The 53% revenue growth and early U.S. commercialization signal progress, but the widening net loss and flat operating loss indicate the company is still pre-profitability with cash burn around $5.9M per half. The $23.4M cash runway appears adequate for 12+ months. Watch for U.S. revenue conversion from the Clalit FC agreement ($9M over 5 years) and whether the dilutive warrant overhang (up to 1.56M additional shares at $4.80) gets exercised. The post-period AI grants ($1.67M) are modest but add non-dilutive capital. The key catalyst is scale in the U.S. market; monitor the next 10-K for revenue trajectory and cash runway updates.
Price Chart
Executive Summary
Pulsenmore reported H1 2026 results via a 6-K filing, showing revenue grew 53% YoY to $2M, but the net loss widened 51% to $11.8M, driven by a $4M accounting charge from a dilutive $7.5M private placement completed in June. The company is commercially launching in the U.S. post-FDA approval and secured $1.67M in AI grants, but the core operating loss was essentially flat at $7M with cash burn persisting.
Key Facts
- H1 2026 revenue: $2.0M (NIS 6.08M), up 53% YoY from $1.3M (NIS 4.0M)
- H1 2026 net loss: $11.8M (NIS 35.1M), up 51% from $7.7M (NIS 23.2M) YoY
- Operating loss nearly flat at $7.0M vs $6.9M YoY
- Private placement closed June 2026: gross proceeds of $7.5M (NIS 22.5M) from 1.56M pre-funded warrants and 1.56M ordinary warrants
- Day-one accounting charge from private placement: $4M (NIS 12M) recognized as financial expense
- Cash + short-term deposits at June 30, 2026: $23.4M (NIS 69.8M)
- Cash used in operations: $5.9M vs $5.2M in prior period
- FDA marketing authorization for home ultrasound received Oct 2025; first U.S. commercial agreements signed Jan 2026
- Clalit Health Services FC supply agreement: $9M minimum over 5 years after 18-month pilot
- AI grants from Israel Innovation Authority totalling NIS 5M ($1.67M) approved post-period
- Sold approx 4,265 devices in H1 2026
Financial Impact
Revenue grew $0.7M (53%) to $2.0M, but net loss widened $4.1M (51%) to $11.8M, largely due to a non-cash accounting charge on warrant classification. Operating cash burn $5.9M.
Risk Factors
- Still pre-profitability with growing net losses; cash burn rate may require additional equity raises in 12-18 months
- Dilution risk from 1.56M pre-funded warrants (exercisable at $0.0001) and 1.56M ordinary warrants ($4.80 strike)
- Geopolitical risk from Israel security situation; executive offices and production in Israel
- Nasdaq dual-listing adds compliance costs and potential delisting risk if share price falls below minimums
- U.S. commercial adoption is early and unproven at scale
- Supply chain disruption risks from Middle East tensions (Strait of Hormuz closure cited)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-040728 |
| Exhibit: ex99-3.htm | 0001493152-26-040728 |
| Exhibit: ex99-2.htm | 0001493152-26-040728 |
| Document: form6-k.htm | 0001493152-26-040728 |
| Document: 0001493152-26-040728-index-headers.html | 0001493152-26-040728 |
| Document: 0001493152-26-040728-index.html | 0001493152-26-040728 |
| Document: 0001493152-26-040728.txt | 0001493152-26-040728 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 6-K | $1.90 | awaiting T+20 | — | $1.79 (−5.79%) |
Oct 8, 2026 19d ago | SC 13G | $1.85 | awaiting T+20 | — | $1.79 (−3.24%) |
Sep 17, 2026 5w ago | 6-K | $2.42 $1.81 | ▼ −25.21% | ▼ −26.41% | $1.79 (−26.03%) |
Sep 8, 2026 7w ago | 6-K | $2.46 $2.16 | ▼ −12.20% | ▼ −13.91% | $1.79 (−27.24%) |
Sep 2, 2026 7w ago | EFFECT | $2.55 $2.22 | ▲ +12.94% | ▲ +12.86% | $1.79 (+29.80%) |
Aug 31, 2026 8w ago | 6-K | $2.62 $2.19 | ▼ −16.41% | ▼ −16.22% | $1.79 (−31.68%) |
Aug 19, 2026 9w ago | 6-K | $3.01 $2.42 | ▼ −19.60% | ▼ −18.76% | $1.79 (−40.53%) |
Aug 17, 2026 10w ago | 6-K | $2.89 $2.41 | ▼ −16.61% | ▼ −14.63% | $1.79 (−38.06%) |
Jul 13, 2026 15w ago | 6-K | $3.62 $3.26 | ▼ −9.94% | ▼ −13.13% | $1.79 (−50.55%) |
Jul 13, 2026 15w ago | EFFECT | $3.62 $3.26 | ▼ −9.94% | ▼ −13.13% | $1.79 (−50.55%) |
US Market Status
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