Pulse Biosciences (PLSE) financial statements
Pulse Biosciences reported revenue of $350,000 in fiscal 2025, down 29.5% a year over 4 years.
Net income was -$73M.
Free cash flow was -$54M.
The diluted share count rose 512% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Pulse Biosciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0 | $1M | $700,000 | $0 | $0 | $350,000 |
| Cost of revenue | $500,000 | $800,000 | $600,000 | $600,000 | $0 | $2M | $12M | $0 | $0 | $539,000 |
| Gross profit | — | — | — | — | $0 | -$550,000 | -$11M | $0 | $0 | -$189,000 |
| Research and development | $6M | $10M | $17M | $25M | $26M | $29M | $21M | $28M | $32M | $45M |
| Selling, general and admin | $3M | $16M | $20M | $17M | $16M | $19M | $14M | $16M | $24M | $32M |
| Operating income | -$10M | -$26M | -$38M | -$48M | -$50M | -$63M | -$58M | -$44M | -$56M | -$77M |
| Pre-tax income | — | — | -$38M | -$47M | -$50M | -$64M | -$59M | -$42M | -$54M | $73M |
| Income tax | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$10M | -$26M | -$38M | -$47M | -$50M | -$64M | -$59M | -$42M | -$54M | -$73M |
| EPS (diluted) | -$0.86 | -$1.73 | -$2.20 | -$2.26 | -$2.14 | -$2.28 | -$1.72 | -$0.85 | -$0.92 | -$1.08 |
| Diluted shares | 11M | 15M | 17M | 21M | 23M | 28M | 34M | 50M | 58M | 67M |
| Gross margin | — | — | — | — | — | -38.8% | -1606.3% | — | — | -54.0% |
| Operating margin | — | — | — | — | — | -4443.9% | -8293.9% | — | — | -21982.6% |
| Net margin | — | — | — | — | — | -4489.4% | -8357.9% | — | — | -20794.6% |
Balance sheet
Fiscal years, from Pulse Biosciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $38M | $60M | $25M | $20M | $29M | $61M | $44M | $118M | $81M |
| Receivables | — | — | — | — | — | $61,000 | $0 | — | $0 | $274,000 |
| Inventory | — | — | — | — | — | $6M | $0 | — | $0 | $136,000 |
| Total current assets | $17M | $38M | $60M | $26M | $22M | $45M | $62M | $45M | $119M | $83M |
| Property, plant and equipment | $317,000 | $3M | $2M | $3M | $2M | $2M | $2M | $2M | $1M | $1M |
| Goodwill | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M |
| Total assets | $26M | $50M | $71M | $42M | $41M | $59M | $78M | $59M | $132M | $95M |
| Total current liabilities | $1M | $2M | $3M | $4M | $8M | $7M | $6M | $7M | $10M | $8M |
| Total liabilities | $1M | $4M | $4M | $11M | $18M | $15M | $80M | $15M | $18M | $14M |
| Shareholders' equity | $25M | $46M | $66M | $31M | $23M | $44M | -$2M | $44M | $115M | $81M |
| Net debt | -$2M | -$3M | -$51M | -$7M | -$12M | -$44M | -$61M | -$44M | -$118M | -$81M |
Cash flow
Fiscal years, from Pulse Biosciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8M | -$11M | -$24M | -$34M | -$35M | -$54M | -$47M | -$33M | -$36M | -$54M |
| Capital spending | $64,000 | $3M | $276,000 | $608,000 | $441,000 | $437,000 | $401,000 | $121,000 | $125,000 | $315,000 |
| Free cash flow | -$8M | -$14M | -$24M | -$35M | -$36M | -$55M | -$47M | -$33M | -$36M | -$54M |
| Stock-based compensation | $870,000 | $11M | $12M | $11M | $10M | $15M | $5M | $7M | $14M | $21M |
| Net borrowing | — | — | — | — | $0 | $407,000 | -$437,000 | $0 | — | — |
| Free cash flow margin | — | — | — | — | — | -3845.8% | -6773.4% | — | — | -15553.4% |
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Open PLSE in InvestinglyQuestions
What was Pulse Biosciences's revenue in 2025?
$350,000 in fiscal 2025, from its 10-K filing.
How much free cash flow does Pulse Biosciences generate?
-$54M in fiscal 2025 (operating cash flow minus capital spending).
From Pulse Biosciences's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.