---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-011897"
form_type: "8-K"
ticker: "BFLY"
cik: "0001804176"
company_name: "Butterfly Network, Inc."
filed_at: "2023-07-14T23:59:59+00:00"
generated_at: "2026-06-13T08:19:19.848272+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Butterfly Network announces 25% workforce reduction to reduce cash use by ~$2M/month

## Summary
- Board approved plan on July 11, 2023 including 25% workforce reduction and strategic realignment.
- Estimated $5 million in severance and benefits cash charges in Q3 and Q4 2023.
- Plan targets cash use reduction of approximately $2 million per month to extend cash resources.
- Further details to be provided on Q2 earnings call scheduled for August 3, 2023.

## SEC filing metadata
- accession: 0001558370-23-011897
- form_type: 8-K
- ticker: BFLY
- cik: 0001804176
- company_name: Butterfly Network, Inc.
- filed_at: 2023-07-14T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.05
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1804176/000155837023011897/0001558370-23-011897-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1804176/000155837023011897/bfly-20230711x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-011897
- JSON: https://secwatch.observer/filing/0001558370-23-011897.json
- Plain text: https://secwatch.observer/filing/0001558370-23-011897.txt

## Key facts
- Restructurings & Charges
  Butterfly Network, Inc. announced a restructuring with charges of around $5 million in cash charges (a 25% reduction in the Company’s work force).
  - Type: restructuring
  - Charge: around $5 million in cash charges
  - Headcount: a 25% reduction in the Company’s work force
  source text: On July 11, 2023, Butterfly Network, Inc. (the “Company”) announced a plan approved by the Company’s Board of Directors that is designed to better align the Company’s commercial objectives and prioritization with its existing strengths and offerings. In addition to this strategic realignment, the plan includes a 25% reduction in the Company’s work force and other savings, which will reduce the Company’s cash use by an average of approximately $2 million per month and allow the Company to extend its cash resources. The Company estimates that it will incur around $5 million in cash charges related to employee severance and benefits costs, substantially all of which the Company expects to incur in the third and fourth quarters of 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1804176/000155837023011897/0001558370-23-011897-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.