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Pulse Biosciences (PLSE) Financials

Pulse Biosciences logo
$24.99 -0.78 (-3.03%)
Closing price 04:00 PM Eastern
Extended Trading
$24.92 -0.06 (-0.26%)
As of 04:10 PM Eastern
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Annual Income Statements for Pulse Biosciences

Annual Income Statements for Pulse Biosciences

This table shows Pulse Biosciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -2.81 -9.52 -26 -38 -47 -50 -64 -59 -42 -54 -73
Consolidated Net Income / (Loss)		 -2.81 -9.52 -26 -38 -47 -50 -64 -59 -42 -54 -73
Net Income / (Loss) Continuing Operations		 -2.81 -9.52 -26 -38 -47 -50 -64 -59 -42 -54 -73
Total Pre-Tax Income 		-4.47 -9.52 -26 -38 -47 -50 -64 -59 -42 -54 -73
Total Operating Income		 -4.47 -9.52 -26 -38 -48 -50 -63 -58 -44 -56 -77
Total Gross Profit		 0.00 0.07 0.25 0.45 0.00 0.00 -0.55 -11 0.00 0.00 -0.19
Total Revenue		 0.00 0.07 0.25 0.45 0.00 0.00 1.42 0.70 0.00 0.00 0.35
Operating Revenue		 0.00 0.07 0.25 0.45 - 0.00 1.42 0.70 0.00 0.00 0.35
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 1.97 12 0.00 0.00 0.54
Operating Cost of Revenue		 - - - - 0.00 0.00 1.97 12 - 0.00 0.54
Total Operating Expenses		 4.47 9.59 26 38 48 50 62 47 44 56 77
Selling, General & Admin Expense		 1.62 3.42 16 20 17 16 19 14 16 24 32
Research & Development Expense		 2.18 5.51 9.65 17 25 26 29 21 28 32 45
Total Other Income / (Expense), net		 0.00 0.00 0.00 0.00 0.98 0.11 -0.65 -0.45 1.36 2.67 4.16
Interest & Investment Income		 0.00 - - - 0.98 0.11 -0.65 -0.45 1.36 2.69 4.21
Other Income / (Expense), net		 - - - - - - - - - -0.02 -0.05
Basic Earnings per Share		 ($0.37) ($0.86) ($1.73) ($2.20) ($2.26) ($2.14) ($2.28) ($1.72) ($0.85) ($0.92) ($1.08)
Weighted Average Basic Shares Outstanding		 7.57M 11.01M 14.75M 17.08M 20.75M 23.25M 27.96M 33.94M 49.74M 58.40M 67.40M
Weighted Average Diluted Shares Outstanding		 7.57M 11.01M 14.75M 17.08M 20.75M 23.25M 27.96M 37.59M 55.23M 67.27M 67.99M
Weighted Average Basic & Diluted Shares Outstanding		 7.57M 11.01M 14.75M 17.08M 20.75M 23.25M 27.96M 37.59M 55.23M 67.27M 67.99M

Quarterly Income Statements for Pulse Biosciences

This table shows Pulse Biosciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -11 -12 -10 -11 -13 -19 -17 -19 -19 -17 -19
Consolidated Net Income / (Loss)		 -11 -12 -10 -11 -13 -19 -17 -19 -19 -17 -19
Net Income / (Loss) Continuing Operations		 -11 -12 -10 -11 -13 -19 -17 -19 -19 -17 -19
Total Pre-Tax Income 		-11 -12 -10 -11 -13 -19 -17 -19 -19 -17 -19
Total Operating Income		 -11 -13 -11 -12 -14 -20 -18 -20 -20 -18 -19
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 -0.19 0.00 0.03
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.09 0.26 0.40
Operating Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.09 0.26 0.40
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.28 0.26 0.37
Operating Cost of Revenue		 - - - - 0.00 - 0.00 - 0.28 - 0.37
Total Operating Expenses		 11 13 11 12 14 20 18 20 20 18 19
Selling, General & Admin Expense		 3.78 4.73 3.87 4.50 5.95 9.60 7.73 8.19 8.78 7.33 6.59
Research & Development Expense		 7.47 7.80 6.74 7.23 7.70 11 10 12 11 11 13
Total Other Income / (Expense), net		 0.69 0.60 0.48 0.34 0.98 0.88 1.25 1.11 0.98 0.82 0.57
Interest & Investment Income		 0.69 0.60 0.48 0.34 0.98 0.88 1.26 1.11 1.00 0.85 0.59
Other Income / (Expense), net		 - - - - -0.00 - -0.01 - -0.02 - -0.02
Basic Earnings per Share		 ($0.19) ($0.18) ($0.18) ($0.20) ($0.21) ($0.33) ($0.25) ($0.28) ($0.29) ($0.26) ($0.27)
Weighted Average Basic Shares Outstanding		 56.87M 49.74M 57.12M 57.18M 61.07M 58.40M 67.13M 67.28M 67.39M 67.40M 67.99M
Weighted Average Diluted Shares Outstanding		 54.99M 55.23M 55.23M 61.29M 61.52M 67.27M 67.27M 67.28M 67.77M 67.99M 69.21M
Weighted Average Basic & Diluted Shares Outstanding		 54.99M 55.23M 55.23M 61.29M 61.52M 67.27M 67.27M 67.28M 67.77M 67.99M 69.21M

