IRIDEX CORP Files Q3 2024 10-Q

TL;DR

IRIDEX CORP's Q3 10-Q is in: check financials for latest performance.

AI Summary

IRIDEX CORP filed its 10-Q for the period ending September 28, 2024. The filing details financial performance and operational updates. Key financial data points and disclosures relevant to investors are presented, including information on revenue, expenses, and balance sheet items for the reported quarter and year-to-date periods.

Why It Matters

This 10-Q filing provides investors with the latest financial health and operational performance of IRIDEX CORP, crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures, but the complexity of financial reporting and potential for unforeseen business events introduce a medium level of risk.

Key Numbers

• N/A — Revenue (Specific revenue figures for Q3 2024 are not explicitly listed in the provided text snippet.)
• N/A — Net Income (Specific net income figures for Q3 2024 are not explicitly listed in the provided text snippet.)
• N/A — Total Assets (Specific total asset figures for Q3 2024 are not explicitly listed in the provided text snippet.)
• N/A — Total Liabilities (Specific total liability figures for Q3 2024 are not explicitly listed in the provided text snippet.)
• N/A — Shareholder Equity (Specific shareholder equity figures for Q3 2024 are not explicitly listed in the provided text snippet.)

Key Players & Entities

• IRIDEX CORP (company) — Filer of the 10-Q
• 20240928 (date) — End of the reporting period
• 20241112 (date) — Filing date
• 1212 TERRA BELLA AVE, MOUNTAIN VIEW, CA 94043 (address) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share IRIX Nasdaq Capital Marke

Filing Documents

• irix-20240928.htm (10-Q) — 1913KB
• irix-ex4_1.htm (EX-4.1) — 199KB
• irix-ex31_1.htm (EX-31.1) — 15KB
• irix-ex31_2.htm (EX-31.2) — 15KB
• irix-ex32_1.htm (EX-32.1) — 7KB
• irix-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-125541.txt ( ) — 8234KB
• irix-20240928.xsd (EX-101.SCH) — 1122KB
• irix-20240928_htm.xml (XML) — 1345KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5 Item 1. Condensed Consolidated Financial Statements (Unaudited) 5 Unaudited Condensed Consolidated Balance Sheets as of September 28, 2024 and December 30, 2023 5 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 28, 2024 and September 30, 2023 6 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 28, 2024 and September 30, 2023 7 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 28, 2024 and September 30, 2023 8 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 28, 2024 and September 30, 2023 9 Notes to Unaudited Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47

Signatures

Signatures 48 2 NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (including changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve and maintain future profitability; success of our strategic alternatives; macroeconomic conditions, including impact of global pandemics or other public health emergencies or outbreaks, foreign exchange fluctuation, inflation concerns, and changing interest rates on our business and results of operations; customer acceptance and purchase of our existing products and new products; our ability to maintain and expand our customer base; competition from other products; the impact of foreign currency exchange rate and interest rate fluctuations on our results and sales; the pace of change and innovation in the markets in which we participate and the competitive nature of those markets; our business str

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Condensed Consolidated F inancial Statements (Unaudited)

Item 1. Condensed Consolidated F inancial Statements (Unaudited) IRIDEX Corporation CONDENSED CONSOLIDA TED BALANCE SHEETS (Unaudited, in thousands except share and per share data) September 28, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 3,860 $ 7,034 Accounts receivable, net 5,954 6,727 Receivable from related party 1,826 2,927 Inventories 10,942 9,906 Prepaid expenses and other current assets 1,755 856 Total current assets 24,337 27,450 Property and equipment, net 157 351 Intangible assets, net 1,391 1,642 Goodwill 965 965 Operating lease right-of-use assets, net 2,034 2,632 Other long-term assets 1,270 1,396 Total assets $ 30,154 $ 34,436 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,201 $ 4,499 Payable to related party 579 228 Accrued compensation 1,842 1,619 Accrued expenses 1,007 1,996 Convertible note payable, current 1,314 — Other current liabilities 1,579 1,233 Deferred revenue, current 2,335 2,404 Operating lease liabilities, current 995 995 Total current liabilities 15,852 12,974 Long-term liabilities: Deferred revenue 8,759 10,025 Operating lease liabilities 1,155 1,751 Convertible note payable 1,444 — Other long-term liabilities 321 164 Total liabilities 27,531 24,914 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock, $ 0.01 par value, 2,000,000 shares authorized, no shares issued and outstanding — — Common stock, $ 0.01 par value: Authorized: 30,000,000 shares; Issued and outstanding 16,636,380 shares as of September 28, 2024 and 16,252,813 as of December 30, 2023 174 172 Additional paid-in capital 89,565 88,444 Accumulated other comprehensive income (loss) 2 ( 52 ) Accumulated deficit ( 87,118 ) ( 79,042 ) Total stockholders' equity

View Full Filing

View this 10-Q filing on SEC EDGAR