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Pulse Biosciences (PLSE) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Pulse Biosciences (PLSE) Q3 2026 earnings results →

Q3 2026 Revenue up 359% year over year to $395K

Pulse Biosciences made $395K in Q3 2026 (+359% Y/Y). Operating margin n/m, net loss $23.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$395K
Year over year+359%
Operating marginn/m
Net earnings−$23.1M
Operating cash flow−$15.3M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $395K in Q3 2026, up 359% year over year and down 9% from the previous quarter.

Operating costs exceeded revenue by $24.3M, an operating margin of -6149.9%. Total costs grew 21% against revenue growth of 359%. The fastest-growing cost line was Research & development (+48%). The quarter ended with a net loss of $23.1M, narrower than the previous quarter's $24.7M loss.

Operating cash flow was −$15.3M. Non-cash charges added back $261K of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items added $2.2M. Capital expenditures of $142K exceeded it, leaving free cash flow of −$15.4M.

Quarterly history

Pulse Biosciences revenue by quarterPulse Biosciences revenue by quarter$86KQ3 2025$264KQ4 2025$401KQ1 2026$434KQ2 2026$395KQ3 2026
Pulse Biosciences net earnings by quarterPulse Biosciences net earnings by quarter−$19.4MQ3 2025−$17.4MQ4 2025−$18.6MQ1 2026−$24.7MQ2 2026−$23.1MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$395K+359%n/m−$23.1M−$15.3M
Q2 202610-QAug 6, 2026$434K—n/m−$24.7M−$18.7M
Q1 202610-QMay 14, 2026$401K—n/m−$18.6M−$14.6M
Q4 202510-KFeb 19, 2026$264K—n/m−$17.4M−$14.8M
Q3 202510-QNov 5, 2025$86K—n/m−$19.4M−$13.0M

Charts

Pulse Biosciences: revenue growth, year over year and quarter over quarterPulse Biosciences: revenue growth, year over year and quarter over quarterY/YQ/Q+207%Q4 2025+52%Q1 2026+8%Q2 2026+359%-9%Q3 2026
Latest (Q3 2026): Y/Y +359%, Q/Q -9%.
Pulse Biosciences: where the cash came from (+) and went (−), TTM to Q3 2026Pulse Biosciences: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$152MOther financing$146MOperating cash flow−$63.3MCash drawn (+) / kept (−)$58.5MShares issued$12.0MCapital spending−$370K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Pulse Biosciences: profit against cash, quarter by quarterPulse Biosciences: profit against cash, quarter by quarterNet incomeOperating cash flow−$19.4M−$9.1MQ4 2024−$16.8M−$13.5MQ1 2025−$19.2M−$12.8MQ2 2025−$19.4M−$13.0MQ3 2025−$17.4M−$14.8MQ4 2025−$18.6M−$14.6MQ1 2026−$24.7M−$18.7MQ2 2026−$23.1M−$15.3MQ3 2026
Latest (Q3 2026): Net income −$23.1M, Operating cash flow −$15.3M.
Pulse Biosciences in its industry: growth against margin (111 companies, SIC 3841)Pulse Biosciences in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MDLNMMMSYKBSXBDXBAXSOLVRMDDXCMWSTMMEDPODDGMEDTFXICUIMMSIIARTPENHAETNDMEMBCIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSAORTPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNTMCISTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRSIMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPETVFEMYOSRHCODXOBIORDGLPAVMGUTSPLSE (+300%, -100%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Pulse Biosciences

We are a novel ablation company committed to health innovation using our patented Nano-pulse Stimulation (“NPS”) technology, a revolutionary energy modality that delivers nanosecond-duration pulses of electrical energy, each less than a millionth of a second long, to nonthermally clear or kill targeted cells. NPS technology, also referred to as Nanosecond Pulsed-Field Ablation (“nsPFA”) technology when used to ablate cellular tissue, can be used to treat a variety of medical conditions for which an optimal solution remains unfulfilled. We developed our proprietary nPulse System (formerly known as CellFX), a novel nsPFA delivery platform, and commercialized the initial application of its nsPFA technology to treat benign lesions of the skin.

In its own words, from its 10-K, filed Feb 19, 2026.

Pulse Biosciences against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +359% against the peers' median +5%.

CompanyQuarterRevenueY/YOp. margin
PLSE Pulse BiosciencesQ3 2026$395K+359%n/m
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
SOLV SolventumQ3 2026$1.9B-7%3.5%
RMD ResMedQ1 FY27$1.4B+6%32.0%

Source: Pulse Biosciences 10-Q on SEC EDGAR · CIK 1625101 · Surgical & Medical Instruments & Apparatus

Guidance and outlook

Pulse Biosciences: what its forward-looking statements are about (10-Q filed 2026-11-05)Pulse Biosciences: what its forward-looking statements are about (10-Q filed 2026-11-05)Other12Products5Demand5Costs2Buybacks & dividends1Backlog1Financing1
27 statements; tone +0.04 (−1 all cautious, +1 all confident); 6 hedged.
Pulse Biosciences: outlook statements against the filing beforePulse Biosciences: outlook statements against the filing beforeConfident2Cautious1

13F: who owns PLSE and who is buying

Largest holders of PLSE (13F)Largest holders of PLSE (13F)BlackRock$40.7MBank of America$40.1MVanguard Capital Management LLC$21.9MPortolan Capital Management, LLC$20.9MPrice T Rowe Associates$20.8MBalyasny Asset Management L.P.$19.9MCitadel Advisors LLC$17.4MVanguard Group$15.4MGeode Capital Management, LLC$14.9MState Street$14.7M
Funds' net buying of PLSE by quarter (13F)Funds' net buying of PLSE by quarter (13F)$712K2024-09−$728K2024-12−$5.6M2025-03$4.8M2025-06−$2.3M2025-09$5.8M2025-12$28.0M2026-03$84.7M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PLSE

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results

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