Pulmatrix, Inc. (PULM) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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PULM Revenue Growth
Revenue Breakdown (FY 2020)
PULM's revenue distribution by segment and geography for fiscal year 2020
By Product/Segment
PULM Revenue Analysis (2014–2025)
As of May 8, 2026, Pulmatrix, Inc. (PULM) generated trailing twelve-month (TTM) revenue of $0, reflecting significant decline in growth of -100.0% year-over-year. The most recent quarter (Q4 2025) recorded $0 in revenue.
Looking at the longer-term picture, PULM's historical revenue data shows various trends over time. The company achieved its highest annual revenue of $12.6 million in 2020.
Revenue diversification analysis shows PULM's business is primarily driven by Toxicology Study Costs (100%). With over half of revenue concentrated in Toxicology Study Costs, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including INVA (+13.6% YoY), NKTR (-43.9% YoY), and INSM (+66.7% YoY), PULM has underperformed the peer group in terms of revenue growth. Compare PULM vs INVA →
PULM Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| PULMCurrent | $0 | -100.0% | - | - | |
 INVA | $425M | +13.6% | +4.8% | 38.5% | |
 NKTR | $55M | -43.9% | -18.4% | -236.8% | |
 INSM | $606M | +66.7% | +29.8% | -194.0% | |
 ARWR | $829M | +14.1% | +56.6% | 11.9% |
PULM Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $0 | -100.0% | $0 | - | $-5,169,000 | - |
| 2024 | $7.8M | +7.0% | $640K | 8.2% | $-9,763,000 | -125.1% |
| 2023 | $7.3M | +20.2% | $-8,220,000 | -112.6% | $-14,740,000 | -202.0% |
| 2022 | $6.1M | +17.5% | $-12,169,000 | -200.4% | $-18,947,000 | -312.1% |
| 2021 | $5.2M | -59.1% | $-10,213,000 | -197.6% | $-20,167,000 | -390.2% |
| 2020 | $12.6M | +59.7% | $12.6M | 100.0% | $-9,862,000 | -78.1% |
| 2019 | $7.9M | +5069.9% | $-4,935,000 | -62.4% | $-20,692,000 | -261.6% |
| 2018 | $153K | -54.3% | $-12,813,000 | -8374.5% | $-20,400,000 | -13333.3% |
| 2017 | $335K | -59.9% | $-9,908,000 | -2957.6% | $-17,475,000 | -5216.4% |
| 2016 | $835K | -30.5% | $-9,317,000 | -1115.8% | $-24,866,000 | -2978.0% |
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Start ComparisonPULM — Frequently Asked Questions
Quick answers to the most common questions about buying PULM stock.
Is PULM's revenue growth accelerating or slowing?
PULM revenue declined -100.0% year-over-year, contrasting with the 5-year CAGR of N/A. TTM revenue fell to $0.00. This reverses the prior growth trend.
What is PULM's long-term revenue growth rate?
Pulmatrix, Inc.'s 5-year revenue CAGR of N/A reflects the variable expansion pattern. Current YoY growth of -100.0% is below this long-term average.
How is PULM's revenue distributed by segment?
PULM reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.