Pulsenmore Ltd. (PLSM) Cash Flow Statement
Where PLSM’s cash came from and went, 2025
December 31, 2025 · Israeli shekels- Cash from operations
- −₪32.9M
- Capital expenditures
- ₪135,000 0.3% of revenue
- Free cash flow
- −₪33.0M −82.5% margin
- Returned to shareholders
- —
- Change in cash
- −₪19.6M cash at year-end ₪21.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PLSM operating cash flow, capex and free cash flow
PLSM cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −₪3.8M2019 | −₪32.9M2025 | — | |
| Capital expenditures | ₪185,6762019 | ₪135,0002025 | −5.2%/yr | |
| Free cash flow | −₪4.0M2019 | −₪33.0M2025 | — | |
| Free cash flow margin | −1,698.7%2021 | −82.5%2025 | +1,616.3 pts | |
| Stock-based compensation | ₪2.0M2021 | ₪667,0002025 | −24.3%/yr | |
| Dividends paid | ₪02022 | ₪02025 | — | |
| Capex / revenue | 49.1%2021 | 0.3%2025 | −48.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PLSM cash flow by activity
PLSM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PLSM cash flow statement in Israeli shekels
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −₪15.9M | −₪36.7M | −₪58.1M | −₪21.7M | −₪25.6M | −₪13.7M | −₪4.6M |
| Depreciation & amortization | ₪2.8M | ₪2.8M | ₪2.4M | ₪1.3M | ₪559,583 | ₪350,212 | ₪242,645 |
| Stock-based compensation | ₪667,000 | ₪1.4M | ₪3.3M | ₪4.7M | ₪2.0M | — | — |
| Change in working capital | −₪24.1M | −₪3.5M | ₪388,650 | ₪9.5M | −₪6.8M | ₪2.8M | ₪129,760 |
| Other non-cash items | ₪3.6M | ₪2.2M | ₪9.6M | −₪18.3M | ₪3.8M | ₪1.2M | ₪437,826 |
| Cash from operating activities | −₪32.9M | −₪33.7M | −₪42.4M | −₪24.5M | −₪26.0M | −₪9.5M | −₪3.8M |
| Investing activities | |||||||
| Capital expenditures | −₪135,000 | −₪507,847 | −₪3.9M | −₪4.4M | −₪774,423 | −₪389,234 | −₪185,676 |
| Investments (net) | ₪10.6M | ₪51.4M | ₪53.8M | −₪122.6M | −₪40.6M | — | — |
| Acquisitions & other investing | ₪3.4M | −₪116,439 | −₪459,207 | −₪170.7M | ₪170,027 | ₪0 | ₪0 |
| Cash from investing activities | ₪13.8M | ₪50.8M | ₪49.4M | −₪297.7M | −₪41.2M | −₪389,234 | −₪185,676 |
| Financing activities | |||||||
| Dividends paid | ₪0 | ₪0 | ₪0 | ₪0 | — | — | — |
| Net borrowing (repayment) | −₪1.2M | −₪1.2M | −₪994,000 | −₪188,000 | — | — | — |
| Shares issued | ₪25,000 | ₪3,000 | ₪2,000 | ₪51.2M | ₪174.4M | ₪0 | ₪0 |
| Other financing | ₪1.2M | −₪396,455 | −₪142,231 | −₪1.1M | ₪3.9M | ₪11.9M | ₪8.9M |
| Cash from financing activities | ₪4,000 | −₪1.6M | −₪1.1M | ₪49.9M | ₪178.3M | ₪11.9M | ₪8.9M |
| Summary | |||||||
| Net change in cash | −₪19.6M | ₪17.2M | ₪7.9M | −₪110.2M | ₪107.0M | ₪1.8M | ₪4.9M |
| Cash at end of period | ₪21.6M | ₪41.2M | ₪23.8M | ₪15.2M | ₪112.9M | ₪6.1M | ₪4.9M |
| Free cash flow | −₪33.0M | −₪34.2M | −₪46.3M | −₪28.9M | −₪26.8M | −₪9.9M | −₪4.0M |
| Free cash flow margin | −82.5% | −355.0% | −755.3% | −273.0% | −1,698.7% | — | — |
| Capex / revenue | 0.3% | 5.3% | 63.4% | 41.7% | 49.1% | — | — |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Jun '23 | Dec '22 | Jun '22 | Dec '21 | Jun '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −₪36.8M | −₪9.0M | −₪23.1M | −₪20.8M | −₪15.8M | −₪35.8M | −₪22.2M | −₪18.6M | −₪3.1M | −₪16.8M | −₪8.8M |
