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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).

Revenue$1.2M
Year over year+35%
Quarter over quarter-44%
Operating margin-293.8%
Net earnings−$10.4M

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 2025AmountQ/QY/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.

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Source: Picard Medical 10-Q on SEC EDGAR.