Carlsmed, Inc. (CARL)

Carlsmed Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Net Income	-32.6	-29.63	-24.26	-18.9
Depreciation & Amortization	0.34	0.28	0.15	0.14
Stock-Based Compensation	3.38	1.93	0.25	0.12
Other Adjustments	3.93	3.34	2.47	2.06
Change in Receivables	-4.91	-5.01	-3.97	-2.43
Changes in Inventories	-2.88	-2.69	-1.8	-0.91
Changes in Accounts Payable	1.36	2.32	0.3	0.94
Changes in Accrued Expenses	0.7	3.12	2.42	2.2
Changes in Other Operating Activities	-3.16	-2.63	-1.03	-0.69
Operating Cash Flow	-33.83	-28.98	-25.47	-17.48
Capital Expenditures	-0.64	-0.64	-0.18	-0.14
Purchases of Intangible Assets	-0.69	-0.72	-	-
Purchases of Investments	-	-24	-	-
Other Investing Activities	-0.06	-0.13	-	-
Investing Cash Flow	-25.45	-25.48	-0.18	-0.14
Long-Term Debt Issued	-	-	6.21	3.13
Net Long-Term Debt Issued (Repaid)	-	-	6.21	3.13
Issuance of Common Stock	0.49	93.67	0.03	0.06
Net Common Stock Issued (Repurchased)	0.49	93.67	0.03	0.06
Issuance of Preferred Stock	-	11.92	52.26	-
Net Preferred Stock Issued (Repurchased)	-	11.92	52.26	-
Other Financing Activities	-5.04	-5.46	-	-
Financing Cash Flow	88.86	100.13	58.5	3.18
Net Cash Flow	29.58	45.67	32.85	-14.44
Free Cash Flow	-34.47	-29.62	-25.65	-17.62
FCF Margin	-61.07%	-58.64%	-94.41%	-127.85%
Free Cash Flow Per Share	-1.74	-2.08	-6.31	-4.53
Levered Free Cash Flow	-36.88	-30.46	-18.78	-14.23
Unlevered Free Cash Flow	-38.41	-30.82	-24.27	-17.05

Updated May 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q