Revenue volatility remains a primary concern, highlighted by a 60.9% year-over-year decline in 2026Q3 and an operating margin that reached -39.2% during the same period.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 |
|---|
| Sales/Revenue | 1.08M | 1.34M | 326K | 287K | 234K | 0 | 23K | 54K | 50K | 0 | 2.85M | 379K | 379K | 679K | 716K | -1.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 4.35% | 309.82% | 13.59% | 22.65% | - | -100% | -57.41% | 8% | - | -100% | 651.19% | 0% | -44.18% | -5.17% | 142.57% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 874K | 682K | 4K | 9K | 1.05M | 1.37M | 1.57M | 2K | 2K | 2.18M | 100K | 13K | 11K | 20K | 21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K |
| COGS % of Revenue | - | 51.05% | 1.23% | 3.14% | 450% | - | 6826.09% | 3.7% | 4% | - | 3.51% | 3.43% | 2.9% | 2.95% | 2.93% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 205K | 654K | 322K | 278K | -819K | -1.37M | -1.55M | 52K | 48K | -2.18M | 2.75M | 366K | 368K | 659K | 695K | -1.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6K |
| Gross Margin % | 19% | 48.95% | 98.77% | 96.86% | -350% | - | -6726.09% | 96.3% | 96% | - | 96.49% | 96.57% | 97.1% | 97.05% | 97.07% | 100% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 103.11% | 15.83% | 133.94% | 40.22% | 11.44% | -3075% | 8.33% | 102.2% | -179.25% | 650.55% | -0.54% | -44.16% | -5.18% | 141.32% | - | - | - | - | - | - | - | - | 100% | - |
| Operating Expenses | 26.23M | 22.83M | 22.48M | 27.52M | 40.77M | 49.25M | 27.93M | 35.58M | 33.78M | 28.02M | 26.07M | 25.63M | 28.22M | 22.88M | 15.75M | 11.11M | 7.23M | 6.56M | 10.43M | 6.28M | 2.33M | 2.83M | 3M | 210.49K | 74.45K |
| OpEx % of Revenue | - | 1708.83% | 6895.71% | 9590.24% | 17424.79% | - | 121430.43% | 65896.3% | 67558% | - | 915.56% | 6763.32% | 7445.38% | 3369.96% | 2199.3% | -660.76% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 10.51M | 9.98M | 10.03M | 11.78M | 17.45M | 20.56M | 7.8M | 9.16M | 11.19M | 6.93M | 6.49M | 6.46M | 8.68M | 5.65M | 6.57M | 4.49M | 3.14M | 3.42M | 6.04M | 3.73M | 1.03M | 873.65K | 1.78M | 112.96K | 74.45K |
| SG&A % of Revenue | - | 746.93% | 3077.91% | 4104.18% | 7457.26% | - | 33934.78% | 16957.41% | 22386% | - | 227.82% | 1704.49% | 2289.18% | 831.96% | 917.32% | -266.65% | - | - | - | - | - | - | - | - | - |
| Research & Development | 15.76M | 12.85M | 12.45M | 15.74M | 24.38M | 30.07M | 20.12M | 24.59M | 22.63M | 21.09M | 19.58M | 19.17M | 19.54M | 17.23M | 9.18M | 6.63M | 4.3M | 3.14M | 4.39M | 2.55M | 1.3M | 1.79M | 1.22M | 79.87K | 0 |
| R&D % of Revenue | - | 961.9% | 3817.79% | 5486.06% | 10417.52% | - | 87495.65% | 45529.63% | 45258% | - | 687.74% | 5058.84% | 5156.2% | 2538% | 1281.98% | -394.11% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -1.05M | -1.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 168.62K | 0 | 0 | 0 |
| Operating Income | -26.03M | -22.18M | -22.16M | -27.25M | -41.59M | -50.62M | -29.48M | -35.53M | -33.73M | -28.02M | -23.32M | -25.27M | -27.85M | -22.22M | -15.03M | -11.11M | -7.44M | -6.56M | -10.43M | -6.28M | -2.33M | -2.83M | -3M | -457K | -74.45K |
| Operating Margin % | -2412.14% | -1659.88% | -6796.93% | -9493.38% | -17774.79% | - | -128156.52% | -65800% | -67462% | - | -819.07% | -6666.75% | -7348.28% | -3272.9% | -2099.3% | 660.76% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -0.08% | 18.67% | 34.49% | 17.84% | -71.74% | 17.04% | -5.34% | -20.39% | -20.16% | 7.71% | 9.27% | -25.32% | -47.85% | -35.24% | -49.4% | -13.43% | 37.12% | -66.2% | -169.08% | 17.6% | 5.82% | -557.55% | -513.81% | - |
| EBITDA | -25.66M | -21.86M | -21.91M | -26.88M | -40.54M | -49.25M | -27.91M | -33.57M | -31.71M | -25.84M | -21.17M | -23.19M | -25.95M | -21.19M | -14.6M | -10.8M | -7.23M | -6.38M | -10.3M | -6.22M | -2.29M | -2.8M | -2.91M | -435.96K | -74.45K |
| EBITDA Margin % | -2377.85% | -1636.23% | -6719.33% | -9367.25% | -17324.79% | - | -121330.43% | -62166.67% | -63426% | - | -743.55% | -6119.53% | -6846.44% | -3120.77% | -2038.55% | 642.21% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -20.33% | 0.21% | 18.52% | 33.69% | 17.69% | -76.5% | 16.87% | -5.86% | -22.72% | -22.07% | 8.73% | 10.62% | -22.45% | -45.18% | -35.12% | -49.36% | -13.27% | 38.01% | -65.63% | -171.61% | 18.11% | 4.04% | -568.28% | -485.55% | - |