Annual Cash Flow Statements for Pulse Biosciences

This table details how cash moves in and out of Pulse Biosciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -3.40 -1.52 1.30 48 -44 5.56 16 33 -17 74 -37
Net Cash From Operating Activities		 -3.32 -8.05 -11 -24 -34 -35 -54 -47 -33 -36 -54
Net Cash From Continuing Operating Activities		 -3.32 -8.05 -11 -24 -34 -35 -54 -47 -33 -36 -54
Net Income / (Loss) Continuing Operations		 -2.81 -9.52 -26 -38 -47 -50 -64 -59 -42 -54 -73
Consolidated Net Income / (Loss)		 -2.81 -9.52 -26 -38 -47 -50 -64 -59 -42 -54 -73
Depreciation Expense		 0.05 0.09 0.34 0.65 0.49 0.43 0.48 0.69 0.54 0.51 0.41
Amortization Expense		 0.67 0.67 0.69 0.53 0.15 0.67 0.68 0.67 0.67 0.67 0.67
Non-Cash Adjustments To Reconcile Net Income		 0.40 0.87 13 12 11 10 15 15 6.44 13 23
Changes in Operating Assets and Liabilities, net		 -1.63 -0.17 0.41 0.11 0.79 2.89 -6.31 -4.63 1.53 2.63 -5.02
Net Cash From Investing Activities		 -0.09 -14 -23 26 -10 10 7.56 -0.40 -0.12 -0.13 -0.34
Net Cash From Continuing Investing Activities		 -0.09 -14 -23 26 -10 10 7.56 -0.40 -0.12 -0.13 -0.34
Purchase of Property, Plant & Equipment		 -0.09 -0.06 -2.55 -0.28 -0.61 -0.44 -0.44 -0.40 -0.12 -0.13 -0.32
Acquisitions		 - - - - - - - - - 0.00 -0.02
Net Cash From Financing Activities		 0.00 21 35 45 0.08 31 63 80 16 110 17
Net Cash From Continuing Financing Activities		 0.00 21 35 45 0.08 31 63 80 16 110 17
Repurchase of Common Equity		 - - - - - - - - 0.00 -0.28 0.00
Issuance of Common Equity		 0.00 21 35 45 0.42 30 58 15 0.40 60 0.59
Other Financing Activities, net		 0.00 - 0.54 0.38 -0.34 0.96 4.77 0.03 16 50 17

Quarterly Cash Flow Statements for Pulse Biosciences

This table details how cash moves in and out of Pulse Biosciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -8.36 -6.02 -9.48 -8.69 53 39 1.24 -13 -11 -14 -12
Net Cash From Operating Activities		 -10 -6.78 -9.78 -8.40 -9.02 -9.14 -14 -13 -13 -15 -15
Net Cash From Continuing Operating Activities		 -10 -6.78 -9.78 -8.40 -9.02 -9.14 -14 -13 -13 -15 -15
Net Income / (Loss) Continuing Operations		 -11 -12 -10 -11 -13 -19 -17 -19 -19 -17 -19
Consolidated Net Income / (Loss)		 -11 -12 -10 -11 -13 -19 -17 -19 -19 -17 -19
Depreciation Expense		 0.13 0.14 0.13 0.13 0.13 0.12 0.12 0.11 0.09 0.09 0.09
Amortization Expense		 0.17 0.17 0.17 0.17 0.17 0.17 0.44 0.72 -0.39 0.17 0.17
Non-Cash Adjustments To Reconcile Net Income		 -0.40 3.33 1.98 2.02 2.94 6.76 5.68 4.58 6.11 6.28 2.19
Changes in Operating Assets and Liabilities, net		 0.18 1.52 -1.92 0.67 0.43 3.20 -2.96 0.95 0.54 -3.87 1.54
Net Cash From Investing Activities		 -0.02 -0.04 -0.01 -0.03 -0.04 -0.05 -0.05 -0.12 -0.06 -0.11 -0.03
Net Cash From Continuing Investing Activities		 -0.02 -0.04 -0.01 -0.03 -0.04 -0.05 -0.05 -0.12 -0.06 -0.11 -0.03
Purchase of Property, Plant & Equipment		 -0.02 -0.04 -0.01 -0.03 -0.04 -0.05 -0.05 -0.10 -0.06 -0.11 -0.03
Net Cash From Financing Activities		 2.15 0.80 0.31 -0.27 62 48 15 - 1.97 0.38 2.21
Net Cash From Continuing Financing Activities		 2.17 0.80 0.31 -0.27 62 48 15 - 1.97 0.38 2.21
Repurchase of Common Equity		 - - - - 0.06 -0.06 0.00 - - - -0.06
Issuance of Common Equity		 0.10 - 0.30 - 60 - 0.35 - 0.24 -0.01 0.47
Other Financing Activities, net		 0.31 0.80 0.01 0.01 2.01 48 14 - 1.73 0.39 1.80

