Revenue has contracted from its $45.4M peak in 2024Q3 to $24.6M in 2026Q3 while gross margins held near 73.6% and operating margin fell to -75.3%, indicating that fixed operating costs of roughly $27M per quarter are not being covered by current sales.
RxSight, Inc. (RXST) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 121.83M | 134.48M | 139.93M | 89.08M | 49.01M | 22.59M | 14.68M | 2.24M |
| Revenue Growth % | -14.26% | -3.89% | 57.09% | 81.77% | 116.9% | 53.92% | 554.98% | - |
| Cost of Goods Sold | 29.08M | 31.47M | 40.98M | 35.31M | 27.68M | 18.08M | 12.97M | 4.06M |
| COGS % of Revenue | - | 23.4% | 29.29% | 39.64% | 56.48% | 80.01% | 88.38% | 181.17% |
| Gross Profit | 92.75M | 103.01M | 98.94M | 53.77M | 21.33M | 4.52M | 1.71M | -1.82M |
| Gross Margin % | 76.13% | 76.6% | 70.71% | 60.36% | 43.52% | 19.99% | 11.62% | -81.17% |
| Gross Profit Growth % | - | 4.11% | 84.03% | 152.09% | 372.17% | 164.93% | 193.73% | - |
| Operating Expenses | 154.2M | 151.2M | 135.8M | 103.85M | 84.65M | 57.3M | 37.11M | 44.25M |
| OpEx % of Revenue | - | 112.43% | 97.05% | 116.58% | 172.73% | 253.64% | 252.83% | 1974.61% |
| Selling, General & Admin | 117.37M | 112.65M | 101.43M | 74.8M | 58.66M | 32.8M | 15.18M | 15.2M |
| SG&A % of Revenue | - | 83.77% | 72.49% | 83.97% | 119.71% | 145.2% | 103.39% | 678.4% |
| Research & Development | 36.83M | 38.55M | 34.37M | 29.05M | 25.98M | 24.5M | 21.93M | 29.57M |
| R&D % of Revenue | - | 28.67% | 24.56% | 32.61% | 53.02% | 108.44% | 149.43% | 1319.46% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -521K |
| Operating Income | -61.45M | -48.19M | -36.86M | -50.09M | -63.32M | -52.79M | -35.41M | -46.07M |
| Operating Margin % | -50.44% | -35.84% | -26.34% | -56.23% | -129.21% | -233.64% | -241.21% | -2055.78% |
| Operating Income Growth % | - | -30.75% | 26.41% | 20.9% | -19.95% | -49.09% | 23.15% | - |
| EBITDA | -57.84M | -44.92M | -33.23M | -45.84M | -59.3M | -48.8M | -31.39M | -42.14M |
| EBITDA Margin % | -47.48% | -33.41% | -23.75% | -51.46% | -121% | -215.99% | -213.88% | -1880.41% |
| EBITDA Growth % | -35.95% | -35.17% | 27.5% | 22.69% | -21.51% | -55.45% | 25.5% | - |
| D&A (Non-Cash Add-back) | 3.61M | 3.27M | 3.62M | 4.24M | 4.02M | 3.99M | 4.01M | 3.93M |
| EBIT | -53.22M | -38.84M | -27.38M | -45.28M | -61.8M | -45M | 28.14M | 126.27M |
| Net Interest Income | 8.22M | 2.47M | 9.45M | 3.27M | -3.43M | -3.63M | 33K | 2.28M |
| Interest Income | 8.24M | 2.51M | 9.47M | 6.57M | 1.52M | 54K | 543K | 2.31M |
| Interest Expense | 14K | 40K | 21K | 3.31M | 4.95M | 3.68M | 510K | 26K |
| Other Income/Expense | 8.22M | 9.31M | 9.45M | 1.5M | -3.43M | 4.11M | 63.04M | 172.31M |
| Pretax Income | -53.23M | -38.88M | -27.41M | -48.59M | -66.75M | -48.68M | 27.63M | 126.24M |
| Pretax Margin % | -43.69% | -28.91% | -19.59% | -54.55% | -136.2% | -215.47% | 188.25% | 5633.38% |
| Income Tax | 128K | 66K | 50K | 20K | 9K | 8K | 57K | 24K |
| Effective Tax Rate % | -0.24% | -0.17% | -0.18% | -0.04% | -0.01% | -0.02% | 0.21% | 0.02% |
| Net Income | -53.36M | -38.94M | -27.45M | -48.61M | -66.76M | -48.69M | 27.57M | 126.22M |
| Net Margin % | -43.8% | -28.96% | -19.62% | -54.57% | -136.22% | -215.5% | 187.87% | 5632.31% |
| Net Income Growth % | -49.33% | -41.84% | 43.52% | 27.19% | -37.11% | -276.57% | -78.15% | - |
| Net Income (Continuing) | -53.36M | -38.94M | -27.45M | -48.61M | -66.76M | -48.69M | 27.57M | 126.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.28 | -0.95 | -0.71 | -1.41 | -2.41 | -1.78 | 0.18 | 6.62 |
| EPS Growth % | -45.45% | -33.8% | 49.65% | 41.49% | -35.39% | -1088.89% | -97.28% | - |
| EPS (Basic) | - | -0.95 | -0.71 | -1.41 | -2.41 | -1.78 | 0.18 | 0.95 |
| Diluted Shares Outstanding | 41.71M | 41.18M | 38.87M | 34.46M | 27.66M | 27.37M | 19.07M | 19.07M |
| Basic Shares Outstanding | 41.71M | 41.18M | 38.87M | 34.46M | 27.66M | 27.37M | 19.07M | 19.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RXST stock.
