10-Q · May 14, 2026
Pluri Inc.'s Q3 2026 10-Q report highlights continued revenue challenges with a significant year-over-year decline in revenue. While cost-cutting measures are in place, increased research and development costs have…
Earnings analysis · 10-K
PLUR earnings analysis
Filed September 10, 2026 · Our reading of the company's report
The latest report
Pluri remains an early-stage cell-technology company with a potentially differentiated 3D cell-expansion platform, but fiscal 2026 showed weakening commercial activity: revenue declined to $1.016 million while net loss…
Read full summary
Pluri remains an early-stage cell-technology company with a potentially differentiated 3D cell-expansion platform, but fiscal 2026 showed weakening commercial activity: revenue declined to $1.016 million while net loss rose to $25.369 million and operating cash use reached $19.588 million. Liquidity is the central issue, with less than three months of resources, a $27.431 million EIB obligation due and unresolved, and a Nasdaq compliance deadline of January 4, 2027. The Fishway acquisition broadens the cultivated-protein roadmap, but the near-term outlook is dominated by financing needs, dilution, debt resolution and execution risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
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
- $-2.44
- Segment
- Single reportable segment: Human Health and Longevity plus Foodtech and Bio-Farming applications; fiscal 2026 revenue was $1.016 million, primarily from CDMO services and FoodTech proof-of-concept collaborations.
What stood out
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3D platform supports multiple verticals
Pluri describes its strategy as leveraging a proprietary 3D cell-expansion platform and an in-house industrial-scale manufacturing facility operated under self-declared GMP standards. The platform targets two application areas: Human Health and Longevity, and Foodtech and Bio-Farming.
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Revenue declined on lower project activity
Fiscal 2026 revenue was $1.016 million versus $1.336 million in fiscal 2025, a 24% decline, primarily because of lower project activity. Revenue was primarily generated from CDMO process and product-development services and FoodTech proof-of-concept collaborations.
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Losses widened despite lower loss per share
Gross profit fell to $453,000 from $654,000, reducing gross margin to approximately 44.6% from 49.0%. Net loss increased to $25.369 million from $23.250 million, while loss per share improved to $2.44 from $3.56 because the weighted-average share count increased to 9,743,913 from 6,336,993.
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Operating cash burn remained elevated
Net cash used in operating activities increased to $19.588 million from $18.211 million. Property and equipment purchases declined to $633,000 from $1.618 million, indicating lower capital spending while operating cash consumption remained substantial.
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Liquidity supported by equity-linked financing
Financing activities provided $7.038 million in fiscal 2026, including $5.074 million from share, pre-funded warrant and warrant issuances, $1.250 million from an advance subscription, and $714,000 from Kokomodo SAFE agreements.
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Fishway expands cultivated-protein roadmap
Ever After Foods acquired Belgium-based Fishway BV on August 18, 2026 to add aquatic cell-biology, cell-line and animal-component-free-media capabilities and establish a European presence. Pluri's indirect ownership in Ever After Foods declined from approximately 69% to approximately 58% following the transaction.
What to watch
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Severe liquidity and going-concern risk
The auditor included a going-concern explanatory paragraph, and management estimated that the company had resources to meet operating obligations for less than three months from September 10, 2026. At June 30, 2026, cash balances totaled $8.851 million, operating cash flow was negative $19.588 million, and accumulated deficit was $466.876 million.
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EIB debt remains unresolved
The €20 million EIB loan was due June 1, 2026, and its linked principal and accrued interest balance was $27.431 million at June 30, 2026. On August 17, 2026, the EIB approved, subject to conditions, a proposed sale to a third party that may be related, with a possible future conversion of some or all of the debt into equity; no definitive settlement has been completed.
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Nasdaq listing compliance at risk
On July 7, 2026, Nasdaq notified Pluri that it failed the $35 million minimum market value of listed securities requirement and the alternative standards, including $2.5 million of stockholders' equity or $500,000 of qualifying net income. The company has until January 4, 2027 to regain compliance, creating a material risk of delisting and reduced access to capital.
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Recent financing creates substantial dilution
The August 2026 offering issued 1.2 million common shares and pre-funded warrants for up to 1,028,940 additional shares, plus warrants for 2,228,940 shares, and generated $3.3 million of gross proceeds. The common warrants have a $1.65 exercise price, creating substantial potential dilution relative to the 12,344,736 shares outstanding as of September 9, 2026.
Management's outlook
No numeric EPS or revenue guidance was provided. Management stated that it does not anticipate significant product-sale revenue during the next 12 months and has sufficient resources for less than three months from September 10, 2026.
Earlier filings 4
10-Q · February 12, 2026
Pluri reported quarterly revenue of $198,000 and GAAP diluted EPS of -$0.71 for the three months ended December 31, 2025. Revenue was up modestly year-over-year (+$13,000, +7.0%) but down versus the prior quarter…
10-Q · February 11, 2025
Pluri reported three-month revenue of $185,000 for the period ended December 31, 2024 (up from $105,000 in the prior-year quarter) and a narrower net loss of $3,110,000 (net loss per share $0.53 vs $0.96 prior-year).…
10-Q · November 12, 2024
Pluri reported revenues of $326,000 for the three months ended September 30, 2024, up from $54,000 a year earlier, driven by CDMO services and an agtech POC. Despite the revenue lift, the company recorded a net loss of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.