Profound Medical Corp._March 31, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-39032

PROFOUND MEDICAL CORP.

(Exact Name of Registrant as Specified in its Charter)


Ontario, Canada	Not Applicable
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

2400 Skymark Avenue, Unit #6, Mississauga, Ontario, Canada (Address of principal executive offices)	L4W 5k5 (Zip Code)

Registrant’s telephone number, including area code: (647) 476-1350

Securities registered pursuant to Section 12(b) of the Act:


Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares, No Par Value Per Share		PROF		Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 7, 2026, the registrant had 36,337,637 common shares, no par value per share, outstanding.

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EXPLANATORY NOTE

Profound Medical Corp. (the “Company”) qualifies as a “Foreign Private Issuer,” as defined in Rule 3b-4 under the Securities Exchange Act of 1934 (the “Exchange Act”) and is exempt from filing quarterly reports on Form 10-Q by virtue of Rules 13a-13 and 15d-13 under the Exchange Act. The Company has voluntarily elected to file this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

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Form 10-Q – QUARTERLY REPORT

For the Quarter Ended March 31, 2026

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		Page
PART I.	Financial Information
Item 1.	Condensed Consolidated Financial Statements
	Condensed Consolidated Balance Sheets (Unaudited)	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)	2
	Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	20
PART II.	Other Information	21
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	21
Item 6.	Exhibits	22
Signatures		23

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Profound Medical Corp.

CONDENSED CONSOLIDATED BALANCE SHEETS

(USD in thousands, except per share data)

(unaudited)


	March 31,	December 31,
	2026	2025
	$	$
Assets

Current assets:
Cash	50,295	59,723
Trade and other receivables, net (note 3)	9,423	7,200
Inventory (note 4)	9,001	8,238
Prepaid expenses and deposits	811	928
Total current assets	69,530	76,089

Trade and other receivables, net (note 3)	150	300
Property and equipment, net (note 5)	682	698
Intangible assets, net (note 6)	129	138
Right-of-use assets, net (note 9)	2,897	184
Deferred tax assets, net	68	66
Total assets	73,456	77,475

Liabilities

Current liabilities:
Accounts payable	2,142	1,563
Accrued expenses and other current liabilities (note 7)	3,389	3,815
Deferred revenue	464	445
Long-term debt (note 8)	4,503	—
Lease liabilities (note 9)	68	213
Income tax payable	41	39
Total current liabilities	10,607	6,075

Deferred revenue	441	388
Long-term debt (note 8)	—	4,499
Lease liabilities (note 9)	2,892	—
Other non-current liabilities	92	79
Total liabilities	14,032	11,041

Shareholders’ equity

Common shares, no par value, unlimited shares authorized, 36,337,637 and 36,293,640 issued and outstanding at March 31, 2026 and December 31, 2025, respectively (note 10)	324,163	323,839
Additional paid-in capital	26,034	25,310
Accumulated other comprehensive income	4,020	5,025
Accumulated deficit	(294,793)	(287,740)
Total shareholders’ equity	59,424	66,434

Total liabilities and shareholders’ equity	73,456	77,475

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Profound Medical Corp.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(USD in thousands, except per share data)

(unaudited)


	Three Months Ended March 31,
	2026	2025
	$	$
Revenue (note 12)
Recurring - non-capital	2,474	1,801
Capital equipment	2,863	820
	5,337	2,621
Cost of sales	1,505	768
Gross profit	3,832	1,853

Operating expenses
Research and development	5,262	4,808
Selling, general and administrative	6,591	8,211
Total operating expenses	11,853	13,019

Operating loss	8,021	11,166

Other (income) expenses
Net finance (income) expense	(377)	(445)
Net foreign exchange (gain) loss	(616)	(38)
Total other (income) expenses	(993)	(483)

Net loss before income taxes	7,028	10,683

Income tax expense	27	41
Deferred tax expense (recovery)	(2)	—
Total income tax expense	25	41

Net loss attributed to shareholders for the period	7,053	10,724

Other comprehensive (income) loss
Item that may be reclassified to (income) loss
Foreign currency translation adjustment	1,005	(103)

Net loss and other comprehensive loss for the period	8,058	10,621

Loss per share (note 13)
Basic and diluted net loss per common share	0.19	0.36
Basic and diluted weighted average common shares outstanding	36,297,684	30,041,735

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Profound Medical Corp.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(USD in thousands)

(unaudited)

SEC Form 10-Q filed by Profound Medical Corp.