Filing Flows › Picard Medical (PMI) › Q4 2025
Picard Medical (PMI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 30, 2026
Picard Medical (PMI) reported revenue of $1.0M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and -15% from the quarter before. Operating margin was -297.6%, net loss $4.3M (425.3% of revenue).
Picard Medical, Q4 2025: revenue $1.0M (+21% year over year), operating margin -297.6%, net loss $4.3M, operating cash flow −$4.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0M | -15% | +21% |
| Operating profit | −$3.0M | — | — |
| Net earnings | −$4.3M | — | — |
| Operating cash flow | −$4.4M | — | — |
What changed
Revenue was $1.0M in Q4 2025, up 21% year over year and down 15% from the previous quarter. Product was the largest line at 88% of revenue.
Gross margin was 40.7%, up 24.5 points from a year earlier. Operating costs exceeded revenue by $3.0M, an operating margin of -297.6%. Operating expenses fell 8% while revenue rose 21%. The quarter ended with a net loss of $4.3M, narrower than the previous quarter's $10.4M loss.
Operating cash flow was −$4.4M. Non-cash charges added back $40K of depreciation and amortization and $226K of share-based compensation. Working capital and other items used $352K.
Questions
What was Picard Medical's revenue in the fourth quarter 2025?
Picard Medical (PMI) reported revenue of $1.0M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and -15% from the quarter before.
Was Picard Medical profitable in the fourth quarter 2025?
Operating loss was $3.0M (-297.6% of revenue) and net loss $4.3M.
Source: Picard Medical 10-K on SEC EDGAR.