Revenue emerged from zero in early 2025 to $434K in 2026Q2, but gross margin swung from -96.6% to 37.1% amid widening operating losses of -$25.3M, reflecting early-stage inefficiencies and heavy R&D investment.
Pulse Biosciences, Inc. (PLSE) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 1.19M | 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 | -256K | -1.26M | 0 | -1.21M | -11.24M | -550K | -1.09M | -666K | -665K | -665K | -665K | 0 | 0 |
| Gross Margin % | -21.6% | -360% | - | - | -1606.29% | -38.79% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | 89.27% | -1944.36% | 49.77% | -64.41% | -0.15% | 0% | 0% | - | - | - |
| Operating Expenses | 82.79M | 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 | 30.9M | 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 | 51.89M | 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 | 0 | -1.07M | 0 | -1.21M | 0 | 0 | -430K | 666K | -28K | 665K | 665K | 665.39K | 0 |
| Operating Income | -83.04M | -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 % | -7007.76% | -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 | -81.66M | -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 % | -6890.89% | -21676.57% | - | - | -8100.29% | -4363.05% | - | - | - | - | - | - | - |
| EBITDA Growth % | -14.84% | -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) | 770K | 1.07M | 1.18M | 1.21M | 1.35M | 1.15M | 1.09M | 1.16M | 1.31M | 1M | 759K | 716.98K | 200.57K |
| EBIT | -80.63M | -72.78M | -53.59M | -41.11M | -58.51M | -63.66M | -49.85M | -47.95M | -37.55M | -25.57M | -9.59M | -4.47M | -308.57K |
| Net Interest Income | 3.05M | 4.21M | 2.67M | 1.36M | -448K | -646K | 114K | 983K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.05M | 4.21M | 2.67M | 2.46M | 0 | 0 | 114K | 983K | 446K | 247K | 68K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 1.1M | 448K | 646K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.99M | 4.16M | 2.67M | 1.36M | -448K | -646K | 114K | 983K | 418K | 247K | 68K | 0 | -396K |
| Pretax Income | -80.06M | -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 % | -6755.78% | -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 | -80.06M | -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 % | -6755.78% | -20794.57% | - | - | -8357.86% | -4489.42% | - | - | - | - | - | - | - |
| Net Income Growth % | -17.68% | -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) | -80.06M | -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) | -1.16 | -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 % | -9.35% | -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 | 69.2M | 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 | 69.2M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Cash burn sustainability
Metrics are mathematically derived from official filings.
Nascent Revenue Emergence
Pulse Biosciences' revenue has grown from zero in early 2025 to $434K in 2026Q2, a notable inflection, though absolute levels remain minimal relative to operating costs.
The company reported its first revenue in 2025Q3, with sequential increases to $434K by 2026Q2, indicating early commercial traction. However, the revenue base is still negligible compared to the $25M+ quarterly operating losses, suggesting that growth, while accelerating, is from a very low base and may not yet signal durable commercial viability.
Gross Margin Volatility
Gross margin swung from -96.6% in 2025Q4 to 37.1% in 2026Q2, reflecting early-stage production inefficiencies and product mix shifts, as reported in quarterly financials.
The gross margin improvement to 37.1% in 2026Q2 is a positive sign, but the prior quarters showed negative gross margins, indicating that the company is still scaling manufacturing and absorbing fixed costs. The volatility suggests that margin stability is not yet achieved, and investors should monitor whether the positive trend can be sustained as volumes grow.
Operating Leverage Absent
Operating losses have widened from $10.6M in 2024Q1 to $25.3M in 2026Q2, with R&D and SG&A expenses growing faster than revenue, indicating no operating leverage yet.
Despite revenue growth, operating expenses have escalated significantly, with R&D nearly doubling from $6.7M to $17.0M over the period. The operating margin remains deeply negative, and the company is not yet at a scale where revenue can offset fixed costs, implying that operating leverage will only materialize if revenue grows substantially while expense growth moderates.
SBC Distorts Losses
Stock-based compensation averaged $4.5M per quarter over the last year, representing a significant non-cash charge that inflates reported net losses, as per SEC filings.
SBC has been a consistent and growing expense, reaching $6.9M in 2026Q2, which is roughly 27% of operating losses. This non-cash expense reduces reported earnings quality, as it does not reflect cash outflows but does dilute shareholders. Investors should adjust for SBC to assess the true cash burn rate, which appears to be lower than reported net losses.
R&D-Driven Cost Structure
R&D expenses have grown from $6.7M in 2024Q1 to $17.0M in 2026Q2, now representing 67% of total operating costs, highlighting a heavy investment phase.
The company is prioritizing R&D, which is typical for a pre-commercial medical device firm, but the pace of increase is steep. SG&A has also risen but at a slower rate, suggesting management is controlling overhead while investing in product development. The cost structure implies that near-term profitability is unlikely, and the company's success hinges on R&D translating into commercial products.
First Revenue Marks Turning Point
The transition from zero revenue in 2025Q1 to $86K in 2025Q3 represents a pivotal inflection, as the company began generating sales for the first time.
This inflection is critical because it validates the commercial potential of the company's technology, but the revenue scale is still minuscule. The subsequent growth to $434K by 2026Q2 suggests early adoption, yet the company remains far from breakeven. The lasting impact will depend on whether revenue can scale rapidly enough to offset the heavy R&D and SG&A investments.
What Could Invalidate the Base Case
Despite early revenue, the company's cash burn remains severe, with operating losses exceeding $25M per quarter, raising doubts about sustainability without additional funding.
The revenue growth, while positive, is minuscule relative to the escalating operating expenses, and the company's cash burn rate appears unsustainable without further capital raises. If revenue growth does not accelerate dramatically, the company may face liquidity constraints, and the heavy reliance on SBC suggests potential dilution. Investors should monitor the company's ability to control costs and achieve scale, as the current trajectory may not support long-term viability.