PLSE

MKT CAP:$2B

Pulse Biosciences, Inc.

Market Cap

$2B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$23.02+$9.63 (+71.92%)

Apr 24, 2026

Company Details

Pulse Biosciences, Inc. operates as a novel bioelectric medicine company. It offers CellFX System, a tunable, software-enabled, and console-based platform that delivers nano second duration pulses of electrical energy to non-thermally clear...

CEO

Paul Arthur LaViolette

IPO Date

May 18, 2016

Website

www.pulsebiosciences.com

Key Metrics TTM

Revenue

$350.0K

— YoY

Net Income

-$73M

EPS (Diluted)

-$1.08

Free Cash Flow

-$54M

Revenue / Share

$0.01

Gross Margin

-204.3%

Operating Margin

-21982.6%

Net Margin

-20794.6%

FCF Margin

-15553.4%

P/S

4480.6x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 19, 2026

$350.0KEPS -$1.08

Q4 2025

Feb 19, 2026

$264.0KEPS -$0.26

Q3 2025

Nov 5, 2025

$86.0KEPS -$0.29

Q2 2025

Aug 12, 2025

$0EPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$444.0K	-$465.0K	-$17M
Q2 22	$265.0K	-$1M	-$14M
Q3 22	$0	-$8M	-$18M
Q4 22	-$9.0K	-$1M	-$9M
Q1 23	$0	$0	-$10M
Q2 23	$0	$0	-$10M
Q3 23	$0	$0	-$11M
Q4 23	$0	$0	-$13M
Q1 24	$0	-$299.0K	-$11M
Q2 24	$0	$0	-$12M
Q3 24	$0	$0	-$14M
Q4 24	$0	$0	-$20M
Q1 25	$0	$0	-$18M
Q2 25	$0	-$267.0K	-$20M
Q3 25	$86.0K	-$193.0K	-$20M
Q4 25	$264.0K	-$255.0K	-$18M

Valuation

Quarter	P/S	P/E
Q1 22	77.5x	—
Q2 22	28.6x	—
Q3 22	53.0x	—
Q4 22	171.5x	—
Q1 23	737.2x	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	13924.6x	—
Q4 25	2719.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$16M	-$16M
Q2 22	-$13M	-$13M
Q3 22	-$11M	-$11M
Q4 22	-$8M	-$8M
Q1 23	-$7M	-$7M
Q2 23	-$9M	-$9M
Q3 23	-$10M	-$11M
Q4 23	-$7M	-$7M
Q1 24	-$10M	-$10M
Q2 24	-$8M	-$8M
Q3 24	-$9M	-$9M
Q4 24	-$9M	-$9M
Q1 25	-$14M	-$14M
Q2 25	-$13M	-$13M
Q3 25	-$13M	-$13M
Q4 25	-$15M	-$15M

Capital Expenditures

Quarter	CapEx
Q1 22	$279.0K
Q2 22	$19.0K
Q3 22	$62.0K
Q4 22	$41.0K
Q1 23	$39.0K
Q2 23	$16.0K
Q3 23	$23.0K
Q4 23	$43.0K
Q1 24	$5.0K
Q2 24	$29.0K
Q3 24	$38.0K
Q4 24	$53.0K
Q1 25	$45.0K
Q2 25	$103.0K
Q3 25	$62.0K
Q4 25	$105.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	-4.4%
Q2 22	—	-3.6%
Q3 22	-100.0%	+21.4%
Q4 22	-101.1%	-46.3%
Q1 23	-100.0%	-46.0%
Q2 23	-100.0%	-28.4%
Q3 23	—	-37.6%
Q4 23	+100.0%	+43.5%
Q1 24	—	+11.0%
Q2 24	—	+14.7%
Q3 24	—	+21.4%
Q4 24	—	+61.7%
Q1 25	—	+70.0%
Q2 25	—	+72.9%
Q3 25	—	+49.8%
Q4 25	—	-8.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	452.0%
Q2 22	$2M	646.4%
Q3 22	$723.0K	—
Q4 22	$748.0K	—
Q1 23	$896.0K	—
Q2 23	$1M	—
Q3 23	$2M	—
Q4 23	$3M	—
Q1 24	$2M	—
Q2 24	$2M	—
Q3 24	$3M	—
Q4 24	$7M	—
Q1 25	$6M	—
Q2 25	$5M	—
Q3 25	$6M	6531.4%
Q4 25	$5M	1882.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$7M	$4M	$6M	—
Q2 22	$5M	$4M	$4M	—
Q3 22	$5M	$3M	$2M	—
Q4 22	$4M	$3M	$768.0K	—
Q1 23	$6M	$4M	—	—
Q2 23	$7M	$4M	—	—
Q3 23	$7M	$4M	—	—
Q4 23	$8M	$5M	—	—
Q1 24	$7M	$4M	—	—
Q2 24	$7M	$4M	—	—
Q3 24	$8M	$6M	—	—
Q4 24	$11M	$10M	—	—
Q1 25	$10M	$8M	—	—
Q2 25	$12M	$8M	—	—
Q3 25	$11M	—	—	$9M
Q4 25	$11M	—	—	$7M

Revenue Segments

Quarter

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$13M	$0	$13M
Q2 22	$15M	$0	$15M
Q3 22	$69M	$0	$69M
Q4 22	$61M	$0	$61M
Q1 23	$54M	$0	$54M
Q2 23	$59M	$0	$59M
Q3 23	$50M	$0	$50M
Q4 23	$44M	$0	$44M
Q1 24	$35M	$0	$35M
Q2 24	$26M	$0	$26M
Q3 24	$79M	$0	$79M
Q4 24	$118M	$0	$118M
Q1 25	$119M	$0	$119M
Q2 25	$106M	$0	$106M
Q3 25	$95M	$0	$95M
Q4 25	$81M	$0	$81M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	30M	+0.4%	+14.1%
Q2 22	31M	+5.9%	+18.9%
Q3 22	37M	+18.0%	+25.5%
Q4 22	37M	+0.2%	+25.6%
Q1 23	37M	+0.4%	+25.7%
Q2 23	45M	+19.0%	+41.3%
Q3 23	55M	+23.4%	+47.8%
Q4 23	55M	+0.2%	+47.9%
Q1 24	55M	+0.2%	+47.6%
Q2 24	57M	+3.6%	+28.5%
Q3 24	61M	+6.8%	+11.2%
Q4 24	58M	-4.4%	+6.1%
Q1 25	67M	+14.9%	+21.7%
Q2 25	67M	+0.2%	+17.7%
Q3 25	67M	+0.2%	+10.3%
Q4 25	67M	+0.0%	+15.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$3.1K	142
Q2 22	$1.9K	142
Q3 22	$0	142
Q4 22	-$148	61
Q1 23	$0	61
Q2 23	$0	61
Q3 23	$0	61
Q4 23	$0	56
Q1 24	$0	56
Q2 24	$0	56
Q3 24	$0	56
Q4 24	$0	75
Q1 25	$0	75
Q2 25	$0	75
Q3 25	$1.1K	75
Q4 25	$2.3K	116

Revenue / Employee