Filing Flows › Ocular Therapeutix (OCUL) › Q2 2025
Ocular Therapeutix (OCUL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Ocular Therapeutix (OCUL) reported revenue of $13.5M for the second quarter 2025 (Q2 2025), -18% from a year earlier and +26% from the quarter before. Operating margin was -502.6%, net loss $67.8M (503.9% of revenue).
Ocular Therapeutix, Q2 2025: revenue $13.5M (-18% year over year), operating margin -502.6%, net loss $67.8M, operating cash flow −$55.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.5M | +26% | -18% |
| Operating profit | −$67.6M | — | — |
| Net earnings | −$67.8M | — | — |
| Operating cash flow | −$55.2M | — | — |
What changed
Revenue was $13.5M in Q2 2025, down 18% year over year and up 26% from the previous quarter. Product revenue, net was the largest line at 100% of revenue. Product revenue, net lost $3.0M year over year (down 18%), 100% of the total change.
Operating costs exceeded revenue by $67.6M, an operating margin of -502.6%. Total costs grew 35% against a revenue fall of 18%. The fastest-growing cost line was Research & development (+77%). The quarter ended with a net loss of $67.8M, wider than the previous quarter's $64.1M loss.
Operating cash flow was −$55.2M. Non-cash charges added back $1.0M of depreciation and amortization and $9.7M of share-based compensation. Capital expenditures of $1.2M exceeded it, leaving free cash flow of −$56.5M.
Questions
What was Ocular Therapeutix's revenue in the second quarter 2025?
Ocular Therapeutix (OCUL) reported revenue of $13.5M for the second quarter 2025 (Q2 2025), -18% from a year earlier and +26% from the quarter before.
Was Ocular Therapeutix profitable in the second quarter 2025?
Operating loss was $67.6M (-502.6% of revenue) and net loss $67.8M.
Source: Ocular Therapeutix 10-Q on SEC EDGAR.