Annual Balance Sheets for Pulse Biosciences

This table presents Pulse Biosciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 14 26 50 71 42 41 59 78 59 132 95
Total Current Assets		 4.00 17 38 60 26 22 45 62 45 119 83
Cash & Equivalents		 3.61 2.09 3.39 51 6.90 12 44 61 44 118 81
Accounts Receivable		 - - - - - 0.00 - - - 0.00 0.27
Inventories, net		 - - - - - 0.00 - - - 0.00 0.14
Prepaid Expenses		 0.04 0.27 0.41 0.78 1.01 1.86 0.96 1.01 0.96 1.41 2.28
Plant, Property, & Equipment, net		 0.33 0.32 2.57 2.17 2.57 2.48 1.53 1.96 1.53 1.16 1.05
Total Noncurrent Assets		 10.00 9.33 8.77 8.11 13 16 12 14 12 12 10
Goodwill		 2.79 2.79 2.79 2.79 2.79 2.79 2.79 2.79 2.79 2.79 2.79
Intangible Assets		 7.21 6.54 5.88 5.21 4.55 3.88 1.89 2.55 1.89 1.22 0.58
Other Noncurrent Operating Assets		 - 0.00 0.10 0.10 5.61 9.80 7.62 8.43 7.62 7.84 6.70
Total Liabilities & Shareholders' Equity		 14 26 50 71 42 41 59 78 59 132 95
Total Liabilities		 0.66 1.02 3.83 4.31 11 18 15 80 15 18 14
Total Current Liabilities		 0.66 1.02 2.21 3.11 4.46 7.59 6.71 5.98 6.71 10 7.92
Accounts Payable		 0.26 0.27 0.78 1.27 1.96 1.72 1.84 1.57 1.84 1.67 2.78
Accrued Expenses		 0.40 0.75 1.03 1.42 2.50 5.33 3.81 2.60 3.81 7.03 3.58
Other Current Liabilities		 - - - - 0.00 0.54 1.06 0.90 1.06 1.36 1.57
Total Noncurrent Liabilities		 0.00 0.00 1.61 1.20 6.72 11 8.09 74 8.09 7.54 5.96
Other Noncurrent Operating Liabilities		 - - - - 6.72 11 8.09 9.14 8.09 7.54 5.96
Total Equity & Noncontrolling Interests		 14 25 46 66 31 23 44 -2.25 44 115 81
Total Preferred & Common Equity		 14 25 46 66 31 23 44 -2.25 44 115 81
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 14 25 46 66 31 23 44 -2.25 44 115 81
Common Stock		 17 38 84 142 153 195 381 292 381 505 544
Retained Earnings		 -3.09 -13 -38 -76 -123 -173 -337 -295 -337 -391 -463

Quarterly Balance Sheets for Pulse Biosciences

This table presents Pulse Biosciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 88 70 75 66 49 40 93 133 120 109 82
Total Current Assets		 71 55 60 52 36 27 80 121 108 97 71
Cash & Equivalents		 69 54 59 50 35 26 79 119 106 95 68
Accounts Receivable		 0.01 - - - - - - - - 0.02 0.16
Inventories, net		 0.75 - - - - - - 0.03 0.05 0.06 0.21
Prepaid Expenses		 1.24 0.85 1.21 1.24 0.96 1.04 1.38 1.60 1.76 1.87 2.45
Plant, Property, & Equipment, net		 2.29 1.87 1.76 1.65 1.40 1.31 1.22 1.06 1.11 1.06 1.02
Total Noncurrent Assets		 14 13 13 13 12 12 11 11 11 11 9.48
Goodwill		 2.79 2.79 2.79 2.79 2.79 2.79 2.79 2.79 2.79 2.79 2.79
Intangible Assets		 2.72 2.38 2.22 2.05 1.72 1.55 1.39 1.05 0.91 0.74 0.41
Other Noncurrent Operating Assets		 8.62 8.23 8.04 7.83 7.41 7.53 7.23 7.57 7.28 7.02 6.28
Total Liabilities & Shareholders' Equity		 88 70 75 66 49 40 93 133 120 109 82
Total Liabilities		 81 81 14 14 13 13 14 15 16 16 15
Total Current Liabilities		 7.00 6.99 5.61 5.43 5.08 5.96 6.74 7.76 8.98 9.70 9.80
Accounts Payable		 2.02 2.16 1.79 1.41 1.71 1.64 1.73 2.37 2.74 2.98 2.76
Accrued Expenses		 3.98 3.09 2.84 3.00 2.27 3.18 3.82 3.98 4.78 5.20 5.41
Other Current Liabilities		 0.86 0.94 0.98 1.02 1.10 1.15 1.19 1.41 1.46 1.52 1.63
Total Noncurrent Liabilities		 74 74 8.64 8.37 7.80 7.50 7.17 7.17 6.79 6.37 5.53
Other Noncurrent Operating Liabilities		 9.38 8.90 8.64 8.37 7.80 7.50 7.17 7.17 6.79 6.37 5.53
Total Equity & Noncontrolling Interests		 6.19 -11 61 52 36 27 79 118 104 93 66
Total Preferred & Common Equity		 6.19 -11 61 52 36 27 79 118 104 93 66
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 6.19 -11 61 52 36 27 79 118 104 93 66
Common Stock		 292 294 375 377 383 385 450 526 531 539 548
Retained Earnings		 -286 -305 -314 -325 -347 -358 -371 -407 -426 -446 -482

