IRIX

MKT CAP:$18M

IRIDEX Corporation

Market Cap

$18M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$1.05-$0.12 (-10.26%)

Apr 23, 2026

Company Details

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, suc...

CEO

Patrick Mercer

IPO Date

Feb 16, 1996

Website

www.iridex.com

Key Metrics TTM

Revenue

$53M

+8.2% YoY

Net Income

-$4M

EPS (Diluted)

-$0.26

Free Cash Flow

-$2M

Revenue / Share

$3.06

Gross Margin

36.7%

Operating Margin

-4.9%

Net Margin

-8.4%

FCF Margin

-4.1%

P/S

0.3x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Apr 2, 2026

$53M+8.2%EPS -$0.26

Q4 2025

Apr 2, 2026

$15M+16.0%EPS -$0.01

Q3 2025

Nov 12, 2025

$12M+7.8%EPS -$0.09

Q2 2025

Aug 12, 2025

$14M+7.4%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$13M	$6M	-$2M
Q2 22	$14M	$6M	-$2M
Q3 22	$15M	$6M	-$2M
Q4 22	$15M	$7M	-$1M
Q1 23	$14M	$6M	-$2M
Q2 23	$13M	$5M	-$3M
Q3 23	$13M	$6M	-$2M
Q4 23	$12M	$5M	-$3M
Q1 24	$12M	$4M	-$3M
Q2 24	$13M	$5M	-$3M
Q3 24	$12M	$4M	-$2M
Q4 24	$13M	$6M	-$502.0K
Q1 25	$12M	$5M	-$205.0K
Q2 25	$14M	$5M	-$940.0K
Q3 25	$12M	$4M	-$1M
Q4 25	$15M	$6M	-$15.0K

Valuation

Quarter	P/S	P/E
Q1 22	1.3x	—
Q2 22	0.7x	—
Q3 22	0.7x	—
Q4 22	0.6x	—
Q1 23	0.6x	—
Q2 23	0.6x	—
Q3 23	0.8x	—
Q4 23	1.0x	—
Q1 24	1.0x	—
Q2 24	0.7x	—
Q3 24	0.6x	—
Q4 24	0.6x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	0.4x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$3M	-$3M
Q2 22	-$3M	-$3M
Q3 22	-$2M	-$2M
Q4 22	-$2M	-$2M
Q1 23	-$3M	-$3M
Q2 23	-$1M	-$1M
Q3 23	-$2M	-$2M
Q4 23	-$979.0K	-$947.0K
Q1 24	-$2M	-$2M
Q2 24	-$1M	-$1M
Q3 24	-$3M	-$3M
Q4 24	-$1M	-$1M
Q1 25	-$1M	-$1M
Q2 25	-$397.0K	-$410.0K
Q3 25	-$1M	-$1M
Q4 25	$589.0K	$565.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$26.0K
Q2 22	$120.0K
Q3 22	$57.0K
Q4 22	$83.0K
Q1 23	$43.0K
Q2 23	$16.0K
Q3 23	$82.0K
Q4 23	$32.0K
Q1 24	$3.0K
Q2 24	$0
Q3 24	$1.0K
Q4 24	$9.0K
Q1 25	$11.0K
Q2 25	$13.0K
Q3 25	$13.0K
Q4 25	$24.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+11.9%	+13.5%
Q2 22	+2.5%	+9.3%
Q3 22	+10.3%	+5.9%
Q4 22	-0.4%	-5.9%
Q1 23	+2.4%	+2.5%
Q2 23	-6.5%	-1.0%
Q3 23	-12.2%	-11.0%
Q4 23	-18.0%	-6.4%
Q1 24	-14.2%	-6.2%
Q2 24	-1.7%	-3.0%
Q3 24	-9.9%	-7.5%
Q4 24	+1.9%	-15.1%
Q1 25	+1.1%	-19.6%
Q2 25	+7.4%	-5.0%
Q3 25	+7.8%	+3.3%
Q4 25	+16.0%	+11.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$384.0K	2.9%
Q2 22	$344.0K	2.5%
Q3 22	$377.0K	2.6%
Q4 22	$516.0K	3.4%
Q1 23	$0	0.0%
Q2 23	$400.0K	3.1%
Q3 23	$371.0K	2.9%
Q4 23	$406.0K	3.3%
Q1 24	$394.0K	3.4%
Q2 24	$419.0K	3.3%
Q3 24	$114.0K	1.0%
Q4 24	$316.0K	2.5%
Q1 25	$213.0K	1.8%
Q2 25	$257.0K	1.9%
Q3 25	$0	0.0%
Q4 25	$213.0K	1.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$2M	$2M	$4M
Q2 22	$2M	$2M	$5M
Q3 22	$2M	$2M	$4M
Q4 22	$1M	$2M	$5M
Q1 23	$2M	$2M	$4M
Q2 23	$2M	$2M	$4M
Q3 23	$2M	$2M	$4M
Q4 23	$2M	$2M	$4M
Q1 24	$2M	$2M	$4M
Q2 24	$2M	$3M	$3M
Q3 24	$1M	$2M	$3M
Q4 24	$1M	$2M	$3M
Q1 25	$876.0K	$2M	$2M
Q2 25	$871.0K	$2M	$3M
Q3 25	$972.0K	$2M	$3M
Q4 25	$949.0K	$2M	$3M

