Iridex (IRIX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2027, filed Aug 18, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IRIX SEC filings page.
Iridex (IRIX) reported $51.6M in revenue over the twelve months to Jul 4, 2026, up 3.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
IRIDEX’s turnaround is primarily cost-driven, while financing rather than operations supplied the cash needed to rebuild the balance sheet.
From FY2024 to FY2025, revenue recovered while gross margin compressed from40.1% to36.5% , yet operating margin improved from-17.1% to-4.9% . That combination points to expense reduction—especially lower selling and research spending—rather than stronger unit economics as the main source of operating improvement.
Operating cash outflow narrowed from
FY2025 financing cash flow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Iridex's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Iridex held $6.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $2.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Iridex scores 58/100 among other emerging companies.
Iridex had 17M shares outstanding at the end of fiscal year 2025, against 17M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Iridex scores 61/100 among other emerging companies.
Iridex spent $3.7M on research and development in fiscal year 2025, which was 6.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Iridex scores 27/100 among other emerging companies.
Iridex reported revenue of $52.7M in fiscal year 2025, against $48.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Iridex scores 45/100 among other emerging companies.
Iridex's operations used $2.1M of cash in fiscal year 2025, against $7.3M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Iridex scores 79/100 among other emerging companies.
Iridex's cash, cash equivalents and investments came to $6.0M at the end of fiscal year 2025, against $24.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Iridex scores 29/100 among other emerging companies.
Iridex scores -2.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($11.8M) relative to total liabilities ($24.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Iridex passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Iridex reported a net loss of $4.4M while operations used $2.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Iridex reported an operating loss of $2.6M against $58K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Iridex generated $12.6M in revenue in Q2 2027. This represents a decrease of 7.4% from the same quarter a year earlier. Against the prior quarter it is up 6.5%.
Iridex's EBITDA was -$943K in Q2 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 16.0% from the same quarter a year earlier. Against the prior quarter it is down 321.0%.
Iridex reported -$1.3M in net income in Q2 2027. This represents a decrease of 27.4% from the same quarter a year earlier. Against the prior quarter it is down 141.6%.
Iridex earned -$0.07 per diluted share (EPS) in Q2 2027. This represents a decrease of 16.7% from the same quarter a year earlier. Against the prior quarter it is down 133.3%.
Cash & Balance Sheet
Iridex generated $124K in free cash flow in Q2 2027, representing cash available after capex. This represents an increase of 130.2% from the same quarter a year earlier. Against the prior quarter it is up 108.6%.
Iridex held $4.7M in cash as of Q2 2027; long-term debt is not reported for that period.
Not reported for Q2 2027.
Margins & Returns
Iridex's gross margin was 34.2% in Q2 2027, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.0 percentage points.
Iridex's operating margin was -8.2% in Q2 2027, reflecting core business profitability. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.4 percentage points.
Iridex's net profit margin was -10.1% in Q2 2027, showing the share of revenue converted to profit. This is down 2.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.6 percentage points.
Iridex's ROE was -34.8% in Q2 2027, measuring profit generated per dollar of shareholder equity. This is down 18.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 23.7 percentage points.
Capital Allocation
Iridex invested $936K in research and development in Q2 2027. This represents an increase of 7.5% from the same quarter a year earlier. Against the prior quarter it is up 3.4%.
Iridex invested $50K in capex in Q2 2027, funding long-term assets and infrastructure. This represents an increase of 284.6% from the same quarter a year earlier. Against the prior quarter it is down 50.5%.
Not reported for Q2 2027.
