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Pulse Biosciences cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$15.4M in Q3 2026 · −$63.7M over twelve months

Operating cash flow−$15.3M
Capital spending−$142K
Free cash flow−$15.4M
Cash conversion cycle-1247 days

Analysis

In Q3 2026, Pulse Biosciences generated −$15.3M of operating cash flow and spent $142K on capital projects, leaving free cash flow of −$15.4M. That is $2.3M less than in Q3 2025 (−$13.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$63.3M; the largest uses were other investing ($152M), operating cash flow ($63.3M), capital spending ($370K); besides operations, cash came from other financing ($146M), shares issued ($12.0M); the cash balance fell by $58.5M.

Operating cash flow was −$15.3M against net income of −$23.1M. The largest differences: stock-based pay +$5.3M, accrued liabilities +$2.1M, prepaid and other assets +$346K.

Its cash conversion cycle was -1247 days (receivables 49 + inventory 113 − payables 1409): suppliers fund its working capital.

Free cash flow

Pulse Biosciences: free cash flow by quarterPulse Biosciences: free cash flow by quarter−$9.2MQ4 2024−$13.6MQ1 2025−$12.9MQ2 2025−$13.1MQ3 2025−$14.9MQ4 2025−$14.6MQ1 2026−$18.8MQ2 2026−$15.4MQ3 2026
Operating cash flow less capital spending.
Pulse Biosciences: operating cash flow against capital spendingPulse Biosciences: operating cash flow against capital spendingOperating cash flowCapital spending−$9.1M$53KQ4 2024−$13.5M$45KQ1 2025−$12.8M$103KQ2 2025−$13.0M$62KQ3 2025−$14.8M$105KQ4 2025−$14.6M$33KQ1 2026−$18.7M$90KQ2 2026−$15.3M$142KQ3 2026
Latest (Q3 2026): Operating cash flow −$15.3M, Capital spending $142K.

Capital allocation, year by year

Pulse Biosciences: where the cash came from (up) and went (down), by fiscal yearPulse Biosciences: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$54.1MFY2021: Net borrowing $407KFY2021: Shares issued $57.5MFY2021: Capital spending −$437K$57.9MFY2021FY2022: Operating cash flow −$47.0MFY2022: Net borrowing −$437KFY2022: Shares issued $14.9MFY2022: Capital spending −$401K$14.9MFY2022FY2023: Operating cash flow −$33.0MFY2023: Shares issued $1.2MFY2023: Capital spending −$121K$1.2MFY2023FY2024: Operating cash flow −$36.3MFY2024: Shares issued $871KFY2024: Capital spending −$125K$871KFY2024FY2025: Operating cash flow −$54.1MFY2025: Shares issued $2.5MFY2025: Capital spending −$315K$2.5MFY2025
Over these 5 years operating cash flow totalled −$225M; the largest uses were operating cash flow ($225M) and capital spending ($1.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$36.7M
Debtnone
Net cash$36.7M
Cash runway7 months

Pulse Biosciences is burning cash: its operations consume cash, a free cash flow of −$63.7M a year at the current rate against $36.7M of cash and investments: a runway of about 7 months before any new financing.

Where the cash came from and went

Pulse Biosciences: sources (+) and uses (−) of cash, Q3 2026Pulse Biosciences: sources (+) and uses (−) of cash, Q3 2026Other investing−$152MShares issued$101MCash drawn (+) / kept (−)$64.9MOperating cash flow−$15.3MOther financing$2.1MCapital spending−$142K
Pulse Biosciences: sources (+) and uses (−) of cash, TTM to Q3 2026Pulse Biosciences: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$152MOther financing$146MOperating cash flow−$63.3MCash drawn (+) / kept (−)$58.5MShares issued$12.0MCapital spending−$370K

From profit to cash

Pulse Biosciences: net income to operating cash flow, Q3 2026Pulse Biosciences: net income to operating cash flow, Q3 2026Net income−$23.1MDepreciation & amortization$261KStock-based pay$5.3MOther non-cash−$54KReceivables−$121KInventory$4KPayables$175KAccrued liabilities$2.1MPrepaid and other assets$346KOperating cash flow−$15.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026491131409-1247
Q2 20262974932-829
Q1 20264842674-584
Q4 202550341018-934

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$15.3M−$142K$101M$64.9M−$15.4M
Q2 2026−$18.7M−$90K$5.6M−$33.3M−$18.8M
Q1 2026−$14.6M−$33K$1.7M$12.4M−$14.6M
Q4 2025−$14.8M−$105K$387K$14.5M−$14.9M
Q3 2025−$13.0M−$62K$1.7M$11.1M−$13.1M
Q2 2025−$12.8M−$103K$12K$12.9M−$12.9M
Q1 2025−$13.5M−$45K$380K−$1.2M−$13.6M
Q4 2024−$9.1M−$53K$373K−$39.0M−$9.2M

Pulse Biosciences: income statement and cash flow

Pulse Biosciences, Q3 2026: revenue $395K (+359% year over year). The chart follows the revenue to costs, profit and cash.

Pulse Biosciences: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.