Pulse Biosciences Inc Financials

PLSE

FY2025 annual

Revenue $350K YoY not available

Net Income -$72.8M -35.8% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow -$54.4M -49.3% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Pulse Biosciences Inc (PLSE) reported $350K in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PLSE FY2025 2026-08-29

Development spending and financing inflows dominate a business whose reported revenue remains too small to absorb operating costs.

FY2025’s R&D and SG&A together were $76.7M, while revenue was only $350K, so the cost base is built for development rather than current sales volume. Operating cash flow of -$54.1M was closer to net loss of -$72.8M than to revenue, indicating that losses are translating into cash use rather than arising mainly from noncash charges.

Gross-profit margin shifted from 57.7% in FY2021 to -54.0% in FY2025, showing that the revenue stream itself did not retain its earlier gross economics. With FY2025 revenue at $350K, operating loss reached -$76.9M, so scale has not yet absorbed the operating structure.

FY2025 total liabilities were $13.9M against $80.7M of equity, pointing to relatively low balance-sheet leverage. Financing cash flow was $17.2M versus operating cash flow of -$54.1M, while the reported liquidity comparison equaled 17.9 months of the latest annual outflow—a snapshot of funding resources, not a forecast.

Financial Health Signals

Financial health score not available

Pulse Biosciences Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Safe

138.05

Pulse Biosciences Inc scores 138.05, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.4B) relative to total liabilities ($13.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/7

Pulse Biosciences Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Pulse Biosciences Inc reported a net loss of $72.8M while operations used $54.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$350K

Pulse Biosciences Inc generated $350K in revenue in fiscal year 2025.

EBITDA

-$75.9M

YoY-37.7%

Pulse Biosciences Inc's EBITDA was -$75.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 37.7% from the prior year.

Net Income

-$72.8M

YoY-35.8%

Pulse Biosciences Inc reported -$72.8M in net income in fiscal year 2025. This represents a decrease of 35.8% from the prior year.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$54.4M

YoY-49.3%

Pulse Biosciences Inc recorded an outflow of $54.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 49.3% from the prior year.

Cash & Debt

$80.7M

YoY-31.6%

5Y CAGR+45.3%

10Y CAGR+36.5%

Pulse Biosciences Inc held $80.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

68M

YoY+1.1%

5Y CAGR+21.1%

Pulse Biosciences Inc had 68M shares outstanding in fiscal year 2025. This represents an increase of 1.1% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

-54.0%

Pulse Biosciences Inc's gross margin was -54.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Return on Equity

-90.2%

YoY-43.6pp

Pulse Biosciences Inc's ROE was -90.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 43.6 percentage points from the prior year.

Operating Margin

Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$44.7M

YoY+38.3%

5Y CAGR+11.1%

10Y CAGR+35.3%

Pulse Biosciences Inc invested $44.7M in research and development in fiscal year 2025. This represents an increase of 38.3% from the prior year.

Capital Expenditures

$315K

YoY+152.0%

5Y CAGR-6.5%

10Y CAGR+13.9%

Pulse Biosciences Inc invested $315K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 152.0% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

PLSE Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PLSE quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	N/A	$350K	$0	$0-100.0%	$700K-50.6%	$1.4M	$0	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	$539K	$0	$0-100.0%	$11.9M+1890.7%	$600K+20.0%	$500K-16.7%	$600K0.0%	$600K-25.0%	$800K+60.0%	$500K	N/A
Gross Profit	N/A	-$189K	$0	$0+100.0%	-$11.2M-1474.6%	$818K+263.6%	-$500K	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$44.7M+38.3%	$32.3M+16.3%	$27.8M+33.4%	$20.8M-27.2%	$28.6M+8.3%	$26.4M+5.9%	$25.0M+44.7%	$17.3M+78.9%	$9.6M+75.2%	$5.5M+152.5%	$2.2M
SG&A Expenses	N/A	$32.0M+33.9%	$23.9M+51.6%	$15.8M+13.1%	$14.0M-26.8%	$19.1M+17.3%	$16.3M-5.1%	$17.1M-14.5%	$20.0M+29.3%	$15.5M+354.0%	$3.4M+110.7%	$1.6M
Operating Income	N/A	-$76.9M-36.8%	-$56.3M-29.1%	-$43.6M+24.9%	-$58.1M+7.9%	-$63.0M-26.1%	-$50.0M-4.2%	-$48.0M-27.7%	-$37.5M-46.8%	-$25.6M-168.6%	-$9.5M-113.0%	-$4.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$114K-88.4%	$983K+135.2%	$418K+69.2%	$247K+263.2%	$68K	N/A
Income Tax	N/A	$0	$0	$0	$0	$0	$0	N/A	N/A	N/A	N/A	-$1.7M
Net Income	N/A	-$72.8M-35.8%	-$53.6M-26.9%	-$42.2M+27.9%	-$58.5M+8.1%	-$63.7M-27.7%	-$49.9M-6.1%	-$47.0M-25.1%	-$37.5M-46.8%	-$25.6M-168.6%	-$9.5M-238.6%	-$2.8M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$434K+8.2%	$401K	N/A	$86K	$0	$0	N/A	$0
Cost of Revenue	$273K-26.2%	$370K	N/A	$279K	$0	$0	N/A	$0
Gross Profit	$161K+419.4%	$31K	N/A	-$193K	$0	$0	N/A	$0
R&D Expenses	$17.0M+34.8%	$12.6M	N/A	$11.4M-5.7%	$12.1M+17.2%	$10.3M	N/A	$7.7M
SG&A Expenses	$8.5M+28.3%	$6.6M	N/A	$8.8M+7.3%	$8.2M+5.9%	$7.7M	N/A	$6.0M
Operating Income	-$25.3M-32.0%	-$19.1M	N/A	-$20.4M-0.5%	-$20.3M-12.4%	-$18.0M	N/A	-$13.7M
Income Tax	N/A	N/A	N/A	N/A	$0	$0	N/A	$0
Net Income	-$24.7M-32.7%	-$18.6M	N/A	-$19.4M-1.1%	-$19.2M-14.1%	-$16.8M	N/A	-$12.7M

