IRIX

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Iridex Reports First Quarter 2026 Financial Results

2026 Guidance Affirmed

MOUNTAIN VIEW, Calif., May 19, 2026 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems, delivery devices, and procedure probes for the treatment of glaucoma and retinal diseases, today reported financial results for the first quarter ended April 4, 2026.

First Quarter 2026 Financial Highlights

• Generated total revenue of $11.8 million, compared to $11.9 million in the prior year period

• Cyclo G6® product family revenue was $3.6 million, representing growth of 14% year-over-year compared to $3.2 million in the prior year period

o Sold 15,500 Cyclo G6 probes compared to 13,900 in the prior year period

o Sold 24 Cyclo G6 Glaucoma Laser Systems compared to 24 in the prior year period

• Retina product revenue was $5.8 million compared to $6.6 million in the prior year period

• Reduced operating expenses by 4% compared to the prior year period

“Looking back at the first quarter of 2026, I am encouraged by our execution across the business as first quarter results were in line with our expectations, building the foundation for a cash flow positive fiscal year,” said Patrick Mercer, President and CEO of Iridex. “Our U.S. glaucoma business delivered solid growth, and our cost structure improvements are flowing through as planned. We remain confident in our ability to deliver on the priorities we’ve outlined: expanding G6 utilization, advancing regulatory approvals, and continuing to drive gross margin improvement.”

First Quarter 2026 Financial Results

Total revenue for the three months ended April 4, 2026 was $11.8 million, representing a decline of 1% compared to the first quarter of 2025. The decrease in revenue was primarily driven by a decrease in retina system sales, partially offset by increases in glaucoma probe sales and service and other revenues. Total retina product revenue was $5.8 million compared to $6.6 million in the prior year period. The decrease was primarily due to international supply constraints and delayed regulatory approvals, offset by strength in U.S. retina sales. Total product revenue from the Cyclo G6 product family was $3.6 million, representing growth of 14% compared to $3.2 million in the prior year period. Other revenue increased $0.2 million to $2.3 million, driven primarily by an increase in service revenue.

Gross profit in the first quarter of 2026 was $4.7 million or a 40% gross margin, a decrease of $0.3 million compared to $5.0 million, or a 43% gross margin, in the prior year period. Gross margin decreased primarily due to higher manufacturing costs and increased product costs related to recent tariff developments as the Company continues its transition to lower-cost contract manufacturers.

Operating expenses were $5.1 million in Q1 2026, a decrease of $0.2 million, or 4% compared to $5.3 million in Q1 2025. The decrease was primarily attributable to lower consulting costs, reduced deal

related legal expenses, and cost savings realized from the general and administrative function transfer initiative announced in prior periods.

Net loss was $0.5 million or $0.03 per share for Q1 2026, compared to a net loss of $1.7 million, or $0.10 per share, in the same period of the prior year.

Non-GAAP adjusted EBITDA for Q1 2026 was $0.3 million, compared to Non-GAAP adjusted EBITDA of $0.4 million for Q1 2025.

Cash and cash equivalents as of April 4, 2026 were $4.6 million, a decrease of $1.4 million in the quarter. The Company’s cash usage was planned and reflects the normal annual cycle where usage is highest in the first quarter, primarily due to annual compensation payment timing and other year-end accrued expenses and liabilities being paid during the first quarter. For the remaining quarters of the year, the Company expects to generate cash and for quarterly cash generation to improve sequentially. Cumulatively, the Company expects to generate positive cash flow for fiscal year 2026.

2026 Financial Outlook

The Company is reaffirming its’ annual revenue guidance for the full year 2026 of between $51 million and $53 million. This guidance contemplates the impact of market disruptions from the conflict in the Middle East, which are impacting product delivery timelines. The Company also continues to expect fiscal year 2026 adjusted operating expenses, which exclude depreciation and amortization, and stock compensation, to be in the range of $19 million to $19.5 million and to generate positive operating cash flow in the full year 2026.

Webcast and Conference Call Information

Iridex’s management team will host a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET. Investors interested in listening to the conference call may do so by accessing the live and recorded webcast on the “Event Calendar” page of the “Investors” section of the Comp

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Iridex Reports Fourth Quarter and Full Year 2025 Financial Results

Strong Q4 and Full Year 2025 Revenue Performance Underpinned by Continued Operational Efficiencies

MOUNTAIN VIEW, Calif., March 26, 2026 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems, delivery devices, and procedure probes for the treatment of glaucoma and retinal diseases, today reported financial results for the fourth quarter and full year ended January 3, 2026.

