20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.
Carlsmed, Inc. (CARL) operates in the HEALTH INFORMATION SERVICES industry and is headquartered in Carlsbad, United States with about 127 employees. Its market capitalization is roughly $408 million. In the fiscal year ended 2025-12-31, CARL reported $51M in revenue and ($30M) in net income.
Carlsmed, Inc., a commercial-stage medical technology company, designs, manufactures, and markets AI-enabled personalized spine surgery solutions. The company develops aprevo, a comprehensive technology platform for spine fusion surgery procedures.
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| Income statement | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Total Revenue | $63M | $51M | $27M | $14M |
| Gross Profit | $49M | $38M | $20M | $10M |
| Gross Margin % | 76.6% | 75.3% | 73.8% | 71.9% |
| Operating Income (EBIT) | ($39M) | ($31M) | ($24M) | ($19M) |
| Operating Margin % | -61.1% | -60.5% | -88.8% | -134.9% |
| Net Income | ($36M) | ($30M) | ($24M) | ($19M) |
| Net Margin % | -57.4% | -58.7% | -89.3% | -137.2% |
| EBITDA | ($24M) | ($28M) | ($23M) | ($18M) |
| Earnings Per Share (EPS) | $-1.72 | $-2.08 | $-1.46 | $-4.25 |
| Shares Outstanding (M) | 27M | 14M | 17M | 4M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly income statement | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | $19M | $16M | $15M | $13M | $12M | $10M | $9M | $7M |
| Gross Profit | $15M | $12M | $12M | $10M | $9M | $8M | $7M | $5M |
| Gross Margin % | 76.8% | 77.1% | 76.5% | 75.9% | 73.4% | 74.9% | 74.7% | 72.8% |
| Operating Income (EBIT) | ($11M) | ($9M) | ($9M) | ($9M) | ($7M) | ($6M) | ($44M) | $8M |
| Operating Margin % | -58.3% | -57.6% | -61.4% | -69.1% | -53.8% | -56.1% | -462.9% | 118.0% |
| Net Income | ($11M) | ($9M) | ($9M) | ($9M) | ($7M) | ($6M) | ($5M) | ($8M) |
| Net Margin % | -55.5% | -54.0% | -56.8% | -65.2% | -56.0% | -56.2% | -50.2% | -118.6% |
| EBITDA | $0M | ($8M) | ($8M) | ($8M) | ($6M) | ($5M) | ($4M) | ($7M) |
| Earnings Per Share (EPS) | $-0.39 | $-0.32 | $-0.61 | $-0.40 | $-1.47 | $-0.30 | $-0.18 | $-1.70 |
| Shares Outstanding (M) | 27M | 27M | 14M | 21M | 5M | 19M | 27M | 5M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Cash flow | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash from Operations (CFO) | ($34M) | ($29M) | ($25M) | ($17M) |
| Capital Expenditures (CapEx) | $1M | $1M | $0M | $0M |
| Free Cash Flow (FCF) | ($35M) | ($30M) | ($26M) | ($18M) |
| FCF Margin % | -55.6% | -58.6% | -94.4% | -127.8% |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly cash flow | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations (CFO) | ($7M) | ($13M) | ($5M) | ($8M) | ($7M) | ($8M) | ($4M) | ($8M) |
| Capital Expenditures (CapEx) | $0M | $0M | $0M | $0M | $1M | $0M | $0M | $0M |
| Free Cash Flow (FCF) | ($7M) | ($13M) | ($6M) | ($9M) | ($8M) | ($8M) | ($4M) | ($8M) |
| FCF Margin % | -39.5% | -81.2% | -38.3% | -67.3% | -62.8% | -82.4% | -45.3% | -115.8% |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Balance sheet | 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Total Assets | $118M | $130M | $52M | $14M |
| Cash & Cash Equivalents | $46M | $86M | $40M | $7M |
| Total Liabilities | $34M | $31M | $122M | $60M |
| Total Debt (Short + Long-Term) | $16M | $16M | $16M | $10M |
| Total Shareholders' Equity | $84M | $99M | ($71M) | ($46M) |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CARL viewer.
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