Picard Medical, Inc.

## Capital Structure and Liquidity Picard Medical, Inc. has a negative total equity of -$1.45 million and a current ratio of 0.75, indicating that current liabilities exceed current assets. The company's liquidity is assessed as high, but its cash and equivalents amount to only $121,000, which is significantly lower than its operating cash flow of -$3.8 million and free cash flow of -$3.83 million. The market cap is $16.63 million, with a market price of $0.22 per share.

## Profitability and Returns The company reported a net loss of $7.62 million for Q1 2026, with an operating loss of $4.51 million. The return on equity is 5.26%, while the return on assets is -0.68%, indicating poor asset utilization. The company's gross profit is $275,000, but this is overshadowed by its significant operating and net losses.

## Segments and Geographic Exposure Picard Medical, Inc. operates in the insurance and brokerage sector, with a focus on multiline insurance. The company's revenue is primarily concentrated in the United States, with some exposure to Europe and other foreign countries. However, the exact revenue concentration by segment and geography is not disclosed in the provided data.

## Growth Trajectory The company's revenue for Q1 2026 is $1.15 million, but it is not clear from the data whether this represents growth or a decline compared to previous periods. The company's outlook for the current and next fiscal years is not provided, but the significant net loss and negative cash flows suggest a challenging growth trajectory.

## Risk Factors The company faces several risk factors, including a going-concern issue, substantial doubt about its ability to continue as a going concern, and potential dilution from future offerings. The risk assessment indicates medium dilution potential, and the company has a high liquidity risk due to its negative equity and current liabilities exceeding current assets.

## Recent Events Recent events include the filing of a Form 10-Q for Q1 2026, which includes forward-looking statements and a discussion of various risks and uncertainties. The company has also issued convertible notes and warrants, and there are subsequent events related to the conversion of senior secured notes into common stock and the issuance of new warrants.

Picard Medical, Inc. (PMI) currently presents a baseline profile with no recorded material changes, as this represents the first analysis for the ticker and there is no prior basis for delta computation. Consequently, there are no significant shifts in operational or financial metrics to report from the available data. The company’s structural footprint is defined by a lack of analyst coverage and index membership, with zero officers and analysts currently tracking the stock. Despite this absence of professional market oversight, PMI maintains a shareholder base comprising 10 top holders, indicating a concentrated ownership structure. Market attention for PMI has been virtually non-existent over the recent 30-day period. Dispatch counts remained at zero for the majority of the timeframe, with the sole exception of a single dispatch recorded on July 12, 2026. This minimal activity underscores the low visibility of the company in current financial news cycles. The available data points, including filings such as the 10-K and 10-Q reports, provide the foundational context for this initial assessment. Without historical comparative data or active watcher signals, the current significance of PMI lies in its status as an emerging subject of analysis rather than a driver of immediate market movement.

Revenue $1.1M; Operating income -$4.5M.

• ▍Revenue $1.1M
• ▍Operating income -$4.5M
• ▍Net margin -662.3%

Revenue $3.9M; Operating income -$10.3M.

• ▍Revenue $3.9M
• ▍Operating income -$10.3M
• ▍Net margin -577.7%

Revenue $2.7M; Operating income -$6.8M.

• ▍Revenue $2.7M
• ▍Operating income -$6.8M
• ▍Net margin -447.7%

Revenue $4.9M; Operating income -$13.3M.

• ▍Revenue $4.9M
• ▍Operating income -$13.3M
• ▍Net margin -546.6%

Revenue $4.4M; Operating income -$13.7M.

• ▍Revenue $4.4M
• ▍Operating income -$13.7M
• ▍Net margin -479.5%