CARLSMED, INC. financials
Source: EDGAR filings · Built 2026-06-02T02:33:25Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2025 |
|---|---|---|
| Free Cash Flow | -29.62M | -25.65M |
| EBITDA | -30.29M | -23.98M |
| Working Capital | 112.39M | 40.53M |
| Net Debt | -68.38M | -22.95M |
| Gross Margin | 75.31% | 73.80% |
| Operating Margin | -60.53% | -88.80% |
| Net Margin | -58.67% | -89.30% |
| Return on Equity (ROE) | -29.97% | 34.34% |
| Return on Assets (ROA) | -22.77% | -46.81% |
| Current Ratio | 8.87× | 5.60× |
| Debt-to-Equity | 0.18× | -0.24× |
| Cash Conversion Ratio | 0.98× | 1.05× |
| Accruals Ratio | -0.01× | 0.02× |
| SBC % of Revenue | 3.81% | 0.93% |
| CapEx Coverage | -45.14× | -141.48× |
| Free Cash Flow Per Share | $-2.08 | $-6.31 |
Income Statement
| Concept | FY 2025 | FY 2025 |
|---|---|---|
| Cost of Revenue | 12.47M | 7.12M |
| Gross Profit | 38.04M | 20.05M |
| Research and Development Expense | 17.02M | 14.30M |
| Operating Expenses | 68.61M | 44.17M |
| Operating Income (Loss) | -30.57M | -24.12M |
| Income Tax Expense (Benefit) | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -29.63M | -24.26M |
| Earnings Per Share, Basic | $-2.12 | $-6.11 |
| Weighted Average Number of Shares Outstanding, Basic | 14.22M | 4.07M |
| Earnings Per Share, Diluted | $-2.12 | $-6.11 |
| Weighted Average Number of Shares Outstanding, Diluted | 14.22M | 4.07M |
Balance Sheet
| Concept | FY 2025 | FY 2025 |
|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 85.79M | 40.13M |
| Assets, Current | 126.67M | 49.35M |
| Assets | 130.12M | 51.82M |
| Long-term Debt | 15.35M | 15.41M |
| Liabilities, Current | 14.28M | 8.82M |
| Liabilities | 31.25M | 26.23M |
| Stockholders' Equity Attributable to Parent | 98.87M | -70.63M |
| Common Stock, Shares, Outstanding | 26.60M | 4.14M |
Cash Flow Statement
| Concept | FY 2025 | FY 2025 |
|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -28.98M | -25.47M |
| Payments to Acquire Property, Plant, and Equipment | 642.00K | 180.00K |
| Net Cash Provided by (Used in) Investing Activities | -25.48M | -180.00K |
| Net Cash Provided by (Used in) Financing Activities | 100.13M | 58.50M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q2 2025 | Q4 2025 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -13.09M | -5.39M | -24.23M | -15.61M | -8.24M | -4.26M |
| EBITDA | -9.18M | -9.22M | — | — | -5.68M | -4.66M |
| Working Capital | 105.69M | 112.39M | 120.54M | 36.71M | — | 40.53M |
| Net Debt | -55.76M | -68.38M | -97.76M | -15.77M | — | -22.95M |
| Gross Margin | 77.10% | 76.54% | 75.93% | 73.40% | 74.94% | 74.66% |
| Operating Margin | -57.56% | -61.44% | -69.11% | -53.81% | -56.13% | -49.93% |
| Net Margin | -53.96% | -56.80% | -65.21% | -56.00% | -56.23% | -50.17% |
| Return on Equity (ROE) | -9.43% | -8.71% | -7.99% | 8.14% | 7.48% | 6.68% |
| Return on Assets (ROA) | -7.32% | -6.62% | -6.32% | -12.70% | — | -9.11% |
| Current Ratio | 11.88× | 8.87× | 12.03× | 4.87× | — | 5.60× |
| Debt-to-Equity | 0.19× | 0.18× | 0.17× | -0.21× | — | -0.24× |
| Cash Conversion Ratio | 1.50× | 0.62× | 2.77× | 2.25× | 1.42× | 0.89× |
| Accruals Ratio | 0.04× | -0.03× | 0.11× | 0.16× | — | -0.01× |
| SBC % of Revenue | 10.11% | 5.21% | 8.70% | 3.58% | 1.72% | 1.06% |
| CapEx Coverage | -164.65× | -72.89× | -41.57× | -37.07× | -98.25× | -68.90× |
| Free Cash Flow Per Share | $-0.49 | $-0.38 | $-1.15 | $-3.40 | $-1.92 | $-1.05 |
Valuation Metrics
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q2 2025 | Q4 2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 3.69M | 3.56M | 3.15M | 3.21M | 2.55M | 2.38M |
| Gross Profit | 12.43M | 11.61M | 9.93M | 8.87M | 7.64M | 7.02M |
| Research and Development Expense | 5.18M | 5.26M | 4.45M | 4.16M | 3.15M | 3.02M |
| Operating Expenses | 21.70M | 20.93M | 18.96M | 15.37M | 13.36M | 11.72M |
| Operating Income (Loss) | -9.28M | -9.32M | -9.04M | -6.50M | -5.72M | -4.70M |
| Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -8.70M | -8.61M | -8.53M | -6.77M | -5.73M | -4.72M |
| Earnings Per Share, Basic | $-0.32 | $0.03 | $-0.40 | $-1.47 | $-1.47 | $-1.14 |
| Weighted Average Number of Shares Outstanding, Basic | 26.84M | 14.22M | 21.08M | 4.59M | 4.30M | 4.07M |
| Earnings Per Share, Diluted | $-0.32 | $0.03 | $-0.40 | $-1.47 | $-1.47 | $-1.14 |
| Weighted Average Number of Shares Outstanding, Diluted | 26.84M | 14.22M | 21.08M | 4.59M | 4.30M | 4.07M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q2 2025 | Q4 2025 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 73.02M | 85.79M | 115.37M | 33.47M | 43.43M | 40.13M |
| Assets, Current | 115.41M | 126.67M | 131.47M | 46.19M | — | 49.35M |
| Assets | 118.77M | 130.12M | 134.86M | 53.27M | — | 51.82M |
| Long-term Debt | 15.36M | 15.35M | 15.44M | 15.43M | — | 15.41M |
| Liabilities, Current | 9.71M | 14.28M | 10.93M | 9.48M | — | 8.82M |
| Liabilities | 26.52M | 31.25M | 28.20M | 27.61M | — | 26.23M |
| Stockholders' Equity Attributable to Parent | 92.25M | 98.87M | 106.66M | -83.07M | -76.61M | -70.63M |
| Common Stock, Shares, Outstanding | 27.18M | 26.60M | 26.58M | 4.60M | — | 4.14M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q2 2025 | Q4 2025 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -13.01M | -5.32M | -23.66M | -15.20M | -8.15M | -4.20M |
| Payments to Acquire Property, Plant, and Equipment | 79.00K | 73.00K | 569.00K | 410.00K | 83.00K | 61.00K |
| Net Cash Provided by (Used in) Investing Activities | -206.00K | -24.23M | -1.25M | -910.00K | -238.00K | -61.00K |
| Net Cash Provided by (Used in) Financing Activities | 436.00K | -29.00K | 100.16M | 9.45M | 11.70M | -51.00K |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (CARL CIK 0001794546),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.