Butterfly Network Provides Commentary on Midjourney Medical’s Full Body Ultrasound Scanner Announcement

Butterfly Network, Inc . (“Butterfly”) (NYSE: BFLY), a pioneer and leader in semiconductor-based ultrasound devices, programmable cloud software and AI, today provided commentary following Midjourney's public announcement of Midjourney Medical and The Midjourney Scanner : a full-body tomographic imaging machine.

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The current scanner prototype incorporates 40 Butterfly Ultrasound-on-Chip™ imaging modules per system, licensed under a co-development agreement between the two companies. Future generations are expected to utilize substantially more imaging modules, reflecting the platform’s planned evolution and scalability. Additional details regarding the platform and Midjourney’s long-term objectives are available in their announcement: https://www.midjourney.com/medical/blogpost

"After nearly 35 years working in healthcare, it's clear to me that our U.S. healthcare system is still primarily designed to treat illness, not prevent it. The future of health starts with awareness: understanding your body earlier and tracking how it responds to factors like diet, exercise, and behavior. Midjourney has unveiled an extraordinary whole-body scanner — no radiation, no magnetic risk, low cost, and accessible — with about half a million sensors scanning simultaneously and over two petaflops of processing power. Designed for weekly use, this is the next generation of AI on device. A continuous window into your health… because the earlier you can see what's changing, the sooner you can do something about it," said Joseph DeVivo, President, Chief Executive Officer and Chairman of Butterfly Network.

DeVivo continued, “We’re proud to support Midjourney’s mission to democratize access to personal imaging data. The vision and roadmap Founder David Holz introduced yesterday also represents a potentially meaningful commercial opportunity for Butterfly, and we look forward to discussing that further with stakeholders later today.”

Butterfly management will discuss the collaboration in more detail at 12:00pm EDT today during an Emerging Growth Webinar with TD Cowen. To register and access, visit: ir.butterflynetwork.com/events-and-presentations .

The collaboration is enabled through Butterfly Embedded™, Butterfly’s Ultrasound-on-Chip™ licensing and co-development business initiative, formerly known as Octiv. Butterfly previously filed the terms of its agreement with Midjourney in a Form 8-K on November 17, 2025, which disclosed up to $74 million in expected payments to Butterfly over a five-year term. Stakeholders are encouraged to refer to that filing for information regarding the agreement.

About Butterfly Network

Butterfly Network, Inc. (NYSE: BFLY) is driving a digital revolution in ultrasound imaging and sensing with its proprietary Ultrasound-on-Chip™ semiconductor technology and software solutions. Butterfly first proved its technology in the point-of-care ultrasound market – commercializing the world’s first single-probe, whole-body portable ultrasound device, which is now on its best-selling, third-generation: Butterfly iQ3™. The Company combines its advanced hardware with cloud software and AI, an enterprise workflow solution (Compass AI™) and other offerings to drive adoption of affordable, accessible ultrasound. Butterfly also enables third-party development of imaging AI apps through Butterfly Garden™ , its software development kit and AI marketplace.

In addition to its medical imaging products, Butterfly Embedded™ is the Company’s Ultrasound-on-Chip™ licensing and co-development business designed to enable a new wave of ultrasound-enabled technologies across non-competitive healthcare markets and beyond. Through Butterfly Embedded™, partners can build and scale novel ultrasound applications powered by Butterfly’s proprietary semiconductor chip and software platform.

Butterfly’s innovations have been recognized by Prix Galien USA, Fierce 50, TIME’s Best Inventions and Fast Company’s World Changing Ideas, among other achievements. To learn more, visit: www.butterflynetwork.com

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Our actual results may differ from our expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, our expectations with respect to the anticipated payments and other financial benefits under our co-development agreement with Midjourney, the successful development, regulatory pathway, and commercialization of products incorporating our Ultrasound-on-Chip technology through the Butterfly Embedded program, the performance and market acceptance of Midjourney Medical's full-body imaging platform, the potential for the collaboration to represent a meaningful commercial opportunity for Butterfly, and the size and potential growth of markets for products and services enabled by the collaboration. Forward-looking statements are based on our current beliefs and assumptions and on information currently available to us. These forward-looking statements involve significant known and unknown risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside our control and are difficult to predict. Factors that may cause such differences include, but are not limited to: Midjourney's ability to successfully develop, obtain regulatory clearance or approval for, and commercialize its full-body imaging platform on the anticipated timeline or at all; the risk that some or all of the anticipated payments under the co-development agreement may not be realized due to failure to achieve development or commercial milestones, termination, or renegotiation of the agreement; our ability to manufacture and supply Ultrasound-on-Chip modules at the scale, quality, and cost required by Midjourney; our dependence on Midjourney as a significant customer under the Butterfly Embedded program; market acceptance of a novel whole-body ultrasound imaging platform by healthcare practitioners, patients, and consumers; regulatory requirements or limitations applicable to the Midjourney Medical platform, including clearance or approval requirements that may affect the timing or scope of commercialization; our ability to protect or enforce our intellectual property rights, including in connection with co-developed technology; the success, cost, and timing of our product and service development activities; our ability to compete with other companies currently marketing or engaged in the development of ultrasound imaging devices, many of which have greater financial and marketing resources than us; changes in applicable laws or regulations; our estimates regarding expenses, revenue, capital requirements, and needs for additional financing; our financial performance; and other risks and uncertainties indicated from time to time in our most recent Annual Report on Form 10-K or in subsequent filings that we make with the Securities and Exchange Commission. We caution that the foregoing list of factors is not exclusive. We caution you not to place undue reliance upon any forward-looking statements, which speak only as of the date of this press release. We do not undertake or accept any obligation or undertake to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based.

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