Carlsmed Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 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