IRIX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.6M-7.4% | $11.8M-0.8% | $14.7M+16.0% | $12.5M+7.8% | $13.6M+7.4% | $11.9M+1.1% | $12.7M+1.9% | $11.6M-9.9% |
| Cost of Revenue | $8.3M-7.0% | $7.1M+3.2% | $9.2M+30.1% | $8.5M+16.7% | $8.9M+18.6% | $6.8M-6.3% | $7.1M-6.1% | $7.3M+0.4% |
| Gross Profit | $4.3M-8.2% | $4.7M-6.2% | $5.5M-2.0% | $4.0M-7.2% | $4.7M-8.8% | $5.1M+13.4% | $5.6M+14.4% | $4.3M-23.1% |
| R&D Expenses | $936K+7.5% | $905K+3.3% | $949K-14.7% | $972K-25.2% | $871K-42.0% | $876K-43.0% | $1.1M-34.3% | $1.3M-15.7% |
| SG&A Expenses | $1.8M-16.9% | $1.6M-16.0% | $1.8M-21.2% | $1.8M-20.2% | $2.2M-20.4% | $1.9M-21.8% | $2.3M-5.4% | $2.2M+15.6% |
| Operating Income | -$1.0M-9.5% | -$324K-58.0% | -$15K+97.0% | -$1.4M+24.5% | -$940K+64.4% | -$205K+93.8% | -$501K+83.7% | -$1.9M-10.8% |
| EBITDA | -$943K-16.0% | -$224K-220.0% | $136K+137.2% | -$1.3M+24.9% | -$813K+67.5% | -$70K+97.8% | -$366K+85.1% | -$1.7M-9.5% |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $58K |
| Income Tax | $70K+233.3% | $58K+383.3% | $20K+433.3% | $4K-76.5% | $21K+10.5% | $12K-68.4% | -$6K-110.0% | $17K+112.5% |
| Net Income | -$1.3M-27.4% | -$524K+68.9% | -$184K+77.9% | -$1.6M+18.6% | -$994K+62.9% | -$1.7M+51.3% | -$834K+71.8% | -$1.9M-10.2% |
| EPS (Basic) | -$0.07-16.7% | -$0.03+70.0% | -$0.01+80.0% | -$0.09+25.0% | -$0.06+62.5% | -$0.10+52.4% | -$0.05+72.2% | -$0.12-9.1% |
| EPS (Diluted) | -$0.07-16.7% | -$0.03+70.0% | -$0.01+80.0% | -$0.09+25.0% | -$0.06+62.5% | -$0.10+52.4% | -$0.05+72.2% | -$0.12-9.1% |
| Diluted Shares (Avg) | 17M+3.7% | 17M+3.5% | N/A | 17M+2.6% | 17M+3.1% | 17M+2.9% | N/A | 17M+2.2% |
IRIX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $27.3M-13.7% | $28.3M-17.4% | $29.2M+0.1% | $28.4M-6.0% | $31.6M+1.1% | $34.2M+0.4% | $29.1M-15.4% | $30.2M-13.7% |
| Current Assets | $24.0M-10.8% | $24.6M-15.6% | $25.3M+7.2% | $24.1M-1.1% | $26.9M+7.4% | $29.1M+5.6% | $23.6M-14.2% | $24.3M-11.0% |
| Cash & Equivalents | $4.7M-31.0% | $4.6M-36.6% | $6.0M+152.5% | $5.6M+44.4% | $6.8M+64.9% | $7.2M+33.7% | $2.4M-66.1% | $3.9M-51.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $9.8M+15.6% | $9.3M-8.1% | $7.9M-27.2% | $7.3M-33.3% | $8.4M-24.2% | $10.1M-7.8% | $10.8M+9.2% | $10.9M+8.1% |
| Accounts Receivable | $5.7M-20.5% | $6.8M+2.5% | $7.6M+27.9% | $7.1M+19.8% | $7.1M+13.8% | $6.7M+2.4% | $6.0M-11.5% | $6.0M-2.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $965K0.0% | $965K0.0% | $965K0.0% | $965K0.0% | $965K0.0% | $965K0.0% | $965K0.0% | $965K0.0% |
| Total Liabilities | $23.6M-7.5% | $23.5M-14.0% | $24.2M-10.4% | $23.7M-14.0% | $25.5M-5.5% | $27.4M-0.8% | $27.0M+8.5% | $27.5M+20.3% |
| Current Liabilities | $13.2M-3.9% | $12.8M-14.2% | $13.2M-20.2% | $12.4M-21.8% | $13.7M-15.1% | $14.9M-7.0% | $16.6M+27.6% | $15.9M+53.2% |
| Non-Current Liabilities | $10.4M-11.6% | $10.7M-13.9% | $11.0M+5.2% | $11.3M-3.4% | $11.8M+8.8% | $12.4M+7.8% | $10.5M-12.2% | $11.7M-6.8% |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $1.0M | $1.4M |
| Total Equity | $3.6M-39.9% | $4.7M+455.4% | $4.9M+134.7% | $4.7M+78.5% | $6.1M+42.7% | $852K-86.9% | $2.1M-78.0% | $2.6M-78.3% |
