Picard Medical (PMI) Q2 2026 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2026, increased 50% year-over-year to $4.1 million, driven by higher U.S. product sales and new rental revenue streams.

• Net loss widened to $13.3 million from $12.3 million year-over-year, reflecting increased R&D and SG&A expenses.

• Gross profit improved to $0.9 million from a loss of $0.5 million year-over-year, with gross margin rising to 22% from -18%.

• The company continues to invest in next-generation artificial heart technology and presented new clinical and technical data at major conferences.

• Substantial doubt exists regarding the company's ability to continue as a going concern due to ongoing losses and negative cash flows.

Financial highlights

• Product revenue rose 41% to $3.9 million; rental revenue contributed $0.2 million.

• Operating expenses increased 60% to $10.0 million, mainly due to higher R&D and stock-based compensation.

• Net cash used in operating activities was $5.2 million for the six months ended June 30, 2026.

• Q2 2026 revenue was ~$3.0 million, up from ~$2.1 million in Q2 2025.

• Q2 2026 net loss was ~$5.7 million, improved from ~$6.7 million in Q2 2025.

Outlook and guidance

• The company expects continued operating losses and negative cash flows as it invests in product development and scales operations.

• Additional capital will be required to fund operations and growth; future profitability is uncertain.

• Focus remains on business growth, operational and financial performance improvement, and advancing next-generation technology.