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.

• Positioned for double-digit growth in 2026, leveraging proprietary minimally invasive technologies for glaucoma and dry eye disease.

• Strategic focus on expanding interventional solutions and synergistic opportunities between glaucoma and dry eye markets.

• 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; full year 2025 revenue declined 3% to $77.4 million.

• Interventional glaucoma revenue was $19.7 million, up 5% year-over-year; interventional dry eye revenue was $0.7 million, up from $0.3 million.

• Gross margin was 87% in Q4 2025 and 86% for the full year; interventional glaucoma gross margin at 88%, dry eye gross margin improved to 68%.

• Total operating expenses were $21.5 million in Q4, down 25% year-over-year; adjusted operating expenses were $18.9 million, down 23%.

• Net loss was $4.2 million ($0.08 per share) in Q4 2025; full year net loss was $38.4 million ($0.74 per share).

Outlook and guidance

• 2026 revenue guidance: $82–88 million (6–14% growth over 2025).

• Interventional glaucoma segment guidance: $77–81 million (2–7% growth); dry eye segment: $5–7 million (up from $1.6 million in 2025).

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

• 2026 adjusted operating expenses expected at $93–96 million, up 6–9% due to targeted commercial investments.