---
schema_version: "secwatch.filing_event.v1"
accession: "0001829126-26-005568"
form_type: "8-K"
ticker: "PMI"
cik: "0002030617"
company_name: "Picard Medical, Inc."
filed_at: "2026-05-21T20:15:19+00:00"
generated_at: "2026-05-21T22:07:27.969232+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Picard Medical Q1 revenue up 85% to $1.2M; reports $1.4M negative equity, NYSE listing notices

## Summary
- Revenue $1.2M (+85% YoY); gross profit $0.3M (24% margin) vs gross loss of $0.4M in Q1 2025.
- Net loss $7.6M including non-cash debt settlement and fair value charges.
- Reduced senior secured note balance from ~$10.8M to ~$1.3M via cash, equity, and cashless transactions.
- Subsequent public offering raised $5.0M gross; warrant exchange replaced 7M high-price warrants with 10M at $0.35.
- Received NYSE American non-compliance notices for equity standards (deficit $1.4M); must submit plan by June 7, 2026.

## SEC filing metadata
- accession: 0001829126-26-005568
- form_type: 8-K
- ticker: PMI
- cik: 0002030617
- company_name: Picard Medical, Inc.
- filed_at: 2026-05-21T20:15:19+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 3.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2030617/000182912626005568/0001829126-26-005568-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2030617/000182912626005568/picardmedical_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829126-26-005568
- JSON: https://secwatch.observer/filing/0001829126-26-005568.json
- Plain text: https://secwatch.observer/filing/0001829126-26-005568.txt

## Source-grounded claims
- claim_id: 9638e56796d182445e2295256575a08562e110c4
  claim: Picard Medical, Inc. received a nyse_american deficiency notice notice regarding stockholders equity (rules 1003(a)(i), 1003(a)(ii)).
  evidence_excerpt: On May 15, 2026, the Company received a written notice (the “May 15 Notice”) from the NYSE American LLC (the “NYSE American”) indicating that the Company is not in compliance with the NYSE American continued listing standards set forth in Section 1003(a)(i) of the NYSE American Company Guide (the “Company Guide”), which requires a listed company to have stockholders’ equity of at least of $2.0 million if it has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years. The May 15 Notice states that the Company reported a stockholders’ deficit of approximately $1.4 million as of March 31, 2026 and has incurred losses from continuing operations and/or net losses in its three most recent fiscal years ended December 31, 2025. Additionally, as previously disclosed, on May 8, 2026, the Company received a notice that it was not in compliance with Section 1003(a)(ii) (the “May 8 Notice,” and together with the May 15 Notice, the “ Notices ”). In c
  evidence_url: https://www.sec.gov/Archives/edgar/data/2030617/000182912626005568/0001829126-26-005568-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.