Butterfly Network (BFLY) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 22, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
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	1600 District Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	557-4800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001804176
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	BFLY
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		184,280,929
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 112,652	$ 134,437
Accounts receivable, net	13,914	13,418
Inventories	74,494	73,022
Current portion of vendor advances	3,979	2,815
Prepaid expenses and other current assets	8,234	7,571
Total current assets	213,273	231,263
Property and equipment, net	24,425	25,321
Intangible assets, net	9,967	10,317
Non-current portion of vendor advances	15,169	15,276
Operating lease assets	15,325	15,675
Other non-current assets	6,129	6,422
Total assets	284,288	304,274
Current liabilities:
Accounts payable	5,808	5,090
Deferred revenue, current	14,464	15,625
Accrued purchase commitments, current	131	131
Accrued expenses and other current liabilities	21,139	23,425
Total current liabilities	41,542	44,271
Deferred revenue, non-current	7,217	7,394
Warrant liabilities	1,033	826
Operating lease liabilities	22,252	22,835
Other non-current liabilities	8,240	8,895
Total liabilities	80,284	84,221
Commitments and contingencies (Note 12)
Stockholders' equity:
Additional paid-in capital	955,382	949,670
Accumulated deficit	(751,399)	(729,638)
Total stockholders' equity	204,004	220,053
Total liabilities and stockholders' equity	284,288	304,274
Class A Common Stock
Stockholders' equity:
Common stock	18	18
Class B Common Stock
Stockholders' equity:
Common stock	$ 3	$ 3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	600,000,000	600,000,000
Common stock shares issued	184,214,377	181,221,794
Common stock, shares outstanding (in shares)	184,214,377	181,221,794
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	27,000,000	27,000,000
Common stock shares issued	26,426,937	26,426,937
Common stock, shares outstanding (in shares)	26,426,937	26,426,937

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 17,656	$ 15,476
Cost of revenue:
Total cost of revenue	7,380	6,387
Gross profit	10,276	9,089
Operating expenses:
Research and development	10,720	16,651
Sales and marketing	10,378	10,034
General and administrative	10,442	11,019
Other	1,357	6,432
Total operating expenses	32,897	44,136
Loss from operations	(22,621)	(35,047)
Interest income	1,511	1,784
Interest expense	(300)
Change in fair value of warrant liabilities	(207)	(207)
Other (expense) income, net	(141)	17
Loss before provision for income taxes	(21,758)	(33,453)
Provision for income taxes	3	87
Net loss and comprehensive loss	$ (21,761)	$ (33,540)
Net loss per common share - basic	$ (0.10)	$ (0.17)
Net loss per common share - diluted	$ (0.10)	$ (0.17)
Weighted-average common shares outstanding - basic	208,873,449	202,565,877
Weighted-average common shares outstanding - diluted	208,873,449	202,565,877
Product
Revenue:
Total revenue	$ 11,291	$ 8,848
Cost of revenue:
Total cost of revenue	5,096	4,349
Software and other services
Revenue:
Total revenue	6,365	6,628
Cost of revenue:
Total cost of revenue	$ 2,284	$ 2,038

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Deficit	Class A Common Stock	Class B Common Stock	Total
Balance at beginning of the period at Dec. 31, 2022	$ 17	$ 3	$ 921,278	$ (595,938)			$ 325,360
Balance at beginning of the period (in shares) at Dec. 31, 2022	174,459,956	26,426,937
Increase (Decrease) in Stockholders' Equity
Net loss				(33,540)			(33,540)
Common stock issued upon vesting of restricted stock units	$ 1						1
Common stock issued upon vesting of restricted stock units (in shares)	2,908,543
Stock-based compensation expense			4,326				4,326
Balance at end of the period at Mar. 31, 2023	$ 18	$ 3	925,604	(629,478)			296,147
Balance at end of the period (in shares) at Mar. 31, 2023	177,368,499	26,426,937
Balance at beginning of the period at Dec. 31, 2023	$ 18	$ 3	949,670	(729,638)			220,053
Balance at beginning of the period (in shares) at Dec. 31, 2023	181,221,794	26,426,937			181,221,794	26,426,937
Increase (Decrease) in Stockholders' Equity
Net loss				(21,761)			(21,761)
Common stock issued upon vesting of restricted stock units (in shares)	2,992,583
Stock-based compensation expense			5,712				5,712
Balance at end of the period at Mar. 31, 2024	$ 18	$ 3	$ 955,382	$ (751,399)			$ 204,004
Balance at end of the period (in shares) at Mar. 31, 2024	184,214,377	26,426,937			184,214,377	26,426,937

