P
Picard Medical, Inc.
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
92.35M
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.
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Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 |
Filings
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Frequently asked questions
What is Picard Medical, Inc.'s CIK number?
Picard Medical, Inc.'s SEC CIK number is 0002030617 (2030617). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Picard Medical, Inc.'s SEC filings?
All of Picard Medical, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Picard Medical, Inc. last report earnings?
Picard Medical, Inc. (PMI) most recently filed an earnings 8-K with the SEC on May 21, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001829126-26-005568). This is Picard Medical, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Picard Medical, Inc.'s most recent earnings 8-K?
Picard Medical, Inc.'s latest earnings 8-K (Item 2.02) was filed May 21, 2026 under accession 0001829126-26-005568. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Picard Medical, Inc.'s latest earnings 8-K →
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