Picard Medical, Inc.

Listed Company

PMICIK 0002030617NYSEEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareGBFY ends Dec 31

Period

FY 2025

Revenue

$4.94M

Net Income

$-27.00M

Total Assets

$22.55M

Equity

$3.79M

Shares Out

75.18M

Op. Cash Flow

$-15.67M

Business

Picard Medical, Inc. is a foreign private issuer in Surgical & Medical Instruments & Apparatus, headquartered in the United Kingdom. Shares trade on NYSE under the ticker PMI.

Auto-generated from company profile

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Revenues	5	4
Cost of revenues	5	5
Gross loss	−204,000	−112,000
Research and development	3	3
Selling, general and administrative	10	10
Total operating expenses	13	14
Operating loss	−13	−14
Derivative loss	−7	−4
Interest expense	−5	−3
Change in fair values of senior secured note and warrant liabilities	1	0
Financing charges	−2	0
Other expense, net	−14	−7
Loss before income taxes	−27	−21
Provision (benefit) for income taxes	35,000	−15,000
Net loss	−27	−21
Undeclared Series A-1 preferred dividends	0	−3
Net loss attributable to common stockholders	−27	−24
Net loss per sharebasic and diluted (in dollars per share)	−0.75	−2.99
Weighted average common shares outstandingbasic and diluted (in shares)	36	8
Foreign currency translation adjustments, net of tax	−50,000	−15,000
Comprehensive loss	−27	−21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	7	96,000	—
Restricted cash	4	0	—
Inventories, net	7	8	—
Prepaid expenses and other current assets	1	955,000	—
Total current assets	21	10	—
Property and equipment, net	183,000	227,000	—
Finance lease right-of-use assets, net	152,000	177,000	—
Operating lease right-of-use assets, net	363,000	700,000	—
Intangible assets, net	509,000	596,000	—
Goodwill	615,000	615,000	—
Total assets	23	12	—
Accounts payable	2	5	—
Current portion of finance lease liability	77,000	63,000	—
Current portion of operating lease liability	386,000	371,000	—
Convertible notes payable, net	0	15	—
Senior secured note	5	0	—
Accrued interest	6,000	761,000	—
Other accrued liabilities	2	2	—
Total current liabilities	19	35	—
Finance lease liability, net of current portion	30,000	96,000	—
Operating lease liability, net of current portion	34,000	421,000	—
Total liabilities	19	36	—
Commitments and contingencies (Note 7)	—	—	—
Preferred stock, $0.0001 par value; 30,000,000 shares authorized; 0 and 18,406,857 Series A-1 issued and outstanding as of December 31, 2025 and 2024, respectively; liquidation value $0 and $25,405 as of December 31, 2025 and 2024, respectively	0	20	—
Common stock, $0.0001 par value; 150,000,000 shares authorized; 73,701,176 and 9,286,235 shares issued as of December 31, 2025 and 2024, respectively, of which 73,701,176 and 7,943,585 are outstanding as of December 31, 2025 and 2024, respectively	7,000	1,000	—
Additional paid-in capital	80	6	—
Accumulated other comprehensive income	228,000	278,000	—
Accumulated deficit	−77	−50	—
Stockholders equity (deficit)	4	−44	−24
Total liabilities, temporary equity and stockholders equity (deficit)	23	12	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Depreciation and amortization	163,000	226,000
Amortization of right of use asset	349,000	318,000
Amortization of discount on debt issued	5	2
Derivative loss	7	4
Provision for excess and obsolete inventory	423,000	108,000
Stock-based compensation	754,000	886,000
Accounts receivable	−120,000	116,000
Inventories	390,000	−1
Prepaid expenses and other assets	−250,000	−72,000
Accounts payable	−3	2
Accrued expenses and other liabilities	361,000	350,000
Operating lease obligation	−372,000	−311,000
Net cash used in operating activities	−16	−12
Cash flows from investing activities:	—	0
Proceeds from loans from related parties	4	9
Payments to loans from related parties	−8	−1
Proceeds from notes payable	14	0
Financing costs paid	−1	0
Proceeds from issuance of convertible notes	2	4
Repayment of convertible notes	−25,000	0
Proceeds from issuance of Common Stock	15	0
Proceeds from subscription of Common Stock	2	0
Repayment of finance lease obligations	−72,000	−56,000
Net cash provided by financing activities	27	12
Net increase (decrease) in cash, cash equivalents and restricted cash	11	−148,000
Effect of exchange rate changes on cash and cash equivalents	−50,000	−15,000
Cash paid for interest	259,000	1,000
Cash paid for income taxes	4,000	0
Right of use assets acquired under finance leases	19,000	203,000
Write-off of related party receivable	112,000	0
Right of use assets acquired under operating leases	0	43,000
Reclassification of plant, property and equipment from right of use assets acquired under operating leases	32,000	0
Interest added to principal on convertible notes	0	56,000
Derivative liability recognized on issuance of convertible notes	4	2
Conversion of convertible note and accrued interest to common stock	18	0
Derecognition of derivative liability upon conversion of convertible notes	18	0

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