CARLSMED INC Financials
This page shows CARLSMED INC (CARL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
CARLSMED INC has an operating margin of -60.5%, meaning the company retains $-61 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -88.8% the prior year.
CARLSMED INC's revenue surged 85.9% year-over-year to $50.5M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
CARLSMED INC carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 8.87, CARLSMED INC holds $8.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While CARLSMED INC generated -$29.0M in operating cash flow, capex of $642K consumed most of it, leaving -$29.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
CARLSMED INC passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, CARLSMED INC generates $0.98 in operating cash flow (-$29.0M OCF vs -$29.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
CARLSMED INC earns $-21.4 in operating income for every $1 of interest expense (-$30.6M vs $1.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
CARLSMED INC generated $50.5M in revenue in fiscal year 2025. This represents an increase of 85.9% from the prior year.
CARLSMED INC's EBITDA was -$30.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 26.3% from the prior year.
CARLSMED INC generated -$29.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 15.5% from the prior year.
CARLSMED INC reported -$29.6M in net income in fiscal year 2025. This represents a decrease of 22.2% from the prior year.
CARLSMED INC earned $-2.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 65.3% from the prior year.
CARLSMED INC held $85.8M in cash against $15.3M in long-term debt as of fiscal year 2025.
CARLSMED INC had 27M shares outstanding in fiscal year 2025. This represents an increase of 542.7% from the prior year.
CARLSMED INC's gross margin was 75.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.5 percentage points from the prior year.
CARLSMED INC's operating margin was -60.5% in fiscal year 2025, reflecting core business profitability. This is up 28.3 percentage points from the prior year.
CARLSMED INC's net profit margin was -58.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 30.6 percentage points from the prior year.
CARLSMED INC invested $17.0M in research and development in fiscal year 2025. This represents an increase of 19.0% from the prior year.
CARLSMED INC invested $642K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 256.7% from the prior year.
CARL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $13.1M+8.2% | $12.1M | N/A | N/A | $6.6M+8.4% | $6.1M | N/A |
| Cost of Revenue | N/A | $3.1M-2.1% | $3.2M | N/A | N/A | $1.8M+18.0% | $1.5M | N/A |
| Gross Profit | N/A | $9.9M+11.9% | $8.9M | N/A | N/A | $4.8M+5.2% | $4.6M | N/A |
| R&D Expenses | N/A | $4.4M+6.9% | $4.2M | N/A | N/A | $4.0M+0.9% | $4.0M | N/A |
| SG&A Expenses | N/A | $4.9M+46.8% | $3.3M | N/A | N/A | $1.9M-4.6% | $2.0M | N/A |
| Operating Income | N/A | -$9.0M-39.0% | -$6.5M | N/A | N/A | -$7.8M-23.1% | -$6.3M | N/A |
| Interest Expense | N/A | $380K+4.7% | $363K | N/A | N/A | $402K+23.7% | $325K | N/A |
| Income Tax | N/A | $0 | $0 | N/A | N/A | $0 | $0 | N/A |
| Net Income | N/A | -$8.5M-26.0% | -$6.8M-18.1% | -$5.7M | N/A | -$7.8M-24.5% | -$6.3M-15.2% | -$5.4M |
| EPS (Diluted) | N/A | $-0.40 | $-1.47 | N/A | N/A | $-2.06-32.9% | $-1.55 | N/A |
CARL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $130.1M-3.5% | $134.9M+153.2% | $53.3M | N/A | $51.8M | N/A | N/A | N/A |
| Current Assets | $126.7M-3.6% | $131.5M+184.6% | $46.2M | N/A | $49.4M | N/A | N/A | N/A |
| Cash & Equivalents | $85.8M-25.6% | $115.4M+244.7% | $33.5M | N/A | $40.1M-9.7% | $44.4M+16.5% | $38.1M | N/A |
| Inventory | $1.8M+37.7% | $1.3M+25.5% | $1.1M | N/A | $995K | N/A | N/A | N/A |
| Accounts Receivable | $11.4M+0.6% | $11.3M+16.3% | $9.7M | N/A | $6.8M | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $31.3M+10.8% | $28.2M-79.3% | $136.3M | N/A | $122.5M | N/A | N/A | N/A |
| Current Liabilities | $14.3M+30.7% | $10.9M+15.2% | $9.5M | N/A | $8.8M | N/A | N/A | N/A |
| Long-Term Debt | $15.3M-0.6% | $15.4M+0.1% | $15.4M | N/A | $15.4M | N/A | N/A | N/A |
| Total Equity | $98.9M-7.3% | $106.7M+228.4% | -$83.1M-8.4% | -$76.6M-8.5% | -$70.6M-7.0% | -$66.0M-14.4% | -$57.7M-12.1% | -$51.5M |
| Retained Earnings | -$100.8M-9.3% | -$92.2M-10.2% | -$83.7M | N/A | -$71.2M | N/A | N/A | N/A |
CARL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.3M+37.1% | -$8.5M | N/A | N/A | -$4.2M+44.6% | -$7.6M | N/A | N/A |