Not reported in any period shown, so not listed: Interest Expense, EPS (Diluted).

PLSE Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PLSE quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$94.5M-28.6%	$132.5M+123.9%	$59.2M-24.0%	$77.9M+31.7%	$59.2M+43.3%	$41.3M-1.5%	$41.9M-40.7%	$70.6M+41.8%	$49.8M+89.3%	$26.3M+83.7%	$14.3M
Current Assets	$83.4M-30.2%	$119.4M+163.5%	$45.3M-27.1%	$62.1M+37.1%	$45.3M+102.9%	$22.3M-15.4%	$26.4M-56.3%	$60.4M+56.9%	$38.5M+130.9%	$16.7M+316.9%	$4.0M
Cash & Equivalents	$80.7M-31.6%	$118.0M+166.1%	$44.4M-27.4%	$61.1M+37.8%	$44.4M+256.0%	$12.5M+80.6%	$6.9M-86.5%	$51.1M+1409.2%	$3.4M+62.1%	$2.1M-42.1%	$3.6M
Inventory	$136K	$0	N/A	$0-100.0%	$5.8M	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$274K	$0	N/A	$0-100.0%	$61K	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M
Total Liabilities	$13.9M-21.1%	$17.6M+19.0%	$14.8M-81.5%	$80.1M+441.6%	$14.8M-19.6%	$18.4M+64.6%	$11.2M+159.6%	$4.3M+12.5%	$3.8M+276.6%	$1.0M+53.9%	$660K
Current Liabilities	$7.9M-21.2%	$10.1M+49.9%	$6.7M+12.2%	$6.0M-10.8%	$6.7M-11.6%	$7.6M+70.1%	$4.5M+43.5%	$3.1M+40.4%	$2.2M+117.8%	$1.0M+53.9%	$660K
Total Equity	$80.7M-29.8%	$114.9M+158.9%	$44.4M+2073.3%	-$2.2M-105.1%	$44.4M+93.8%	$22.9M-25.5%	$30.7M-53.7%	$66.3M+44.2%	$46.0M+81.8%	$25.3M+85.1%	$13.7M
Retained Earnings	-$463.3M-18.6%	-$390.5M-15.9%	-$336.9M-14.3%	-$294.7M+12.5%	-$336.9M-95.3%	-$172.5M-40.6%	-$122.7M-62.0%	-$75.7M-98.4%	-$38.2M-202.8%	-$12.6M-308.2%	-$3.1M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$115.6M+41.6%	$81.6M-13.7%	$94.5M-13.1%	$108.8M-9.6%	$120.3M-9.8%	$133.4M+0.7%	$132.5M+42.4%	$93.0M
Current Assets	$105.7M+48.6%	$71.1M-14.7%	$83.4M-14.1%	$97.2M-10.2%	$108.2M-10.5%	$120.9M+1.2%	$119.4M+48.5%	$80.4M
Cash & Equivalents	$101.6M+48.7%	$68.3M-15.4%	$80.7M-15.2%	$95.2M-10.5%	$106.3M-10.8%	$119.3M+1.1%	$118.0M+49.4%	$79.0M
Inventory	$236K+14.6%	$206K+51.5%	$136K+138.6%	$57K+11.8%	$51K+70.0%	$30K	$0	N/A
Accounts Receivable	$122K-22.3%	$157K-42.7%	$274K+1726.7%	$15K	N/A	N/A	$0	N/A
Goodwill	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M
Total Liabilities	$16.1M+4.8%	$15.3M+10.4%	$13.9M-13.6%	$16.1M+1.9%	$15.8M+5.6%	$14.9M-15.2%	$17.6M+26.5%	$13.9M
Current Liabilities	$11.0M+12.1%	$9.8M+23.6%	$7.9M-18.3%	$9.7M+8.0%	$9.0M+15.7%	$7.8M-22.8%	$10.1M+49.2%	$6.7M
Total Equity	$99.5M+50.1%	$66.3M-17.8%	$80.7M-13.0%	$92.7M-11.3%	$104.5M-11.8%	$118.5M+3.1%	$114.9M+45.2%	$79.1M
Retained Earnings	-$506.5M-5.1%	-$481.9M-4.0%	-$463.3M-3.9%	-$445.8M-4.5%	-$426.5M-4.7%	-$407.3M-4.3%	-$390.5M-5.2%	-$371.1M

