The company is in a nascent commercial phase, reporting $401,000 in revenue for 2026Q1 alongside a gross margin of 7.7%, which highlights the ongoing challenge of achieving unit-level profitability.
| Sales/Revenue | 751K | 350K | 0 | 0 | 700K | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | -100% | -50.63% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.44M | 1.61M | 0 | 1.21M | 11.94M | 1.97M | 1.09M | 666K | 665K | 665K | 665K | 0 | 0 |
| COGS % of Revenue | - | 460% | - | - | 1706.29% | 138.79% | - | - | - | - | - | - | - |
| Gross Profit | -684K | -1.26M | 0 | -1.21M | -11.24M | -550K | -1.09M | -666K | -665K | -665K | -665K | 0 | 0 |
| Gross Margin % | -91.08% | -360% | - | - | -1606.29% | -38.79% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | 89.27% | -1944.36% | 49.77% | -64.41% | -0.15% | 0% | 0% | - | - | - |
| Operating Expenses | 77.36M | 75.68M | 56.26M | 42.37M | 46.81M | 62.46M | 48.87M | 47.95M | 37.96M | 25.81M | 9.59M | 4.47M | 514.29K |
| OpEx % of Revenue | - | 21622.57% | - | - | 6687.57% | 4405.08% | - | - | - | - | - | - | - |
| Selling, General & Admin | 30.63M | 32.03M | 23.92M | 15.78M | 25.97M | 33.82M | 22.86M | 22.33M | 20.05M | 15.5M | 2.93M | 1.22M | 73.71K |
| SG&A % of Revenue | - | 9151.14% | - | - | 3710.57% | 2385.33% | - | - | - | - | - | - | - |
| Research & Development | 47M | 44.72M | 32.34M | 27.8M | 20.84M | 28.64M | 26.44M | 24.96M | 17.25M | 9.65M | 5.99M | 2.58M | 44.57K |
| R&D % of Revenue | - | 12777.43% | - | - | 2977% | 2019.75% | - | - | - | - | - | - | - |
| Other Operating Expenses | -267K | -1.07M | 0 | -1.21M | 0 | 0 | -430K | 666K | -28K | 665K | 665K | 665.39K | 0 |
| Operating Income | -78.05M | -76.94M | -56.26M | -43.57M | -58.06M | -63.01M | -49.97M | -47.95M | -37.96M | -25.81M | -9.59M | -4.47M | -308.57K |
| Operating Margin % | -10392.14% | -21982.57% | - | - | -8293.86% | -4443.86% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -36.76% | -29.11% | 24.95% | 7.87% | -26.12% | -4.19% | -26.32% | -47.06% | -169.29% | -114.55% | -1347.95% | - |
| EBITDA | -76.69M | -75.87M | -55.08M | -42.37M | -56.7M | -61.87M | -48.87M | -46.79M | -36.65M | -24.81M | -8.83M | -3.75M | -108K |
| EBITDA Margin % | -10212.25% | -21676.57% | - | - | -8100.29% | -4363.05% | - | - | - | - | - | - | - |
| EBITDA Growth % | -22.66% | -37.74% | -30% | 25.28% | 8.35% | -26.6% | -4.44% | -27.67% | -47.72% | -181.1% | -135.33% | -3373.12% | - |
| D&A (Non-Cash Add-back) | 782K | 1.07M | 1.18M | 1.21M | 1.35M | 1.15M | 1.09M | 1.16M | 1.31M | 1M | 759K | 716.98K | 200.57K |
| EBIT | -74.57M | -72.78M | -56.26M | -43.57M | -58.06M | -63.01M | -49.85M | -47.95M | -37.55M | -25.57M | -9.59M | -4.47M | -308.57K |
| Net Interest Income | 3.55M | 4.21M | 2.67M | 1.36M | 0 | 0 | 114K | 983K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.55M | 4.21M | 2.67M | 2.46M | 0 | 0 | 114K | 983K | 446K | 247K | 68K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.48M | 4.16M | 2.67M | 1.36M | -448K | -646K | 114K | 983K | 418K | 247K | 68K | 0 | -396K |
| Pretax Income | -74.57M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M | -49.85M | -46.97M | -37.55M | -25.57M | -9.52M | -4.47M | -514.29K |
| Pretax Margin % | -9929.03% | -20794.57% | - | - | -8357.86% | -4489.42% | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28K | 0 | -94K | -1.66M | -39.43K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.07% | 0% | 0.99% | 37.08% | 7.67% |
| Net Income | -74.57M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M | -49.74M | -45.99M | -37.55M | -25.57M | -9.52M | -2.81M | -474.86K |
| Net Margin % | -9929.03% | -20794.57% | - | - | -8357.86% | -4489.42% | - | - | - | - | - | - | - |
| Net Income Growth % | -23.78% | -35.82% | -26.95% | 27.85% | 8.1% | -27.99% | -8.15% | -22.49% | -46.85% | -168.62% | -238.56% | -492.03% | - |
| Net Income (Continuing) | -74.57M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M | -49.85M | -46.97M | -37.55M | -25.57M | -9.52M | -2.81M | -474.86K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.10 | -1.08 | -0.92 | -0.88 | -1.72 | -2.28 | -2.14 | -2.22 | -2.20 | -1.73 | -0.86 | -0.37 | -0.19 |
