Abstract

Pulse Biosciences will release its quarterly results on February 19, 2026 Post Market; investors are watching revenue traction, margin stabilization, and updates on nPulse cardiac catheter progress amid continued operating losses and a modest top-line outlook.

Market Forecast

Based on the company’s forecast data, Pulse Biosciences projects revenue of $0.25 million for the current quarter (YoY 0%), EBIT of -$18.88 million (YoY 0%), and EPS of -$0.31 (YoY 0%), while gross profit margin and net profit margin guidance were not provided. The Products segment remains the core commercial contributor and is expected to show modest sales activity while the company’s operational focus stays on advancing its cardiac catheter program. The most promising pipeline, the nPulse cardiac catheter, currently has no material revenue, so YoY comparisons are not applicable at this stage, though feasibility data released in early February indicates strong procedural success and supports potential longer-term monetization.

Last Quarter Review

Pulse Biosciences reported last quarter revenue of $0.09 million, a gross profit margin of -224.42%, GAAP net profit attributable to the parent company of -$19.39 million, net profit margin was not disclosed, and EPS of -$0.29 (YoY 0%), with net profit declining by 113% quarter-on-quarter. A key financial highlight was operating performance versus expectations: EBIT of -$20.37 million came in $1.32 million better than the estimated loss, indicating some discipline on expenses relative to forecast. The Products segment accounted for 100% of revenue, totaling $0.09 million; YoY data for the segment was not disclosed, consistent with the limited commercial footprint at this stage of the company’s development.

Current Quarter Outlook

Main Business: Commercial Products

The Products segment remains the company’s primary revenue contributor, although the absolute scale is small relative to operating expenditures and development commitments. With last quarter’s revenue at $0.09 million and current-quarter guidance pointing to $0.25 million (YoY 0%), the market will look for tangible evidence of commercialization progress, including any early signs of customer adoption, channel development, or pricing/mix improvements. Gross margin stabilization is a central concern given the prior quarter’s -224.42% gross margin; any shift toward a more normalized level would signal production efficiencies, better unit economics, or improved cost absorption. Management’s commentary on supply chain health, cost control measures, and the path to higher recurring sales will be instrumental in shaping near-term investor expectations, especially since net profit margin remains unreported and EPS is guided at -0.31. While the company has not provided a breakdown of gross margin or net margin for the current quarter, investors will parse the expense line items for evidence of disciplined cash utilization and operating leverage potential as revenue gradually scales.

Most Promising Business: nPulse Cardiac Catheter

The nPulse cardiac catheter program is the most promising growth platform, reinforced by feasibility data disclosed in early February that showed successful treatment of atrial fibrillation with “rapid” procedure times and minimal adverse effects across 150 patients. The company noted 100% procedural success in evaluable patients at six months and 96% success at one year, and reported that 165 patients have been treated in Europe to date. These data points provide clinical validation signals that, while early, help de-risk the pathway for potential regulatory interactions and subsequent commercialization steps. Near-term, investors will watch for details on trial progression, enrollment expansion, study endpoints, and any planned data presentations that could clarify efficacy, safety consistency, and procedural workflow advantages in real-world practice. Because this program is pre-commercial, it does not materially contribute to revenue yet; therefore YoY revenue comparisons are not applicable. However, the clinical momentum is material to valuation and future revenue visibility, as it can influence the timeline for broader clinical adoption, payer dialogue, and hospital procurement decisions if regulatory clearance is achieved. In the current quarter, the market will likely weigh the strength of recent feasibility outcomes against the company’s operating loss profile and cash needs, particularly as the cardiac catheter program progresses into more advanced clinical and regulatory stages.

Factors Most Impacting the Stock Price This Quarter

Three elements are likely to exert the greatest influence on Pulse Biosciences’ stock price around the upcoming print. First, the balance between cash usage and operating efficiency remains crucial; the company’s forecast calls for EBIT of -$18.88 million in the current quarter, and last quarter’s EBIT beat of $1.32 million against estimates highlighted some expenditure discipline. Investors will closely assess commentary on cash runway, cost structure, and any planned resource reallocation toward the highest-probability development milestones to ensure sustainable progression without unnecessary dilution. Second, revenue visibility is limited but pivotal; guidance at $0.25 million suggests ongoing modest sales activity, and any upside surprise—however small—can positively alter sentiment by indicating traction in product sales or initial customer validation. With prior gross margins sharply negative, any disclosure that points to improved manufacturing absorption, procurement efficiency, or product cost-down initiatives could help anchor expectations for margin normalization going forward. Third, and most prominently, the cadence of clinical milestones around the nPulse catheter program will frame the near-term narrative. The robust feasibility results presented in early February offer a compelling proof-of-concept, and updates on trial design, timelines, and regulatory engagement could catalyze the stock as investors reassess probability-weighted commercialization scenarios. In conjunction with these elements, the tone of management’s guidance for the rest of the year—particularly revenue, margin, and expense trajectories—should define whether sentiment leans toward cautious optimism or a wait-and-see posture.

Analyst Opinions

The collected views in the current period are unanimously bullish. On January 30, 2026, a major sell-side institution initiated coverage with an Outperform rating and highlighted that the consensus average rating is Buy with a mean price target of $23.50, reflecting constructive expectations for the company’s development pipeline and prospective commercialization. The strength of the recent clinical feasibility data on the nPulse cardiac catheter program has been a key driver of positive sentiment, as procedural success rates and the reported safety profile suggest a favorable risk-benefit trajectory that could support eventual regulatory dialogue. Analysts appear focused on the interplay between clinical momentum and capital discipline, recognizing that a measured approach to operating expenses alongside incremental revenue contributions from commercial products can help bridge the gap until larger revenue streams become available.

In evaluating upcoming results on February 19, 2026 Post Market, analysts will likely emphasize the following: clarity on the timeline and scope of additional clinical studies, insights into regulatory strategy, and the degree to which management can provide direction on the path to commercialization. They will also be watching for signals about margin stabilization, or planned steps to reduce cost of goods sold, given the prior quarter’s deeply negative gross margin. Importantly, even modest increases in product revenue or improved operating efficiency can demonstrate execution capability and de-risk the near-term financial profile, paving the way for a smoother transition from development to commercialization. The current consensus acknowledges that earnings and revenue remain small, but sees a credible foundation emerging from clinical results that justifies a constructive stance on the company’s trajectory. As such, coverage comments skew toward a view that steady clinical validation, disciplined spend, and incremental commercial progress are the right markers for value creation at this stage, reinforcing the bullish majority outlook.