| D&A (Non-Cash Add-back) | 370K | 316K | 253K | 362K | 1.05M | 1.37M | 1.57M | 1.96M | 2.02M | 2.18M | 2.15M | 2.07M | 1.9M | 1.03M | 435K | 312K | 207K | 173K | 129K | 56.49K | 42.54K | 34.23K | 91.54K | 21.04K | 0 |
| EBIT | -26.95M | -22.38M | -20.48M | -28.04M | -40.49M | -49.79M | -28.96M | -35.31M | -26.13M | -27.75M | -23.32M | -25.27M | -27.85M | -21.13M | -15.03M | -10.84M | -7.44M | -6.68M | -10.48M | -7.48M | -2.14M | -1.91M | -1.93M | 0 | 0 |
| Net Interest Income | 167K | 271K | 448K | 241K | -306K | 414K | 188K | 356K | -661K | 0 | 49K | 75K | 210K | 510K | 563K | 223K | -29K | 6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 623K | 1.14M | 1.31M | 1.08M | 581K | 492K | 384K | 385K | 276K | 122K | 149K | 112K | 246K | 539K | 575K | 236K | 0 | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 456K | 873K | 866K | 843K | 887K | 78K | 196K | 29K | 937K | 0 | 100K | 37K | 36K | 29K | 12K | 13K | 31K | 8K | 0 | 23.02K | 0 | 0 | 0 | 0 | 3.45K |
| Other Income/Expense | -939K | -1.08M | 814K | -1.64M | 219K | 758K | 324K | 225K | 7.61M | 205K | 73K | 590K | 918K | 1.07M | 237K | 266K | -14K | -84K | -69K | -2.15M | -107K | 731.64K | 994.17K | 0 | 0 |
| Pretax Income | -26.97M | -23.25M | -21.34M | -28.89M | -41.37M | -49.87M | -29.15M | -35.31M | -26.13M | -27.81M | -23.25M | -24.68M | -26.93M | -21.16M | -14.79M | -11.07M | -7.46M | -6.64M | -10.5M | -8.24M | -2.44M | -2.1M | -2.01M | 418.26K | 0 |
| Pretax Margin % | -2499.17% | -1740.64% | -6547.24% | -10065.16% | -17681.2% | - | -126747.83% | -65383.33% | -52252% | - | -816.51% | -6511.08% | -7106.07% | -3115.61% | -2066.2% | 658.2% | - | - | - | - | - | - | - | - | - |
| Income Tax | -21K | -5K | 0 | 0 | 0 | 0 | 0 | -94K | 0 | -205K | -73K | 0 | 0 | 29K | 0 | -266K | 14K | 78K | 69K | 2.15M | 0 | 0 | 0 | 252.5K | 77.9K |
| Effective Tax Rate % | 0.08% | 0.02% | 0% | 0% | 0% | 0% | 0% | 0.27% | 0% | 0.74% | 0.31% | 0% | 0% | -0.14% | 0% | 2.4% | -0.19% | -1.17% | -0.66% | -26.15% | 0% | 0% | 0% | 60.37% | - |
| Net Income | -26.16M | -22.58M | -20.89M | -28.32M | -41.24M | -49.87M | -29.15M | -35.31M | -26.13M | -27.81M | -23.25M | -24.68M | -26.93M | -21.16M | -14.79M | -10.85M | -7.45M | -6.64M | -10.5M | -8.43M | -2.44M | -2.1M | -2.01M | -463K | -77.9K |
| Net Margin % | -2424.75% | -1690.34% | -6407.36% | -9867.94% | -17624.79% | - | -126747.83% | -65383.33% | -52252% | - | -816.51% | -6511.08% | -7106.07% | -3115.61% | -2066.2% | 644.95% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -26.31% | -8.11% | 26.25% | 31.33% | 17.29% | -71.05% | 17.43% | -35.14% | 6.07% | -19.65% | 5.8% | 8.37% | -27.31% | -43% | -36.38% | -45.55% | -12.31% | 36.79% | -24.55% | -245.45% | -16.3% | -4.38% | -334.13% | -494.33% | - |
| Net Income (Continuing) | -26.95M | -23.25M | -21.34M | -28.89M | -41.37M | -49.87M | -29.15M | -35.31M | -26.13M | -27.81M | -23.25M | -24.68M | -26.93M | -21.16M | -14.79M | -10.85M | -7.45M | -6.64M | -10.5M | -8.43M | -2.44M | -2.1M | -2.01M | -463K | -77.9K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.6M | 5.98M | 5.32M | 1.95M | 2.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.60 | -3.56 | -3.99 | -6.18 | -10.24 | -14.19 | -12.80 | -23.20 | -19.74 | -25.45 | -23.38 | -28.09 | -33.92 | -30.50 | -26.88 | -27.82 | -35.06 | -50.07 | -130.77 | -467.52 | -639.99 | -202.86 | -120.34 | -27.71 | -4.66 |
| EPS Growth % | 25.45% | 10.78% | 35.44% | 39.65% | 27.84% | -10.86% | 44.83% | -17.53% | 22.44% | -8.85% | 16.77% | 17.19% | -11.21% | -13.47% | 3.38% | 20.65% | 29.98% | 61.71% | 72.03% | 26.95% | -215.48% | -68.57% | -334.28% | -494.64% | - |
| EPS (Basic) | - | -3.56 | -3.99 | -6.18 | -10.24 | -14.19 | -12.80 | -23.20 | -19.74 | -25.45 | -23.38 | -28.09 | -33.92 | -30.50 | -26.88 | -27.82 | -35.06 | -50.07 | -130.77 | -467.52 | -639.99 | -202.86 | -120.34 | -27.71 | -4.66 |
| Diluted Shares Outstanding | 10.05M | 6.34M | 5.24M | 4.58M | 4.02M | 3.51M | 2.27M | 1.54M | 1.32M | 1.09M | 994.35K | 878.55K | 793.93K | 693.52K | 550.4K | 389.99K | 212.56K | 132.54K | 80.28K | 18.03K | 3.81K | 10.34K | 16.71K | 16.71K | 16.71K |
