Picard Medical, Inc. (PMI) SEC Filings & Earnings Calls

Dilution to existing shareholders from issuance of 200,000 shares.

“Warrant Holders agreed to surrender all Warrants for 200,000 shares of Common Stock” · word for word

Potential NYSE American listing approval risk for supplemental listing application.

“Company's obligation to issue the Exchange Shares is subject to ... NYSE American approval of the Company's supplemental listing application” · word for word

Increased leverage and shareholder dilution from convertible notes and warrants.

“Issuance of unsecured convertible notes and pre-funded warrants.”

Going concern uncertainty

“we have concluded that there is substantial doubt over our ability to continue as a going concern as conditions and events, considered in the aggregate, indicate it is probable we will be unable to meet our obligations as they become due within one year after the date that the financial statements included in this filing are issued.” · word for word

NYSE noncompliance

“On May 8, 2026, the Company received a notice of noncompliance from NYSE Regulation... PMI reported stockholders’ equity of $3.8 million as of December 31, 2025, and had net losses in three of its four most recent fiscal years then ended.” · word for word

Operating losses

“We have incurred operating losses since inception, including net losses of $13.3 million and $12.3 million for the six months ended June 30, 2026 and 2025, respectively.” · word for word

Delisting risk persists despite compliance plan acceptance; low equity and recurring losses.

“NYSE American acceptance of compliance plan; maximum 18 months to regain compliance.”

Reverse split signals low share price and potential delisting risk; no operational improvement.

“Reverse stock split effective July 31, 2026; trading on NYSE American continues.”

NYSE American Delisting Risk

“The Company received a written notice from the NYSE American notifying it of non-compliance with Section 1003(a)(ii) of the NYSE American Company Guide...based on reported stockholders' equity of approximately $3.8 million as of December 31, 2025, and losses from continuing operations and/or net losses in three of its four most recent fiscal years.” · word for word

Management Turnover Risk

“Patrick NJ Schnegelsberg, former Chief Executive Officer...ceased serving as the Chief Executive Officer of the Company on June 17, 2026. Bernard Skaggs, former Chief Financial Officer...ceased serving as Chief Financial Officer of the Company on June 1, 2026.” · word for word

Related Party Loan Dependency

“On November 26, 2025, the Company borrowed $1,000,000 from Fang Family Fund I, LLC, an entity affiliated with one of its executive directors...In February 2026, the Company borrowed $0.7 million from Fang Family Fund I, LLC, an entity affiliated with one of its executive directors.” · word for word

Going Concern / Liquidity Risk

“The Company received a second written notice from NYSE American, notifying it of non-compliance with Section 1003(a)(i) of the Company Guide...based on a reported stockholders' deficit of approximately $(1.4) million as of March 31, 2026, and losses in two of the three most recent fiscal years.” · word for word

CEO departure creates leadership vacuum; interim CEO may lack long-term strategic focus.

“CEO stepped down effective June 18, 2026; Chairman appointed as interim.”

Delisting risk from NYSE American due to stockholders' deficit and continued losses.

“received a written notice from the NYSE American indicating that the Company is not in compliance with the NYSE American continued listing standards”

High leverage and debt burden despite recent debt reduction.

“Senior Secured Note balance was substantially reduced through a combination of cash payments, equity settlements, and a cashless transaction to approximately $1.3 million.” · word for word

Going concern substantial doubt

“we have concluded that there is substantial doubt over our ability to continue as a going concern” · word for word

NYSE noncompliance and potential delisting

“the Company received a notice of noncompliance from NYSE Regulation... If the Plan is not submitted, or not accepted... PMI will be subject to delisting procedures” · word for word

Continued operating losses and cash burn

“We have incurred operating losses since inception, including net losses of $7.6 million and $5.6 million for the three months ended March 31, 2026 and 2025, respectively.” · word for word

Dependence on future financing

“we expect to finance our cash needs through a combination of equity and debt financing... If we are unable to raise sufficient funds... we may be required to delay, limit, curtail or terminate our product development” · word for word

Preliminary and unaudited results subject to change.

“The revenue information in this release constitutes selected preliminary, unaudited financial data based on information available as of the date hereof and remains subject to the completion of the Company’s quarter-end financial close process and review.” · word for word

Going concern risk

“Our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements included in this Registration Statement for the fiscal year ended December 31, 2025.” · word for word

Dilution risk from warrants and options

“As of the date of this report, we had (a) 7,009,346 shares of common stock issuable upon the exercise of warrants... (b) 700,934 shares... (c) 7,643,147 shares of common stock issuable upon the exercise of outstanding stock options...” · word for word

Controlled company governance risk

“Hunniwell Picard I, LLC controls a majority of the voting power of the outstanding common stock, and we are a 'controlled company'... we rely on these exemptions while we search for candidates to serve as independent directors.” · word for word

Negative gross margin and widening net loss indicate ongoing cash burn and lack of profitability.

“Gross margin -4.1%, net loss -$27.0M.”

Need for additional capital to support operations and business plan; reliance on external financing.

“Additional capital will be required to support operations and execute the Company’s business plan.” · word for word

Massive dilution risk from authorized share increase

“The proposed Authorized Shares Charter Amendment would increase the number of authorized shares of our capital stock from 180,000,000 to 330,000,000, which includes an increase in the number of authorized shares of our common stock from 150,000,000 to 300,000,000.” · word for word

Insider ownership at 0% - no alignment with shareholders

“Patrick NJ Schnegelsberg - 0.0 % ... Bernard Skaggs - 0.0 % ... Matt Schuster - 0.0 % ... Frank Tinker - 0.0 % ... All directors, director nominees and current executive officers as a group (4 persons) - 0.0 %”

Potential anti-takeover effect from authorized share increase

“by increasing the number of authorized but unissued shares of common stock, the Authorized Shares Proposal could, under certain circumstances, have an anti-takeover effect” · word for word

Going concern uncertainty

“We have incurred operating losses since inception, including net losses of $21.1 million and $22.7 million for the year ended December 31, 2024 and the nine months ended September 30, 2025, respectively.” · word for word

High cash burn and negative gross margin

“Our total cost of revenue as a percentage of total sales for the nine months ended September 30, 2025 and 2024 was 116% and 107%, respectively.” · word for word

Dependence on additional financing

“Until such a time as we can sufficiently grow product and rental revenue, we expect to finance our cash needs through a combination of equity and debt financings, or other capital sources, including with related parties.” · word for word

Negative operating cash flow and net loss; reliance on IPO proceeds for liquidity.

“Cash flows from Operating Activities ($6.5M) in Q3 2025; net loss of $22.7M.”

Derivative liability revaluation caused significant non-cash charges.

“Net loss included $12.4M non-cash derivative charges.”