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How Iridex (IRIX) makes money

Iridex (IRIX) made $12.6M of revenue in the second quarter 2026 (Q2 2026), -7% from a year earlier. Retina brought in $6.5M (52%); Cyclo G Six brought in $3.9M (31%); Product and Service Other brought in $2.2M (17%).

Drawing the Sankey…

Iridex revenue by segment, Q2 2026Iridex revenue by segment, Q2 2026Retina$6.5MCyclo G Six$3.9MProduct and Service Other$2.2M
Iridex: revenue by line, Q4 2024 to Q2 2026Iridex: revenue by line, Q4 2024 to Q2 2026RetinaCyclo G SixProduct and Service O…Retina: $6.5M latest$6.5MCyclo G Six: $3.9M latest$3.9MProduct and Service Other: $2.2M latest$2.2MQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Retina went from 58% of revenue in Q4 2024 to 52% in Q2 2026, the largest shift in the mix.
Iridex revenue by quarterIridex revenue by quarter$12.7MQ4 2024$11.9MQ1 2025$13.6MQ2 2025$12.5MQ3 2025$14.7MQ4 2025$11.8MQ1 2026$12.6MQ2 2026
Iridex: where each dollar of revenue goesIridex: where each dollar of revenue goesIncome tax1¢Operating cash flow1¢Free cash flow1¢

Revenue by segment, Q2 2026

SegmentRevenueShareQ/QY/Y
Retina$6.5M51.6%+11%-19%
Cyclo G Six$3.9M31.2%+8%+19%
Product and Service Other$2.2M17.2%-7%-3%

Where each dollar of revenue goes

LineQ2 2026% of revenue
Revenue$12.6M100.0%
Income tax$70K0.6%
Operating cash flow$174K1.4%
Free cash flow$124K1.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 2026$12.6M-7%
Q1 2026$11.8M-0.8%
Q4 2025$14.7M+16%
Q3 2025$12.5M+8%
Q2 2025$13.6M+7%
Q1 2025$11.9M+1%
Q4 2024$12.7M+2%

From Iridex's 10-Q filed Aug 18, 2026 (on EDGAR).

Questions

How does Iridex make money?

Iridex (IRIX) made $12.6M of revenue in the second quarter 2026 (Q2 2026), -7% from a year earlier. Retina brought in $6.5M (52%); Cyclo G Six brought in $3.9M (31%); Product and Service Other brought in $2.2M (17%).

What is Iridex's biggest business?

Retina: $6.5M in the second quarter 2026, 52% of revenue, -19% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.