IRIDEX (US:IRIX)2025-11-12 21:12Revenue and Growth - Revenue for Q3 2025 was $12.5 million, an 8% increase year-over-year from $11.6 million in Q3 2024[4] - Total product revenue from the Cyclo G6 product family was $3.5 million, representing a 13% year-over-year growth compared to $3.1 million in the prior year quarter[4] - Cyclo G6 probes sold increased to 14,900 compared to 13,600 in the prior year quarter[5] Expenses and Losses - Operating expenses decreased by 12% to $5.4 million in Q3 2025, down from $6.2 million in Q3 2024[6] - Net loss for Q3 2025 was $1.6 million, or $0.09 per share, an improvement from a net loss of $1.9 million, or $0.12 per share, in the same period of the prior year[7] - Non-GAAP adjusted EBITDA for Q3 2025 was a loss of $131 thousand, an improvement of $1.3 million compared to a loss of $1.4 million in Q3 2024[7] - GAAP net loss for Q3 2025 was $1,573 million, compared to a loss of $1,933 million in Q3 2024, showing an improvement of 18.6%[26] - Adjusted EBITDA for Q3 2025 was a loss of $131 million, significantly better than the loss of $1,362 million in Q3 2024[26] - For the nine months ended September 27, 2025, GAAP net loss was $4,253 million, down from $8,076 million in the same period of 2024, indicating a 47.4% reduction[26] Cash and Assets - Cash and cash equivalents as of September 27, 2025, were $5.6 million, a reduction of $1.2 million during the quarter[5] - Total assets as of September 27, 2025, were $28.4 million, a decrease from $29.1 million at the end of 2024[24] Inventory and Write-downs - Inventory write-downs amounted to $823 million for both Q3 2025 and the nine months ended September 27, 2025, with no write-downs reported in the same periods of 2024[26] Other Financial Metrics - Stock-based compensation expenses were $92 million in Q3 2025, down from $114 million in Q3 2024, reflecting a decrease of 19.3%[26] - Depreciation and amortization expenses increased to $366 million in Q3 2025 from $275 million in Q3 2024, representing a rise of 32.9%[26] - Interest income for Q3 2025 was $10 million, compared to $5 million in Q3 2024, marking a 100% increase[26] - Other expenses rose to $167 million in Q3 2025 from $51 million in Q3 2024, indicating a significant increase of 227.5%[26] - Provision for income taxes decreased to $4 million in Q3 2025 from $17 million in Q3 2024, a decline of 76.5%[26] - Nasdaq listing compliance expenses were $152 million for the nine months ended September 27, 2025, with no expenses reported in the same period of 2024[26] Future Outlook - The company expects to achieve cash flow breakeven in Q4 2025 and positive adjusted EBITDA for the full year 2025[8]