Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PULSE BIOSCIENCES, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
1.42
0.7
0
0
0.35
Cost of revenue
0.5
0.8
0.6
0.6
0
1.97
11.9
0
0
0.54
Gross profit
0
-0.55
-11.2
0
0
-0.19
Research and development
5.51
9.65
17.3
25
26.4
28.6
20.8
27.8
32.3
44.7
Selling, general and administrative
23.9
32
Selling and marketing
5.86
7.26
14.8
12
0
General and administrative
3.42
15.5
20
17.1
16.3
19.1
14
15.8
23.9
Operating expenses
9.59
25.8
38
48
50
Operating income
-9.52
-25.6
-37.5
-48
-50
-63
-58.1
-43.6
-56.3
-76.9
Other non-operating income
0.98
0.11
-0.65
-0.45
1.36
2.67
4.16
Pre-tax income
-37.5
-47
-49.9
-63.7
-58.5
-42.2
53.6
72.8
Income tax
0
0
0
0
0
0
Net income
-9.52
-25.6
-37.5
-47
-49.9
-63.7
-58.5
-42.2
-53.6
-72.8
EBITDA
-9.42
-25.2
-36.9
-47.5
-49.5
-62.5
-57.4
-43
-55.7
-76.5
EPS, basic
-0.86
-1.73
-2.20
-2.26
-2.14
-2.28
-1.72
-0.85
-0.92
-1.08
EPS, diluted
-0.86
-1.73
-2.20
-2.26
-2.14
-2.28
-1.72
-0.85
-0.92
-1.08
Shares, basic (weighted)
11
14.8
17.1
20.7
23.2
28
33.9
49.7
58.4
67.4
Shares, diluted (weighted)
11
14.8
17.1
20.7
23.2
28
33.9
49.7
58.4
67.4
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2.09
3.39
51.1
6.9
12.5
44.4
61.1
44.4
118
80.7
Short-term investments
14.3
34.7
8.48
8.01
Receivables
0.06
0
0
0.27
Inventory
5.82
0
0
0.14
Other current assets
0.27
0.41
0.78
1.01
1.86
0.96
1.01
0.96
1.41
2.28
Total current assets
16.7
38.5
60.4
26.4
22.3
45.3
62.1
45.3
119
83.4
Property, plant and equipment
0.32
2.57
2.17
2.57
2.48
1.53
1.96
1.53
1.16
1.05
Lease right-of-use assets
5.11
9.44
7.26
8.06
7.26
7.16
6.01
Goodwill
2.79
2.79
2.79
2.79
2.79
2.79
2.79
2.79
2.79
2.79
Intangible assets
6.54
5.88
5.21
4.55
3.88
1.89
2.55
1.89
1.22
0.58
Other non-current assets
0.1
0.1
0.49
0.37
0.37
0.37
0.37
0.68
0.69
Total assets
26.3
49.8
70.6
41.9
41.3
59.2
77.9
59.2
132
94.5
Accounts payable
0.27
0.78
1.27
1.96
1.72
1.84
1.57
1.84
1.67
2.78
Accrued liabilities
0.75
1.03
1.42
2.5
5.33
3.81
2.6
3.81
7.03
3.58
Deferred revenue
0.02
0
Total current liabilities
1.02
2.21
3.11
4.46
7.59
6.71
5.98
6.71
10.1
7.92
Long-term debt
65
0
Lease liabilities
6.72
10.8
8.09
9.14
8.09
7.54
5.96
Total liabilities
1.02
3.83
4.31
11.2
18.4
14.8
80.1
14.8
17.6
13.9
Paid-in capital
37.9
84.2
142
153
195
381
292
381
505
544
Retained earnings
-12.6
-38.2
-75.7
-123
-173
-337
-295
-337
-391
-463
Other comprehensive income
-0.01
-0.05
-0
0
-0
0
0
0
0
Shareholders' equity
25.3
46
66.3
30.7
22.9
44.4
-2.25
44.4
115
80.7
Total equity
25.3
46
66.3
30.7
22.9
44.4
-2.25
44.4
115
80.7
Total liabilities and equity
26.3
49.8
70.6
41.9
41.3
59.2
77.9
59.2
132
94.5
Shares outstanding
13.3
16.8
20.6
20.8
25.6
55.1
37.2
55.1
65.9
67.8
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-9.52
-25.6
-37.5
-47
-49.9
-63.7
-58.5
-42.2
-53.6
-72.8
Depreciation and amortization
0.09
0.34
0.65
0.49
0.43
0.48
0.69
0.54
0.51
0.41
Stock-based compensation
0.87
10.9
12.3
11.3
10.1
14.6
5.19
7.18
13.6
21.5
Deferred income tax
0
0
0
0
Change in receivables
0
-0.06
0.06
0
0
-0.27
Change in inventory
0
-5.82
-2.65
0
0
-0.14
Change in payables
0
0.52
0.49
0.65
-0.27
1.16
-1.3
0.26
-0.2
1.13
Cash from operations
-8.05
-11.1
-23.9
-34.2
-35.4
