Carlsmed, Inc. (CARL)

Carlsmed Cash Flow 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
Net Income	-29.63	-24.26	-18.9
Depreciation & Amortization	0.28	0.15	0.14
Stock-Based Compensation	1.93	0.25	0.12
Provision & Write-off of Bad Debts	0.41	0.37	0.87
Other Operating Activities	2.93	2.1	1.19
Change in Accounts Receivable	-5.01	-3.97	-2.43
Change in Inventory	-2.69	-1.8	-0.91
Change in Accounts Payable	2.32	0.3	0.94
Change in Other Net Operating Assets	0.49	1.39	1.51
Operating Cash Flow	-28.98	-25.47	-17.48
Capital Expenditures	-0.64	-0.18	-0.14
Sale (Purchase) of Intangibles	-0.72	-	-
Investment in Securities	-24	-	-
Other Investing Activities	-0.13	-	-
Investing Cash Flow	-25.48	-0.18	-0.14
Long-Term Debt Issued	-	6.21	3.13
Net Debt Issued (Repaid)	-	6.21	3.13
Issuance of Common Stock	93.67	0.03	0.06
Other Financing Activities	-5.46	-	-
Financing Cash Flow	100.13	58.5	3.18
Net Cash Flow	45.67	32.85	-14.44
Free Cash Flow	-29.62	-25.65	-17.62
Free Cash Flow Margin	-58.64%	-94.41%	-127.85%
Free Cash Flow Per Share	-2.08	-6.31	-4.53
Cash Interest Paid	1.2	1.12	0.52
Levered Free Cash Flow	-21.65	-17.29	-
Unlevered Free Cash Flow	-20.75	-16.46	-
Change in Working Capital	-4.89	-4.08	-0.89

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

SEC Filings: 10-K · 10-Q