Iridex Corporation reported second quarter 2025 revenue of $13.6 million, representing a 7% year-over-year increase and 14% sequential growth over Q1 2025. This marks the third consecutive quarter of year-over-year revenue growth for the company.
The company achieved positive adjusted EBITDA of $21 thousand in Q2 2025, a significant improvement from a $1.7 million loss in Q2 2024. This is the third consecutive quarter of breakeven or better adjusted EBITDA, demonstrating the impact of operational refocus.
Operating expenses decreased by 28% year-over-year to $5.6 million in Q2 2025, primarily due to expense reduction measures implemented in late 2024. Net loss improved to $1.0 million, or $0.06 per share, compared to $2.7 million, or $0.16 per share, in Q2 2024.
Gross margin for Q2 2025 was 34.5%, a decrease from 40.7% in Q2 2024, primarily driven by increased overall manufacturing costs, a product mix favoring capital system sales, and a geographic mix leaning towards international sales. Cyclo G6 product family revenue was $3.3 million, essentially flat year-over-year.
Cash and cash equivalents stood at $6.8 million as of June 28, 2025. Iridex reaffirmed its 2025 financial outlook, committing to achieving cash flow breakeven and positive adjusted EBITDA on revenue generation consistent with 2024.
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