PMI Picard Medical, Inc.
Price Chart
Executive Summary
Picard Medical reported Q1 2026 revenue of $1.2M (85% YoY growth), gross profit turned positive at $0.3M (24% margin vs -58% a year ago), but net loss widened to $7.6M including non-cash charges. The company reduced debt significantly but received a second NYSE American non-compliance notice for stockholders' equity deficit of $(1.4)M, with a compliance plan due by June 7, 2026.
Key Financial Metrics
Actionable Insight
The revenue miss vs consensus and deepening stockholders' equity deficit with a second NYSE non-compliance notice are the primary bearish signals. Monitor the June 7 compliance plan deadline and any further equity dilution from the warrant exchange or additional offerings. The May 2026 $5M offering provides near-term cash but does not resolve the listing risk.
Key Facts
- Revenue grew 85% YoY to $1.2M, product revenue up 54% to $0.9M, Freedom Driver rental revenue grew to $0.2M from $7,000
- Gross profit turned positive at $0.3M (24% margin) vs gross loss of $0.4M (-58%) in Q1 2025
- Net loss was $7.6M, including significant non-cash charges related to debt settlement and fair value adjustments
- Repaid ~$7.4M of senior secured note principal in cash, settled $2.1M via 1.4M shares, reduced related-party debt by ~$0.9M
- Remaining Senior Secured Note balance reduced to ~$1.3M
- Received second NYSE American non-compliance notice for stockholders' equity deficit of $(1.4)M as of March 31, 2026
- Must submit compliance plan by June 7, 2026; '.BC' indicator appended to ticker
- Completed public offering in May 2026 raising $5.0M gross proceeds
- Entered warrant exchange replacing 7.0M warrants at $2.675 exercise with 10.0M new warrants at $0.35 exercise
Financial Impact
Revenue $1.2M vs consensus $1.6M (miss); EPS not reported vs consensus $-0.03; net loss $7.6M; debt reduced by ~$10.4M total; stockholders' equity deficit $(1.4)M
Risk Factors
- Potential delisting from NYSE American if compliance plan is not accepted or executed by November 8, 2027
- Continued net losses and negative stockholders' equity may require further dilutive financing
- Warrant exchange creates 10M new shares at $0.35 exercise, adding dilution overhang
- Revenue of $1.2M missed $1.6M consensus, indicating slower-than-expected commercial ramp
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3299176 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 2, 2026
12d ago
|
Press Release
| $0.2700 $0.3080 | ▲ +14.07% | ▲ +14.77% | $0.1790 (−33.70%) |
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Jun 2, 2026
12d ago
|
8-K
| $0.2700 $0.3080 | ▼ −14.07% | ▼ −14.77% | $0.1790 (+33.70%) |
|
Jun 1, 2026
14d ago
|
EFFECT
| $0.1680 $0.2700 | ▼ −60.71% | ▼ −60.57% | $0.1790 (−6.55%) |
|
May 29, 2026
16d ago
|
8-K
| $0.1480 $0.1680 | ▲ +13.51% | ▲ +13.26% | $0.1790 (+20.95%) |
|
May 29, 2026
16d ago
|
Press Release
| $0.1480 $0.1684 | ▲ +13.78% | ▲ +13.51% | $0.1790 (+20.95%) |
|
May 21, 2026
24d ago
|
Press Release
| $0.1410 $0.1510 | ▼ −7.09% | ▼ −6.65% | $0.1790 (−26.95%) |
|
May 20, 2026
25d ago
|
S-1
| $0.1410 $0.1510 | ▲ +7.09% | ▲ +6.65% | $0.1790 (+26.95%) |
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May 6, 2026
5w ago
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424B4
| $0.2320 $0.2210 | ▲ +4.74% | ▲ +4.41% | $0.1790 (+22.84%) |
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May 5, 2026
5w ago
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8-K
| $0.2100 $0.2320 | ▼ −10.48% | ▼ −9.09% | $0.1790 (+14.76%) |
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Apr 22, 2026
7w ago
|
8-K
| $0.9070 $0.8430 | ▼ −7.06% | ▼ −6.66% | $0.1790 (−80.26%) |
US Market Status
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