Carlsmed, Inc. (CARL)

Carlsmed Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Revenue	50.51	27.17	13.78
Revenue Growth (YoY)	85.94%	97.16%	-
Cost of Revenue	12.47	7.12	3.88
Gross Profit	38.04	20.05	9.9
Selling, General & Admin	51.6	29.87	21.1
Research & Development	17.02	14.3	7.4
Operating Expenses	68.61	44.17	28.49
Operating Income	-30.57	-24.12	-18.59
Interest Expense	-1.43	-1.32	-0.64
Interest & Investment Income	2.7	1.33	0.33
Other Non Operating Income (Expenses)	-0.33	-0.14	-
Pretax Income	-29.63	-24.26	-18.9
Net Income	-29.63	-24.26	-18.9
Preferred Dividends & Other Adjustments	0.58	0.59	-
Net Income to Common	-30.22	-24.85	-18.9
Shares Outstanding (Basic)	14	4	4
Shares Outstanding (Diluted)	14	4	4
Shares Change (YoY)	249.74%	4.62%	-
EPS (Basic)	-2.12	-6.11	-4.86
EPS (Diluted)	-2.12	-6.11	-4.86
Free Cash Flow	-29.62	-25.65	-17.62
Free Cash Flow Per Share	-2.08	-6.31	-4.53
Gross Margin	75.31%	73.80%	71.88%
Operating Margin	-60.53%	-88.80%	-134.93%
Profit Margin	-59.82%	-91.47%	-137.16%
Free Cash Flow Margin	-58.64%	-94.41%	-127.85%
EBITDA	-30.29	-23.98	-18.46
EBITDA Margin	-59.97%	-88.26%	-133.94%
D&A For EBITDA	0.28	0.15	0.14
EBIT	-30.57	-24.12	-18.59
EBIT Margin	-60.53%	-88.80%	-134.93%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q