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (21,761)	$ (33,540)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization, and impairments	2,584	2,111
Non-cash interest expense	299
Write-down of inventories	(81)
Stock-based compensation expense	5,524	4,185
Change in fair value of warrant liabilities	207	207
Other	244	(708)
Changes in operating assets and liabilities:
Accounts receivable	(751)	1,077
Inventories	(1,391)	(9,437)
Prepaid expenses and other assets	(376)	(3,175)
Vendor advances	(1,057)	2,260
Accounts payable	703	(1,561)
Deferred revenue	(1,338)	(1,536)
Accrued purchase commitments		(1,615)
Change in operating lease assets and liabilities	(163)	175
Accrued expenses and other liabilities	(3,310)	(1,695)
Net cash used in operating activities	(20,667)	(43,252)
Cash flows from investing activities:
Purchases of marketable securities		(297)
Sales of marketable securities		76,484
Purchases of property, equipment, and intangible assets, including capitalized software	(1,138)	(1,342)
Sales of property and equipment		10
Net cash (used in) provided by investing activities	(1,138)	74,855
Net (decrease) increase in cash, cash equivalents, and restricted cash	(21,805)	31,603
Cash, cash equivalents, and restricted cash, beginning of period	138,650	166,828
Cash, cash equivalents, and restricted cash, end of period	$ 116,845	$ 198,431

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
Organization and Description of Business
Organization and Description of Business	Note 1. Organization and Description of Business 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 Company’s 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 that is easily accessed through a mobile app. ​ The Company was incorporated in Delaware on February 4, 2020 as Longview Acquisition Corp. (“Longview”). Following a business combination between the Company and BFLY Operations, Inc. (formerly Butterfly Network, Inc.) on February 12, 2021 (the “Business Combination”), the Company’s legal name became Butterfly Network, Inc. ​ The Company operates wholly-owned subsidiaries in Australia, Germany, the Netherlands, Taiwan, and the United Kingdom. ​ The Company has incurred net losses and negative cash flows from operating activities in each year since inception, and we expect to continue to incur losses for at least the next few years. The Company expects its cash and cash equivalents of $112.7 million at March 31, 2024 will be sufficient to fund operations and capital requirements for at least the next twelve months from the date the condensed consolidated financial statements are issued. We may need to satisfy our future cash needs through the sale of equity securities, debt financings, working capital lines of credit or partnerships, or a combination of one or more of these sources. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the accounting disclosure rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the 2023 Annual Report on Form 10-K. All intercompany balances and transactions are eliminated upon consolidation. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited consolidated financial statements as of that date but does not include all disclosures, including certain notes, required by U.S. GAAP for annual reporting. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the year ending December 31, 2024, or any other period. 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. As of March 31, 2024, substantially all of the Company’s cash and cash equivalents were invested in money market accounts with one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any significant losses on such accounts and does not believe it is exposed to any significant credit risk of its cash and cash equivalents. As of March 31, 2024 and December 31, 2023, no customer accounted for more than 10% of the Company’s accounts receivable. No customer accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2024 and 2023. Segment Reporting The Company’s Chief Operating Decision Maker (“CODM”), its Chief Executive Officer, reviews the Company’s financial information on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates as a single Use of Estimates The Company makes estimates and assumptions about future events that affect the amounts reported in its condensed 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. 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 about 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 condensed consolidated financial statements. There have been no material changes to the Company’s use of estimates as described in the consolidated financial statements for the year ended December 31, 2023. ​ Operating Expenses – Other The Company classifies certain operating expenses that are not representative of the Company’s ongoing operations as other on the condensed consolidated statements of operations and comprehensive loss. These include costs related to the Company’s reductions in force, litigation, and legal settlements. The following table summarizes the types of expenses classified as other in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Employment-related expenses ​ $ (56) ​ $ 3,618 Legal-related expenses ​ 1,413 ​ 2,814 Total other ​ $ 1,357 ​ $ 6,432 ​ Recent Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ​

