Revenue growth has re-accelerated to 19.5% YoY in 2026Q2, supported by an industry-leading gross margin of 91.4%, yet the company remains deeply unprofitable with a -19.0% net margin.
Sight Sciences, Inc. (SGHT) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 83.38M | 77.36M | 79.87M | 81.06M | 71.33M | 48.96M | 27.64M | 23.35M | 7.53M |
| Revenue Growth % | 9.27% | -3.13% | -1.47% | 13.63% | 45.7% | 77.12% | 18.38% | 210.07% | - |
| Cost of Goods Sold | 10.04M | 10.7M | 11.58M | 11.88M | 12.36M | 8.61M | 9.21M | 6.54M | 2.34M |
| COGS % of Revenue | - | 13.83% | 14.5% | 14.66% | 17.33% | 17.59% | 33.32% | 28.03% | 31.05% |
| Gross Profit | 73.34M | 66.67M | 68.28M | 69.17M | 58.97M | 40.35M | 18.43M | 16.8M | 5.19M |
| Gross Margin % | 87.96% | 86.17% | 85.5% | 85.34% | 82.67% | 82.41% | 66.68% | 71.97% | 68.95% |
| Gross Profit Growth % | - | -2.37% | -1.29% | 17.31% | 46.16% | 118.9% | 9.68% | 223.65% | - |
| Operating Expenses | 101.21M | 103.77M | 118.82M | 126.45M | 142.92M | 91.82M | 50.62M | 40.84M | 19.49M |
| OpEx % of Revenue | - | 134.13% | 148.77% | 156% | 200.37% | 187.56% | 183.14% | 174.93% | 258.82% |
| Selling, General & Admin | 90.36M | 89.16M | 100.83M | 108.89M | 120.06M | 76.19M | 41.74M | 32.72M | 14.06M |
| SG&A % of Revenue | - | 115.25% | 126.24% | 134.34% | 168.32% | 155.63% | 151.03% | 140.14% | 186.76% |
| Research & Development | 10.85M | 14.61M | 17.99M | 17.56M | 22.86M | 15.63M | 8.87M | 8.12M | 5.43M |
| R&D % of Revenue | - | 18.88% | 22.53% | 21.66% | 32.05% | 31.93% | 32.11% | 34.8% | 72.06% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -27.88M | -37.1M | -50.53M | -57.27M | -83.95M | -51.48M | -32.19M | -24.04M | -14.3M |
| Operating Margin % | -33.43% | -47.95% | -63.27% | -70.66% | -117.7% | -105.15% | -116.45% | -102.96% | -189.87% |
| Operating Income Growth % | - | 26.58% | 11.77% | 31.78% | -63.09% | -59.93% | -33.9% | -68.14% | - |
| EBITDA | -27.46M | -36.61M | -49.82M | -56.66M | -82.7M | -50.28M | -31.63M | -23.61M | -14.23M |
| EBITDA Margin % | -32.94% | -47.32% | -62.38% | -69.9% | -115.94% | -102.7% | -114.45% | -101.11% | -189.03% |
| EBITDA Growth % | 42.87% | 26.51% | 12.07% | 31.49% | -64.49% | -58.93% | -34% | -65.85% | - |
| D&A (Non-Cash Add-back) | 410K | 487K | 712K | 614K | 1.25M | 1.2M | 554K | 432K | 63K |
| EBIT | -26.16M | -33.27M | -46.61M | -50.03M | -81.73M | -58.41M | -32.23M | -23.9M | -14.3M |
| Net Interest Income | -1.78M | -1.17M | -4.66M | -5.41M | -4.47M | -4.37M | -2.37M | -1.79M | 1K |
| Interest Income | 834K | 3.97M | 0 | 0 | 0 | 0 | 30K | 174K | 1K |
| Interest Expense | 2.62M | 5.14M | 4.66M | 5.41M | 4.47M | 4.37M | 2.4M | 1.96M | 0 |
| Other Income/Expense | -1.91M | -1.32M | -739K | 1.84M | -2.24M | -11.29M | -2.44M | -1.82M | 1K |
| Pretax Income | -29.79M | -38.42M | -51.27M | -55.44M | -86.19M | -62.77M | -34.63M | -25.86M | -14.3M |
| Pretax Margin % | -35.73% | -49.66% | -64.2% | -68.39% | -120.84% | -128.22% | -125.3% | -110.76% | -189.85% |
| Income Tax | -32K | 10K | 236K | 110K | 47K | 188K | 61K | 8K | -6K |
| Effective Tax Rate % | 0.11% | -0.03% | -0.46% | -0.2% | -0.05% | -0.3% | -0.18% | -0.03% | 0.04% |
| Net Income | -29.76M | -38.43M | -51.51M | -55.55M | -86.24M | -62.96M | -34.69M | -25.87M | -14.29M |
| Net Margin % | -35.69% | -49.67% | -64.49% | -68.53% | -120.9% | -128.61% | -125.52% | -110.8% | -189.77% |
| Net Income Growth % | 39.28% | 25.4% | 7.27% | 35.59% | -36.98% | -81.48% | -34.11% | -81.03% | - |
| Net Income (Continuing) | -29.76M | -38.43M | -51.51M | -55.55M | -86.24M | -62.96M | -34.69M | -25.87M | -14.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.55 | -0.74 | -1.03 | -1.14 | -1.80 | -1.33 | -0.74 | -0.77 | -0.44 |
| EPS Growth % | 41.83% | 28.16% | 9.65% | 36.67% | -35.34% | -79.73% | 3.9% | -75% | - |