Not reported in any period shown, so not listed: Long-Term Debt.

PLSE Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PLSE quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	-$61.1M	-$54.1M-48.9%	-$36.3M-10.0%	-$33.0M+29.7%	-$47.0M+13.1%	-$54.1M-53.0%	-$35.4M-3.5%	-$34.2M-43.1%	-$23.9M-115.5%	-$11.1M-37.7%	-$8.1M-142.7%	-$3.3M
Capital Expenditures	$290K	$315K+152.0%	$125K+3.3%	$121K-69.8%	$401K-8.2%	$437K-0.9%	$441K-27.5%	$608K+120.3%	$276K-89.2%	$2.6M+3885.9%	$64K-25.6%	$86K
Free Cash Flow	-$61.4M	-$54.4M-49.3%	-$36.5M-10.0%	-$33.2M+30.1%	-$47.4M+13.1%	-$54.5M-52.3%	-$35.8M-2.9%	-$34.8M-43.9%	-$24.2M-77.2%	-$13.6M-68.1%	-$8.1M-138.5%	-$3.4M
Investing Cash Flow	-$290K	-$335K-168.0%	-$125K-3.3%	-$121K+69.8%	-$401K-105.3%	$7.6M-24.7%	$10.0M+199.4%	-$10.1M-138.7%	$26.1M+213.6%	-$23.0M-59.9%	-$14.4M-16622.1%	-$86K
Financing Cash Flow	$56.7M	$17.2M-84.4%	$110.1M+572.1%	$16.4M-79.5%	$79.9M+27.5%	$62.7M+103.0%	$30.9M+37564.6%	$82K-99.8%	$45.5M+28.6%	$35.4M+69.2%	$20.9M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$18.7M-28.2%	-$14.6M+1.1%	-$14.8M-13.2%	-$13.0M-1.8%	-$12.8M+5.3%	-$13.5M-47.9%	-$9.1M-1.3%	-$9.0M
Capital Expenditures	$90K+172.7%	$33K-68.6%	$105K+69.4%	$62K-39.8%	$103K+128.9%	$45K-15.1%	$53K+39.5%	$38K
Free Cash Flow	-$18.8M-28.5%	-$14.6M+1.6%	-$14.9M-13.4%	-$13.1M-1.5%	-$12.9M+4.8%	-$13.6M-47.5%	-$9.2M-1.5%	-$9.1M
Investing Cash Flow	-$90K-172.7%	-$33K+68.6%	-$105K-69.4%	-$62K+49.6%	-$123K-173.3%	-$45K+15.1%	-$53K-39.5%	-$38K
Financing Cash Flow	$52.1M+2255.3%	$2.2M+480.6%	$381K-80.6%	$2.0M	$0-100.0%	$14.8M-69.3%	$48.2M-22.1%	$61.9M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