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue Recognition
Revenue Recognition	Note 3. 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 revenue (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pattern of ​ Three months ended March 31, ​ ​ ​ Recognition ​ 2024 ​ 2023 ​ By product type: ​ ​ ​ Devices and accessories ​ Point-in-time ​ $ 11,291 ​ $ 8,848 ​ Software and other services ​ Over time ​ ​ 6,365 ​ ​ 6,628 ​ Total revenue ​ ​ ​ $ 17,656 ​ $ 15,476 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ By geographical market: ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ $ 13,737 ​ $ 12,005 ​ International ​ ​ ​ ​ 3,919 ​ ​ 3,471 ​ Total revenue ​ ​ ​ $ 17,656 ​ $ 15,476 ​ ​ Contract Balances Contract balances represent amounts presented in the condensed consolidated balance sheets when the Company has either 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. The Company recognizes a receivable when it has an unconditional right to payment, and payment terms are typically 30 days for sales on credit of product, software, and other services. The allowance for doubtful accounts was $2.0 million and $1.8 million as of March 31, 2024 and December 31, 2023, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized $6.0 million and $6.2 million, respectively, of revenue that was included in the deferred revenue balance at the beginning of the period. Transaction Price Allocated to Remaining Performance Obligations As of March 31, 2024 and December 31, 2023, the Company had $32.7 million and $32.0 million, respectively, of remaining performance obligations. As of March 31, 2024, the Company expects to recognize 59% of its remaining performance obligations as revenue in the next twelve months and an additional 41% thereafter ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 4. 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 values of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate their fair values due to the short-term or on-demand nature of these instruments. There were no transfers between fair value measurement levels during the periods ended March 31, 2024 and December 31, 2023. The Company’s outstanding warrants include publicly traded warrants (the “Public Warrants”) which were issued as one ​ The Company measures its Public Warrants using Level 1 fair value inputs based on quoted prices in active markets for the Public Warrants. 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 Company measures its Private Warrants using Level 2 fair value inputs based on quoted prices in active markets for the Public Warrants. ​ The following table summarizes the Company’s assets and 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 March 31, 2024: ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 690 ​ $ 690 ​ $ — ​ $ — Private Warrants ​ ​ 343 ​ ​ — ​ ​ 343 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 1,033 ​ $ 690 ​ $ 343 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 552 ​ $ 552 ​ $ — ​ $ — Private Warrants ​ ​ 274 ​ ​ — ​ ​ 274 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 826 ​ $ 552 ​ $ 274 ​ $ — ​

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventories
Inventories	Note 5. Inventories The following table summarizes the Company’s inventories (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2024 2023 Raw materials ​ $ 49,692 ​ 49,366 Work-in-progress ​ 2,587 ​ 3,384 Finished goods ​ 22,215 ​ 20,272 Total inventories ​ $ 74,494 ​ $ 73,022 ​ Work-in-progress represents inventory items in intermediate stages of production by third-party manufacturers. For the three months ended March 31, 2024 and 2023, net realizable value inventory adjustments and excess and obsolete inventory charges were not significant and were recognized in product cost of revenue. See Note 12 “Commitments and Contingencies” for additional information regarding the Company’s inventory supply arrangements.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property and Equipment, Net
Property and Equipment, Net	Note 6. Property and Equipment, Net The following table summarizes the Company’s property and equipment, net (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Property and equipment, gross ​ $ 44,663 ​ $ 43,516 Less: accumulated depreciation and amortization ​ (20,238) ​ (18,195) Property and equipment, net ​ $ 24,425 ​ $ 25,321

