You forgot the multiline modifier (and you should not use the singleline modifier; also the case-insensitive modifier is unnecessary as well as the ungreedy modifier):
preg_match_all("/^#(.*)$/m",$text,$m);
Explanation:
/m
allows the^
and$
to match at the start/end of lines, not just the entire string (which you need here)/s
allows the dot to match newlines (which you don’t want here)/i
turns on case-insensitive matching (which you don’t need here)/U
turns on ungreedy matching (which doesn’t make a difference here because of the anchors)
$text = "1st line\n#test line this \nline #new line\naaaa #aaaa\nbbbbbbbbbbb#\ncccccccccccc\n#ddddddddd";
preg_match_all("/^#(.*)$/m",$text,$m);
print_r($m[0]);
Results:
[0] => #test line this
[1] => #ddddddddd