Pulse Biosciences Inc Common Stock (DE) (PLSE)

FairStock Score: 33/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At the close on 2026-10-13, Pulse Biosciences traded at $48.54 with a $3.5 billion market value. In fiscal year 2025, ended 2025-12-31, revenue was just $350,000 and net loss $72.8 million. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $434,000 and net loss was $24.7 million—a negative 5,681% margin. That is not a business yet; it is a promise. The nPulse platform may be novel, but novelty is not a moat. There are no profits to anchor value, no meaningful revenue base, and losses have persisted: fiscal year 2023, ended 2023-12-31, net loss $42.2 million; fiscal year 2024, ended 2024-12-31, $53.6 million; fiscal year 2025, ended 2025-12-31, $72.8 million. Trailing free cash flow is -$61.4 million, so outside capital will likely be needed. The balance sheet has low leverage—D/E 0.07—which helps, and the Altman Z-Score of 123.44 looks high, mostly because equity market value is large. But P/B 34.43 and P/E -41.49 are not Graham-style bargains. FairStock score 33/100 and no Lynch category because of losses in each of the last four years confirm this is speculative. Revenue did rise from $86,000 in fiscal Q3 2025, quarter ended 2025-09-30, to $401,000 in fiscal Q1 2026, quarter ended 2026-03-31, and $434,000 in fiscal Q2 2026, quarter ended 2026-06-30, but from a tiny base. I see a wide gap between hope and demonstrated earning power. Without a clear path to commercial scale and self-funding, the price rests on future promises rather than present value. A value investor should demand evidence, not enthusiasm.

In plain English: Pulse Biosciences makes medical devices that use very short electrical pulses to treat skin and heart conditions. The business is not yet profitable and has very little revenue compared with its $3.5 billion market value. Based on the numbers, the stock looks expensive and highly speculative.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer