Sight Sciences (SGHT) Q4 2025 earnings summary

Executive summary

• Achieved solid execution in Q4 2025 with 7% revenue growth to $20.4 million, strong gross margins, and disciplined operating expenses and cash management.

• Net loss narrowed to $4.2 million in Q4 2025 from $11.8 million in Q4 2024; full year net loss improved to $38.4 million from $51.5 million in 2024.

• Strategic focus on pioneering reimbursed interventional dry eye and standalone interventional glaucoma markets, leveraging proprietary technologies and synergistic commercial opportunities.

• Positioned for double-digit growth in 2026, supported by investments in commercial infrastructure and market access expansion.

• Cash and cash equivalents stood at $92 million at year-end 2025, with long-term debt unchanged at $40 million.

Financial highlights

• Q4 2025 total revenue was $20.4 million, up 7% year-over-year; interventional glaucoma revenue was $19.7 million (+5%), and interventional dry eye revenue was $0.7 million (+133%).

• Gross margin was 87% in Q4 2025, consistent with the prior year; interventional glaucoma gross margin improved to 88%, and dry eye gross margin rose to 68%.

• Total operating expenses decreased 25% to $21.5 million in Q4; adjusted operating expenses were $18.9 million, down 23%.

• Full year 2025 revenue declined 3% to $77.4 million compared to 2024; full year adjusted operating expenses were $87.8 million, down 13%.

• Cash used in 2025 totaled $28.4 million, up from $17.8 million in 2024.

Outlook and guidance

• 2026 revenue guidance: $82–88 million (+6–14% year-over-year), with interventional glaucoma at $77–81 million (+2–7%) and dry eye at $5–7 million (up from $1.6 million in 2025).

• Q1 2026 expected to be the lowest revenue quarter for glaucoma, with growth ramping in the second half; dry eye revenue expected at ~$1 million in Q1.

• 2026 adjusted operating expenses projected at $93–96 million (+6–9%), driven by targeted commercial and market access investments.