200)	$ (9,500)
Write-down of vendor advance		2,300	10,600
Accrual of purchase commitment liability		11,700	$ 42,600
Utilization of accrual of purchase commitment liability		35,000
Prepaid vendor advance, net of write-downs		31,900
Accrued purchase commitments		$ 19,500
Minimum | Inventory purchase commitments
Commitments and Contingencies
Fixed or minimum annual commitments period (in years)		1 year
Maximum | Inventory purchase commitments
Commitments and Contingencies
Fixed or minimum annual commitments period (in years)		5 years