10-Q · May 19, 2026
IRIDEX reported Q1 2026 revenue of $11.8 million, slightly below prior year performance, while EPS improved to -$0.03. The company refocused on cost reductions, which helped mitigate deeper losses. However, challenges…
Earnings analysis · 10-Q
IRIX earnings analysis
Filed August 18, 2026 · Our reading of the company's report
The latest report
Iridex reported Q2 revenue of $12.566 million and a diluted EPS loss of $0.07, missing consensus estimates of $13.587 million and a $0.01 loss. Revenue was up approximately 4.7% sequentially but down 10.2% year over…
Read full summary
Iridex reported Q2 revenue of $12.566 million and a diluted EPS loss of $0.07, missing consensus estimates of $13.587 million and a $0.01 loss. Revenue was up approximately 4.7% sequentially but down 10.2% year over year, with 19% Cyclo G6 growth to $3.9 million only partly offsetting Retina's decline to $6.5 million from $8.0 million. Management's full-year revenue outlook is $51 million-$53 million, below the prior $53 million-$55 million range, and the 10-Q adds a material governance risk involving the largest shareholder.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.07
What stood out
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Revenue improved sequentially, fell year over year
Q2 revenue was $12.566 million, approximately 4.7% above Q1 revenue of $12 million but 10.2% below the prior-year quarter's $14 million.
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Cyclo G6 growth partly offsets Retina decline
Cyclo G6 product-family revenue increased 19% year over year to $3.9 million, partially offsetting Retina revenue declining to $6.5 million from $8.0 million.
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Operating expenses declined 5%
Operating expenses declined 5% year over year, indicating cost control despite the revenue shortfall.
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Operating cash flow turned positive
The company reported positive operating cash flow in Q2, although the filing information provided does not disclose a dollar amount or free cash flow.
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Revenue outlook reset lower
Full-year 2026 revenue guidance is $51 million-$53 million versus the prior $53 million-$55 million outlook, while adjusted operating expense guidance remains $19 million-$19.5 million.
What to watch
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Revenue and EPS missed estimates
Q2 revenue of $12.566 million was below the $13.587 million consensus estimate, and diluted EPS was a $0.07 loss versus the expected $0.01 loss.
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Retina weakness remains material
Retina revenue fell to $6.5 million from $8.0 million year over year, creating concentration and demand risk despite Cyclo G6 product-family growth of 19% to $3.9 million.
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Lower outlook and working-capital pressure
The company lowered full-year 2026 revenue guidance to $51 million-$53 million from $53 million-$55 million and expects to use more working capital for inventory.
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Board and shareholder governance conflict
The 10-Q identifies new board tensions involving the largest shareholder, Novel Inspiration International Co., Ltd.; the disclosure references the July 16, 2026 Form 8-K and warns of possible resignation of 1 or more directors, with potential effects on strategy and operating results.
Management's outlook
Full-year 2026 revenue guidance is $51 million-$53 million, below the prior $53 million-$55 million outlook. Adjusted operating expense guidance remains $19 million-$19.5 million. Management expects to use more working capital for inventory.
Earlier filings 4
10-K · April 2, 2026
IRIDEX reported fiscal 2025 revenue of $52.7 million (up from $48.7 million in fiscal 2024) while narrowing its net loss to $4.4 million in FY2025 from $8.9 million in FY2024. The company emphasizes its proprietary…
10-Q · November 12, 2025
IRIDEX reported Q3 revenue of $12,484,000, up $903,000 versus Q3 2024 ($11,581,000). Gross margin contracted to ~32.2% (gross profit $4,013,000) while operating loss narrowed to $(1,411,000) and diluted net loss per…
10-Q · August 12, 2025
IRIDEX reported Q2 revenue of $13.571M (up $0.94M vs Q2 2024) and GAAP diluted loss per share improved to $(0.06) from $(0.16) a year ago. Gross margin compressed to 34.5% while operating loss narrowed to $(0.94)M.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.