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Pulse Biosciences: Old boat (three warning signs)Old boat

Pulse Biosciences $PLSE

Reported revenue of $0 million in FY2025, operating margin -21983% against a 1.2% median for surgical & medical instruments & apparatus, equity 85.3% of assets.

Last filing8-K · Item 8.01 Other Events, 14 Oct 2026

Health watchDirector or officer change ×4 · 9 Apr 2026
Follow its filings →
Next year, 80%$0M–$0M
Growth, on the year—
Operating margin−21982.6%
Equity of assets85.3%
Edgarette’s full reading · exposure, experience, soundness, credibility, range

🫧 Edgar looked up Pulse Biosciences, Inc. ($PLSE). Last filing: 8-K (8.01 Other Events), 2026-10-14. 31 event filings (8-K) in the past twelve months.

🔖 Exposure: revenue $350K (FY2025). Experience: one year on record, down 29.5% a year over 4 years; operating margin -21982.6%, up from null. Soundness: equity 85.3% of assets, return on equity -90.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $204K and $366K next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (60 filers, $50M+ revenue, surgical & medical instruments & apparatus): operating margin -21982.6% against a 1.2% median.

Read from its own SEC filings · nothing written, nothing inferred

Pulse Biosciences, Inc. against its own record and its peers
Operating marginPeer median 1.2%-21982.6%Equity of assetsPeer median 52.9%85.3%Return on equityPeer median -2.3%-90.2%Gold tick: the median of 55–59 peers with $50M+ revenue in surgical & medical instruments & apparatus

Cash

Cash flow (op · inv · fin · free)−$54M · −$0M · $17M · −$54M
Investment book (cash · short · long)$81M · — · — · current ratio 10.53

The figures, as filed

Fiscal year end2025-12-31
Revenue$0M
Revenue, on the year—
Revenue, a year over the record−29.5%
Operating margin−21982.6%
Operating margin, prior year—
Net margin−20794.6%
Research and development$45M · 12777.4% of revenue
Total debt—
Equity of assets85.3%
Return on equity−90.2%
Payout of profit—
Dividend per share—
Earnings per share$-1.08
Book value per share$1.20
Revenue per share$0.01
Shares outstanding67,395,339
Audited years read5

Peers: the median of 60 filers with $50M+ revenue in surgical & medical instruments & apparatus.

Classic signals · fiscal 2025Altman Z″ -10.11 distress zone 1968Piotroski F 3 of 9 middling 2000Beneish M not enough filed detail (needs receivables, cost of revenue, PP&E, depreciation, SG&A for two years)Sloan accruals -16.4% earnings backed by cash 1996DuPont ROE -74.4% = margin -20794.6% × turns 0 × leverage 1.16

What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →

Health HarborPulse Biosciences sails as: Old boat

Health watch · 12 monthsDirector or officer change ×4

No growth figure to set the speed.

🌊 Visit the Bay →
  • operating cash flow was negative (-$54.1M in FY2025)
  • operating loss: a margin of -21982.6% in FY2025
  • revenue is hard to predict: its 80% range is ±28%

Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an operating loss; negative free cash flow outside regulated utilities; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.

Recent filings

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company

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