| Retained Earnings | -$94.2M-3.9% | -$93.0M-3.7% | -$92.4M-5.0% | -$92.3M-5.9% | -$90.7M-6.5% | -$89.7M-8.7% | -$88.0M-11.3% | -$87.1M-14.5% |
IRIX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $174K+143.8% | -$1.3M-16.2% | $589K+147.6% | -$1.2M+62.3% | -$397K+70.1% | -$1.1M+30.3% | -$1.2M-26.5% | -$3.1M-72.4% |
| Depreciation & Amortization | $86K-32.3% | $100K-25.9% | $151K+11.9% | $110K-19.7% | $127K-8.6% | $135K-22.0% | $135K-78.2% | $137K+30.5% |
| Stock-Based Compensation | $212K-17.5% | $211K-0.9% | N/A | $92K-19.3% | $257K-38.7% | $213K-45.9% | N/A | $114K-69.3% |
| Capital Expenditures | $50K+284.6% | $101K+818.2% | $106K+1077.8% | $13K+1200.0% | $13K | $11K+266.7% | $9K-71.9% | $1K-98.8% |
| Free Cash Flow | $124K+130.2% | -$1.4M-23.8% | $483K+138.7% | -$1.2M+61.9% | -$410K+69.1% | -$1.2M+29.7% | -$1.2M-23.3% | -$3.1M-64.9% |
| Investing Cash Flow | -$50K-284.6% | -$101K-818.2% | -$106K-1077.8% | -$13K-1200.0% | -$13K | -$11K-266.7% | -$9K-128.1% | -$1K+98.8% |
| Financing Cash Flow | -$38K-171.4% | -$1K-100.0% | -$27K+87.6% | -$34K-101.2% | -$14K | $6.0M | -$218K-584.4% | $2.8M+11862.5% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
IRIX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.2%-0.3pp | 40.2%-2.3pp | 37.2%-6.8pp | 32.1%-5.2pp | 34.5%-6.2pp | 42.5%+4.6pp | 44.0%+4.8pp | 37.3%-6.4pp |
| Operating Margin | -8.2%-1.3pp | -2.8%-1.0pp | -0.1%+3.9pp | -11.3%+4.9pp | -6.9%+14.0pp | -1.7%+26.3pp | -4.0%+20.8pp | -16.2%-3.0pp |
| Net Margin | -10.1%-2.7pp | -4.4%+9.7pp | -1.3%+5.3pp | -12.6%+4.1pp | -7.3%+13.9pp | -14.2%+15.3pp | -6.6%+17.2pp | -16.7%-3.0pp |
| Return on Equity | -34.8%-18.4pp | -11.1%+186.8pp | -3.7%+36.0pp | -33.6%+40.1pp | -16.4%+46.7pp | -197.9%-144.5pp | -39.8%-8.7pp | -73.7%-59.2pp |
| Return on Assets | -4.6%-1.5pp | -1.8%+3.1pp | -0.6%+2.2pp | -5.5%+0.9pp | -3.1%+5.4pp | -4.9%+5.2pp | -2.9%+5.7pp | -6.4%-1.4pp |
| Current Ratio | 1.82-0.1x | 1.920.0x | 1.91+0.5x | 1.94+0.4x | 1.96+0.4x | 1.95+0.2x | 1.42-0.7x | 1.54-1.1x |
| Debt-to-Equity | 6.49+2.3x | 4.98-27.2x | 4.92+4.4x | 5.06+4.5x | 4.21-2.1x | 32.14+27.9x | 0.48-2.1x | 0.53-1.4x |
| Asset Turnover | 0.460.0x | 0.42+0.1x | 0.51+0.1x | 0.44+0.1x | 0.430.0x | 0.350.0x | 0.44+0.1x | 0.380.0x |
| FCF Margin | 1.0%+4.0pp | -12.2%-2.4pp | 3.3%+13.1pp | -9.4%+17.2pp | -3.0%+7.5pp | -9.8%+4.3pp | -9.8%-1.7pp | -26.5%-12.0pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Iridex IRIX | FY2025 | $52.7M | -$4.4M | -8.4% | $11.8M | 50/100 |
| Trinity Biotech Plc TRIB | FY2025 | $43.8M | $1.9M | 4.4% | $6.5M | 25/100 |
| Adagio Medical ADGM | FY2025 | $0 | -$25.1M | N/A | $13.4M | — |
| Nortech Sys Inc NSYS | FY2025 | $118.4M | -$252K | -0.2% | $32.9M | 37/100 |
| Pheton Holdings PTHL | FY2025 | $523K | -$5.1M | N/A | $15.4M | — |
| Vivos Therapeutics Inc VVOS | FY2025 | $17.4M | -$21.2M | N/A | $3.4M | 21/100 |
Where Iridex Ranks
Frequently Asked Questions
What is Iridex's annual revenue?
Iridex (IRIX) reported $52.7M in total revenue for fiscal year 2025. This represents a 8.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Iridex's revenue growing?
