Pulse Biosciences, Inc. (PLSE) Income Statement
PLSE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPLSE revenue and net income
Where PLSE's revenue goes
2025Each bar shows an amount and its share of revenue. PLSE kept −20,794.6% of revenue as net income.
PLSE profit margins
PLSE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | −20.6% | +25.2% | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PLSE quarterly EPS vs estimates
Pulse Biosciences beat the analyst EPS estimate in 3 of the last 7 quarters. Next report: November 4, 2026 (estimate $-0.35).
PLSE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $350,000 | $0 | $0 | $700,000 | $1.4M | $114,000 | $0 | $0 | $247,000 | $68,000 |
| Cost of revenue | $1.6M | $1.2M | $1.2M | $11.9M | $2.0M | $1.1M | $666,000 | $665,000 | $665,000 | $665,000 |
| Gross profit | −$1.3M | −$1.2M | −$1.2M | −$11.2M | −$550,000 | −$1.1M | −$666,000 | −$665,000 | −$665,000 | −$665,000 |
| Research & development | $44.7M | $32.3M | $27.8M | $20.8M | $28.6M | $26.4M | $25.0M | $17.3M | $9.6M | $6.0M |
| Sales, general & admin | $32.0M | $23.9M | $15.8M | $26.0M | $33.8M | $22.9M | $22.3M | $20.0M | $15.5M | $2.9M |
| Total operating expenses | $75.7M | $56.3M | $42.4M | $46.8M | $62.5M | $48.9M | $48.0M | $38.0M | $25.8M | $9.6M |
| Operating income | −$76.9M | −$56.3M | −$43.6M | −$58.1M | −$63.0M | −$50.0M | −$48.0M | −$38.0M | −$25.8M | −$9.6M |
| Interest income | $4.2M | $2.7M | — | — | — | $114,000 | $983,000 | $446,000 | $247,000 | $68,000 |
| Interest expense | — | — | $1.1M | $448,000 | $646,000 | $0 | $0 | $0 | $0 | $0 |
| Income before taxes | −$72.8M | −$53.6M | −$42.2M | −$58.5M | −$63.7M | −$49.9M | −$47.0M | −$37.5M | −$25.6M | −$9.5M |
| Income taxes | — | −$53.6M | — | $448,000 | −$500,000 | −$114,000 | −$983,000 | −$28,000 | −$912,000 | −$94,000 |
| Net income | −$72.8M | −$53.6M | −$42.2M | −$59.0M | −$63.2M | −$49.7M | −$46.0M | −$37.5M | −$25.6M | −$9.5M |
| EBITDA | −$71.7M | −$52.4M | −$39.9M | −$56.7M | −$61.9M | −$48.9M | −$46.8M | −$36.7M | −$24.6M | −$8.8M |
| EPS (diluted) | −$1.00 | −$0.90 | −$0.89 | −$1.76 | −$1.92 | −$2.15 | −$2.27 | −$2.20 | −$1.70 | −$0.65 |
| Gross margin | −360.0% | — | — | −1,606.3% | −38.8% | −960.5% | — | — | −269.2% | −977.9% |
| Operating margin | −21,982.6% | — | — | −8,293.9% | −4,443.9% | −43,828.9% | — | — | −10,451.0% | −14,097.1% |
| Net margin | −20,794.6% | — | — | −8,421.9% | −4,454.2% | −43,628.9% | — | — | −10,351.0% | −13,997.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $434,000 | $401,000 | $264,000 | $86,000 | $0 | $832,000 | $1.7M | $0 | $0 | $0 | $1.7M | $0 |
| Cost of revenue | $273,000 | $370,000 | $519,000 | $279,000 | $267,000 | $283,000 | $832,000 | $267,000 | $266,000 | $299,000 | $304,000 | $266,000 |
| Gross profit | $161,000 | $31,000 | −$255,000 | −$193,000 | −$267,000 | −$283,000 | $832,000 | −$267,000 | −$266,000 | −$299,000 | $1.4M | −$266,000 |
| Research & development | $17.0M | $12.6M | $10.9M | $11.4M | $12.1M | $10.3M | $10.7M | $7.7M | $7.2M | $6.7M | $7.8M | $7.5M |
| Sales, general & admin | $8.5M | $6.6M | $15.9M | $8.8M | $8.2M | $7.7M | $9.6M | $6.0M | $4.5M | $3.9M | $4.7M | $3.8M |
