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.…
Earnings analysis · 10-Q
PLSE earnings analysis
Filed May 14, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.27
- Segment
- Product revenue: $401,000 in Q1 2026
What stood out
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Q1 Revenue Misses Expectations
Reported revenue totaled $401,000, missing estimates by 4.5%.
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Q1 EPS Below Consensus
The company reported a diluted EPS of -$0.27 compared to an estimate of -$0.24.
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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.
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Cash Balance of $68.3 Million
As of March 31, 2026, the company had cash and cash equivalents totaling $68.3 million.
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Significant Insider Purchases
Insiders purchased approximately $13.3 million worth of shares recently, providing a slight bullish signal.
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Continued Strategic Focus
Management announced a strategic realignment focusing on the development of nsPFA electrophysiology catheters.
What to watch
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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.
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No Forward Guidance
Management did not provide specific numeric guidance for 2026, indicating uncertainty about future performance.
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Dependence on Insufficient Revenue
The company has generated limited revenue and anticipates continued operating losses for the foreseeable future.
Management's outlook
No specific numeric guidance provided for 2026.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.