"Showtime" suffered a broken orbital and blood around his retina after the first round of his bout against Dilano Taylor on Friday ... with his eye coming out of its socket after he blew his nose.

Yes, it's tough to watch.

We spoke with Martin this week about his recovery journey ... and he says he's hoping to find out more after visiting with two specialists.

Martin says he doesn't know how damaged his retina is or if he'll be able to see out of his left eye again ... and it hasn't been determined if he'll need surgery.

Despite all the uncertainty, Martin knows one thing for sure -- he's not walking away from fighting as long as he can help it.

"I mean, I'm definitely not ready to get back into the cage now," he told us. "If everything heals 100%, I'll definitely go back."

"It's not something where I will retire unless I can't see. If I can't see right, then it's time to hang it up."

Martin also shows us how his eye currently looks ... and it's MUCH better than it did a week ago.