Revenue Segments

Quarter	Cyclo G Six	Product And Service Other	Retina	Service	Product and Service, Other
Q1 22	$4M	$3M	$7M	$362.0K	—
Q2 22	$3M	—	$8M	$402.0K	$3M
Q3 22	$3M	—	$9M	$358.0K	$2M
Q4 22	$4M	—	$8M	$387.0K	$3M
Q1 23	$4M	—	$7M	$383.0K	$3M
Q2 23	$4M	—	$7M	$382.0K	$2M
Q3 23	$3M	—	$8M	—	$2M
Q1 24	$3M	—	$7M	—	$2M
Q2 24	$3M	—	$7M	—	$2M
Q3 24	$3M	—	$6M	—	$2M
Q1 25	$3M	—	$7M	—	$2M
Q2 25	$3M	—	$8M	—	$2M
Q3 25	$4M	—	$7M	—	$2M
Q4 25	$4M	—	$9M	—	$2M

Revenue by Geography

Quarter	Asia Pacific	Europe	Rest Of Americas	United States	Emea	Americas Excluding U S	Europe, Middle East and Africa
Q1 22	$3M	$3M	$560.0K	$7M	—	—	—
Q2 22	$3M	$3M	$900.0K	$7M	—	—	—
Q3 22	$3M	—	$830.0K	$7M	$3M	—	—
Q1 23	$2M	—	$612.0K	$7M	$4M	—	—
Q2 23	$2M	—	$788.0K	$7M	$3M	—	—
Q3 23	$2M	—	$377.0K	$6M	$4M	—	—
Q1 24	$2M	—	—	$5M	—	$298.0K	$4M
Q2 24	$4M	—	—	$6M	—	$769.0K	$3M
Q3 24	$3M	—	—	$5M	—	$607.0K	$3M
Q1 25	$3M	—	—	$5M	—	$392.0K	$3M
Q2 25	$4M	—	—	$6M	—	$483.0K	$4M
Q3 25	$2M	—	—	$6M	—	$797.0K	$4M
Q4 25	$4M	—	—	$7M	—	$449.0K	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$21M	$0	$21M
Q2 22	$18M	$0	$18M
Q3 22	$16M	$0	$16M
Q4 22	$14M	$0	$14M
Q1 23	$11M	$0	$11M
Q2 23	$10M	$0	$10M
Q3 23	$8M	$0	$8M
Q4 23	$7M	$0	$7M
Q1 24	$5M	$0	$5M
Q2 24	$4M	$0	$4M
Q3 24	$4M	$0	$4M
Q4 24	$2M	$0	$2M
Q1 25	$7M	$0	$7M
Q2 25	$7M	$0	$7M
Q3 25	$6M	$0	$6M
Q4 25	$6M	$0	$6M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	16M	+0.1%	+10.7%
Q2 22	16M	+0.1%	-2.5%
Q3 22	16M	+0.6%	+1.0%
Q4 22	16M	+0.0%	+0.8%
Q1 23	16M	+0.1%	+0.8%
Q2 23	16M	+0.2%	+0.9%
Q3 23	16M	+1.2%	+1.5%
Q4 23	16M	+0.1%	+1.6%
Q1 24	16M	+0.0%	+1.6%
Q2 24	16M	+0.2%	+1.6%
Q3 24	17M	+1.8%	+2.2%
Q4 24	17M	+0.3%	+2.4%
Q1 25	17M	+0.5%	+2.9%
Q2 25	17M	+0.4%	+3.1%
Q3 25	17M	+1.3%	+2.6%
Q4 25	17M	+1.0%	+3.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$787.5K	17
Q2 22	$809.1K	17
Q3 22	$860.9K	17
Q4 22	$893.8K	17
Q1 23	$806.2K	17
Q2 23	$756.2K	17
Q3 23	$755.9K	17
Q4 23	$415.3K	30
Q1 24	$392.0K	30
Q2 24	$421.0K	30
Q3 24	$386.0K	30
Q4 24	$470.2K	27
Q1 25	$440.6K	27
Q2 25	$502.6K	27
Q3 25	$462.4K	27
Q4 25	$818.0K	18

Revenue / Employee