| EPS Growth % | -10.1% | -17.39% | -4.55% | 48.84% | 24.56% | -6.54% | 3.6% | -0.91% | -27.17% | -101.16% | -132.43% | -94.74% | - |
| EPS (Basic) | - | -1.08 | -0.92 | -0.88 | -1.72 | -2.28 | -2.14 | -2.22 | -2.20 | -1.73 | -0.86 | -0.37 | -0.19 |
| Diluted Shares Outstanding | 67.79M | 67.4M | 58.4M | 48.04M | 33.94M | 27.96M | 23.25M | 20.75M | 17.08M | 14.75M | 11.01M | 7.57M | 2.51M |
| Basic Shares Outstanding | 67.79M | 67.4M | 58.4M | 48.04M | 33.94M | 27.96M | 23.25M | 20.75M | 17.08M | 14.75M | 11.01M | 7.57M | 2.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
According to the latest quarterly data, Pulse Biosciences reported $401,000 in revenue, marking a nascent transition from a zero-revenue state, though the lack of consistent sequential growth suggests that the company remains in a highly unpredictable early-stage commercial phase rather than a stable expansionary trajectory.
The intermittent revenue generation indicates that the company is still struggling to establish a repeatable sales motion for its CellFX console and associated electrodes. Investors should monitor whether future revenue reflects genuine clinical adoption or merely initial seeding of the installed base, as the current figures are insufficient to validate the long-term commercial viability of the platform.
As reported in financial statements, R&D expenses consistently hover around $10 million to $12 million per quarter, dwarfing the minimal revenue generated and highlighting a cost structure that is entirely prioritized toward clinical validation rather than operational efficiency or immediate unit-level profitability.
The persistent high level of R&D spending relative to revenue suggests that the company is heavily reliant on its capital reserves to fund the development of its cardiac and soft tissue applications. This expense discipline appears focused on achieving regulatory milestones, which may be necessary for long-term survival but creates significant pressure on the company's cash runway.
Based on the provided figures, Pulse Biosciences consistently records quarterly stock-based compensation ranging from $1.8 million to $6.8 million, which significantly obscures the true cash cost of talent acquisition and complicates the assessment of the company's underlying operating performance and true net loss profile.
The reliance on equity-based incentives appears to be a strategic choice to preserve cash, yet it effectively dilutes existing shareholders while the company remains in a pre-revenue state. Analysts should scrutinize these non-cash charges to determine the actual cash burn rate, as the reported net income figures may not fully capture the economic cost of maintaining the current workforce.
Data from recent quarters reveals a gross margin of -360% in some periods, which suggests that the company is currently unable to cover the manufacturing costs of its hardware, raising serious questions about the scalability of the razor/razorblade model in a competitive medical device landscape.
The negative gross margin profile indicates that the company may be subsidizing its hardware to gain market entry, a strategy that is inherently unsustainable without a rapid shift toward high-volume electrode sales. If the company fails to achieve significant economies of scale, the current cost structure may lead to continued margin compression, regardless of the potential clinical superiority of the nanosecond pulse technology.
Quick answers to the most common questions about buying PLSE stock.
For fiscal year 2025, Pulse Biosciences, Inc. (PLSE) reported total revenue of $0.3M.
Pulse Biosciences, Inc. (PLSE) reported a net loss of $72.8M for the fiscal year ending 2025.
Pulse Biosciences, Inc. (PLSE) reported an operating income of $-76.9M, resulting in an operating profit margin of -21982.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Pulse Biosciences, Inc. (PLSE) generated $-1.3M in gross profit for the year, representing a gross profit margin of -360.0%. This demonstrates the company's core pricing power and production efficiency.