-54.1
-47
-33
-36.3
-54.1
Capital expenditures
-0.06
-2.55
-0.28
-0.61
-0.44
-0.44
-0.4
-0.12
-0.13
-0.32
Purchases of investments
-19.1
-43.6
-40.3
-78
-29
0
0
Sales and maturities of investments
4.75
23.1
41.8
68.5
35
8
0
Cash from investing
-14.4
-23
26.1
-10.1
10
7.56
-0.4
-0.12
-0.13
-0.34
Debt issued
0
1.94
0
Debt repaid
0
-1.53
-0.44
0
Stock issued
0.27
29.4
56.7
14.9
0
0.87
2.49
Cash from financing
20.9
35.4
45.5
0.08
30.9
62.7
79.9
16.4
110
17.2
Net change in cash
-1.52
1.3
47.7
-44.2
5.56
16.2
32.5
-16.8
73.7
-37.3
Free cash flow
-8.12
-13.6
-24.2
-34.8
-35.8
-54.5
-47.4
-33.2
-36.5
-54.4
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $51.63 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
0.3%
Gross profit / revenue.
Operating margin
-7,008.0%
Operating income / revenue.
EBITDA margin
-6,977.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-6,756.0%
Net income / revenue.
FCF margin
-5,180.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-5,156.0%
Cash from operations / revenue.
Return on equity (ROE)
-80.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-69.3%
Net income / average total assets.
R&D / revenue
4,379.0%
Research and development expense / revenue.
SG&A / revenue
2,629.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
1,474.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
24.5%
Capital expenditures / revenue.
D&A / revenue
31.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue CAGR, 3y
-20.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-29.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
28.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-28.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
6.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
18.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
15.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
25.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
23.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
9.63x
Current assets / current liabilities.
Quick ratio
9.27x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.26x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.16
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.02
Revenue / diluted weighted shares.
FCF per share
-$0.89
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.88
Cash from operations / diluted weighted shares.
Book value per share
$1.41
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3,107x
Market cap / revenue.
P/B
37.0x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
38.2x
Market cap / tangible book value, when positive.
EV/Sales
3,022x
Enterprise value / revenue.
FCF yield
-1.7%
Free cash flow / market cap.
Earnings yield
-2.2%
Net income / market cap (the inverse of P/E).
What was PULSE BIOSCIENCES, INC.'s revenue in fiscal 2025?
PULSE BIOSCIENCES, INC. reported revenue of $350.0K for fiscal 2025.
Was PULSE BIOSCIENCES, INC. profitable in fiscal 2025?
No. It reported a net loss of $72.8M.
How much free cash flow did PULSE BIOSCIENCES, INC. generate in fiscal 2025?
Cash from operations of $54.1M minus capital expenditures of $315.0K left free cash flow of -$54.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.