For fiscal year 2025, RxSight, Inc. (RXST) reported total revenue of $134.5M. This represents a 5900.8% increase compared to $2.2M in 2019.
RxSight, Inc. (RXST) reported a net loss of $38.9M for the fiscal year ending 2025.
RxSight, Inc. (RXST) reported an operating income of $-48.2M, resulting in an operating profit margin of -35.8%. This margin reflects the operational efficiency of the business before interest and taxes.
RxSight, Inc. (RXST) generated $103.0M in gross profit for the year, representing a gross profit margin of 76.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Stalls After Rapid 2024 Expansion
RxSight's reported revenue rose from $34.9M in 2024Q2 to a $45.4M peak in 2024Q3 but has since hovered between $24.6M and $33.7M, with 2026Q3 showing a 19.0% year-over-year decline per the reported income statement data.
The sharp 2024 growth rate of 40% to 68% year-over-year has not been sustained, and the most recent quarters suggest the top line has plateaued or begun contracting. The 2026Q3 decline of 19.0% is the weakest reading in the series and warrants investigation into whether volume, pricing, or customer demand is driving the slowdown. Investors should monitor whether subsequent quarters show a recovery or confirm a structural deceleration.
Gross Margins Hold Despite Revenue Volatility
Gross margin has remained largely within a 74% to 80% band in most recent quarters, reaching 79.9% in 2025Q3, though the 2024Q3 reading of 55.5% reflects a one-time cost spike that appears to be non-recurring based on reported COGS.
The gross margin profile suggests the core product carries meaningful pricing power, since margins stayed high even as revenue fell sharply in 2026Q3. The 2026Q3 gross margin of 73.6% is the lowest of the recent stable period, which may indicate early pressure on unit economics. Investors should monitor whether margin erosion continues, as sustained compression would weaken the path to profitability.
Operating Losses Widen Against Fixed Cost Base
Operating expenses of roughly $27M to $32M per quarter remain well above gross profit, pushing operating margin to -75.3% in 2026Q3 versus -20.3% in 2024Q3, reflecting negative operating leverage based on reported figures.
Because SG&A and R&D have not scaled down alongside revenue, the cost base appears to be fixed relative to the top line, which magnifies losses when sales decline. The operating loss in 2026Q3 of $18.5M against gross profit of $18.1M shows that the company is spending nearly twice its gross profit on operations. This pattern suggests the business has not yet reached a volume level capable of absorbing its overhead.
SG&A Dominates Spending and Stays Elevated
SG&A has consistently run at roughly $24M to $32M per quarter, exceeding R&D of $8M to $10M by a wide margin, and stock-based compensation of $6M to $8M per quarter represents a material share of that overhead.
The dominance of SG&A over R&D suggests the company is weighted toward commercial expansion rather than product development, which may be appropriate for a device launch but raises questions about return on that spend. Stock-based compensation consuming a significant portion of expenses means reported losses understate the cash cost structure only partially, since equity dilution substitutes for cash outflow. Investors should monitor whether SG&A is reduced in line with revenue trends.
Losses May Persist Without Revenue Recovery
Based on reported figures, net losses have ranged from -$6.1M to -$16.2M per quarter with no profitable quarter in the ten-quarter series, and the most recent net margin of -66.0% suggests the bear case centers on whether revenue can re-accelerate.
The strongest challenge to any constructive view is that the company has not produced a single profitable quarter in the reported history, and the latest period shows losses widening rather than narrowing. A contracting top line combined with a largely fixed cost base implies that the gap between revenue and breakeven may be growing, not shrinking. Investors should monitor whether management can demonstrate a credible path to operating breakeven, as absent that the reported figures do not support a near-term turnaround.