Iridex Q1 revenue $11.8M (-1% YoY); net loss narrows to $0.5M; Cyclo G6 up 14%

IRIDEX CORP

2026-Q1 EPS reported -$0.03 vs consensus -$0.07 ▲ beat (+58.0%)

Revenue $11.8M, down 1% YoY; Cyclo G6 product revenue $3.6M (+14% YoY) on 15,500 probes sold.
Net loss $0.5M ($0.03/sh) compared to $1.7M ($0.10/sh) in Q1 2025; Non-GAAP adjusted EBITDA $0.3M.
Gross margin 40% vs 43% a year ago, pressured by tariffs and transition to low-cost manufacturers.
Cash $4.6M; company expects positive cash flow for full year 2026 despite typical Q1 usage.
FY2026 revenue guidance reaffirmed at $51M-$53M; adjusted opex guided $19M-$19.5M.

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