$PLSM

Pulsenmore Ltd.

CIK:0002064764|SEC Filings

Consolidated Statements of Comprehensive Loss
₪ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2025

ILS (₪)

₪ / shares

Dec. 31, 2024

ILS (₪)

₪ / shares

Dec. 31, 2023

ILS (₪)

₪ / shares

Profit or loss [abstract]

Revenues

$ 2,973

₪ 9,484

₪ 9,661

₪ 6,188

Revenues from settlement agreement with GEHC (*)

^[1]

9,574

30,540

Total revenues

12,547

40,024

9,661

6,188

Cost of revenues

1,988

6,342

6,084

3,987

Gross profit

10,559

33,682

3,577

2,201

Research and development expenses, net

5,439

17,350

20,130

31,399

Sales and marketing expenses

3,704

11,815

10,318

9,434

General and administrative expenses

5,230

16,681

15,344

16,954

Operating loss

3,814

12,164

42,215

55,586

Financial expenses

2,265

7,225

540

16,206

Financial income

(1,109)

(3,537)

(5,963)

(13,352)

Financial expenses (income), net

1,156

3,688

(5,423)

2,854

Loss before income tax

4,970

15,852

36,792

58,440

Provision (benefit) for income tax

^[2]

(56)

127

Net loss and comprehensive loss

$ 4,970

₪ 15,853

₪ 36,736

₪ 58,567

Loss per ordinary share - basic | (per share)

$ 0.77

₪ 2.46

₪ 5.76

₪ 9.12

Loss per ordinary share - diluted | (per share)

$ 0.77

₪ 2.46

₪ 5.76

₪ 9.12

[1]	Including an amount of NIS 7.1 million (approximately $2.2 million) was recognized as revenues from the (1) cancellation of orders placed by GEHC to the Company for 15,000 units Pursuant to the Settlement Agreement and (2) due to the termination of the Component Agreement.
[2]	Less than $1 thousand

Consolidated Statements of Cash Flows ₪ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 ILS (₪)	Dec. 31, 2024 ILS (₪)	Dec. 31, 2023 ILS (₪)
Statement of cash flows [abstract]
Net cash used in operating activities	$ (10,306)	₪ (32,876)	₪ (41,461)	₪ (49,664)
Cash Flows from Investing Activities
Purchase of property and equipment	(42)	(135)	(509)	(3,926)
Proceeds from short-term deposits	3,328	10,617	51,419	53,780
Interest received	1,055	3,366	7,671	6,853
Net cash provided by investing activities, net	4,341	13,848	58,581	56,707
Cash Flows from Financing Activities
Exercise of options	8	25	3	2
Payment to the Israel Innovation Authority	(124)	(397)	(108)	(297)
Receipt of grants from Israel Innovation Authority	539	1,718		492
Principal portion of lease payments	(369)	(1,177)	(1,167)	(994)
Interest portion of lease payments	(52)	(165)	(292)	(347)
Net cash provided by (used in) financing activities	2	4	(1,564)	(1,144)
Increase (decrease) in cash and cash equivalents	(5,963)	(19,024)	15,556	5,899
Cash and cash equivalents at beginning of the year	12,906	41,170	23,869	15,368
Exchange differences on cash and cash equivalents	(170)	(542)	1,745	2,602
Cash and cash equivalents at end of the year	6,773	21,604	41,170	23,869
Net loss	(4,970)	(15,853)	(36,736)	(58,567)
Adjustments for:
Depreciation and amortization	879	2,804	2,852	2,403
Share-based compensation	209	667	1,388	3,279
Financial expenses (income)	(458)	(1,461)	(4,871)	9,254
Exchange differences	1,574	5,020	(552)	(6,425)
Adjustments for profit loss	2,204	7,030	(1,183)	8,511
Changes in operating asset and liability items:
Decrease (increase) in trade receivables	(74)	(235)	(2,947)	8,965
Decrease (increase) in other receivables	(48)	(154)	135	1,463
Decrease (increase) in inventory	991	3,162	598	(9,441)
Decrease in trade payables	(119)	(379)	(2,565)	(936)
Increase (decrease) in other payables and accruals	197	627	1,120	(62)
Increase (decrease) in contract liabilities	(8,493)	(27,092)		157
Increase in liability of share-based compensation	6	18	117	246
Changes in operating asset and liability items, net	(7,540)	(24,053)	(3,542)	392
Supplemental information on non-cash transactions:
Changes in right-of-use asset and lease liabilities	$ 148	₪ 473	₪ (244)	₪ 119

Consolidated Statements of Financial Position ₪ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 ILS (₪)	Dec. 31, 2024 ILS (₪)
CURRENT ASSETS
Cash and cash equivalents	$ 6,773	₪ 21,604	₪ 41,170
Short-term bank deposits	14,900	47,531	62,853
Restricted deposits	44	140	140
Trade receivables	1,300	4,144	3,909
Other receivables	436	1,391	1,237
Inventory - current portion	2,067	6,593	23,092
Total current assets	25,520	81,403	132,401
NON-CURRENT ASSETS
Inventory - non-current portion	4,181	13,337
Right-of-use assets	403	1,285	1,780
Property and equipment, net	1,825	5,822	7,645
Total non-current assets	6,409	20,444	9,425
Total assets	31,929	101,847	141,826
CURRENT LIABILITIES
Trade payables	621	1,980	2,359
Other payables and accruals	1,382	4,407	3,780
Contract liabilities	294	938	5,133
Share-based compensation liability	87	276	1,458
Current maturities of liability for royalties to the Israel Innovation Authority	534	1,705	532
Current maturities of lease liabilities	321	1,023	999
Total current liabilities	3,239	10,329	14,261
Total current liabilities	3,239	10,329	14,261
NON-CURRENT LIABILITIES
Contract liabilities			22,897
Share-based compensation liability, net of current maturities			164
Liability for royalties to the Israel Innovation Authority, net of current maturities	2,472	7,886	6,497
Lease liabilities, net of current maturities	170	542	1,120
Total non-current liabilities	2,642	8,428	30,678
Total non-current liabilities	2,642	8,428	30,678
Total liabilities	5,881	18,757	44,939
EQUITY
Ordinary shares	1	2	2
Share premium	80,294	256,137	253,205
Capital reserve	3,164	10,092	10,968
Accumulated deficit	(57,411)	(183,141)	(167,288)
Total equity	26,048	83,090	96,887
Total liabilities and equity	$ 31,929	₪ 101,847	₪ 141,826