Picard Medical, Inc. most recently reported annual revenue of $5.0M, a net loss of $27.0M. Revenue grew at an average annual rate of 7.7% over the last 3 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
Picard Medical, Inc.: Revenue rose from $4.0M in 2022 to $5.0M in 2025, a change of +25.0% over 3 years; net profit was positive in 0 of 4 reported years; operating margin moved from -269.1% to -259.1%, a shift of +10.0 percentage points; the most recent year shows a net loss of $27.0M.
Income Statement — 4 Years (USD millions)
Metric
2022
2023
2024
2025
Revenue
$4.0M
$5.0M
$4.0M
$5.0M
Operating Expenses
$15.0M
$21.0M
$18.0M
$18.0M
Operating Profit
$-11.0M
$-16.0M
$-14.0M
$-13.0M
Operating Margin
-269.1%
-307.4%
-312.3%
-259.1%
Other Income
$0
$0
$-7.0M
$-14.0M
Interest
$0
$0
$3.0M
$0
Depreciation
$1.0M
$1.0M
$1.0M
$1.0M
Profit Before Tax
$-11.0M
$-16.0M
$-21.0M
$-27.0M
Tax
$-100,000
$10,000
$70,000
$0
Net Profit
$-11.0M
$-16.0M
$-21.0M
$-27.0M
EPS
$-9.00
$-12.50
$-16.50
$-18.50
Dividend Payout
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 11 Quarters (USD millions)
Metric
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$1.0M
$2.0M
$1.0M
$1.0M
$1.0M
$1.0M
$2.0M
$1.0M
$1.0M
$1.0M
$3.0M
Operating Expenses
$7.0M
$4.0M
$5.0M
$5.0M
$4.0M
$4.0M
$6.0M
$5.0M
$4.0M
$6.0M
$8.0M
Operating Profit
$-6.0M
$-2.0M
$-4.0M
$-4.0M
$-4.0M
$-3.0M
$-4.0M
$-3.0M
$-3.0M
$-5.0M
$-5.0M
Operating Margin
-715.5%
-94.5%
-551.0%
-504.4%
-427.3%
-523.5%
-165.2%
-293.8%
-252.3%
-392.3%
-156.7%
Interest
$0
$0
$0
$1.0M
$1.0M
$1.0M
$2.0M
$2.0M
$0
$0
$0
Profit Before Tax
$-6.0M
$-2.0M
$-4.0M
$-6.0M
$-9.0M
$-6.0M
$-7.0M
$-10.0M
$-4.0M
$-8.0M
$-6.0M
Tax
$30,000
$0
$0
$0
$170,000
$-560,000
$-11.8M
$0
$720,000
$0
$-120,000
Net Profit
$-6.0M
$-2.0M
$-4.0M
$-6.0M
$-9.0M
$-6.0M
$-8.0M
$-10.0M
$-4.0M
$-8.0M
$-6.0M
EPS
$-4.61
$-1.81
$-3.28
$-4.78
$-6.50
$-4.40
$-5.00
$-9.50
$-2.91
$-5.00
$-3.05
Over the 4 years reported for Picard Medical, Inc., borrowings increased from $2.0M in 2022 to $7.0M in 2025, cash stood at $7.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.11 times.
Balance Sheet — 4 Years (USD millions)
Metric
2022
2023
2024
2025
Total Assets
$15.0M
$11.0M
$12.0M
$23.0M
Current Assets
$12.0M
$9.0M
$10.0M
$21.0M
Cash
$0
$0
$0
$7.0M
Inventory
$7.0M
$7.0M
$8.0M
$7.0M
Receivables
$4.0M
$1.0M
$1.0M
$1.0M
Fixed Assets
$2.0M
$1.0M
$1.0M
$1.0M
Capital Work in Progress
$0
$0
$0
$0
Investments
$0
$0
$0
$0
Other Assets
$1.0M
$1.0M
$1.0M
$1.0M
Total Liabilities
$4.0M
$15.0M
$36.0M
$19.0M
Current Liabilities
$3.0M
$9.0M
$35.0M
$19.0M
Borrowings
$2.0M
$9.0M
$21.0M
$7.0M
Other Liabilities
$2.0M
$6.0M
$15.0M
$12.0M
Equity
$0
$0
$0
$0
Reserves
$11.0M
$-4.0M
$-24.0M
$4.0M
For Picard Medical, Inc., operating cash flow was positive in 0 of 4 reported years; free cash flow in the latest year was negative at $16.0M; free cash flow was positive in 0 of 4 years; financing activities used $1.0M in the latest year, which covers debt repayment, dividends and buybacks.
Cash Flow Statement — 4 Years (USD millions)
Metric
2022
2023
2024
2025
Operating Cash Flow
$-11.0M
$-11.0M
$-12.0M
$-16.0M
Investing Cash Flow
$0
$0
$0
$0
Financing Cash Flow
$0
$0
$0
$-1.0M
Net Cash Flow
$-5.0M
$0
$0
$11.0M
Free Cash Flow
$-11.0M
$-11.0M
$-12.0M
$-16.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
0.03
EV / EBITDA
-0.43
FCF Yield
-168.84%
Quick Ratio
0.22
Interest Coverage
-6.07
Return 1Y
—
Return 3Y
—
Return 5Y
—
Picard Medical, Inc. (PMI) financials — frequently asked questions
What is Picard Medical, Inc.'s annual revenue?
Picard Medical, Inc. (PMI) reported annual revenue of $5.0M in its most recent fiscal year.
What is Picard Medical, Inc.'s net profit?
Picard Medical, Inc. (PMI) reported a net loss of $27.0M in its most recent fiscal year.
What is PMI EV/EBITDA?
Picard Medical, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -0.43. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.