Annual Metrics And Ratios for Pulse Biosciences

This table displays calculated financial ratios and metrics derived from Pulse Biosciences' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 263.24% 80.57% -100.00% 0.00% 0.00% -50.63% -100.00% 0.00% 0.00%
EBITDA Growth		 0.00% -133.40% -180.30% -48.23% -30.08% -3.28% -26.58% 8.33% 25.28% -30.00% -37.79%
EBIT Growth		 0.00% -113.03% -168.62% -46.85% -27.72% -4.19% -26.12% 7.87% 24.95% -29.11% -36.81%
NOPAT Growth		 0.00% -113.03% -168.62% -46.85% -27.72% -4.19% -26.12% 7.87% 24.95% -29.11% -36.76%
Net Income Growth		 0.00% -238.60% -168.62% -46.85% -25.11% -6.13% -27.70% 8.10% 27.85% -26.95% -35.82%
EPS Growth		 0.00% -132.43% -101.16% -27.17% -2.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 0.00% -142.72% -37.71% -115.53% -43.06% -3.45% -52.97% 13.10% 29.72% -9.99% -48.92%
Free Cash Flow Firm Growth		 0.00% 0.00% -207.27% -48.38% -28.08% 0.31% -53.49% 27.53% 21.57% -29.47% -57.29%
Invested Capital Growth		 0.00% -11.49% -10.97% -14.82% -20.92% -54.69% 210.54% -66.32% -100.20% -63,420.00% 97.51%
Revenue Q/Q Growth		 0.00% 100.00% 61.44% 1.59% -100.00% 100.00% 185.89% -54.93% 100.00% 0.00% 306.98%
EBITDA Q/Q Growth		 0.00% -16.92% -30.81% -0.72% -14.27% 2.06% -2.61% 10.57% -9.91% -16.36% 2.48%
EBIT Q/Q Growth		 0.00% -15.45% -29.96% -0.67% -13.81% 1.84% -2.57% 10.30% -9.52% -15.92% 2.48%
NOPAT Q/Q Growth		 0.00% -15.45% -29.96% -0.67% -13.81% 1.84% -2.57% 10.30% -9.52% -15.92% 2.54%
Net Income Q/Q Growth		 0.00% -23.19% -29.96% -0.67% -11.47% 0.08% -2.69% 9.61% -6.93% -16.15% 2.61%
EPS Q/Q Growth		 0.00% -8.86% -25.36% 1.79% -6.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% -13.99% -17.42% -10.88% -9.23% -0.17% -6.79% 9.14% 3.46% -6.95% -11.57%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -35.20% 0.63% -11.17% 0.65% -6.11% 12.92% -1.76% -12.07% -8.19%
Invested Capital Q/Q Growth		 0.00% -2.70% 0.41% -4.28% -17.65% -22.42% 15.89% 19.06% -100.28% -3,340.82% 96.87%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 100.00% 100.00% 100.00% 0.00% 0.00% -38.79% -1,606.29% 0.00% 0.00% -54.00%
EBITDA Margin		 0.00% -12,875.00% -9,935.22% -8,155.83% 0.00% 0.00% -4,362.13% -8,100.29% 0.00% 0.00% -21,691.43%
Operating Margin		 0.00% -13,997.06% -10,351.01% -8,418.16% 0.00% 0.00% -4,443.86% -8,293.86% 0.00% 0.00% -21,982.57%
EBIT Margin		 0.00% -13,997.06% -10,351.01% -8,418.16% 0.00% 0.00% -4,443.86% -8,293.86% 0.00% 0.00% -21,997.43%
Profit (Net Income) Margin		 0.00% -13,997.06% -10,351.01% -8,418.16% 0.00% 0.00% -4,489.42% -8,357.86% 0.00% 0.00% -20,794.57%
Tax Burden Percent		 62.91% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 97.95% 99.77% 101.03% 100.77% 96.87% 95.25% 94.53%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -70.27% -212.69% -358.13% 0.00% 0.00% -888.33% -809.40% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -41.72% -184.53% -335.06% 0.00% 0.00% -807.96% -656.71% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 21.42% 140.97% 291.28% 0.00% 0.00% 671.00% 459.51% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -20.57% -48.86% -71.72% -66.85% -96.78% -185.90% -217.33% -349.89% -200.47% -67.31% -74.45%
Cash Return on Invested Capital (CROIC)		 0.00% -58.08% -201.08% -342.12% -531.94% -826.39% -990.89% -710.18% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -46.84% -67.16% -62.34% 0.00% 0.00% -131.91% -87.88% 0.00% 0.00% -67.83%
Return on Assets (ROA)		 0.00% -46.84% -67.16% -62.34% 0.00% 0.00% -133.26% -88.56% 0.00% 0.00% -64.12%
Return on Common Equity (ROCE)		 -20.57% -48.86% -71.72% -66.85% -96.78% -185.90% -217.33% -349.89% -200.47% -67.31% -74.45%
Return on Equity Simple (ROE_SIMPLE)		 -20.57% -37.62% -55.59% -56.60% -152.82% -217.75% -178.37% 2,602.54% -95.15% -46.65% 0.00%
Net Operating Profit after Tax (NOPAT)		 -3.13 -6.66 -18 -26 -34 -35 -44 -41 -31 -39 -54
NOPAT Margin		 0.00% -9,797.94% -7,245.71% -5,892.71% 0.00% 0.00% -3,110.71% -5,805.70% 0.00% 0.00% -15,387.80%
Net Nonoperating Expense Percent (NNEP)		 8.78% -28.55% -28.17% -23.07% -31.54% -64.86% -80.37% -152.69% -59.15% -17.49% -19.04%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -68.76% -34.28% -66.77%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 138.79% 1,706.29% 0.00% 0.00% 154.00%
SG&A Expenses to Revenue		 0.00% 5,022.06% 6,276.52% 4,494.39% 0.00% 0.00% 1,345.06% 1,993.57% 0.00% 0.00% 9,151.14%
R&D to Revenue		 0.00% 8,097.06% 3,905.26% 3,868.39% 0.00% 0.00% 2,019.75% 2,977.00% 0.00% 0.00% 12,777.43%
Operating Expenses to Revenue		 0.00% 14,097.06% 10,451.01% 8,518.16% 0.00% 0.00% 4,405.08% 6,687.57% 0.00% 0.00% 21,928.57%
Earnings before Interest and Taxes (EBIT)		 -4.47 -9.52 -26 -38 -48 -50 -63 -58 -44 -56 -77
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -3.75 -8.76 -25 -36 -47 -49 -62 -57 -42 -55 -76
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 3.42 8.38 2.93 9.07 26.41 12.30 0.00 15.17 9.32 11.54
Price to Tangible Book Value (P/TBV)		 0.00 5.42 10.33 3.34 11.91 37.28 14.78 0.00 16.96 9.66 12.04
Price to Revenue (P/Rev)		 0.00 1,272.79 1,561.35 436.45 0.00 0.00 309.48 147.32 0.00 0.00 2,658.43
