Filing Flows › Picard Medical (PMI) › Q3 2025
Picard Medical (PMI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Picard Medical (PMI) reported revenue of $1.2M for the third quarter 2025 (Q3 2025), +35% from a year earlier and -44% from the quarter before. Operating margin was -293.8%, net loss $10.4M (878.3% of revenue).
Picard Medical, Q3 2025: revenue $1.2M (+35% year over year), operating margin -293.8%, net loss $10.4M, operating cash flow −$6.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2M | -44% | +35% |
| Operating profit | −$3.5M | — | — |
| Net earnings | −$10.4M | — | — |
| Operating cash flow | −$6.5M | — | — |
What changed
Revenue was $1.2M in Q3 2025, up 35% year over year and down 44% from the previous quarter. Product was the largest line at 94% of revenue. Product added $234K year over year (up 27%), 76% of the total change.
Operating costs exceeded revenue by $3.5M, an operating margin of -293.8%. Total costs fell 12% while revenue rose 35%. The quarter ended with a net loss of $10.4M, wider than the previous quarter's $6.7M loss. Net interest and other expense of $6.9M was the main reason.
Operating cash flow was −$6.5M. Non-cash charges added back $41K of depreciation and amortization and $204K of share-based compensation. Working capital and other items added $3.7M.
Questions
What was Picard Medical's revenue in the third quarter 2025?
Picard Medical (PMI) reported revenue of $1.2M for the third quarter 2025 (Q3 2025), +35% from a year earlier and -44% from the quarter before.
Was Picard Medical profitable in the third quarter 2025?
Operating loss was $3.5M (-293.8% of revenue) and net loss $10.4M.
Source: Picard Medical 10-Q on SEC EDGAR.