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2024
Restricted Cash
Restricted Cash	Note 7. Restricted Cash The following table reconciles cash, cash equivalents, and restricted cash from the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2024 2023 Reconciliation of cash, cash equivalents and restricted cash: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 112,652 ​ $ 193,808 Restricted cash included within prepaid expenses and other current assets ​ 179 ​ 609 Restricted cash included within other non-current assets ​ ​ 4,014 ​ ​ 4,014 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows ​ $ 116,845 ​ $ 198,431 ​ Restricted cash included within prepaid expenses and other current assets is restricted by an agreement with the Bill & Melinda Gates Foundation (“Gates Foundation”). The restriction on these funds lapses as the Company fulfills its obligations in the agreement. Restricted cash included within other non-current assets is held as collateral to secure a letter of credit for one of our office leases and is expected to be maintained as a security deposit throughout the duration of the lease.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 8. Accrued Expenses and Other Current Liabilities The following table summarizes the Company’s accrued expenses and other current liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2024 2023 Employee compensation ​ $ 5,002 ​ $ 9,442 Customer deposits ​ 1,751 ​ 1,613 Accrued warranty liability ​ 289 ​ 297 Non-income tax ​ 2,118 ​ 1,197 Professional fees ​ 3,705 ​ 2,481 Current portion of operating lease liabilities ​ ​ 2,262 ​ ​ 2,192 Other ​ 6,012 ​ 6,203 Total accrued expenses and other current liabilities ​ $ 21,139 ​ $ 23,425 ​ The following table summarizes warranty expense activity (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 2023 Balance, beginning of period ​ $ 697 ​ $ 873 ​ Warranty provision charged to operations ​ 96 ​ (44) ​ Warranty claims ​ (149) ​ (35) ​ Balance, end of period ​ $ 644 ​ $ 794 ​ ​ 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 are recorded within other non-current liabilities on the condensed consolidated balance sheets.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2024
Equity Incentive Plan
Equity Incentive Plan	Note 9. Equity Incentive Plans For the three months ended March 31, 2024, there were no significant changes to the Company’s 2012 Employee, Director and Consultant Equity Incentive Plan, as amended, (the “2012 Plan”) and the Company’s Amended and Restated 2020 Equity Incentive Plan (the “2020 Plan”). On January 1, 2024, pursuant to the terms of the 2020 Plan, the number of shares reserved for issuance was increased automatically by 4% of the number of outstanding shares of common stock as of January 1, 2024. Stock Option Activity The following table summarizes the changes in the Company’s outstanding stock options: ​ ​ ​ ​ ​ ​ Number of ​ ​ Options Outstanding at December 31, 2023 7,439,187 Granted — Exercised — Forfeited (288,029) Outstanding at March 31, 2024 7,151,158 ​ Generally, each award vests based on continued service per the award agreement. The grant date fair value of the award is recognized as stock-based compensation expense over the requisite service period. The grant date fair value was determined using similar methods and assumptions as those previously disclosed by the Company. ​ Restricted Stock Unit Activity The following table summarizes the changes in the Company’s outstanding restricted stock units (“RSUs”): ​ ​ ​ ​ ​ ​ Number of ​ ​ RSUs Outstanding at December 31, 2023 15,569,983 Granted 10,600,519 Vested (2,992,583) Forfeited (205,422) Outstanding at March 31, 2024 22,972,497 ​ Generally, each award vests based on continued service per the award agreement. The grant date fair value of the award is recognized as stock-based compensation expense over the requisite service period. The grant date fair value was determined based on the fair market value of the Company’s Class A common stock on the grant date. Included in the table above are market-based RSUs granted in 2023 that include a service condition. The market-based conditions for these awards are objective metrics related to the Company’s stock price defined in the award agreement. The service condition for these awards is satisfied by providing service to the Company through the achievement date of the market-based conditions. The grant date fair value of the awards is recognized as stock-based compensation expense over the derived service period. The grant date fair value and derived service period were determined by using a Monte Carlo simulation with similar risk-free interest rate, expected dividend yield, and expected volatility assumptions as those used by the Company for determining the grant date fair value of its stock options. The following table summarizes the Company’s stock-based compensation expense (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 2023 Research and development ​ $ 2,019 ​ $ 2,194 ​ Sales and marketing ​ ​ 1,107 ​ ​ 621 ​ General and administrative ​ ​ 2,398 ​ ​ 1,370 ​ Total stock-based compensation expense ​ $ 5,524 ​ $ 4,185 ​ ​ Prior period stock-based compensation expense that was classified as cost of revenue is now included in research and development due to the amount being insignificant.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Net Loss Per Share
Net Loss Per Share	Note 10. 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 were 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. ​ As the Company uses the two-class method required for companies with multiple classes of common stock, the following tables present 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (19,008) ​ $ (2,753) ​ $ (21,761) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (19,008) ​ $ (2,753) ​ $ (21,761) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 182,446,512 ​ 26,426,937 ​ 208,873,449 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 182,446,512 ​ 26,426,937 ​ 208,873,449 ​ Basic and diluted net loss per share ​ $ (0.10) ​ $ (0.10) ​ $ (0.10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (29,164) ​ $ (4,376) ​ $ (33,540) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (29,164) ​ $ (4,376) ​ $ (33,540) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 176,138,940 ​ 26,426,937 ​ 202,565,877 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 176,138,940 ​ 26,426,937 ​ 202,565,877 ​ Basic and diluted net loss per share ​ $ (0.17) ​ $ (0.17) ​ $ (0.17) ​ ​ 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 Certificate of Incorporation. 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. The following table summarizes the Company’s anti-dilutive common equivalent shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Outstanding options to purchase common stock ​ 7,151,158 ​ 10,358,769 ​ Outstanding restricted stock units ​ 22,972,497 ​ 16,250,193 ​ Outstanding warrants ​ 20,652,690 ​ 20,652,690 ​ Total anti-dilutive common equivalent shares ​ 50,776,345 ​ 47,261,652 ​ ​