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 7.88 43.85 20.01 47.46 241.49 54.67 42.65 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 1,031.68 1,407.23 302.85 0.00 0.00 289.61 154.14 0.00 0.00 2,427.75
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.01 -29.32 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -28.91 0.00 0.00 0.00
Financial Leverage		 -0.26 -0.51 -0.76 -0.87 -0.88 -0.86 -0.83 -0.70 -0.94 -1.02 -1.02
Leverage Ratio		 1.05 1.04 1.07 1.07 1.16 1.55 1.63 3.95 3.25 1.20 1.16
Compound Leverage Factor		 1.05 1.04 1.07 1.07 1.14 1.55 1.65 3.98 3.15 1.15 1.10
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.21% 103.53% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.21% 1.44% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 102.09% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.79% -3.53% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -1.16 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.46 -0.08 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.15 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -1.62 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.64 -0.12 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.60 0.00 0.00 0.00
Altman Z-Score		 0.00 49.96 58.59 24.85 7.72 10.30 4.91 -6.11 17.68 31.98 31.63
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.06 16.40 17.39 19.42 5.92 2.95 4.30 10.39 6.76 11.88 10.53
Quick Ratio		 5.46 16.14 17.20 19.17 5.70 2.70 3.37 10.22 6.61 11.74 10.22
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -5.51 -17 -25 -32 -32 -49 -36 -28 -36 -57
Operating Cash Flow to CapEx		 -3,856.98% -12,579.69% -434.61% -8,657.97% -5,622.53% -8,019.27% -12,379.18% -11,723.94% -27,306.61% -29,074.40% -17,181.59%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.01 0.01 0.00 0.00 0.03 0.01 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.21 0.17 0.19 0.00 0.00 0.57 0.32 0.00 0.00 0.32
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.85 5.34 0.00 0.00 0.24
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 428.52 68.41 0.00 0.00 1,506.73
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 -428.52 -68.41 0.00 0.00 -1,506.73
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10 8.90 7.93 6.75 5.34 2.42 7.51 2.53 -0.01 -3.18 -0.08
Invested Capital Turnover		 0.00 0.01 0.03 0.06 0.00 0.00 0.29 0.14 0.00 0.00 -0.22
Increase / (Decrease) in Invested Capital		 0.00 -1.16 -0.98 -1.18 -1.41 -2.92 5.09 -4.98 -2.54 -3.17 3.10
Enterprise Value (EV)		 0.00 70 348 135 253 584 411 108 629 953 850
Market Capitalization		 0.00 87 386 195 279 605 439 103 673 1,071 930
Book Value per Share		 $1.81 $1.90 $2.81 $3.91 $1.48 $0.90 $1.20 ($0.06) $0.81 $1.87 $1.19
Tangible Book Value per Share		 $0.48 $1.20 $2.28 $3.43 $1.13 $0.64 $1.00 ($0.20) $0.72 $1.80 $1.14
Total Capital		 14 25 46 66 31 23 36 64 44 115 81
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.44 66 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 65 0.00 0.00 0.00
Net Debt		 -3.61 -16 -38 -60 -25 -20 -28 4.78 -44 -118 -81
Capital Expenditures (CapEx)		 0.09 0.06 2.55 0.28 0.61 0.44 0.44 0.40 0.12 0.13 0.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.27 -0.75 -1.80 -2.33 -3.45 -5.72 -0.07 -4.06 -5.75 -8.64 -5.24
Debt-free Net Working Capital (DFNWC)		 3.34 16 36 57 22 15 29 57 39 109 75
Net Working Capital (NWC)		 3.34 16 36 57 22 15 28 56 39 109 75
Net Nonoperating Expense (NNE)		 -0.32 2.86 7.67 11 13 15 20 18 12 14 19
Net Nonoperating Obligations (NNO)		 -3.61 -16 -38 -60 -25 -20 -28 4.78 -44 -118 -81
Total Depreciation and Amortization (D&A)		 0.72 0.76 1.03 1.17 0.64 1.10 1.16 1.36 1.21 1.18 1.07
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -1,100.00% -729.15% -522.20% 0.00% 0.00% -4.73% -579.43% 0.00% 0.00% -1,496.29%
Debt-free Net Working Capital to Revenue		 0.00% 23,010.29% 14,683.40% 12,837.22% 0.00% 0.00% 2,013.19% 8,154.71% 0.00% 0.00% 21,570.86%
Net Working Capital to Revenue		 0.00% 23,010.29% 14,683.40% 12,837.22% 0.00% 0.00% 1,982.44% 8,023.71% 0.00% 0.00% 21,570.86%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.37) ($0.86) ($1.73) ($2.20) ($2.26) ($2.14) ($2.28) ($1.72) ($0.88) ($0.92) ($1.08)
Adjusted Weighted Average Basic Shares Outstanding		 7.57M 14.14M 16.84M 20.69M 20.83M 26.09M 29.80M 33.94M 48.04M 58.40M 67.40M
Adjusted Diluted Earnings per Share		 ($0.37) ($0.86) ($1.73) ($2.20) ($2.26) ($2.14) ($2.28) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 7.57M 14.14M 16.84M 20.69M 20.83M 26.09M 29.80M 37.59M 55.23M 67.27M 67.99M
Adjusted Basic & Diluted Earnings per Share		 ($0.37) ($0.86) ($1.73) ($2.20) ($2.26) ($2.14) ($2.28) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 7.57M 11.01M 14.75M 17.08M 20.75M 23.25M 27.96M 37.59M 55.23M 67.27M 67.99M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.13 -6.66 -18 -26 -34 -35 -44 -41 -31 -39 -54
Normalized NOPAT Margin		 0.00% -9,797.94% -7,245.71% -5,892.71% 0.00% 0.00% -3,110.71% -5,805.70% 0.00% 0.00% -15,387.80%
Pre Tax Income Margin		 0.00% -13,997.06% -10,351.01% -8,418.16% 0.00% 0.00% -4,489.42% -8,357.86% 0.00% 0.00% -20,794.57%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.52% 0.00%

