Picard Medical, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsPicard Medical, Inc. is a Tucson-based medical device company listed on NYSE American that is burning cash rapidly and faces a going-concern risk.
What they do
Picard Medical develops and sells surgical and medical instruments and apparatus. The company's operations are focused on its wholly-owned subsidiary. It generates revenue from product sales, though the 10-K/A excerpt does not specify the exact product lines.
Revenue drivers
- Product sales (unspecified segments) — Total annual revenue was $4.4M in 2024 and $4.9M in 2025. Quarterly revenue varied from $2.1M (June 2025) to $1.0M (December 2025), indicating no single dominant disclosed segment.
Recent performance
Revenue for full-year 2025 was $4.9M, up from $4.4M in 2024. Net loss widened to $27.0M in 2025 from $21.1M in 2024. Quarterly revenue fell from $2.1M in June 2025 to $1.0M in December 2025, and was $1.1M in March 2026. Operating cash flow was negative $15.7M in 2025. As of March 31, 2026, cash was only $121,000, total assets were $11.2M, and shareholder equity was negative $1.4M.
Strategy
The 10-K/A amendment focuses on director compensation and does not detail business strategy. The 10-Q MD&A is not provided in the excerpts. Based on available filings, the company appears to be conserving cash and managing listing compliance. The recent 8-K events include listing-rule failure notices and governance changes, suggesting a focus on compliance and board stability.
Risks
- Liquidity crunch — Cash and equivalents were just $121,000 at March 31, 2026, with negative shareholder equity of $1.4M and ongoing operating cash outflows.
- Delisting risk — A July 27, 2026 8-K reported a delisting notice or listing-rule failure, which could lead to loss of listing on NYSE American.
- Declining quarterly revenue — Revenue dropped from $2.1M in mid-2025 to $1.0M in Q4 2025, indicating demand erosion or lumpiness.
- Going concern uncertainty — With cash below $0.2M and negative equity, the company may not have sufficient resources to fund operations for the next year.
Outlook
Management has not provided explicit forward guidance in the provided excerpts. The filing of amended Form 10-K and the series of 8-Ks indicate ongoing legal and governance actions, not business expansion. The company's immediate priorities likely revolve around securing liquidity and resolving the listing noncompliance. No revenue outlook is stated.