| EPS (Basic) | - | -0.74 | -1.03 | -1.14 | -1.80 | -1.33 | -0.74 | -0.55 | -0.44 |
| Diluted Shares Outstanding | 54.51M | 52.15M | 50.13M | 48.63M | 47.85M | 47.5M | 46.77M | 33.63M | 32.2M |
| Basic Shares Outstanding | 54.51M | 52.15M | 50.13M | 48.63M | 47.85M | 47.5M | 46.77M | 33.63M | 32.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SGHT stock.
For fiscal year 2025, Sight Sciences, Inc. (SGHT) reported total revenue of $77.4M. This represents a 927.4% increase compared to $7.5M in 2018.
Sight Sciences, Inc. (SGHT) reported a net loss of $38.4M for the fiscal year ending 2025.
Sight Sciences, Inc. (SGHT) reported an operating income of $-37.1M, resulting in an operating profit margin of -48.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Sight Sciences, Inc. (SGHT) generated $66.7M in gross profit for the year, representing a gross profit margin of 86.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses despite growth
Metrics are mathematically derived from official filings.
Revenue Growth Inflects Upward
After a period of contraction, Sight Sciences' revenue growth has re-accelerated, reaching 19.5% year-over-year in 2026Q2, the strongest quarterly growth rate in the observed ten-quarter period.
The shift from negative growth in early 2025 to accelerating positive growth suggests a successful commercial ramp of its OMNI® and TearCare® platforms. This inflection points to improving market adoption, though the durability of this acceleration remains a key question for the investment thesis.
Best-in-Class Gross Margins Expand Further
Sight Sciences achieved a 91.4% gross margin in 2026Q2, significantly outperforming its medical device peer group, which averages in the mid-70% range, indicating a powerful and structurally high-margin business model.
This extreme gross margin profile, exceeding even premium peers like GKOS and NVCR, suggests minimal direct product cost and potential pricing power within its niche glaucoma and dry eye markets. The expansion from ~86% to over 91% may indicate scaling benefits or a favorable product mix shift toward higher-margin TearCare disposables.
Operating Leverage Finally Emerging
Operating losses narrowed dramatically from -79.2% of revenue in 2025Q1 to -16.6% in 2026Q2, demonstrating that the company is beginning to leverage its high gross margin as revenue scales.
The recent quarters show operating income improving faster than gross profit, driven by significant discipline in SG&A spending. SG&A as a percentage of revenue fell from 140% in 2025Q1 to 97% in 2026Q2, implying the company is scaling its commercial infrastructure more efficiently with each incremental dollar of revenue.
SG&A Discipline Drives Loss Reduction
A sharp reduction in SG&A spending, which fell to $22.8M in 2026Q2 from $26.8M in the prior quarter, appears to be the primary lever for the company's recent improvement in operating losses.
This cost control is critical given the company's history of SG&A consuming well over 100% of revenue. Management seems to be transitioning from a pure investment phase to one focused on efficient commercial execution, though R&D spending remains elevated at over 10% of revenue, indicating continued investment in the pipeline.
Sustainability of Turnaround in Question
Despite recent improvements, the company remains deeply unprofitable with a -19.0% net margin in 2026Q2, and the single-quarter improvement from -65.9% may reflect timing rather than a permanent structural shift.
The volatility in quarterly losses—from -$14.2M in 2025Q1 to -$13.0M in 2026Q1 and then back to -$4.4M—raises questions about the predictability of the cost base and the sustainability of the recent SG&A reduction. Investors should monitor whether this loss narrowing persists or reverses, as the company's cash burn remains material.