Pulse Biosciences, Inc. (PLSE) · Nov 5, 2026 · Earnings
Miss — Revenue $0.4M vs ~$0.52M consensus
Pulse Biosciences’ third-quarter earnings show a major clinical milestone and fresh funding, but revenue fell short while losses expanded.
Pulse Biosciences is still a clinical-stage medical-device company building its nsPFA platform around atrial-fibrillation treatment, with limited commercial revenue while it advances pivotal studies toward regulatory submissions. Its prior quarter had put NANOPULSE-AF past the enrollment midpoint and targeted completion by early Q4, while the company had already created additional ATM financing capacity for the clinical and regulatory push.
The clinical program materially outperformed the prior timeline. NANOPULSE-AF enrolled 169 evaluable patients at 15 sites and finished enrollment in under six months—three months ahead of the timeline previously communicated. 〔0〕 This moves the lead program from enrollment execution toward follow-up, data generation, launch readiness, and regulatory work earlier than expected, making it the most important positive change in the filing.
The quarter missed the published revenue bar despite year-over-year growth. Revenue was $0.4 million versus a published consensus of roughly $0.52 million, a meaningful shortfall for a company still in a controlled Vybrance launch. Vybrance revenue did rise from $0.1 million a year earlier, but the release says commercial activity remains concentrated in a limited customer base and expects the controlled-launch phase to continue through Q4 2027.
| Q3 2026 | Q3 2025 | Consensus / prior period | |
|---|---|---|---|
| Revenue (Financial Results) | $0.4M | $0.1M | ~$0.52M consensus |
| GAAP costs and expenses (Financial Results) | $24.7M | $20.5M | |
| GAAP net loss (Financial Results) | $(23.1)M | $(19.4)M | |
| Operating cash use (Cash Flow statement) | $15.3M | $13.0M | $18.7M prior quarter |
| Cash, equivalents and securities (Financial Highlights) | $189.2M | $101.6M at Jun. 30, 2026 | |
| ATM net proceeds (Financing update) | $95.8M |
The financing removes a near-term funding constraint, but does not change the underlying burn story. Pulse raised $95.8 million through its ATM programs in the quarter, taking total proceeds since May above $150 million for less than 6% dilution and leaving approximately $64 million of capacity. That is enough capital to support the clinical and regulatory agenda for now, but it also confirms that the business remains dependent on equity financing while commercial revenue is tiny and quarterly costs are rising.
The earnings miss is real, but it is not the main story. GAAP costs increased to $24.7 million and GAAP loss widened to $23.1 million as clinical and employee spending rose. 〔1〕 The more consequential read-through is that trial execution and funding are ahead of the prior plan, while commercialization remains early and below the modest revenue expectation.
Bottom line: This is a mixed quarter leaning slightly positive for the business story: the pivotal AF trial reached a major milestone three months early and financing is ample, but the commercial engine still has not scaled and the quarter missed revenue expectations. The clinical progress matters more than the small revenue miss, but it does not yet prove regulatory or commercial success.**
NANOPULSE-AF data readout and regulatory submission preparations
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