Core Insights - Iridex Corporation reported a revenue of $13.6 million for Q2 2025, marking a 7% year-over-year growth and a 14% sequential growth compared to Q1 2025 [4][10] - The company achieved its third consecutive quarter of positive non-GAAP adjusted EBITDA, with an adjusted EBITDA of $21 thousand, an improvement of $1.7 million from a loss of $1.7 million in Q2 2024 [6][10] - Operating expenses were reduced by 28% year-over-year, totaling $5.6 million in Q2 2025, down from $7.8 million in Q2 2024 [6][10] Financial Performance - Revenue growth was primarily driven by increased sales of Pascal systems and medical and surgical retina systems, despite a decrease in surgical retina probe sales [4] - Gross profit for Q2 2025 was $4.7 million, representing a gross margin of 34.5%, down from $5.1 million and a 40.7% gross margin in Q2 2024 [5] - The net loss for Q2 2025 was $1.0 million, or $0.06 per share, compared to a net loss of $2.7 million, or $0.16 per share, in the same period of the prior year [6][10] Product Performance - Revenue from the Cyclo G6 product family was $3.3 million, remaining essentially flat year-over-year, with 13,100 probes sold compared to 15,100 in the prior year quarter [4][10] - Retina product revenue reached $8.0 million, reflecting a 10% year-over-year growth and a 21% sequential growth compared to Q1 2025 [10] Cash Position - As of June 28, 2025, cash and cash equivalents were $6.8 million, a decrease of $0.4 million during the quarter [7][10] Future Outlook - The company aims to achieve cash flow breakeven and positive adjusted EBITDA in 2025, with revenue generation expected to be consistent with 2024 [8]

Core Insights - Iridex Corporation reported a return to year-over-year revenue growth and achieved positive adjusted EBITDA for the first two quarters of 2025, indicating a transformation in operations [3][7] - The company aims to achieve cash flow breakeven and positive adjusted EBITDA in 2025, maintaining revenue generation consistent with 2024 [10] Financial Performance - Total revenue for Q1 2025 was $11.9 million, slightly up from $11.8 million in Q1 2024 [4][9] - Retina product revenue decreased by 3% to $6.6 million, while Cyclo G6 Glaucoma product revenue increased by 8% to $3.2 million [4][9] - Gross profit for Q1 2025 was $5.1 million, representing a gross margin of 42.5%, an increase from 37.9% in Q1 2024 [5] - Operating expenses were reduced by 32% to $5.3 million compared to $7.8 million in Q1 2024 [5][9] - The net loss for Q1 2025 was $1.7 million, or $0.10 per share, an improvement from a net loss of $3.5 million, or $0.21 per share, in the same period of the prior year [7][9] Strategic Developments - The company received a strategic investment of $10 million from Novel Inspiration, which helped to strengthen its balance sheet and settle a note payable [8][9] - Iridex is exploring additional partnerships and distribution agreements to leverage its global customer base [3]