| Capital Expenditures | $73K-54.1% | $159K | N/A | N/A | $61K+17.3% | $52K | N/A | N/A |
| Free Cash Flow | -$5.4M+37.4% | -$8.6M | N/A | N/A | -$4.3M+44.1% | -$7.6M | N/A | N/A |
| Investing Cash Flow | -$24.2M-6964.1% | -$343K | N/A | N/A | -$61K-17.3% | -$52K | N/A | N/A |
| Financing Cash Flow | -$29K-100.0% | $90.7M | N/A | N/A | -$51K-100.4% | $13.9M | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CARL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 75.9%+2.5pp | 73.4% | N/A | N/A | 72.8%-2.2pp | 75.0% | N/A |
| Operating Margin | N/A | -69.1%-15.3pp | -53.8% | N/A | N/A | -118.0%-14.1pp | -103.9% | N/A |
| Net Margin | N/A | -65.2%-9.2pp | -56.0% | N/A | N/A | -118.6%-15.3pp | -103.2% | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | -6.3%+6.4pp | -12.7% | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 8.87-3.2 | 12.03+7.2 | 4.87 | N/A | 5.60 | N/A | N/A | N/A |
| Debt-to-Equity | 0.16+0.0 | 0.14+0.3 | -0.19 | N/A | -0.22 | N/A | N/A | N/A |
| FCF Margin | N/A | -65.9% | N/A | N/A | N/A | -115.8% | N/A | N/A |
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Frequently Asked Questions
What is CARLSMED INC's annual revenue?
CARLSMED INC (CARL) reported $50.5M in total revenue for fiscal year 2025. This represents a 85.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is CARLSMED INC's revenue growing?
CARLSMED INC (CARL) revenue grew by 85.9% year-over-year, from $27.2M to $50.5M in fiscal year 2025.
Is CARLSMED INC profitable?
No, CARLSMED INC (CARL) reported a net income of -$29.6M in fiscal year 2025, with a net profit margin of -58.7%.
What is CARLSMED INC's earnings per share (EPS)?
CARLSMED INC (CARL) reported diluted earnings per share of $-2.12 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is CARLSMED INC's EBITDA?
CARLSMED INC (CARL) had EBITDA of -$30.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does CARLSMED INC have?
As of fiscal year 2025, CARLSMED INC (CARL) had $85.8M in cash and equivalents against $15.3M in long-term debt.
What is CARLSMED INC's gross margin?
CARLSMED INC (CARL) had a gross margin of 75.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is CARLSMED INC's operating margin?
CARLSMED INC (CARL) had an operating margin of -60.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is CARLSMED INC's net profit margin?
CARLSMED INC (CARL) had a net profit margin of -58.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is CARLSMED INC's free cash flow?
CARLSMED INC (CARL) generated -$29.6M in free cash flow during fiscal year 2025. This represents a -15.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is CARLSMED INC's operating cash flow?
CARLSMED INC (CARL) generated -$29.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are CARLSMED INC's total assets?
CARLSMED INC (CARL) had $130.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are CARLSMED INC's capital expenditures?
CARLSMED INC (CARL) invested $642K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does CARLSMED INC spend on research and development?
CARLSMED INC (CARL) invested $17.0M in research and development during fiscal year 2025.
How many shares does CARLSMED INC have outstanding?
CARLSMED INC (CARL) had 27M shares outstanding as of fiscal year 2025.
What is CARLSMED INC's current ratio?
CARLSMED INC (CARL) had a current ratio of 8.87 as of fiscal year 2025, which is generally considered healthy.
What is CARLSMED INC's debt-to-equity ratio?
CARLSMED INC (CARL) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is CARLSMED INC's return on assets (ROA)?
CARLSMED INC (CARL) had a return on assets of -22.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is CARLSMED INC's cash runway?
Based on fiscal year 2025 data, CARLSMED INC (CARL) had $85.8M in cash against an annual operating cash burn of $29.0M. This gives an estimated cash runway of approximately 36 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is CARLSMED INC's Piotroski F-Score?
CARLSMED INC (CARL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are CARLSMED INC's earnings high quality?
CARLSMED INC (CARL) has an earnings quality ratio of 0.98x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can CARLSMED INC cover its interest payments?
CARLSMED INC (CARL) has an interest coverage ratio of -21.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is CARLSMED INC?
CARLSMED INC (CARL) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.