Picard Medical, Inc. (PMI) Income Statement
PMI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPMI revenue and net income
Where PMI's revenue goes
2025Each bar shows an amount and its share of revenue. PMI kept −546.6% of revenue as net income.
PMI profit margins
PMI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.5% | +6.3% | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PMI quarterly EPS vs estimates
Picard Medical beat the analyst EPS estimate in 1 of the last 2 quarters. Next report: November 13, 2026 (estimate $-1.50).
PMI income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $4.9M | $4.4M | $5.0M | $4.1M |
| Cost of revenue | $4.7M | $4.5M | $7.4M | $9.1M |
| Gross profit | $200,000 | −$112,000 | −$2.3M | −$5.0M |
| Research & development | $3.0M | $3.4M | $2.2M | $1.9M |
| Sales, general & admin | $10.0M | $10.2M | $11.0M | $4.2M |
| Total operating expenses | $13.0M | $13.6M | $13.2M | $6.1M |
| Operating income | −$12.8M | −$13.7M | −$15.5M | −$11.1M |
| Interest income | — | $7.4M | $2,000 | $9,000 |
| Interest expense | $5.4M | $3.1M | $140,000 | $5,000 |
| Income before taxes | −$27.0M | −$21.1M | −$15.6M | −$11.2M |
| Income taxes | — | −$15,000 | −$2,000 | $11,000 |
| Net income | −$27.0M | −$21.1M | −$15.6M | −$11.2M |
| EBITDA | −$26.5M | −$17.5M | −$14.8M | −$10.6M |
| EPS (diluted) | −$1.05 | −$14.61 | −$10.80 | — |
| Gross margin | 4.0% | −2.6% | −45.8% | −121.3% |
| Operating margin | −259.1% | −312.3% | −307.4% | −269.1% |
| Net margin | −546.6% | −479.5% | −308.7% | −271.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M | $1.1M | $1.0M | $1.2M | $2.1M | $620,000 | $836,000 | $881,000 | $694,000 | $2.0M | $826,000 |
| Cost of revenue | $2.3M | $875,000 | $194,000 | $1.3M | $2.3M | $978,000 | $700,000 | $1.6M | $1.1M | $1.2M | $1.9M |
| Gross profit | $616,000 | $275,000 | $815,000 | −$130,000 | −$127,000 | −$358,000 | $136,000 | −$673,000 | −$382,000 | $807,000 | −$1.1M |
| Research & development | $1.4M | $1.9M | $498,000 | $951,000 | $743,000 | $808,000 | $789,000 | $961,000 | $940,000 | $690,000 | $580,000 |
| Sales, general & admin | $3.9M | $2.9M | $2.9M | $2.4M | $2.7M | $2.1M | $2.9M | $2.8M | $2.5M | — | — |
| Total operating expenses | $5.2M | $4.8M | $3.4M | $3.4M | $3.4M | $2.9M | $3.7M | $3.8M | $3.4M | $2.7M | $4.8M |
| Operating income | −$4.6M | −$4.5M | −$2.5M | −$3.5M | −$3.5M | −$3.2M | −$3.6M | −$4.4M | −$3.8M | −$1.9M | −$5.9M |
| Interest income | — | — | — | $6.9M | $3.2M | $2.3M | $0 | $0 | $0 | — | — |
| Interest expense | $89,000 | $5,000 | $7,000 | $2.4M | $2.4M | $555,000 | $1.4M | $1.4M | $172,000 | $82,000 | $81,000 |
| Income before taxes | −$5.7M | −$7.6M | −$4.3M | −$10.4M | −$6.7M | −$5.5M | −$8.9M | −$6.2M | −$4.1M | −$2.0M | −$6.0M |
| Income taxes | $7,000 | — | −$31,000 | — | $796,000 | $31,000 | −$15,000 | — | — | — | −$2,000 |
| Net income | −$5.7M | −$7.6M | −$4.3M | −$10.4M | −$7.5M | −$5.6M | −$8.8M | −$6.2M | −$4.1M | −$2.0M | −$6.0M |
| EBITDA | −$4.5M | −$7.5M | −$4.2M | −$7.9M | −$4.2M | −$4.8M | −$7.3M | −$4.7M | −$3.7M | −$1.7M | −$5.8M |
| EPS (diluted) | −$1.33 | −$0.10 | −$0.06 | −$0.19 | −$0.80 | — | — | — | — | — | — |
| Gross margin | 20.9% | 23.9% | 80.8% | −11.0% | −6.0% | −57.7% | 16.3% | −76.4% | −55.0% | 40.8% | −134.5% |
| Operating margin | −156.7% | −392.3% | −252.3% | −293.8% | −165.2% | −523.5% | −427.3% | −504.4% | −551.0% | −94.5% | −715.5% |
| Net margin | −191.6% | −662.3% | −425.1% | −878.3% | −352.9% | −896.9% | −1,057.2% | −704.4% | −584.6% | −98.7% | −725.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PMI's financial statements (latest annual report filed March 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PMI financial results
In fiscal year 2025 (ended December 31, 2025), Picard Medical reported revenue of $4.9 million, up 12.5% from the year before. It had a net loss of $27.0 million, a net profit margin of −546.6%. Diluted earnings per share came to −$1.05.
See the PMI stock overview for the latest quote and news, or the PMI chart for price history and technical indicators.
PMI income statement FAQ
What is Picard Medical's annual revenue?
Picard Medical reported total revenue of $4.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 12.5% from $4.4 million the previous year.
Is Picard Medical profitable?
No. Picard Medical reported a net loss of $27.0 million in fiscal 2025, a net profit margin of −546.6%; its operating margin was −259.1%.
What is Picard Medical's gross margin?
Picard Medical's gross margin was 4.0% in fiscal 2025: for every $100 of revenue, Picard Medical kept $4 after the direct cost of its products and services.
How much does Picard Medical spend on research and development?
Picard Medical spent $3.0 million on research and development in fiscal 2025, 60.7% of revenue.
What are Picard Medical's earnings per share?
Picard Medical earned $-1.05 per diluted share in fiscal 2025, compared with $-14.61 a year earlier.
When will Picard Medical report its next earnings?
Picard Medical is expected to report results for the quarter ending September 30, 2026 on November 13, 2026.
When does Picard Medical's fiscal year end?
Picard Medical's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 30, 2026.