401(k) Retirement Plan

401(k) Retirement Plan	3 Months Ended
	Mar. 31, 2024
401(k) Retirement Plan
401(k) Retirement Plan	Note 11. 401(k) Retirement Plan The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. For the three months ended March 31, 2024 and 2023, expenses for matching 401(k) contributions were $0.2 million and $0.2 million, respectively. ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies.
Commitments and Contingencies	Note 12. Commitments and Contingencies Commitments Leases: The Company primarily enters into leases for office space that are classified as operating leases. Purchase Commitments: The Company enters into inventory purchase commitments with third-party manufacturers in the ordinary course of business, including a non-cancellable inventory supply agreement with a certain third-party manufacturing vendor. The provisions of the agreement allowed the Company, once it reached a certain cumulative purchase threshold in the fourth quarter of 2021, to pay for a portion of the subsequent inventory purchases using an advance previously paid to the vendor. As of March 31, 2024, the aggregate amount of minimum inventory purchase commitments is $12.5 million, and the Company has a vendor advance asset of $1.3 million, net of write-downs, and an accrued purchase commitment liability of $0.1 million related to the agreement. 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 condensed consolidated balance sheets. The Company applied the guidance in Topic 330, Inventory The Company reviews its inventory on hand, including inventory acquired under the purchase commitments, for excess and obsolescence (“E&O”) on a quarterly basis. Any E&O inventory acquired that was previously accounted for as a purchase commitment liability accrual or vendor advance write down is recorded at zero value. During the three months ended March 31, 2024, the Company did not acquire a significant amount of such E&O inventory. During the three months ended March 31, 2023, the Company utilized $1.6 million of the accrued purchase commitment liability and $4.5 million of the vendor advance that was previously written down to acquire such E&O inventory. Contingencies The Company is involved in litigation and legal matters from time to time, which have arisen in the normal course of business. 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 condensed consolidated balance sheets, statements of operations and comprehensive loss, or statements of cash flows. The Company accrues an estimated liability for legal contingencies when the Company considers a potential loss probable and can reasonably estimate the amount of the potential loss. On February 16, 2022, a putative class action lawsuit, styled Rose v. Butterfly Network, Inc., et al. was filed in the United States District Court for the District of New Jersey. The claims are against the Company and certain of its directors and previous management as well as Longview and member of its then board of directors, alleging that the defendants made false and misleading statements and/or omissions about its post-Business Combination business and financial prospects. The alleged class consists of all persons or entities who purchased or otherwise acquired the Company’s stock between January 12, 2021 and November 15, 2021, persons who exchanged Longview shares for the Company’s common stock, and persons who purchased Longview stock pursuant, or traceable to, the Proxy/Registration Statement filed with the SEC on November 27, 2020 or any amendment thereto. The Company intends to vigorously defend against this action. The lawsuit seeks unspecified damages, together with interest thereon, as well as the costs and expenses of litigation. There is no assurance that the Company will be successful in the defense of the litigation or that insurance will be available or adequate to fund any potential settlement or judgment or the litigation costs of the action. The Company is unable to predict the outcome or reasonably estimate a range of possible loss at this time. On June 21, 2022, a stockholder derivative action, styled Koenig v. Todd M. Fruchterman, et al. Bhavsar v. Todd M. Fruchterman, et al. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the accounting disclosure rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the 2023 Annual Report on Form 10-K. All intercompany balances and transactions are eliminated upon consolidation. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited consolidated financial statements as of that date but does not include all disclosures, including certain notes, required by U.S. GAAP for annual reporting. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the year ending December 31, 2024, or any other period.
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. As of March 31, 2024, substantially all of the Company’s cash and cash equivalents were invested in money market accounts with one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any significant losses on such accounts and does not believe it is exposed to any significant credit risk of its cash and cash equivalents. As of March 31, 2024 and December 31, 2023, no customer accounted for more than 10% of the Company’s accounts receivable. No customer accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2024 and 2023.
Segment Reporting	Segment Reporting The Company’s Chief Operating Decision Maker (“CODM”), its Chief Executive Officer, reviews the Company’s financial information on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates as a single
Use of Estimates	Use of Estimates The Company makes estimates and assumptions about future events that affect the amounts reported in its condensed 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. 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 about 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 condensed consolidated financial statements. There have been no material changes to the Company’s use of estimates as described in the consolidated financial statements for the year ended December 31, 2023.
Operating Expenses - Other	Operating Expenses – Other The Company classifies certain operating expenses that are not representative of the Company’s ongoing operations as other on the condensed consolidated statements of operations and comprehensive loss. These include costs related to the Company’s reductions in force, litigation, and legal settlements. The following table summarizes the types of expenses classified as other in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Employment-related expenses ​ $ (56) ​ $ 3,618 Legal-related expenses ​ 1,413 ​ 2,814 Total other ​ $ 1,357 ​ $ 6,432
Recent Accounting Pronouncements Issued but Not Yet Adopted	Recent Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Summary of Significant Accounting Policies
Schedule of other expenses	The following table summarizes the types of expenses classified as other in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Employment-related expenses ​ $ (56) ​ $ 3,618 Legal-related expenses ​ 1,413 ​ 2,814 Total other ​ $ 1,357 ​ $ 6,432

