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. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Picard Medical’s recent reset shows a business supported by financing while core operations still burn cash.
Between FY2024 and FY2025, cash availability improved and equity turned positive, but the repair was financed rather than earned: financing cash flow reached$27.1M while operating cash flow remained deeply negative. That same recapitalization shows up in shares outstanding rising from 7.9M to 73.7M, meaning the balance-sheet improvement came from new capital rather than the business starting to fund itself.
Core unit economics are still upside down because cost of revenue exceeded sales in both FY2024 and FY2025, so additional revenue is not yet helping cover overhead. Even after some operating-cost discipline, SG&A plus R&D was roughly
Short-term liquidity moved from acute strain to a more workable position, with the current ratio improving from 0.3x to 1.1x. Still, inventory dependence matters: inventory was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Picard Medical, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Picard Medical, Inc. has an operating margin of -268.4%, meaning the company retains $-268 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from -312.3% the prior year.
Picard Medical, Inc.'s revenue grew 12.5% year-over-year to $4.9M, a solid pace of expansion. This earns a growth score of 71/100.
Picard Medical, Inc. has a moderate D/E ratio of 0.70. This balance of debt and equity financing earns a leverage score of 54/100.
Picard Medical, Inc.'s current ratio of 2.16 indicates adequate short-term liquidity, earning a score of 61/100. The company can meet its near-term obligations, though with limited headroom.
Picard Medical, Inc. generates a -338.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 3/100.
Picard Medical, Inc. scores -8.86, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($9.0M) relative to total liabilities ($5.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Picard Medical, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
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 $4.9M in revenue in fiscal year 2025. This represents an increase of 12.5% from the prior year.
Picard Medical, Inc.'s EBITDA was -$13.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.9% from the prior year.
Picard Medical, Inc. reported -$27.0M in net income in fiscal year 2025. This represents a decrease of 28.2% from the prior year.
Picard Medical, Inc. earned $-0.75 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Picard Medical, Inc. held $2.8M in cash against $0 in long-term debt as of fiscal year 2025.
Picard Medical, Inc. had 74M shares outstanding in fiscal year 2025.
Margins & Returns
Picard Medical, Inc.'s gross margin was -4.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.6 percentage points from the prior year.
Picard Medical, Inc.'s operating margin was -268.4% in fiscal year 2025, reflecting core business profitability. This is up 43.9 percentage points from the prior year.
Picard Medical, Inc.'s net profit margin was -546.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 67.1 percentage points from the prior year.
Picard Medical, Inc.'s ROE was -338.9% 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. This represents a decrease of 9.8% from the prior year.
PMI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M+14.8% | $1.0M-15.6% | $1.2M-44.3% | $2.1M+243.7% | $620K | N/A | $881K+26.9% | $694K |
| Cost of Revenue | $875K+48.1% | $591K-55.1% | $1.3M-41.7% | $2.3M+130.9% | $978K | N/A | $1.6M+44.4% | $1.1M |
| Gross Profit | $275K-33.1% | $411K+416.2% | -$130K-2.4% | -$127K+64.5% | -$358K | N/A | -$673K-76.2% | -$382K |
| R&D Expenses | $1.9M+246.4% | $547K-42.5% | $951K+28.0% | $743K-8.0% | $808K | N/A | $961K+2.2% | $940K |
| SG&A Expenses | $2.9M+0.8% | $2.9M+19.2% | $2.4M-9.2% | $2.7M+27.5% | $2.1M | N/A | $2.8M+12.3% | $2.5M |
| Operating Income | -$4.5M-50.2% | -$3.0M+13.9% | -$3.5M+1.0% | -$3.5M-8.5% | -$3.2M | N/A | -$4.4M-16.2% | -$3.8M |
| Interest Expense | N/A | N/A | N/A | $2.4M | N/A | N/A | N/A | $172K |
| Income Tax | $0 | N/A | $0 | N/A | $31K | N/A | $0 | N/A |
