Picard Medical reported first quarter 2026 revenue of $1.2 million, up 85% year over year, driven by a 54% increase in product sales to $0.9 million and Freedom Driver rentals rising to $0.2 million from $7,000; gross profit turned positive at $0.3 million or 24% margin versus a $0.4 million loss. Net loss totaled $7.6 million including non-cash debt charges.

In Q1, the company repaid $7.4 million of its 2028 senior secured note, settled $2.1 million of principal through issuance of 1.4 million common shares, and repaid $0.9 million of related-party debt, cutting the note balance to $1.3 million; warrant liability fell from $7.8 million to $4.7 million. Subsequent to quarter end, a $5.0 million public offering closed and existing warrants were exchanged, replacing 7.0 million at $2.675 exercise with 10.0 million at $0.35, simplifying the capital structure.

The company received notices for non-compliance with equity requirements, reporting $3.8 million stockholders’ equity at year-end versus a $4.0 million threshold and a $1.4 million deficit at quarter-end versus a $2.0 million requirement. A compliance plan is due by June 7, 2026 to regain adherence by November 8, 2027, while trading remains unaffected and a '.BC' indicator denotes below compliance.

Commercial expansion included increased patient access to the SynCardia Total Artificial Heart and higher Freedom Driver program utilization; clinical support and training continued at U.S. transplant centers. Ongoing R&D investment targets next-generation driver technologies and the fully implantable Emperor Total Artificial Heart, with a 2028 clinical study launch goal and improvements to manufacturing and quality systems underway.