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue Recognition
Schedule of disaggregated revenue	The following table summarizes the Company’s disaggregated revenue (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pattern of ​ Three months ended March 31, ​ ​ ​ Recognition ​ 2024 ​ 2023 ​ By product type: ​ ​ ​ Devices and accessories ​ Point-in-time ​ $ 11,291 ​ $ 8,848 ​ Software and other services ​ Over time ​ ​ 6,365 ​ ​ 6,628 ​ Total revenue ​ ​ ​ $ 17,656 ​ $ 15,476 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ By geographical market: ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ $ 13,737 ​ $ 12,005 ​ International ​ ​ ​ ​ 3,919 ​ ​ 3,471 ​ Total revenue ​ ​ ​ $ 17,656 ​ $ 15,476 ​

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table summarizes the Company’s assets and 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 March 31, 2024: ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 690 ​ $ 690 ​ $ — ​ $ — Private Warrants ​ ​ 343 ​ ​ — ​ ​ 343 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 1,033 ​ $ 690 ​ $ 343 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 552 ​ $ 552 ​ $ — ​ $ — Private Warrants ​ ​ 274 ​ ​ — ​ ​ 274 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 826 ​ $ 552 ​ $ 274 ​ $ — ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventories
Summary of inventories	The following table summarizes the Company’s inventories (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2024 2023 Raw materials ​ $ 49,692 ​ 49,366 Work-in-progress ​ 2,587 ​ 3,384 Finished goods ​ 22,215 ​ 20,272 Total inventories ​ $ 74,494 ​ $ 73,022

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property and Equipment, Net
Schedule of property and equipment, net	The following table summarizes the Company’s property and equipment, net (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Property and equipment, gross ​ $ 44,663 ​ $ 43,516 Less: accumulated depreciation and amortization ​ (20,238) ​ (18,195) Property and equipment, net ​ $ 24,425 ​ $ 25,321

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2024
Restricted Cash
Summary of reconciliation of cash, cash equivalents and restricted cash	The following table reconciles cash, cash equivalents, and restricted cash from the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2024 2023 Reconciliation of cash, cash equivalents and restricted cash: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 112,652 ​ $ 193,808 Restricted cash included within prepaid expenses and other current assets ​ 179 ​ 609 Restricted cash included within other non-current assets ​ ​ 4,014 ​ ​ 4,014 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows ​ $ 116,845 ​ $ 198,431

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	The following table summarizes the Company’s accrued expenses and other current liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2024 2023 Employee compensation ​ $ 5,002 ​ $ 9,442 Customer deposits ​ 1,751 ​ 1,613 Accrued warranty liability ​ 289 ​ 297 Non-income tax ​ 2,118 ​ 1,197 Professional fees ​ 3,705 ​ 2,481 Current portion of operating lease liabilities ​ ​ 2,262 ​ ​ 2,192 Other ​ 6,012 ​ 6,203 Total accrued expenses and other current liabilities ​ $ 21,139 ​ $ 23,425
Schedule of warranty expense activity	The following table summarizes warranty expense activity (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 2023 Balance, beginning of period ​ $ 697 ​ $ 873 ​ Warranty provision charged to operations ​ 96 ​ (44) ​ Warranty claims ​ (149) ​ (35) ​ Balance, end of period ​ $ 644 ​ $ 794 ​