PLSE Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

PLSE quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Gross Margin	-54.0%	N/A	N/A	-1606.3%	57.7%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-21982.6%	N/A	N/A	-8293.9%	-4443.9%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-20794.6%	N/A	N/A	-8357.9%	-4489.4%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-90.2%-43.6pp	-46.7%+48.5pp	-95.2%	N/A	-143.5%+74.2pp	-217.8%-64.9pp	-152.8%-96.2pp	-56.6%-1.0pp	-55.6%-18.0pp	-37.6%-17.0pp	-20.6%
Return on Assets	-77.0%-36.5pp	-40.5%+30.9pp	-71.4%+3.8pp	-75.1%+32.5pp	-107.6%+13.1pp	-120.7%-8.7pp	-112.1%-58.9pp	-53.1%-1.8pp	-51.3%-15.1pp	-36.2%-16.6pp	-19.6%
Current Ratio	10.53-1.4x	11.88+5.1x	6.76-3.6x	10.39+3.6x	6.76+3.8x	2.95-3.0x	5.92-13.5x	19.42+2.0x	17.39+1.0x	16.40+10.3x	6.06
Debt-to-Equity	0.170.0x	0.15-0.2x	0.33	N/A	0.33-0.5x	0.80+0.4x	0.36+0.3x	0.060.0x	0.080.0x	0.040.0x	0.05
FCF Margin	-15553.4%	N/A	N/A	-6773.4%	-3845.8%	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	37.1%+29.4pp	7.7%	N/A	-224.4%	N/A	N/A	N/A	N/A
Operating Margin	-5823.0%	-4775.6%	N/A	-23682.6%	N/A	N/A	N/A	N/A
Net Margin	-5681.3%	-4633.7%	N/A	-22540.7%	N/A	N/A	N/A	N/A
Return on Equity	-24.8%+3.3pp	-28.0%	N/A	-20.9%-2.6pp	-18.3%-4.2pp	-14.2%	N/A	-16.0%
Return on Assets	-21.3%+1.4pp	-22.8%	N/A	-17.8%-1.9pp	-15.9%-3.3pp	-12.6%	N/A	-13.6%
Current Ratio	9.63+2.4x	7.26-3.3x	10.53+0.5x	10.02-2.0x	12.05-3.5x	15.58+3.7x	11.880.0x	11.93
Debt-to-Equity	0.16-0.1x	0.23+0.1x	0.170.0x	0.170.0x	0.150.0x	0.130.0x	0.150.0x	0.18
FCF Margin	-4331.6%	-3647.9%	N/A	-15233.7%	N/A	N/A	N/A	N/A

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.

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Where Pulse Biosciences Inc Ranks

Frequently Asked Questions

What is Pulse Biosciences Inc's annual revenue?

Pulse Biosciences Inc (PLSE) reported $350K in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Pulse Biosciences Inc profitable?

No, Pulse Biosciences Inc (PLSE) reported a net income of -$72.8M in fiscal year 2025.

What is Pulse Biosciences Inc's EBITDA?

Pulse Biosciences Inc (PLSE) had EBITDA of -$75.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pulse Biosciences Inc's gross margin?

Pulse Biosciences Inc (PLSE) had a gross margin of -54.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pulse Biosciences Inc's return on equity (ROE)?

Pulse Biosciences Inc (PLSE) has a return on equity of -90.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pulse Biosciences Inc's free cash flow?

Pulse Biosciences Inc (PLSE) recorded an outflow of $54.4M in free cash flow during fiscal year 2025. This represents a -49.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Pulse Biosciences Inc's operating cash flow?

Pulse Biosciences Inc (PLSE) recorded an outflow of $54.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Pulse Biosciences Inc's total assets?

Pulse Biosciences Inc (PLSE) had $94.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Pulse Biosciences Inc's capital expenditures?

Pulse Biosciences Inc (PLSE) invested $315K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Pulse Biosciences Inc spend on research and development?

Pulse Biosciences Inc (PLSE) invested $44.7M in research and development during fiscal year 2025.

How many shares does Pulse Biosciences Inc have outstanding?

Pulse Biosciences Inc (PLSE) had 68M shares outstanding as of fiscal year 2025.

What is Pulse Biosciences Inc's current ratio?

Pulse Biosciences Inc (PLSE) had a current ratio of 10.53 as of fiscal year 2025, which is generally considered healthy.

What is Pulse Biosciences Inc's debt-to-equity ratio?

Pulse Biosciences Inc (PLSE) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pulse Biosciences Inc's return on assets (ROA)?

Pulse Biosciences Inc (PLSE) had a return on assets of -77.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How does Pulse Biosciences Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Pulse Biosciences Inc (PLSE) held $80.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $54.1M over that year. Dividing the one by the other, the reported balance equals about 18 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Pulse Biosciences Inc's Altman Z-Score?

Pulse Biosciences Inc (PLSE) has an Altman Z-Score of 138.05, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Pulse Biosciences Inc's Piotroski F-Score?

Pulse Biosciences Inc (PLSE) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pulse Biosciences Inc's earnings high quality?

Pulse Biosciences Inc (PLSE) reported a net loss of $72.8M while operations used $54.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.