Harrow Reports Record Q4 Revenue and $350M–$365M 2026 Guidance
Harrow reported Q4 revenue of $89.1 million (up 33%) and full-year 2025 revenue of $272.3 million (up 36%), with Q4 GAAP net income of $6.6 million and a full-year net loss of $5.1 million. Harrow generated $43.9M cash flow and guided 2026 revenue of $350–365M with $80–100M EBITDA.
1. Q4 and Full-Year 2025 Financial Results
Harrow posted record fourth-quarter revenue of $89.1 million, up 33% year-over-year, and full-year revenue of $272.3 million, up 36%. Gross margin held at 79% in Q4 and 75% for the year. GAAP net income was $6.6 million in Q4 versus a $5.1 million net loss for 2025. Adjusted EBITDA reached $24.2 million in Q4 and $61.9 million for the year. The company generated $43.9 million of operating cash flow compared with a $22.2 million use in 2024 and ended the year with $72.9 million in cash and equivalents.
2. 2026 Financial Guidance and Strategic Outlook
The company provided 2026 revenue guidance of $350 million to $365 million, including $133 million to $153 million in H1 and $203 million to $226 million in H2, and Adjusted EBITDA guidance of $80 million to $100 million. Management plans to expand the VEVYE and TRIESENCE sales teams, extend IHEEZO into office-based settings, and advance late-stage pipeline assets such as G-MELT and YOCHIL. Harrow is targeting over $250 million in quarterly revenue by the end of 2027.