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Incentive Plan
Summary of the stock option activity	​ ​ ​ ​ ​ ​ Number of ​ ​ Options Outstanding at December 31, 2023 7,439,187 Granted — Exercised — Forfeited (288,029) Outstanding at March 31, 2024 7,151,158
Summary of the restricted stock unit activity	​ ​ ​ ​ ​ ​ Number of ​ ​ RSUs Outstanding at December 31, 2023 15,569,983 Granted 10,600,519 Vested (2,992,583) Forfeited (205,422) Outstanding at March 31, 2024 22,972,497
Schedule of stock-based compensation expense	The following table summarizes the Company’s stock-based compensation expense (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 2023 Research and development ​ $ 2,019 ​ $ 2,194 ​ Sales and marketing ​ ​ 1,107 ​ ​ 621 ​ General and administrative ​ ​ 2,398 ​ ​ 1,370 ​ Total stock-based compensation expense ​ $ 5,524 ​ $ 4,185 ​

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Net Loss Per Share
Schedule of calculation of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (19,008) ​ $ (2,753) ​ $ (21,761) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (19,008) ​ $ (2,753) ​ $ (21,761) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 182,446,512 ​ 26,426,937 ​ 208,873,449 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 182,446,512 ​ 26,426,937 ​ 208,873,449 ​ Basic and diluted net loss per share ​ $ (0.10) ​ $ (0.10) ​ $ (0.10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (29,164) ​ $ (4,376) ​ $ (33,540) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (29,164) ​ $ (4,376) ​ $ (33,540) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 176,138,940 ​ 26,426,937 ​ 202,565,877 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 176,138,940 ​ 26,426,937 ​ 202,565,877 ​ Basic and diluted net loss per share ​ $ (0.17) ​ $ (0.17) ​ $ (0.17) ​
Schedule of anti-dilutive common equivalent shares	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Outstanding options to purchase common stock ​ 7,151,158 ​ 10,358,769 ​ Outstanding restricted stock units ​ 22,972,497 ​ 16,250,193 ​ Outstanding warrants ​ 20,652,690 ​ 20,652,690 ​ Total anti-dilutive common equivalent shares ​ 50,776,345 ​ 47,261,652 ​ ​

Organization and Description _2

Organization and Description of Business (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Organization and Description of Business
Cash and cash equivalents	$ 112,652	$ 134,437	$ 193,808

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Summary of Significant Accounting Policies
Number of operating segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Operating Expenses - Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary of Significant Accounting Policies
Employment-related expenses	$ (56)	$ 3,618
Legal-related expenses	1,413	2,814
Total other	$ 1,357	$ 6,432

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue Recognition
Total revenue	$ 17,656	$ 15,476
United States
Revenue Recognition
Total revenue	13,737	12,005
International
Revenue Recognition
Total revenue	3,919	3,471
Devices and accessories
Revenue Recognition
Total revenue	11,291	8,848
Software and other services
Revenue Recognition
Total revenue	$ 6,365	$ 6,628

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue Recognition
Payment terms	30 days
Allowance for doubtful accounts	$ 2		$ 1.8
Amount of revenue recognized	$ 6	$ 6.2

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue Recognition
Remaining performance obligations	$ 32.7	$ 32
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue Recognition
Percentage of remaining performance obligations as revenue	59%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue Recognition
Percentage of remaining performance obligations as revenue	41%
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 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Liabilities
Total liabilities at fair value on a recurring basis	$ 1,033	$ 826
Public Warrants
Liabilities
Warrants	690	552
Private Warrants
Liabilities
Warrants	343	274
Level 1
Liabilities
Total liabilities at fair value on a recurring basis	690	552
Level 1 | Public Warrants
Liabilities
Warrants	690	552
Level 2
Liabilities
Total liabilities at fair value on a recurring basis	343	274
Level 2 | Private Warrants
Liabilities
Warrants	$ 343	$ 274

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of public warrants per warrant issued during IPO (as a percent)	33.33%
Outstanding warrants	13,799,357
Private Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding warrants	6,853,333
Class A Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares called by warrants	1
Exercise price | $ / shares	$ 11.50

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventories
Raw materials	$ 49,692	$ 49,366
Work-in-progress	2,587	3,384
Finished goods	22,215	20,272
Total inventories	$ 74,494	$ 73,022

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and Equipment, Net
Property and equipment, gross	$ 44,663	$ 43,516
Less: accumulated depreciation and amortization	(20,238)	(18,195)
Property and equipment, net	$ 24,425	$ 25,321

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 112,652	$ 134,437	$ 193,808
Restricted cash included within prepaid expenses and other current assets	179		609
Restricted cash included within other non-current assets	4,014		4,014
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 116,845	$ 138,650	$ 198,431	$ 166,828
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent		Other Assets, Noncurrent

