PLSE earnings analysis
What we found in PLSE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Pulse Biosciences, Inc. reported a Q1 2026 revenue of $401,000, falling short of estimates by 4.5% and netting an EPS of -$0.27, below the estimated -$0.24. The company continues to encounter high operational losses and has indicated a strategic shift towards accelerating the development of its nPulse Cardiac Catheter amidst ongoing financial difficulties. No forward guidance was provided in the filing.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Misses Expectations
- Reported revenue totaled $401,000, missing estimates by 4.5%.
- Q1 EPS Below Consensus
- The company reported a diluted EPS of -$0.27 compared to an estimate of -$0.24.
- Increased R&D Spending
- Research and development expenses rose by $2.3 million to $12.6 million for the three months ending March 31, 2026.
- Cash Balance of $68.3 Million
- As of March 31, 2026, the company had cash and cash equivalents totaling $68.3 million.
- Significant Insider Purchases
- Insiders purchased approximately $13.3 million worth of shares recently, providing a slight bullish signal.
- Continued Strategic Focus
- Management announced a strategic realignment focusing on the development of nsPFA electrophysiology catheters.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operational Losses
- The net loss increased by $1.8 million to $18.6 million for Q1 2026 compared to $16.8 million in Q1 2025.
- No Forward Guidance
- Management did not provide specific numeric guidance for 2026, indicating uncertainty about future performance.
- Dependence on Insufficient Revenue
- The company has generated limited revenue and anticipates continued operating losses for the foreseeable future.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.27
- Segment
- Product revenue: $401,000 in Q1 2026
What they said about what is next.
No specific numeric guidance provided for 2026.
The filing reads worse than the one before it.
What came before.
- 10-K · April 30, 2026
- Pulse Biosciences, Inc. (PLSE), in its 10-K report for the year ending December 31, 2025, highlights its strategic focus on the nPulse technology and ongoing clinical studies, underlined by procedural success metrics.…
- 10-K · February 19, 2026
- Pulse Biosciences continues to advance its nsPFA platform with compelling early clinical data for the nPulse Cardiac Catheter (96% one-year procedural success for the first 150 patients and ~65 minute procedure times)…
- 10-Q · November 5, 2025
- Pulse Biosciences recorded its first product revenue in Q3 2025 of $86,000 but remains deep in operating losses as commercialization ramps. Quarterly net loss widened to $19.385 million (EPS -$0.29) driven by higher R&D…
- 10-Q · August 12, 2025
- Pulse Biosciences reported zero revenue for Q2 2025 and a wider GAAP net loss of $19,168,000 (GAAP loss per share of $(0.28)) versus a loss of $11,383,000 ($(0.20)) in Q2 2024. Cash and cash equivalents declined to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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