Quarterly Metrics And Ratios for Pulse Biosciences

This table displays calculated financial ratios and metrics derived from Pulse Biosciences' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 67,989,078.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 67,989,078.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.27
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 38.07% -45.43% -11.40% -15.14% -21.98% -63.33% -72.17% -70.16% -54.81% 9.91% -8.15%
EBIT Growth		 37.58% -43.32% -11.01% -14.66% -21.36% -61.66% -69.99% -72.91% -49.28% 9.91% -6.23%
NOPAT Growth		 37.58% -43.32% -11.01% -14.66% -21.36% -61.66% -69.99% -72.91% -49.15% 9.91% -6.13%
Net Income Growth		 41.43% -29.75% -3.43% -14.86% -20.01% -62.45% -65.68% -68.39% -52.88% 10.07% -10.63%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 1.36% 14.85% -48.86% 8.77% 13.95% -34.83% -38.25% -52.56% -44.49% -61.36% -7.94%
Free Cash Flow Firm Growth		 9.08% -447.44% -2,091.19% -2,351.07% -5.15% -76.52% -33.40% -59.89% -47.37% -44.16% -17.39%
Invested Capital Growth		 -17.22% -100.20% 35.46% -55.90% -94.43% -63,420.00% -158.99% -340.88% -2,671.43% 97.51% -144.38%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 206.98% 51.89%
EBITDA Q/Q Growth		 -10.36% -11.65% 15.64% -10.78% -16.91% -49.49% 11.08% -9.49% -6.38% 13.01% -5.14%
EBIT Q/Q Growth		 -10.02% -11.38% 15.30% -10.47% -16.45% -48.38% 10.94% -12.36% -0.55% 10.46% -5.05%
NOPAT Q/Q Growth		 -10.02% -11.38% 15.30% -10.47% -16.45% -48.38% 10.94% -12.36% -0.45% 10.38% -4.91%
Net Income Q/Q Growth		 -6.62% -12.94% 15.05% -12.29% -11.39% -52.88% 13.36% -14.13% -1.13% 10.07% -6.59%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 -13.96% 35.33% -44.21% 14.16% -7.49% -1.33% -47.87% 5.28% -1.81% -13.16% 1.08%
Free Cash Flow Firm Q/Q Growth		 -2,446.76% 16.94% -25.00% 7.30% -9.26% -39.43% 5.54% -11.11% -0.70% -36.39% 23.08%
Invested Capital Q/Q Growth		 0.34% -100.28% 28,140.00% -44.86% -87.32% -3,340.82% 73.96% -125.15% -35.34% 96.87% -2,458.23%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -224.42% 1.52% 7.73%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -24,053.49% -6,815.91% -4,717.96%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -23,682.56% -6,914.02% -4,775.56%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -23,704.65% -6,914.02% -4,781.55%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -22,540.70% -6,603.41% -4,633.67%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 93.90% 95.21% 95.50% 97.07% 92.86% 95.68% 93.08% 94.54% 95.09% 95.51% 96.91%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -135.34% -200.47% -332.14% -100.65% -70.28% -67.31% -77.86% -103.50% -86.99% -74.45% -80.72%
Cash Return on Invested Capital (CROIC)		 -1,415.25% 0.00% -2,593.84% -2,478.88% -3,479.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -20.20% -21.32% -33.40%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -19.21% -20.36% -32.37%
Return on Common Equity (ROCE)		 -135.34% -200.47% -332.14% -100.65% -70.28% -67.31% -77.86% -103.50% -86.99% -74.45% -80.72%
Return on Equity Simple (ROE_SIMPLE)		 -75.70% 0.00% -117.25% -163.22% -58.30% 0.00% -50.86% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -7.88 -8.77 -7.43 -8.21 -9.56 -14 -13 -14 -14 -13 -13
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -16,577.79% -4,839.81% -3,342.89%
Net Nonoperating Expense Percent (NNEP)		 -9.88% -15.96% -23.35% -7.48% -4.82% -6.41% -5.40% -7.51% -5.89% -4.68% -5.52%
Return On Investment Capital (ROIC_SIMPLE)		 - -19.78% - - - -12.35% -10.66% -13.58% -15.38% -15.84% -20.22%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 324.42% 98.48% 92.27%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10,210.47% 2,776.52% 1,643.64%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13,247.67% 4,139.02% 3,139.65%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 23,458.14% 6,915.53% 4,783.29%
Earnings before Interest and Taxes (EBIT)		 -11 -13 -11 -12 -14 -20 -18 -20 -20 -18 -19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -11 -12 -10 -11 -13 -20 -18 -19 -21 -18 -19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.24 15.17 13.26 22.91 13.59 9.32 9.14 9.72 12.85 11.54 22.14
