Picard Medical (PMI) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 increased 85% year-over-year to $1.15 million, driven by higher U.S. sales, while net loss widened to $7.6 million from $5.6 million in Q1 2025 due to increased R&D and legal expenses.

• The company remains focused on scaling commercial operations for its FDA-approved SynCardia TAH and advancing next-generation products, but continues to face significant operating losses and cash burn.

• Management disclosed substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital to fund operations and growth.

Financial highlights

• Q1 2026 revenue: $1.15 million (up 85% year-over-year); U.S. sales accounted for 100% of revenue.

• Gross profit improved to $0.28 million from a loss of $0.36 million in Q1 2025; gross margin rose to 24% from negative 58%.

• Operating loss increased to $4.5 million (Q1 2025: $3.2 million); net loss per share was $0.10 (Q1 2025: $0.80).

• Cash used in operations was $3.8 million; cash and equivalents at quarter-end were $7.5 million.

Outlook and guidance

• Management expects continued operating losses and negative cash flows as investments in R&D and commercialization persist.

• Additional capital raises through debt or equity are anticipated to support ongoing operations and product development.