| Depreciation & amortization | ₪1.6M | ₪2.4M | ₪1.4M | ₪1.5M | ₪1.4M | ₪1.5M | ₪901,774 | ₪740,479 | ₪537,589 | ₪224,831 | ₪335,248 |
| Stock-based compensation | — | ₪667,000 | — | — | — | — | — | — | — | — | — |
| Change in working capital | ₪1.6M | −₪24.7M | ₪2.3M | ₪3.5M | −₪7.0M | −₪1.4M | ₪1.8M | −₪6.7M | ₪16.4M | −₪5.8M | −₪974,721 |
| Other non-cash items | ₪16.6M | ₪2.1M | ₪4.8M | ₪2.5M | ₪1.1M | ₪9.3M | ₪3.5M | −₪4.2M | −₪9.5M | ₪4.6M | ₪1.3M |
| Cash from operating activities | −₪17.1M | −₪28.6M | −₪14.5M | −₪13.3M | −₪20.3M | −₪26.4M | −₪16.1M | −₪28.8M | ₪4.4M | −₪17.9M | −₪8.1M |
| Investing activities | |||||||||||
| Capital expenditures | −₪140,783 | −₪106,319 | −₪96,617 | −₪337,234 | −₪170,405 | −₪57,501 | −₪3.9M | −₪3.7M | −₪720,769 | −₪504,625 | −₪270,199 |
| Acquisitions & other investing | ₪20.2M | ₪12.9M | −₪2.3M | ₪38.0M | ₪13.3M | −₪42.0M | ₪95.4M | −₪233.7M | −₪60.6M | −₪40.4M | ₪0 |
| Cash from investing activities | ₪20.1M | ₪12.8M | −₪2.4M | ₪37.7M | ₪13.1M | −₪42.0M | ₪91.4M | −₪237.4M | −₪61.3M | −₪41.0M | −₪270,199 |
| Financing activities | |||||||||||
| Shares issued | ₪0 | ₪0 | ₪0 | ₪0 | ₪0 | ₪0 | ₪0 | ₪0 | ₪0 | ₪0 | ₪0 |
| Other financing | ₪20.9M | −₪362,258 | ₪366,558 | −₪727,349 | −₪832,100 | −₪512,582 | −₪621,330 | −₪1.1M | ₪51.8M | ₪235,823 | ₪178.3M |
| Cash from financing activities | ₪20.9M | −₪362,258 | ₪366,558 | −₪727,349 | −₪832,100 | −₪512,582 | −₪621,330 | −₪1.1M | ₪51.8M | ₪235,823 | ₪178.3M |
| Summary | |||||||||||
| Net change in cash | ₪24.5M | ₪14.3M | −₪13.7M | ₪24.9M | −₪8.0M | −₪70.1M | ₪79.8M | −₪97.4M | −₪12.8M | −₪54.1M | ₪175.4M |
| Cash at end of period | ₪45.8M | ₪21.6M | ₪24.5M | ₪41.2M | ₪16.9M | ₪23.8M | ₪96.0M | ₪15.2M | ₪113.7M | ₪112.9M | ₪175.4M |
| Free cash flow | −₪17.2M | −₪28.7M | −₪14.6M | −₪13.7M | −₪20.5M | −₪26.3M | −₪20.0M | −₪32.5M | ₪3.6M | −₪18.4M | −₪8.4M |
| Free cash flow margin | −270.0% | −73.8% | −367.7% | −258.2% | −473.2% | −706.2% | −831.2% | −444.6% | 108.8% | −1,588.2% | −2,004.5% |
| Capex / revenue | 2.2% | 0.3% | 2.4% | 6.4% | 3.9% | 1.5% | 164.0% | 50.7% | 21.6% | 43.6% | 64.4% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Israeli shekels as reported; data from EODHD.
PLSM cash generation
In fiscal 2025 (ended December 31, 2025), Pulsenmore generated -₪32.9 million of cash from operations and spent ₪0.1 million on capital expenditures, leaving free cash flow of -₪33.0 million, −82.5% of revenue. Cash and equivalents fell by ₪19.6 million over the year.
Related: PLSM income statement, PLSM balance sheet. See the PLSM stock overview for the latest quote and news.
PLSM cash flow FAQ
What is Pulsenmore's free cash flow?
Pulsenmore's free cash flow was -₪33.0 million in fiscal 2025: -₪32.9 million of operating cash flow minus ₪0.1 million of capital expenditures It was -₪34.2 million a year earlier..
How much cash does Pulsenmore generate from operations?
Pulsenmore generated -₪32.9 million of cash from operating activities in fiscal 2025.
How much does Pulsenmore spend on capital expenditures?
Pulsenmore spent ₪0.1 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with ₪0.5 million the year before.