Financial health
- The company is unprofitable; at its current free-cash-flow burn it has roughly 1.5 years of cash runway.
PLSE Financials Pulse Biosciences, Inc.
11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $350000 | -$73M | -54.0% | -21982.6% | -90.2% | -77.0% | -$54M | — | $81M |
| 2024 | $0 | -$54M | — | — | -46.7% | -40.5% | -$36M | — | $118M |
| 2023 | $0 | -$42M | — | — | -95.2% | -71.4% | -$33M | — | $44M |
| 2022 | $700000 | -$59M | -1606.3% | -8293.9% | 2602.5% | -75.1% | -$47M | — | $61M |
| 2021 | $1M | -$64M | -38.8% | -4443.9% | -143.5% | -107.6% | -$55M | — | $44M |
| 2020 | $0 | -$50M | — | — | -217.7% | -120.7% | -$36M | — | $12M |
| 2019 | — | -$47M | — | — | -152.8% | -112.1% | -$35M | — | $7M |
| 2018 | — | -$38M | — | — | -56.6% | -53.1% | -$24M | — | $51M |
| 2017 | — | -$26M | — | — | -55.6% | -51.3% | -$14M | — | $3M |
| 2016 | — | -$10M | — | — | -37.6% | -36.2% | -$8M | — | $2M |
| 2015 | — | -$3M | — | — | -20.6% | -19.6% | -$3M | — | $4M |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $434000 | -$25M | 37.1% | -5823.0% | -24.8% | -21.3% | -$19M | — | $102M |
| Mar '26 | $401000 | -$19M | 7.7% | -4775.6% | -28.0% | -22.8% | -$15M | — | $68M |
| Dec '25 | $264000 | -$17M | 1.5% | -6914.0% | -21.6% | -18.4% | -$15M | — | $81M |
| Sep '25 | $86000 | -$19M | -224.4% | -23682.6% | -20.9% | -17.8% | -$13M | — | $95M |
| Jun '25 | $0 | -$19M | — | — | -18.3% | -15.9% | -$13M | — | $106M |
| Mar '25 | $0 | -$17M | — | — | -14.2% | -12.6% | -$14M | — | $119M |
| Dec '24 | $0 | -$19M | — | — | -16.9% | -14.6% | -$9M | — | $118M |
| Sep '24 | $0 | -$13M | — | — | -16.0% | -13.6% | -$9M | — | $79M |
| Jun '24 | $0 | -$11M | — | — | -42.2% | -28.2% | -$8M | — | $26M |
| Mar '24 | $0 | -$10M | — | — | -27.9% | -20.6% | -$10M | — | $35M |
| Dec '23 | $0 | -$12M | — | — | -26.9% | -20.2% | -$7M | — | $44M |
| Sep '23 | $0 | -$11M | — | — | -20.3% | -16.0% | -$11M | — | $50M |
| Jun '23 | $0 | -$10M | — | — | -16.4% | -13.3% | -$9M | — | $59M |
| Mar '23 | $0 | -$10M | — | — | 91.9% | -14.0% | -$7M | — | $54M |
| Dec '22 | -$9000 | -$9M | 14444.4% | 97166.7% | 409.1% | -11.8% | -$8M | — | $61M |
| Sep '22 | $0 | -$18M | — | — | -291.5% | -20.6% | -$11M | — | $69M |
| Jun '22 | $265000 | -$14M | -407.2% | -5288.3% | -59.8% | -34.5% | -$13M | — | $15M |
| Mar '22 | $444000 | -$17M | -104.7% | -3890.3% | -83.1% | -43.7% | -$16M | — | $13M |
| Dec '21 | $844000 | -$15M | -47.0% | -1825.8% | -34.8% | -26.1% | -$13M | — | $44M |
| Sep '21 | $574000 | -$14M | -26.7% | -2486.6% | -30.1% | -21.3% | -$14M | — | $42M |
Valuation over time
How the market has priced PLSE against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 343.4× (Mar '23) to 11139.6× (Sep '26).
P/S
Frequently asked questions
Is PLSE growing its revenue and profit?
See the revenue and net-income charts above for Pulse Biosciences, Inc.'s multi-year trend.
How much debt does PLSE have?
As of FY2025, Pulse Biosciences, Inc. reported — of total debt against $81M of cash.
What is PLSE's profit margin?
In FY2025, gross margin was -54.0%, operating margin -21982.6%, and net margin -20794.6%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.