Every 10-Q that Picard Medical, Inc. (PMI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PMI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PMI filings page.
Picard Medical, Inc. (PMI) reported sharp topline growth but a severely weakened balance sheet for the six months ended June 30, 2026. Revenue rose to $4.1 million from $2.7 million, driven mainly by U.S. product sales and the addition of rental revenue, while gross profit improved to $0.9 million from a gross loss.
Operating expenses increased to $10.0 million, leading to a net loss of $13.3 million. Total assets fell to $9.2 million from $22.5 million, and cash and cash equivalents (including restricted cash) dropped from $11.5 million to $0.04 million. Management states there is substantial doubt about the company’s ability to continue as a going concern and indicates it must raise additional debt or equity financing to fund operations.
The company materially reduced its Senior Secured Note, cutting unpaid principal from $15.0 million to $1.4 million through cash repayments and share settlements, and exchanged certain warrants for new equity-classified warrants. Revenue remains highly concentrated in one customer, and PMI also discloses an ongoing securities class action under the Securities Act of 1933, which it plans to defend.
Picard Medical, Inc. (PMI) reported Q3 2025 results showing modest revenue growth but continued losses and a going concern warning. Quarterly revenue was $1.187 million, up from $0.881 million a year ago, with products driving most sales. Gross loss narrowed to $0.130 million from $0.673 million as product costs improved.
Operating loss was $3.487 million. Other expense rose sharply on interest and derivative impacts, leading to a net loss of $10.426 million for the quarter. For the nine months, revenue reached $3.931 million versus $3.555 million last year, with a net loss of $22.711 million.
The balance sheet shifted after the September 2, 2025 IPO and note conversions: derivative liabilities fell to $0 from $6.759 million and total liabilities dropped to $5.553 million from $35.842 million at year-end. Cash increased to $2.813 million from $0.096 million, aided by $17.4 million of net common stock proceeds and debt activity. Shares outstanding were 73,701,176 as of November 10, 2025. Management states there is substantial doubt about the company’s ability to continue as a going concern without additional financing.