Form 8-K

8-K — IRIDEX CORP

Accession: 0001193125-26-230774

Filed: 2026-05-19

Period: 2026-05-19

CIK: 0001006045

SIC: 3845 (ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — irix-20260519.htm (Primary)

EX-99.1 (irix-ex99_1.htm)

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8-K

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Filename: irix-20260519.htm · Sequence: 1

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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

May 19, 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 May 19, 2026, IRIDEX Corporation issued a press release discussing its financial results for its first fiscal quarter ended April 4, 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 May 19, 2026.

104

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

-2-

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/ Romeo R. Dizon

Romeo R. Dizon

Chief Financial Officer

Date: May 19, 2026

-3-

EX-99.1

Filename: irix-ex99_1.htm · Sequence: 2

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

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

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 Company’s website at www.iridex.com or by dialing +1-646-307-1963 from the US or +1-800-715-9871 internationally and providing Conference ID: 3693990.

About Iridex Corporation

Iridex Corporation is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. The Company’s proprietary MicroPulse® technology delivers a differentiated laser treatment that provides safe, effective, and proven treatment for targeted sight-threatening eye conditions. Iridex’s current product line is used for the treatment of glaucoma and diabetic macular edema (DME) and other retinal diseases. Iridex products are sold in the United States through a direct sales force and internationally primarily through a network of independent distributors into more than 100 countries. For further information, visit the Iridex website at www.iridex.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, including those statements concerning commercial trends, market adoption and expansion, expectations

regarding profitability, demand for and utilization of the Company's products, financial results and forecasts and expected sales volumes. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks further described in the “Risk Factors” section of Iridex’s most recent Annual Report on Form 10-K, as well as in Iridex’s other reports filed with or furnished to the United States Securities and Exchange Commission (“SEC”), available at www.sec.gov. Forward-looking statements contained in this announcement are made as of this date and will not be updated.

Use of Non-GAAP Financial Information

This press release contains financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Management evaluates and makes operating decisions using various performance measures. In addition to Iridex’s GAAP results, we consider Adjusted EBITDA. This

non-GAAP result should not be considered as an alternative to net income, net cash provided by operating activities, or any other performance measure derived in accordance with GAAP. We present this non-GAAP result because management considers it to be an important supplemental measure of Iridex’s performance and refers to such measures when analyzing Iridex’s strategy and operations.

In calculating the above non-GAAP result: Adjusted EBITDA is defined as earnings before interest income and expense, taxes, depreciation, amortization, and share-based compensation, as well as excluding certain other non-GAAP adjustments. Adjusted EBITDA exclude from their GAAP equivalents items listed below:

•

Share-based compensation expense. We excluded from our non-GAAP results the expense related to equity-based compensation plans as it represents expenses that do not require cash settlement from Iridex.

•

Severance-related expenses. We excluded from our non-GAAP results the expenses related to restructuring events, partially offset by reversals of previously recognized severance expenses in subsequent periods. These expenses are unrelated to our ongoing operations, vary in size and frequency and are subject to significant fluctuations from period to period due to varying levels of restructuring activity. We believe that excluding these expenses provides a more meaningful comparison of the financial results to our historical operations and to the financial results of peer companies.

Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational or non-cash expenses involving stock compensation plans or other items.

A detailed reconciliation between Iridex’s non-GAAP and GAAP financial results is set forth in the financial tables at the end of this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results that are contained in this press release as well as in Iridex’s other reports filed with or furnished to the SEC.

Investor Relations Contact

Philip Taylor

Gilmartin Group

investors@iridex.com

IRIDEX Corporation

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

April 4, 2026

March 29, 2025

Total revenues

11,799

11,896

Cost of revenues

7,058

6,841

Gross profit

4,741

5,055

Operating expenses:

Research and development

905

876

Sales and marketing

2,537

2,453

General and administrative

1,623

1,931

Total operating expenses

5,065

5,260

Loss from operations

(324

)

(205

)

Other expense, net

(142

)

(1,469

)

Loss from operations before provision for income taxes

(466

)

(1,674

)

Provision for income taxes

Net loss

(524

)

(1,686

)

Net loss per share:

Basic

(0.03

)

(0.10

)

Diluted

(0.03

)

(0.10

)

Weighted average shares used in computing net loss per common share:

Basic

17,311

16,727

Diluted

17,311

16,727

IRIDEX Corporation

Condensed Consolidated Balance Sheets

(In thousands)

April 4, 2026

January 3, 2026

ASSETS

Current assets:

Cash and cash equivalents

4,595

6,028

Accounts receivable, net

8,416

9,545

Inventories

9,325

7,877

Prepaid expenses and other current assets

2,248

1,802

Total current assets

24,584

25,252

Property and equipment, net

139

Intangible assets, net

904

984

Goodwill

965

Operating lease right-of-use assets, net

496

768

Other long-term assets

1,186

1,124

Total assets

28,274

29,151

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

6,054

5,502

Accrued compensation

1,718

2,340

Accrued expenses

692

608

Other current liabilities

1,900

1,899

Deferred revenue, current

2,040

2,160

Operating lease liabilities, current

424

699

Total current liabilities

12,828

13,208

Long-term liabilities:

Deferred revenue

6,422

6,801

Operating lease liabilities

Convertible note payable

3,765

3,735

Other long-term liabilities

440

387

Total liabilities

23,542

24,229

Stockholders’ equity:

Series B convertible preferred stock

6,000

Common stock

174

Additional paid-in capital

91,538

91,208

Accumulated other comprehensive loss

(10

)

(14

)

Accumulated deficit

(92,970

)

(92,446

)

Total stockholders’ equity

4,732

4,922

Total liabilities and stockholders’ equity

28,274

29,151

IRIDEX Corporation

Reconciliation of GAAP Net Loss to Adjusted EBITDA

(In thousands)

Three Months Ended

April 4, 2026

March 29, 2025

Reconciliation of GAAP net loss to Adjusted EBITDA(a)

GAAP net loss

(524

)

(1,686

)

Interest income

)

Other expense

148

1,476

Provision for income taxes

Depreciation and amortization

372

381

Stock-based compensation

211

213

Severance related expense (for head count reduction)

Adjusted EBITDA

259

415

(a)Defined as earnings before interest income and expense, taxes, depreciation, amortization, and share- based compensation, as well as certain non-GAAP adjustments.

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