Price to Tangible Book Value (P/TBV)		 4.68 16.96 15.14 27.31 14.34 9.66 9.44 10.07 13.36 12.04 23.26
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,846.82 2,658.43 1,954.57
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 97.14 0.00 318.21 765.56 10,163.25 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,739.68 2,427.75 1,863.60
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.93 -0.94 -0.90 -0.97 -0.99 -1.02 -1.00 -1.01 -1.01 -1.02 -1.02
Leverage Ratio		 2.63 3.25 4.66 1.32 1.21 1.20 1.18 1.22 1.17 1.16 1.16
Compound Leverage Factor		 2.47 3.10 4.45 1.28 1.12 1.15 1.10 1.16 1.12 1.11 1.13
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 3.00 19.41 12.57 14.81 41.24 32.87 39.79 34.11 39.07 33.68 49.34
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.50 6.76 7.06 4.57 11.93 11.88 15.58 12.05 10.02 10.53 7.26
Quick Ratio		 9.28 6.61 6.87 4.39 11.72 11.74 15.37 11.85 9.82 10.22 6.99
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -7.51 -6.24 -7.80 -7.23 -7.90 -11 -10 -12 -12 -16 -12
Operating Cash Flow to CapEx		 -45,595.65% -15,772.09% -195,600.00% -28,948.28% -23,747.37% -17,252.83% -30,046.67% -12,433.98% -21,030.65% -14,052.38% -44,227.27%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.70
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.32 0.72
Accounts Payable Turnover		 0.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12 0.24 0.35
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 47.38
Days Payable Outstanding (DPO)		 485.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,077.64 1,506.73 1,030.15
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3,077.64 -1,506.73 -982.77
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1.76 -0.01 1.40 0.77 0.10 -3.18 -0.83 -1.86 -2.52 -0.08 -2.02
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 -0.22 -0.53
Increase / (Decrease) in Invested Capital		 -0.37 -2.54 0.37 -0.98 -1.66 -3.17 -2.23 -2.64 -2.62 3.10 -1.19
Enterprise Value (EV)		 171 629 446 592 996 953 963 909 1,096 850 1,400
Market Capitalization		 221 673 481 618 1,075 1,071 1,082 1,015 1,191 930 1,468
Book Value per Share		 $0.95 $0.81 $0.66 $0.49 $1.29 $1.87 $1.76 $1.55 $1.38 $1.19 $0.98
Tangible Book Value per Share		 $0.86 $0.72 $0.58 $0.41 $1.22 $1.80 $1.70 $1.50 $1.33 $1.14 $0.93
Total Capital		 52 44 36 27 79 115 118 104 93 81 66
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -50 -44 -35 -26 -79 -118 -119 -106 -95 -81 -68
Capital Expenditures (CapEx)		 0.02 0.04 0.01 0.03 0.04 0.05 0.05 0.10 0.06 0.11 0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.20 -5.75 -4.12 -4.92 -5.36 -8.64 -6.13 -7.17 -7.76 -5.24 -6.99
Debt-free Net Working Capital (DFNWC)		 46 39 31 21 74 109 113 99 87 75 61
Net Working Capital (NWC)		 46 39 31 21 74 109 113 99 87 75 61
Net Nonoperating Expense (NNE)		 2.69 3.16 2.71 3.17 3.12 5.20 4.16 4.98 5.13 4.66 5.18
Net Nonoperating Obligations (NNO)		 -50 -44 -35 -26 -79 -118 -119 -106 -95 -81 -68
Total Depreciation and Amortization (D&A)		 0.30 0.30 0.30 0.30 0.29 0.29 0.28 0.83 -0.30 0.26 0.26
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -9,019.77% -1,496.29% -930.09%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 101,694.19% 21,570.86% 8,166.98%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 101,694.19% 21,570.86% 8,166.98%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.19) ($0.18) ($0.18) ($0.20) ($0.21) ($0.33) ($0.25) ($0.28) ($0.29) ($0.26) ($0.27)
Adjusted Weighted Average Basic Shares Outstanding		 54.92M 49.74M 55.17M 57.18M 61.07M 58.40M 67.13M 67.28M 67.39M 67.40M 67.99M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 54.99M 55.23M 55.23M 61.29M 61.52M 67.27M 67.27M 67.28M 67.77M 67.99M 69.21M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 54.99M 55.23M 55.23M 61.29M 61.52M 67.27M 67.27M 67.28M 67.77M 67.99M 69.21M
Normalized Net Operating Profit after Tax (NOPAT)		 -7.88 -8.77 -7.43 -8.21 -9.56 -14 -13 -14 -14 -13 -13
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -16,577.79% -4,839.81% -3,342.89%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -22,540.70% -6,603.41% -4,633.67%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.52% 0.00% 0.00% -0.08% 0.00% -0.08%

