Pluri (PLUR) Financials

Pluri’s latest financial data shows modest improvement in quarterly operations, but the company remains heavily loss-making and dependent on external financing. Revenue increased to $335,000 in Q4 2026 from $167,000 in Q3, while gross profit rose to $196,000. However, revenue for the four reported quarters of fiscal 2026 totaled approximately $1.0 million, below the roughly $1.3 million reported for the comparable fiscal 2025 quarters.

Operating expenses remain substantial relative to revenue. Q4 2026 total operating expenses were reported at $2.2 million, compared with $10.0 million in Q3. Although this represents a sharp sequential improvement, Pluri still reported a total operating loss of approximately $5.5 million. The income-statement data contains several classification inconsistencies, including an unusually negative research and development expense in Q4, so investors should rely on the company’s filed statements for precise period-to-period comparisons.

Cash flow remains a major concern. Operating cash outflow improved slightly to $4.4 million in Q4 2026 from $4.5 million in Q3, but the company continued to fund its operations through investment sales and equity issuance. The latest available balance sheet, as of March 31, 2026, showed $3.4 million of cash and equivalents plus $226,000 of restricted cash, against $39.1 million of total liabilities.

• Q4 revenue rebounded: Total revenue rose approximately 101% sequentially to $335,000 from $167,000 in Q3 2026.
• Gross margin improved: Q4 gross profit was $196,000, representing roughly a 59% gross margin versus approximately 34% in Q3.
• Operating cash burn moderated: Cash used in operating activities declined modestly from $5.4 million in Q1 2026 to $4.4 million in Q4.
• External funding remained available: Pluri raised approximately $1.3 million through common-equity issuance in Q4, helping offset operating cash losses.
• Interest expense was relatively stable: Quarterly interest expense remained near $230,000 to $237,000 through fiscal 2026 despite the company’s significant debt burden.
• Investment sales supported liquidity: Pluri generated $1.6 million from investment sales or maturities in Q4, but this is generally a nonrecurring source of cash rather than operating growth.
• Reported share counts fluctuated: Weighted-average basic shares increased from 6.3 million in Q4 2025 to 9.7 million in Q4 2026, indicating potential dilution risk, although the reported share data varies considerably between periods.
• Persistent net losses: Pluri reported losses attributable to common shareholders in each reported fiscal 2026 quarter, including a $2.3 million loss in Q4 and a $9.2 million loss in Q3.
• Revenue remains far below the cost base: Q4 revenue of $335,000 was substantially lower than reported operating expenses of $2.2 million, before considering other expenses and income-statement classification issues.
• Weak balance-sheet position: As of March 31, 2026, total liabilities of $39.1 million exceeded total assets of $26.1 million, while total equity and noncontrolling interests were negative $13.0 million.