New Risk • May 17
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$1.4m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-US$1.4m). Earnings have declined by 26% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$14.8m market cap). Reported Earnings • May 17
First quarter 2026 earnings released: US$0.10 loss per share (vs US$0.80 loss in 1Q 2025) First quarter 2026 results: US$0.10 loss per share. Revenue: US$1.15m (up 86% from 1Q 2025). Net loss: US$7.62m (loss widened 20% from 1Q 2025). Announcement • May 12
Picard Medical, Inc. Receives Notice of Non-Compliance with Nyse American Continued Listing Standards On May 8, 2026, Picard Medical, Inc. received a written notice (the 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)(ii) of the NYSE American Company Guide (the Company Guide) requiring a company to have stockholders' equity of at least $4.0 million if it has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. The Notice states that the Company reported a stockholders' equity of approximately $3.8 million as of December 31, 2025 and has incurred losses from continuing operations and/or net losses in three of its four most recent fiscal years, as reflected in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 30, 2026. In connection with its non-compliance with Section 1003(a)(ii), the Company must submit a plan (the Plan) to the NYSE American by June 7, 2026, advising of actions it has taken or will take to regain compliance with the continued listing standards by November 8, 2027. The Company has begun to prepare its Plan in accordance with the June 7, 2026 deadline. If NYSE American accepts the Company's Plan, the Company will be able to continue its listing during the Plan period and will be subject to continued periodic review by the NYSE American staff. If the Plan is not submitted, not accepted, or is accepted but the Company is not in compliance with the continued listing standards by November 8, 2027, or if the Company does not make progress consistent with the Plan during the Plan period, the Company will be subject to delisting procedures as set forth in the Company Guide. The Notice has no immediate effect on the listing or trading of the Company's Common Stock and the Common Stock will continue to trade on the NYSE American under the symbol PMI but will have an added designation of .BC to indicate the status of the Common Stock as below compliance. The Notice does not affect the Company's ongoing business operations or its reporting requirements with the SEC. 