| Net Income | -$7.6M-77.5% | -$4.3M+58.8% | -$10.4M-55.1% | -$6.7M-20.9% | -$5.6M | N/A | -$6.2M-53.0% | -$4.1M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PMI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.2M-50.2% | $22.5M+66.8% | $13.5M+15.5% | $11.7M | N/A | $12.1M | N/A | N/A |
| Current Assets | $9.5M-54.1% | $20.7M+78.9% | $11.6M+20.2% | $9.6M | N/A | $9.8M | N/A | N/A |
| Cash & Equivalents | $121K-98.4% | $7.5M+164.9% | $2.8M+586.1% | $410K | N/A | $96K | N/A | $78K |
| Inventory | $7.4M+1.9% | $7.3M+11.5% | $6.6M-6.3% | $7.0M | N/A | $8.1M | N/A | N/A |
| Accounts Receivable | $596K-4.3% | $623K | N/A | $1.3M | N/A | $513K | N/A | N/A |
| Goodwill | $615K0.0% | $615K0.0% | $615K0.0% | $615K | N/A | $615K | N/A | N/A |
| Total Liabilities | $12.7M-32.5% | $18.8M+237.8% | $5.6M-91.6% | $66.2M | N/A | $56.1M | N/A | N/A |
| Current Liabilities | $12.7M-32.3% | $18.7M+247.9% | $5.4M-88.2% | $45.6M | N/A | $35.3M | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$1.4M-138.2% | $3.8M-52.4% | $8.0M+114.6% | -$54.5M-11.4% | -$48.9M-11.2% | -$44.0M-24.3% | -$35.4M-19.4% | -$29.6M |
| Retained Earnings | -$84.5M-9.9% | -$76.8M-5.9% | -$72.6M-16.8% | -$62.1M | N/A | -$49.8M | N/A | N/A |
PMI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.8M+13.2% | -$4.4M+32.8% | -$6.5M-156.4% | -$2.5M-13.4% | -$2.2M+28.9% | -$3.2M-20.9% | -$2.6M | N/A |
| Capital Expenditures | $26K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Free Cash Flow | -$3.8M | N/A | N/A | N/A | -$2.2M | N/A | N/A | N/A |
| Investing Cash Flow | -$26K | N/A | N/A | N/A | $0 | $0 | N/A | N/A |
| Financing Cash Flow | -$7.5M-157.8% | $13.0M+45.5% | $8.9M+292.8% | $2.3M-19.6% | $2.8M-12.3% | $3.2M+27.9% | $2.5M | N/A |
| Dividends Paid | N/A | 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 | N/A |
PMI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.9%-17.1pp | 41.0%+52.0pp | -10.9%-5.0pp | -6.0%+51.8pp | -57.7% | N/A | -76.4%-21.4pp | -55.0% |
| Operating Margin | -392.3%-92.6pp | -299.7%-5.9pp | -293.8%-128.5pp | -165.2%+358.3pp | -523.5% | N/A | -504.4%+46.6pp | -551.0% |
| Net Margin | -662.3%-234.0pp | -428.2%+450.1pp | -878.4%-562.8pp | -315.5%+581.4pp | -896.9% | N/A | -704.4%-119.9pp | -584.6% |
| Return on Equity | N/A | -113.2%+17.6pp | -130.8% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -67.9%-48.8pp | -19.0%+58.1pp | -77.1%-19.7pp | -57.5% | N/A | N/A | N/A | N/A |
| Current Ratio | 0.75-0.4 | 1.11-1.0 | 2.16+1.9 | 0.21 | N/A | 0.28 | N/A | N/A |
| Debt-to-Equity | N/A | 4.95+4.3 | 0.70 | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -332.7% | N/A | N/A | N/A | -361.4% | 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 $4.9M in total revenue for fiscal year 2025. This represents a 12.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Picard Medical, Inc.'s revenue growing?
Picard Medical, Inc. (PMI) revenue grew by 12.5% year-over-year, from $4.4M to $4.9M in fiscal year 2025.
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 -546.6%.
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 -4.1% 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 -268.4% 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 -546.6% 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 -338.9% 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 $13.5M 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 2.16 as of fiscal year 2025, which is generally considered healthy.
What is Picard Medical, Inc.'s debt-to-equity ratio?
Picard Medical, Inc. (PMI) had a debt-to-equity ratio of 0.70 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 -199.7% 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 $2.8M in cash against an annual operating cash burn of $15.7M. This gives an estimated cash runway of approximately 2 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.
What is Picard Medical, Inc.'s Altman Z-Score?
Picard Medical, Inc. (PMI) has an Altman Z-Score of -8.86, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Picard Medical, Inc.'s Piotroski F-Score?
Picard Medical, Inc. (PMI) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
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 37 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.