Iridex (IRIX) revenue grew by 8.2% year-over-year, from $48.7M to $52.7M in fiscal year 2025.
Is Iridex profitable?
No, Iridex (IRIX) reported a net income of -$4.4M in fiscal year 2025, with a net profit margin of -8.4%.
What is Iridex's EBITDA?
Iridex (IRIX) had EBITDA of -$2.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Iridex's gross margin?
Iridex (IRIX) had a gross margin of 36.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Iridex's operating margin?
Iridex (IRIX) had an operating margin of -4.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Iridex's net profit margin?
Iridex (IRIX) had a net profit margin of -8.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Iridex's return on equity (ROE)?
Iridex (IRIX) has a return on equity of -90.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Iridex's free cash flow?
Iridex (IRIX) recorded an outflow of $2.3M in free cash flow during fiscal year 2025. This represents a 69.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Iridex's operating cash flow?
Iridex (IRIX) recorded an outflow of $2.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Iridex's total assets?
Iridex (IRIX) had $29.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Iridex's capital expenditures?
Iridex (IRIX) invested $143K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Iridex spend on research and development?
Iridex (IRIX) invested $3.7M in research and development during fiscal year 2025.
What is Iridex's current ratio?
Iridex (IRIX) had a current ratio of 1.91 as of fiscal year 2025, which is generally considered healthy.
What is Iridex's debt-to-equity ratio?
Iridex (IRIX) had a debt-to-equity ratio of 4.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Iridex's return on assets (ROA)?
Iridex (IRIX) had a return on assets of -15.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Iridex's P/E ratio?
Iridex (IRIX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to July 4, 2026). The market capitalization is $11.8M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Iridex's price-to-sales ratio?
Iridex (IRIX) trades at 0.2x sales, its market capitalization divided by revenue of $51.6M revenue, trailing 12 months to July 4, 2026. The market capitalization is $11.8M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Iridex's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Iridex (IRIX) held $6.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $2.1M over that year. Dividing the one by the other, the reported balance equals about 34 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Iridex's Altman Z-Score?
Iridex (IRIX) has an Altman Z-Score of -2.13, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Iridex's Piotroski F-Score?
Iridex (IRIX) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Iridex's earnings high quality?
Iridex (IRIX) reported a net loss of $4.4M while operations used $2.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Iridex cover its interest payments?
Iridex (IRIX) reported an operating loss of $2.6M against $58K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Iridex?
Iridex (IRIX) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.