Carlsmed, Inc. (CARL)

Carlsmed Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023
Net Income	-25.74	-24.26	-18.9
Depreciation & Amortization	0.22	0.15	0.14
Stock-Based Compensation	1.24	0.25	0.12
Provision & Write-off of Bad Debts	0.42	0.37	0.87
Other Operating Activities	2.93	2.1	1.19
Change in Accounts Receivable	-6.48	-3.97	-2.43
Change in Inventory	-1.78	-1.8	-0.91
Change in Accounts Payable	0.15	0.3	0.94
Change in Other Net Operating Assets	1.19	1.39	1.51
Operating Cash Flow	-27.86	-25.47	-17.48
Capital Expenditures	-0.63	-0.18	-0.14
Investing Cash Flow	-1.31	-0.18	-0.14
Long-Term Debt Issued	-	6.21	3.13
Net Debt Issued (Repaid)	-0.03	6.21	3.13
Issuance of Common Stock	93.66	0.03	0.06
Other Financing Activities	-5.66	-0.25	-
Financing Cash Flow	100.11	58.5	3.18
Net Cash Flow	70.93	32.85	-14.44
Free Cash Flow	-28.49	-25.65	-17.62
Free Cash Flow Margin	-63.66%	-94.41%	-127.85%
Free Cash Flow Per Share	-3.32	-6.31	-4.53
Cash Interest Paid	1.12	1.12	0.52
Levered Free Cash Flow	-	-17.29	-
Unlevered Free Cash Flow	-	-16.46	-
Change in Working Capital	-6.93	-4.08	-0.89

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q