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities
Employee compensation	$ 5,002	$ 9,442
Customer deposits	1,751	1,613
Accrued warranty liability	289	297
Non-income tax	2,118	1,197
Professional fees	3,705	2,481
Current portion of operating lease liabilities	$ 2,262	$ 2,192
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	$ 6,012	$ 6,203
Total accrued expenses and other current liabilities	$ 21,139	$ 23,425

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Warranty Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accrued Expenses and Other Current Liabilities
Balance, beginning of period	$ 697	$ 873
Warranty provision charged to operations	96	(44)
Warranty claims	(149)	(35)
Balance, end of period	$ 644	$ 794

Equity Incentive Plans (Details

Equity Incentive Plans (Details)	Jan. 01, 2024
Equity Incentive Plan
Percentage increase in equity awards authorized to be issued	4%

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock option activity (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2024 shares
Number of Options
Outstanding at beginning of the period	7,439,187
Forfeited	(288,029)
Outstanding at end of the period	7,151,158

Equity Incentive Plans - Restri

Equity Incentive Plans - Restricted stock unit activity (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2024 shares
Number of Restricted Stock Units
Outstanding at beginning of the period	15,569,983
Granted	10,600,519
Vested	(2,992,583)
Forfeited	(205,422)
Outstanding at end of the period	22,972,497

Equity Incentive Plans - Stock-

Equity Incentive Plans - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Incentive Plan
Total stock-based compensation expense	$ 5,524	$ 4,185
Research and development
Equity Incentive Plan
Total stock-based compensation expense	2,019	2,194
Sales and marketing
Equity Incentive Plan
Total stock-based compensation expense	1,107	621
General and administrative
Equity Incentive Plan
Total stock-based compensation expense	$ 2,398	$ 1,370

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Allocation of undistributed earnings	$ (21,761)	$ (33,540)
Numerator for basic and diluted net loss per share - loss available to common stockholders	$ (21,761)	$ (33,540)
Denominator:
Weighted-average common shares outstanding - basic	208,873,449	202,565,877
Weighted-average common shares outstanding - diluted	208,873,449	202,565,877
Basic loss per share	$ (0.10)	$ (0.17)
Diluted loss per share	$ (0.10)	$ (0.17)
Class A Common Stock
Numerator:
Allocation of undistributed earnings	$ (19,008)	$ (29,164)
Numerator for basic and diluted net loss per share - loss available to common stockholders	$ (19,008)	$ (29,164)
Denominator:
Weighted-average common shares outstanding - basic	182,446,512	176,138,940
Weighted-average common shares outstanding - diluted	182,446,512	176,138,940
Basic loss per share	$ (0.10)	$ (0.17)
Diluted loss per share	$ (0.10)	$ (0.17)
Class B Common Stock
Numerator:
Allocation of undistributed earnings	$ (2,753)	$ (4,376)
Numerator for basic and diluted net loss per share - loss available to common stockholders	$ (2,753)	$ (4,376)
Denominator:
Weighted-average common shares outstanding - basic	26,426,937	26,426,937
Weighted-average common shares outstanding - diluted	26,426,937	26,426,937
Basic loss per share	$ (0.10)	$ (0.17)
Diluted loss per share	$ (0.10)	$ (0.17)

Net Loss Per Share - Anti-dilut

Net Loss Per Share - Anti-dilutive common equivalent shares (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Loss Per Share
Total anti-dilutive common equivalent shares	50,776,345	47,261,652
Outstanding options to purchase common stock
Net Loss Per Share
Total anti-dilutive common equivalent shares	7,151,158	10,358,769
Outstanding restricted stock units
Net Loss Per Share
Total anti-dilutive common equivalent shares	22,972,497	16,250,193
Outstanding warrants
Net Loss Per Share
Total anti-dilutive common equivalent shares	20,652,690	20,652,690

401(k) Retirement Plan (Details

401(k) Retirement Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
401(k) Retirement Plan
401(k) Employer match contribution	$ 0.2	$ 0.2

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments and Contingencies
Operating lease cost	$ 700	$ 1,000
Accrued Purchase Commitments, Current	131		$ 131
Inventory purchase commitments
Commitments and Contingencies
Minimum inventory purchase commitments	12,500
Prepaid vendor advance, net of write-downs	1,300
Accrued Purchase Commitments, Current	100
Utilization of accrual of purchase commitment liability	1,600
Utilization of vendor advance previously written down	$ 4,500

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,761)	$ (33,540)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false