Fourth Quarter 2025 Financial Highlights

• Generated total revenue of $14.7 million, representing growth of 16% year-over-year compared to $12.7 million in the prior year quarter

• Cyclo G6® product family revenue was $3.8 million, representing growth of 15% year-over-year compared to $3.3 million in the prior year quarter

o Sold 15,900 Cyclo G6 probes compared to 13,300 in the prior year quarter

o Sold 44 Cyclo G6 Glaucoma Laser Systems compared to 47 in the prior year quarter

• Retina product revenue was $8.9 million, representing growth of 22% year-over-year

• Reduced operating expenses by 10% compared to the prior year period

• Cash and cash equivalents as of January 3, 2026 were $6.0 million, an increase of $0.4 million in the quarter.

Full Year 2025 Results

• Generated total revenue of $52.7 million, compared to $48.7 million in 2024, representing growth of 8%

• Cyclo G6® Glaucoma product family revenue of $13.8 million, compared to $12.7 million in 2024

o Sold 57,800 Cyclo G6® probes, compared to 55,400 in 2024

o Sold 133 Cyclo G6® Glaucoma Laser Systems compared to 125 in 2024

• Retina product revenue was $30.3 million, compared to $27.8 million in 2024

• Reduced operating expenses by 22% compared to the prior year

“2025 was a transformational year for Iridex, we grew revenue, reduced operating expenses, and achieved positive adjusted EBITDA for the first time in recent company history,” said Patrick Mercer, President and CEO of Iridex. “I am proud to announce that our fourth quarter was our strongest of the year, with momentum across both our glaucoma and retina businesses driving cash flow positive operations. As we enter 2026, we have a growing installed base of systems, manufacturing efficiency initiatives underway and leaner cost structure, that position us to build on our 2025 progress and drive sustainable profitability.”

Fourth Quarter 2025 Financial Results

Revenue for the three months ended January 3, 2026 was $14.7 million, representing a 16% year-over-year increase compared to the fourth quarter of 2024. The increase in revenue was primarily driven by higher retina system sales, including Pascal sales, glaucoma probe sales and an extra selling week in the fiscal quarter. Total product revenue from the Cyclo G6 product family was $3.8 million, representing growth of 15% year-over-year compared to $3.3 million in the prior year quarter. Other revenue decreased $0.1 million to $2.0 million.

Gross profit in the fourth quarter of 2025 was $5.5 million or a 37% gross margin, a decrease of $0.1 million compared to $5.6 million, or a 44.0% gross margin, in the prior year period. Gross margin decreased primarily due to increase in overall manufacturing costs, including increased product costs associated with tariff developments throughout the year, and lower capitalization of manufacturing overhead as inventory levels declined.

Operating expenses were $5.5 million in Q4 2025, a decrease of $0.6 million, or 10% compared to $6.1 million in Q4 2024, due mainly to expense reduction measures taken in late 2024.

Net loss was $0.2 million or $0.01 per share for Q4 2025, compared to a net loss of $0.8 million, or $0.05 per share, in the same period of the prior year.

Non-GAAP adjusted EBITDA for Q4 2025 was $0.8 million, an improvement of $0.2 million, compared to Non-GAAP adjusted EBITDA of $0.6 million for Q4 2024.

Cash and cash equivalents as of January 3, 2026 were $6.0 million, an increase of $0.4 million in the quarter.

Full Year 2025 Financial Results

Revenue for the year ended January 3, 2026 was $52.7 million, representing growth of 8% compared to $48.7 million in 2024. The increase in revenue was primarily driven by higher retina system sales, including Pascal sales, glaucoma probe sales and an extra selling week in the fiscal year. Retina product revenue was $30.3 million compared to $27.8 million in the prior year, an increase of 9%, driven by higher capital system sales. Total product revenue from the Cyclo G6 glaucoma product family was $13.8 million compared to $12.7 million in fiscal year 2024, driven by higher capital system sales and probe utilization. Other revenue was $8.6 million in 2025 compared to $8.1 million in the prior year primarily driven by higher service revenue.

Gross profit for the full year 2025 was $19.2 million or a 37% gross margin, a decrease compared to $19.5 millio

8-K

0001006045false00010060452026-01-122026-01-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

January 12, 2026

Date of Report (date of earliest event reported)

IRIDEX CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

000-27598

77-0210467

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

1212 Terra Bella Avenue Mountain View, California 94043

(Address of principal executive offices, including zip code)

(650) 940-4700

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of Class

Trading Symbol

Name of Exchange on Which Registered

Common Stock, par value $0.01 per share

IRIX

Nasdaq Capital Market

Item 2.02. Results of Operations and Financial Condition.

On January 12, 2026, IRIDEX Corporation (the "Company") announced its preliminary, unaudited operational and financial results for its fourth fiscal quarter and full fiscal year ended January 3, 2026. The press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits

Exhibit No.

Description

99.1

Press Release dated January 12, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

IRIDEX CORPORATION

By:

/s/ Patrick Mercer

Patrick Mercer

Chief Executive Officer

Date: January 12, 2026

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