PLSE · CIK 0001625101
Pulse Biosciences, Inc.
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Surgical & Medical Instruments & Apparatus
Company profile
Revenue
$350K
Net income
−$72.8M
▼ −35.8% vs FY2024
Free cash flow
−$54.4M
▼ −49.3% vs FY2024
Diluted EPS
−$1.08
▼ −17.4% vs FY2024
Revenue
Annual, as reported
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersRevenue — Mar ’26 quarter
$401K
Net income — Mar ’26 quarter
−$18.6M
▼ −10.6% vs Mar ’25
Revenue — trailing 12 months
$751K
Diluted EPS — trailing 12 months
−$1.10
▼ −11.1% vs Mar ’25
Quarterly revenue
Discrete quarters; Q4 derived from the annual figure
Quarterly net income
Losses shown in terracotta
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Mar ’26 | $401K | — | — | −$18.6M | −4633.7% | −$0.27 |
| Dec ’25 | $264K | — | — | −$17.4M | −6603.4% | −$0.26 |
| Sep ’25 | $86K | — | — | −$19.4M | −22540.7% | −$0.29 |
| Jun ’25 | $0 | — | — | −$19.2M | — | −$0.28 |
| Mar ’25 | $0 | — | — | −$16.8M | — | −$0.25 |
| Dec ’24 | $0 | — | — | −$19.4M | — | −$0.33 |
| Sep ’24 | $0 | — | — | −$12.7M | — | −$0.21 |
| Jun ’24 | $0 | — | — | −$11.4M | — | −$0.20 |
Profitability & returns
quality of earningsMargins
Share of revenue kept at each line
Gross marginOperating marginNet margin
Returns on capital
Net income vs year-end equity and assets
Return on equityReturn on assets
Cash flow
cash generationFree cash flow
Operating cash flow less capital expenditure
Operating cash flow
Net cash from operations
Shareholder returns
capital allocationDiluted shares outstanding
Falling count means buybacks outpace dilution
Balance sheet
financial positionStockholders’ equity
At fiscal year end
Growth rates
compounding, annualizedRevenue CAGR
−20.6%
3y
Share count change (split-adjusted)
+189.9%
5y
Key ratios
derived per fiscal year| Fiscal year | Gross margin | Op. margin | Net margin | FCF margin | ROE | ROA | Current ratio |
|---|---|---|---|---|---|---|---|
| FY2025 | −54.0% | −21982.6% | −20794.6% | −15553.4% | −90.2% | −77.0% | 10.53× |
| FY2024 | — | — | — | — | −46.7% | −40.5% | 11.88× |
| FY2023 | — | — | — | — | −95.2% | −71.4% | 6.76× |
| FY2022 | −1606.3% | −8293.9% | −8357.9% | −6773.4% | — | −75.1% | 10.39× |
| FY2021 | −38.8% | −4443.9% | −4489.4% | −3845.8% | −178.4% | −117.3% | 4.30× |
| FY2020 | — | — | — | — | −217.7% | −120.7% | 2.95× |
| FY2019 | — | — | — | — | −152.8% | −112.1% | 5.92× |
| FY2018 | — | — | — | — | −56.6% | −53.1% | 19.42× |
| FY2017 | — | — | — | — | −55.6% | −51.3% | 17.39× |
| FY2016 | — | — | — | — | −37.6% | −36.2% | 16.40× |
| FY2015 | — | — | — | — | −20.6% | −19.6% | 6.06× |
| FY2014 | — | — | — | — | — | — | — |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | $350K | −$189K | −$76.9M | −$72.8M | −$1.08 | −$54.1M | $315K | $94.5M | $13.9M | $80.7M | $80.7M | — |
| FY2024 | $0 | $0 | −$56.3M | −$53.6M | −$0.92 | −$36.3M | $125K | $132.5M | $17.6M | $114.9M | $118.0M | — |
| FY2023 | $0 | $0 | −$43.6M | −$42.2M | −$0.85 | −$33.0M | $121K | $59.2M | $14.8M | $44.4M | $44.4M | — |
| FY2022 | $700K | −$11.2M | −$58.1M | −$58.5M | −$1.72 | −$47.0M | $401K | $77.9M | $80.1M | −$2.2M | $61.1M | — |
| FY2021 | $1.4M | −$550K | −$63.0M | −$63.7M | −$2.28 | −$54.1M | $437K | $54.2M | $18.6M | $35.7M | $28.6M | — |
| FY2020 | $0 | $0 | −$50.0M | −$49.9M | −$2.14 | −$35.4M | $441K | $41.3M | $18.4M | $22.9M | $12.5M | — |
| FY2019 | — | — | −$48.0M | −$47.0M | −$2.26 | −$34.2M | $608K | $41.9M | $11.2M | $30.7M | $6.9M | — |
| FY2018 | — | — | −$37.5M | −$37.5M | −$2.20 | −$23.9M | $276K | $70.6M | $4.3M | $66.3M | $51.1M | — |
| FY2017 | — | — | −$25.6M | −$25.6M | −$1.73 | −$11.1M | $2.6M | $49.8M | $3.8M | $46.0M | $3.4M | — |
| FY2016 | — | — | −$9.5M | −$9.5M | −$0.86 | −$8.1M | $64K | $26.3M | $1.0M | $25.3M | $2.1M | — |
| FY2015 | — | — | −$4.5M | −$2.8M | −$0.37 | −$3.3M | $86K | $14.3M | $660K | $13.7M | $3.6M | — |
| FY2014 | — | — | — | — | — | — | — | — | — | $16.1M | $7.0M | — |
Latest filings
the most recent regulatory filings4Insider ownership filing2026-06-15 ↗4Insider ownership filing2026-06-15 ↗4Insider ownership filing2026-06-15 ↗4Insider ownership filing2026-06-15 ↗4Insider ownership filing2026-06-15 ↗8-KCurrent report — material event2026-06-12 ↗8-KCurrent report — material event2026-06-10 ↗4/AInsider ownership filing2026-05-15 ↗10-QQuarterly report2026-05-14 ↗SCHEDULE 13D/ASEC filing2026-05-13 ↗
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