Filing Flows › Iridex (IRIX) › Q3 2025
Iridex (IRIX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Iridex (IRIX) reported revenue of $12.5M for the third quarter 2025 (Q3 2025), +8% from a year earlier and -8% from the quarter before. Operating margin was -11.3%, net loss $1.6M (12.6% of revenue).
Iridex, Q3 2025: revenue $12.5M (+8% year over year), operating margin -11.3%, net loss $1.6M, operating cash flow −$1.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.5M | -8% | +8% |
| Operating profit | −$1.4M | — | — |
| Net earnings | −$1.6M | — | — |
| Operating cash flow | −$1.2M | — | — |
What changed
Revenue was $12.5M in Q3 2025, up 8% year over year and down 8% from the previous quarter. Retina was the largest line at 54% of revenue. Cyclo G Six added $410K year over year (up 13%), 45% of the total change.
Gross margin was 32.1%, down 5.2 points from a year earlier. Operating costs exceeded revenue by $1.4M, an operating margin of -11.3%. Operating expenses fell 12% while revenue rose 8%. The quarter ended with a net loss of $1.6M, wider than the previous quarter's $1.0M loss.
Operating cash flow was −$1.2M. Non-cash charges added back $110K of depreciation and amortization and $92K of share-based compensation. Working capital and other items added $213K. Capital expenditures of $13K exceeded it, leaving free cash flow of −$1.2M.
Questions
What was Iridex's revenue in the third quarter 2025?
Iridex (IRIX) reported revenue of $12.5M for the third quarter 2025 (Q3 2025), +8% from a year earlier and -8% from the quarter before.
Was Iridex profitable in the third quarter 2025?
Operating loss was $1.4M (-11.3% of revenue) and net loss $1.6M.
Source: Iridex 10-Q on SEC EDGAR.