Revenue growth is positive but the company remains deeply unprofitable with a cash runway of ~5 quarters at current burn. The 46% account expansion post-FDA is a leading indicator, but the widening loss and reliance on equity financing (dilution) cap upside. Monitor Q2 for conversion of the hospital pipeline into recurring probe revenue and any further capital raises.
Price Chart
Executive Summary
IceCure Medical reported Q1 2026 revenue of $911K (+26% YoY) and gross profit of $295K (+35% YoY), driven by 84% growth in North America following FDA clearance for low-risk breast cancer. However, net loss widened to $4.27M from $3.59M, operating expenses rose 17%, and cash burn continues with $8.1M remaining. The company is still pre-profitability with a $19M market cap.
Key Facts
- Q1 2026 revenue $911,000, up 26% YoY from $725,000
- North America sales up 84% YoY; U.S. sales up 31%
- Gross profit $295,000 (+35% YoY); gross margin improved to 32% from 30%
- Net loss $4,274,000 vs $3,588,000 YoY; EPS unchanged at -$0.06
- Operating expenses $4,542,000, up 17% from $3,875,000
- Cash and equivalents $8,115,000, down from $8,897,000 at Dec 2025
- Active U.S. accounts increased 46% post-FDA clearance to 19
- Shares outstanding rose to 81.2M from 73.1M at Dec 2025 due to equity issuances
- Raised $3.5M from share and warrant issuance in Q1
Financial Impact
Revenue growth of $186K YoY; net loss increased by $686K; cash burn $785K in Q1
Risk Factors
- Cash burn rate of ~$4.3M/quarter with only $8.1M on hand — likely needs additional financing within 2 quarters
- Operating expenses growing faster than revenue (17% vs 26%), pressuring path to profitability
- Share dilution from equity raises (shares outstanding up 11% from Dec 2025)
- Revenue base still very small ($911K quarterly) — commercial execution risk remains high
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-054787 |
| Document: ea0290105-6k_icecure.htm | 0001213900-26-054787 |
| Document: 0001213900-26-054787-index-headers.html | 0001213900-26-054787 |
| Document: 0001213900-26-054787-index.html | 0001213900-26-054787 |
| Document: 0001213900-26-054787.txt | 0001213900-26-054787 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $1.10 | awaiting T+60 | — | $1.03 (−6.36%) |
Oct 5, 2026 21d ago | 6-K | $1.27 | awaiting T+60 | — | $1.03 (−18.90%) |
Oct 5, 2026 21d ago | 6-K | $1.54 | awaiting T+60 | — | $1.03 (+33.12%) |
Sep 10, 2026 6w ago | 6-K | $2.14 | awaiting T+60 | — | $1.03 (−51.87%) |
Aug 24, 2026 9w ago | 6-K | $2.27 | awaiting T+60 | — | $1.03 (−54.63%) |
Aug 19, 2026 9w ago | EFFECT | $2.52 | awaiting T+60 | — | $1.03 (+59.13%) |
Aug 14, 2026 10w ago | 6-K | $2.82 | awaiting T+60 | — | $1.03 (−63.48%) |
Aug 12, 2026 10w ago | 6-K | $3.11 | awaiting T+60 | — | $1.03 (−66.83%) |
Jul 6, 2026 16w ago | EFFECT | $4.61 $1.59 | ▲ +65.51% | ▲ +67.23% | $1.03 (+77.66%) |
Jun 26, 2026 17w ago | 6-K | $5.26 $1.95 | ▲ +62.93% | ▲ +67.31% | $1.03 (+80.42%) |
US Market Status
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