Pulsenmore H1 2026: Revenue Climbs 53% to $2M, Loss Widens on Warrant Accounting
PLSM is trading near its 52-week low of $2.53 (2.0% above the low).
Summary
Pulsenmore's H1 2026 revenue rose 53% to ~$2M, but a non-cash warrant liability charge pushed the net loss to ~$11.8M. Cash stands at ~$23.4M, and a new $9M Clalit commitment anchors future FC sales.
Key Events · Earnings and Guidance · PLSM
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H1 Revenue Up 53%
Revenues reached NIS 6.1M (~$2M) for H1 2026, up from NIS 4M (~$1.3M) a year earlier, driven by higher Pulsenmore ES unit sales to Clalit and first-time revenue recognition of 300 Pulsenmore FC units.
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Loss Widens on Warrant Accounting
Net loss grew 51% to NIS 35M (~$11.8M), with NIS 14.3M (~$4.8M) in net financial expenses—mostly non-cash day-one losses and fair-value changes from the June 2026 private placement's pre-funded and ordinary warrants classified as liabilities.
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Cash Runway of ~$23.4M
Cash, equivalents, and short-term deposits totaled NIS 70M (~$23.4M) as of June 30, 2026. Management states this funds operations for at least 12 months, though continued losses may require additional capital.
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Clalit $9M FC Commitment
A January 2026 addendum with Clalit establishes an 18-month pilot followed by a 5-year minimum purchase commitment for Pulsenmore FC totaling $9M, providing a multi-year revenue floor in Israel.
Analysis · PLSM · Industrial Applications And Services
Pulsenmore's first-half results reveal accelerating commercial traction—revenue grew 53% to NIS 6.1M (~$2M) on higher Pulsenmore ES volume and first FC unit sales—but the bottom line swung to a NIS 35M (~$11.8M) loss, driven almost entirely by NIS 14.3M (~$4.8M) in non-cash financial expenses from the June private placement's warrant liability accounting. The company holds NIS 70M (~$23.4M) in cash and deposits, which management states funds operations for at least 12 months. The stock trades near its 52-week low at $2.58, well below the $4.80 warrant exercise price from the June placement, meaning the ordinary warrants are currently out of the money and the pre-funded warrant liability reflects the depressed share price. The Clalit addendum adds a $9M minimum purchase commitment over 5 years for the FC product, providing a revenue floor in Israel while U.S. commercialization ramps.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 29.9% of the 1594 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.24%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PLSM was trading at $2.58 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $16.7M. The 52-week trading range was $2.53 to $12.97. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.