| Basic Shares Outstanding | 10.05M | 6.34M | 5.24M | 4.58M | 4.02M | 3.51M | 2.27M | 1.54M | 1.32M | 1.09M | 994.35K | 878.55K | 793.93K | 693.52K | 550.4K | 389.99K | 212.56K | 132.54K | 80.28K | 18.03K | 3.81K | 10.34K | 16.71K | 16.71K | 16.71K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Insufficient liquidity for operations
As indicated by the most recent quarterly data, Pluri's revenue remains highly erratic, with a 60.9% year-over-year decline in 2026Q3, underscoring the company's reliance on non-recurring project-based milestones rather than a predictable, scalable commercial revenue stream from its core cell therapy platform.
The lack of consistent top-line growth suggests that the company is still in a transitional phase, attempting to pivot from pure R&D to a service-oriented model. Investors should monitor whether future revenue reflects genuine commercial traction in CDMO services or merely the timing of sporadic grant-funded research activities.
According to historical income statements, Pluri's gross margins have fluctuated wildly from 100% in early 2024 to negative territory in 2026Q2, reflecting the inherent unpredictability of a business model that lacks a stable, high-volume product manufacturing base to offset fixed operational costs.
The extreme volatility in gross margins suggests that the company's cost structure is not yet optimized for commercial production. This inconsistency makes it difficult to forecast future profitability, as the current margin profile appears highly sensitive to the specific nature of each quarter's revenue recognition.
Based on reported financial figures, Pluri continues to exhibit a massive structural imbalance, with operating expenses consistently dwarfing gross profit, resulting in an operating margin of -39.2% in 2026Q3 and highlighting the company's inability to achieve meaningful operating leverage at current scale.
The persistent gap between R&D spending and revenue generation indicates that the company remains in a high-burn phase with no clear path to operational self-sufficiency. Without a significant increase in revenue volume, the current overhead structure appears unsustainable and likely to necessitate further capital raises.
As reported in recent filings, Pluri's net income is consistently negative, with significant stock-based compensation expenses—reaching $1.4M in 2026Q1—further complicating the assessment of true operational performance and contributing to the ongoing dilution of existing shareholders in the absence of positive cash flow.
The reliance on stock-based compensation as a primary tool for managing cash burn warrants close scrutiny, as it masks the true cost of talent acquisition and retention. Investors should be wary of the impact these non-cash charges have on the overall quality of earnings and the long-term dilution profile.
Financial statements reveal a concerning trend where the company's cash runway is rapidly depleting, with quarterly operating losses consistently exceeding $5M, suggesting that the current business model may be fundamentally unviable without a major, non-dilutive capital injection or a rapid commercial breakthrough.
Short-sellers would likely focus on the persistent cash burn and the lack of a clear, recurring revenue path as evidence of a failing business model. The reliance on government grants and the uncertainty surrounding clinical trial outcomes present significant risks that could lead to further shareholder value erosion.
Quick answers to the most common questions about buying PLUR stock.
For fiscal year 2025, Pluri Inc. (PLUR) reported total revenue of $1.3M.
Pluri Inc. (PLUR) reported a net loss of $22.6M for the fiscal year ending 2025.
Pluri Inc. (PLUR) reported an operating income of $-22.2M, resulting in an operating profit margin of -1659.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Pluri Inc. (PLUR) generated $0.7M in gross profit for the year, representing a gross profit margin of 49.0%. This demonstrates the company's core pricing power and production efficiency.