| Total operating expenses | $25.4M | $19.2M | $18.0M | $20.2M | $20.0M | $18.0M | $20.3M | $13.7M | $11.7M | $10.3M | $12.5M | $11.3M |
| Operating income | −$25.3M | −$19.1M | −$18.3M | −$20.4M | −$20.3M | −$18.0M | −$20.3M | −$13.7M | −$11.7M | −$10.6M | −$12.5M | −$11.3M |
| Interest income | $600,000 | $593,000 | $825,000 | $1.0M | $1.1M | $1.3M | — | $975,000 | $343,000 | — | — | $686,000 |
| Interest expense | — | — | — | — | — | — | — | — | — | $478,000 | $617,000 | $686,000 |
| Income before taxes | −$24.7M | −$18.6M | −$17.4M | −$19.4M | −$19.2M | −$16.8M | −$19.4M | −$12.7M | −$11.4M | −$10.1M | −$11.9M | −$10.6M |
| Income taxes | — | — | — | — | — | — | — | −$267,000 | — | $255,724 | $123,000 | −$299,000 |
| Net income | −$24.7M | −$18.6M | −$17.4M | −$19.4M | −$19.2M | −$16.8M | −$19.4M | −$12.7M | −$11.4M | −$10.1M | −$11.9M | −$10.6M |
| EBITDA | −$24.4M | −$18.9M | −$17.2M | −$19.1M | −$18.9M | −$16.5M | −$19.1M | −$12.4M | −$11.1M | −$9.8M | −$11.6M | −$10.3M |
| EPS (diluted) | −$0.36 | −$0.24 | −$0.18 | −$0.29 | −$0.28 | −$0.25 | −$0.31 | −$0.21 | −$0.20 | −$0.18 | −$0.22 | −$0.19 |
| Gross margin | 37.1% | 7.7% | −96.6% | −224.4% | — | −34.0% | 50.0% | — | — | — | 82.5% | — |
| Operating margin | −5,823.0% | −4,775.6% | −6,914.0% | −23,682.6% | — | −2,168.8% | −1,217.6% | — | — | — | −720.3% | — |
| Net margin | −5,681.3% | −4,633.7% | −6,603.4% | −22,540.7% | — | −2,018.6% | −1,165.0% | — | — | — | −685.8% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PLSE's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PLSE financial results
In fiscal year 2025 (ended December 31, 2025), Pulse Biosciences reported revenue of $0.3 million. It had a net loss of $72.8 million, a net profit margin of −20,794.6%. Diluted earnings per share came to −$1.00. Over five years revenue grew at an average rate of 25.2% a year.
See the PLSE stock overview for the latest quote and news, or the PLSE chart for price history and technical indicators.
PLSE income statement FAQ
What is Pulse Biosciences's annual revenue?
Pulse Biosciences reported total revenue of $0.3 million for fiscal year 2025, which ended on December 31, 2025.
Is Pulse Biosciences profitable?
No. Pulse Biosciences reported a net loss of $72.8 million in fiscal 2025, a net profit margin of −20,794.6%; its operating margin was −21,982.6%.
What is Pulse Biosciences's gross margin?
Pulse Biosciences's gross margin was −360.0% in fiscal 2025: for every $100 of revenue, Pulse Biosciences kept $-360 after the direct cost of its products and services.
How much does Pulse Biosciences spend on research and development?
Pulse Biosciences spent $44.7 million on research and development in fiscal 2025, 12,777.4% of revenue.
How fast is Pulse Biosciences growing?
Revenue grew 25.2% a year on average over the last five fiscal years, from $0.1 million to $0.3 million.
What are Pulse Biosciences's earnings per share?
Pulse Biosciences earned $-1.00 per diluted share in fiscal 2025, compared with $-0.90 a year earlier.
When will Pulse Biosciences report its next earnings?
Pulse Biosciences is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Pulse Biosciences's fiscal year end?
Pulse Biosciences's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.