Pulse Biosciences, Inc. (NASDAQ: PLSE) reported fourth‑quarter 2025 results that included $264 thousand in revenue, up from $86 thousand in the third quarter, and a full‑year revenue of $350 thousand. The company posted a GAAP net loss of $17.4 million for the quarter, compared with a $19.4 million loss in the same period a year earlier, and a non‑GAAP net loss of $12.2 million, reflecting the impact of stock‑based compensation and other adjustments. Cash and cash equivalents stood at $80.7 million as of December 31, 2025, down from $118.0 million a year earlier, indicating a significant draw on the company’s cash reserves as it continues to invest in clinical development and commercialization efforts.
The revenue beat analyst expectations by $9,000, surpassing the consensus estimate of $255,000. The sequential rise from $86 thousand in Q3 to $264 thousand in Q4 was driven by increased sales of the Vibrance soft‑tissue ablation system, which has been gaining traction in the market development phase. The company’s focus on expanding clinical trials and commercialization efforts has translated into higher product revenue, offsetting the modest growth in other segments.
Pulse’s earnings per share of $-0.26 beat the consensus estimate of $-0.32 by $0.06. The narrower loss was largely due to disciplined cost management amid ongoing investment in clinical programs. While the company continues to incur significant operating expenses, the effective control of non‑GAAP items and the absence of large one‑time charges helped improve the EPS figure relative to expectations.
Management did not provide formal financial guidance for the next quarter or the full year. However, analysts project a Q1 2026 EPS loss of $0.38 on revenue of $510,000 and a full‑year 2026 EPS loss of $1.52 on revenue of $3.19 million. Pulse also announced an equity distribution agreement with TD Securities that could result in the sale of up to $60 million of shares, raising concerns about potential dilution and further cash burn.
CEO Paul LaViolette emphasized that the company’s focus remains on clinical trial execution, stating that 2026 will involve completing pivotal enrollment in both cardiac programs. He also noted that the Vibrance platform is in a market development mode, concentrating on quality and data collection to support future commercialization.
The market reaction was muted and slightly negative, with investors weighing the company’s cash draw and the potential dilution from the equity distribution agreement against the modest earnings and revenue beats. The lack of forward guidance and the continued emphasis on long‑term clinical development contributed to a cautious investor stance.
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