IRIDEX Turns Corner With Positive Adjusted EBITDA, Sets 2026 Outlook Without Middle East Sales

Guidance reflects conflict-driven disruption in a region that has supplied about 5% of revenue.

Overview

IRIDEX reported 2025 revenue of $52.7 million with 8% growth and posted $1.1 million in adjusted EBITDA as the net loss narrowed to $4.4 million.
Fourth-quarter revenue reached $14.7 million with 16% growth, adjusted EBITDA was $0.8 million, and operations produced cash for the quarter.
The company guided 2026 revenue to $51 million to $53 million and removed all Middle East sales due to the ongoing conflict, while targeting positive operating cash flow for the year.
Management plans to begin shifting production to third-party manufacturers in 2026 with full transfer targeted for 2027, and a 2026 headquarters move is slated to lower fixed costs by about $600,000 a year.
Growth was led by PASCAL retina system demand and higher Cyclo G6 probe use, though tariffs and inventory write-downs pushed 2025 gross margin down to 37%.