10-Q · May 15, 2026
PMI reported a strong revenue growth of 85% year-over-year for Q1 2026, reaching $1.15 million, boosted by U.S. sales. However, the company incurred a net loss of $7.6 million, which reflects ongoing operational…
Earnings analysis · 10-Q
PMI earnings analysis
Filed August 19, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q does not provide current-period revenue, margins, EPS, balance-sheet figures, cash flow, segment results, or quantitative guidance, so operating performance cannot be assessed from the available text.…
Read full summary
The extracted 10-Q does not provide current-period revenue, margins, EPS, balance-sheet figures, cash flow, segment results, or quantitative guidance, so operating performance cannot be assessed from the available text. The key developments are 2 continuing material weaknesses in internal controls, a conditional NYSE compliance process tied to $3.8 million of stockholders’ equity and losses in 3 of the 4 most recent fiscal years, and newly amended securities litigation. Overall sentiment is bearish because listing, financing, reporting-control, and litigation risks remain material despite acceptance of the compliance plan.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Internal-control remediation continues
Management continued its remediation plan as of June 30, 2026, including hiring additional accounting personnel and implementing multiple-level reviews over financial reporting.
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Litigation claims were amended
The amended securities complaint filed on July 28, 2026, dropped claims under Sections 10(b) and 20(a) and instead asserted Sections 11 and 15 claims regarding alleged omissions in the IPO registration statement.
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NYSE compliance plan accepted
On July 22, 2026, NYSE American accepted PMI’s compliance plan, providing a path to regain compliance by November 8, 2027.
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Warrant exchange completed
PMI exchanged existing HT Warrants for warrants to purchase 200,000 common shares at an exercise price of $17.50 per share, with a five-year term.
What to watch
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Continuing material weaknesses
Disclosure controls were deemed ineffective as of June 30, 2026 because of 2 continuing material weaknesses: limited segregation of duties and the lack of a formal multilevel review process. Management stated that a material misstatement could fail to be prevented or detected on a timely basis.
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Conditional continued listing
PMI reported stockholders’ equity of $3.8 million as of December 31, 2025 and net losses in 3 of its 4 most recent fiscal years, leading to the NYSE Section 1003(a)(ii) deficiency. Although the plan was accepted on July 22, 2026, compliance remains subject to quarterly reviews and the November 8, 2027 deadline.
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Unquantified securities litigation
The amended securities class action filed July 28, 2026 alleges material omissions in the IPO registration statement concerning market-structure or stock-price-manipulation risks. The company said the case is at an early stage and that it cannot reasonably estimate a possible loss or range of loss.
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Potential financing impact from delisting
The filing states that delisting could reduce liquidity, limit market quotations and analyst coverage, and decrease PMI’s ability to obtain additional financing. These consequences would apply if PMI cannot list its securities on another national exchange.
Management's outlook
No quantitative revenue or EPS guidance was provided in the extracted 10-Q text; outlook was not disclosed.
Earlier filings 4
10-K · May 14, 2026
Picard Medical, Inc. reported mixed financial performance for 2025. Revenue indicated slight growth, with Q4 2025 revenue at $1 million, a 40.7% increase in gross margin compared to Q3, while the diluted EPS turned…
10-K · March 30, 2026
Picard Medical reported $1,009,000 of revenue for the year ended December 31, 2025 and a GAAP loss per share of $0.058. The company emphasizes its unique commercial position as the only TAH approved in the U.S. and…
10-Q · September 12, 2025
Picard Medical (PMI) reported total revenue of $2,131,000 for the quarter (reported as $2,131 in the filing, in thousands), up from $694,000 in Q2 2024, but still produced a quarterly gross loss of $127,000 and a net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.