Picard Medical, Inc. Financials
This page shows Picard Medical, Inc. (PMI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Picard Medical, Inc. has an operating margin of -279.3%, meaning the company retains $-279 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.
Picard Medical, Inc. has elevated debt relative to equity (D/E of 4.95), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.
Picard Medical, Inc.'s current ratio of 1.11 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.
Picard Medical, Inc. generates a -712.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
For every $1 of reported earnings, Picard Medical, Inc. generates $0.58 in operating cash flow (-$15.7M OCF vs -$27.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Picard Medical, Inc. generated $4.7M in revenue in fiscal year 2025.
Picard Medical, Inc.'s EBITDA was -$13.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Picard Medical, Inc. reported -$27.0M in net income in fiscal year 2025.
Cash & Balance Sheet
Picard Medical, Inc. held $7.5M in cash against $0 in long-term debt as of fiscal year 2025.
Picard Medical, Inc. had 75M shares outstanding in fiscal year 2025.
Margins & Returns
Picard Medical, Inc.'s gross margin was 27.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Picard Medical, Inc.'s operating margin was -279.3% in fiscal year 2025, reflecting core business profitability.
Picard Medical, Inc.'s net profit margin was -568.9% in fiscal year 2025, showing the share of revenue converted to profit.
Picard Medical, Inc.'s ROE was -712.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Picard Medical, Inc. invested $3.0M in research and development in fiscal year 2025.
PMI Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.2M-44.3% | $2.1M | N/A | N/A | $881K+26.9% | $694K | N/A |
| Cost of Revenue | $1.3M-41.7% | $2.3M | N/A | N/A | $1.6M+44.4% | $1.1M | N/A |
| Gross Profit | -$130K-2.4% | -$127K | N/A | N/A | -$673K-76.2% | -$382K | N/A |
| R&D Expenses | $951K+28.0% | $743K | N/A | N/A | $961K+2.2% | $940K | N/A |
| SG&A Expenses | $2.4M-9.2% | $2.7M | N/A | N/A | $2.8M+12.3% | $2.5M | N/A |
| Operating Income | -$3.5M+1.0% | -$3.5M | N/A | N/A | -$4.4M-16.2% | -$3.8M | N/A |
| Interest Expense | N/A | $2.4M | N/A | N/A | N/A | $172K | N/A |
| Income Tax | $0 | N/A | N/A | N/A | $0 | N/A | N/A |
| Net Income | -$10.4M-55.1% | -$6.7M-20.9% | -$5.6M | N/A | -$6.2M-53.0% | -$4.1M-107.6% | -$2.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PMI Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|
| Total Assets | $13.5M+15.5% | $11.7M | N/A | $12.1M | N/A | N/A | N/A |
| Current Assets | $11.6M+20.2% | $9.6M | N/A | $9.8M | N/A | N/A | N/A |
| Cash & Equivalents | $2.8M+586.1% | $410K | N/A | $96K | N/A | $78K | N/A |
| Inventory | $6.6M-6.3% | $7.0M | N/A | $8.1M | N/A | N/A | N/A |
| Accounts Receivable | N/A | $1.3M | N/A | $513K | N/A | N/A | N/A |
| Goodwill | $615K0.0% | $615K | N/A | $615K | N/A | N/A | N/A |
| Total Liabilities | $5.6M-91.6% | $66.2M | N/A | $56.1M | N/A | N/A | N/A |
| Current Liabilities | $5.4M-88.2% | $45.6M | N/A | $35.3M | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $8.0M+114.6% | -$54.5M-11.4% | -$48.9M-11.2% | -$44.0M-24.3% | -$35.4M-19.4% | -$29.6M-15.0% | -$25.8M |
| Retained Earnings | -$72.6M-16.8% | -$62.1M | N/A | -$49.8M | N/A | N/A | N/A |
PMI Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.5M | N/A | N/A | N/A | -$2.6M | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $8.9M | N/A | N/A | N/A | $2.5M | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PMI Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -10.9%-5.0pp | -6.0% | N/A | N/A | -76.4%-21.4pp | -55.0% | N/A |
| Operating Margin | -293.8%-128.5pp | -165.2% | N/A | N/A | -504.4%+46.6pp | -551.0% | N/A |
| Net Margin | -878.4%-562.8pp | -315.5% | N/A | N/A | -704.4%-119.9pp | -584.6% | N/A |
| Return on Equity | -130.8% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -77.1%-19.7pp | -57.5% | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 2.16+1.9 | 0.21 | N/A | 0.28 | N/A | N/A | N/A |
| Debt-to-Equity | 0.70+1.9 | -1.21 | N/A | -1.28 | N/A | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Picard Medical, Inc.'s annual revenue?
Picard Medical, Inc. (PMI) reported $4.7M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Picard Medical, Inc. profitable?
No, Picard Medical, Inc. (PMI) reported a net income of -$27.0M in fiscal year 2025, with a net profit margin of -568.9%.
What is Picard Medical, Inc.'s EBITDA?
Picard Medical, Inc. (PMI) had EBITDA of -$13.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Picard Medical, Inc.'s gross margin?
Picard Medical, Inc. (PMI) had a gross margin of 27.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Picard Medical, Inc.'s operating margin?
Picard Medical, Inc. (PMI) had an operating margin of -279.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Picard Medical, Inc.'s net profit margin?
Picard Medical, Inc. (PMI) had a net profit margin of -568.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Picard Medical, Inc.'s return on equity (ROE)?
Picard Medical, Inc. (PMI) has a return on equity of -712.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Picard Medical, Inc.'s operating cash flow?
Picard Medical, Inc. (PMI) generated -$15.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Picard Medical, Inc.'s total assets?
Picard Medical, Inc. (PMI) had $22.5M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Picard Medical, Inc. spend on research and development?
Picard Medical, Inc. (PMI) invested $3.0M in research and development during fiscal year 2025.
What is Picard Medical, Inc.'s current ratio?
Picard Medical, Inc. (PMI) had a current ratio of 1.11 as of fiscal year 2025, which is considered adequate.
What is Picard Medical, Inc.'s debt-to-equity ratio?
Picard Medical, Inc. (PMI) had a debt-to-equity ratio of 4.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Picard Medical, Inc.'s return on assets (ROA)?
Picard Medical, Inc. (PMI) had a return on assets of -119.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Picard Medical, Inc.'s cash runway?
Based on fiscal year 2025 data, Picard Medical, Inc. (PMI) had $7.5M in cash against an annual operating cash burn of $15.7M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Are Picard Medical, Inc.'s earnings high quality?
Picard Medical, Inc. (PMI) has an earnings quality ratio of 0.58x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Picard Medical, Inc.?
Picard Medical, Inc. (PMI) scores 5 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.