Financials Breakdown Chart

Key Financial Trends

Pulse Biosciences (NASDAQ: PLSE) is still a pre-profit, cash-rich development-stage company, but the latest quarter shows a worsening operating loss and faster cash burn. Revenue remains small and uneven, while research spending and SG&A continue to drive significant losses. The company’s balance sheet still has substantial cash, which gives it runway, but that cushion has been shrinking.

  • Cash remains meaningful: PLSE ended Q1 2026 with $68.3 million in cash and equivalents, which still provides operating flexibility.
  • Low debt burden: Total liabilities were only $15.3 million versus $81.6 million in assets, so the company is not carrying heavy leverage.
  • Strong equity position versus liabilities: Total common equity was $66.3 million in Q1 2026, indicating a relatively clean balance sheet for a biotech-style development company.
  • Revenue improved year over year: Q1 2026 operating revenue was $401,000, up from $0 in Q1 2025 and above Q4 2025’s $264,000, though still very small.
  • Gross profit turned positive: Q1 2026 gross profit was $31,000, a sign of some operating traction, but the amount is not yet material.
  • Interest income helps offset losses: The company earned $593,000 in interest and investment income in Q1 2026, which partially reduced the pretax loss.
  • R&D remains the core expense: Research and development spending was $12.6 million in Q1 2026, consistent with a company still investing in product development.
  • Losses remain substantial: Q1 2026 net loss was $18.6 million, only modestly better than Q4 2025’s $17.4 million and worse than Q1 2025’s $16.8 million.
  • Operating cash burn is significant: Cash from operations was negative $14.6 million in Q1 2026, showing the business is still consuming cash at a rapid pace.
  • Cash balance is declining: Cash and equivalents fell from $95.2 million in Q3 2025 to $68.3 million in Q1 2026, a notable drop over just two quarters.

Trends over the last several years show a company that has steadily increased its capital base through financing activities while continuing to post large operating losses. Revenue has been intermittent and small, while operating expenses have stayed high relative to sales. In earlier periods, PLSE often had a larger cash balance, but the recent pattern suggests that runway is being used up by ongoing development and commercialization efforts.

Bottom line: Pulse Biosciences is still in the high-risk, high-dilution phase common to early-stage medical technology companies. The balance sheet is not distressed today, but continued losses and negative operating cash flow mean investors should watch quarterly cash burn, funding needs, and whether revenue starts to scale meaningfully.

06/10/26 06:12 PM ETAI Generated. May Contain Errors.

Pulse Biosciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pulse Biosciences' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Pulse Biosciences' net income appears to be on an upward trend, with a most recent value of -$72.78 million in 2025, rising from -$2.81 million in 2015. The previous period was -$53.59 million in 2024. See Pulse Biosciences' forecast for analyst expectations on what's next for the company.

Pulse Biosciences' total operating income in 2025 was -$76.94 million, based on the following breakdown:
  • Total Gross Profit: -$189 thousand
  • Total Operating Expenses: $76.75 million

Over the last 10 years, Pulse Biosciences' total revenue changed from $0.00 in 2015 to $350 thousand in 2025, a change of 35,000,000.0%.

Pulse Biosciences' total liabilities were at $13.88 million at the end of 2025, a 21.1% decrease from 2024, and a 2,003.5% increase since 2015.

In the past 10 years, Pulse Biosciences' cash and equivalents has ranged from $2.09 million in 2016 to $118.04 million in 2024, and is currently $80.74 million as of their latest financial filing in 2025.

Over the last 10 years, Pulse Biosciences' book value per share changed from 1.81 in 2015 to 1.19 in 2025, a change of -34.1%.


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Financial statements for NASDAQ:PLSE last updated on 5/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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