Every 10-Q that Carlsmed, Inc. (CARL) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow CARL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CARL filings page.
Carlsmed, Inc., a medical technology company focused on AI‑enabled personalized spine surgery, reported higher revenue for the quarter ended June 30, 2026. Revenue was $18.9 million, up from $12.1 million a year earlier, and first‑half 2026 revenue reached $35.1 million versus $22.3 million.
Increased investment in research and development, sales and marketing, and general and administrative functions raised operating expenses to $25.6 million in Q2, leading to a net loss of $10.5 million for the quarter and $19.2 million for the first half. As of June 30, 2026, Carlsmed held $89.3 million in cash, cash equivalents, restricted cash, short‑term investments, and marketable securities and had $15.6 million outstanding under its term loan. The company continues U.S. commercialization of its aprevo lumbar and cervical implants and plans a full commercial launch of the corra Cervical Plating System by December 2026.
Carlsmed, Inc. reported strong top-line growth but continued losses for the quarter ended March 31, 2026. Revenue rose to $16.1 million from $10.2 million a year earlier, driven by higher procedure volumes for its AI-enabled aprevo spine surgery platform. Gross margin improved to 77.1%, reflecting lower per-unit production costs.
The company recorded a net loss of $8.7 million, deeper than the $5.7 million loss in the prior-year quarter, as it increased spending on research, sales, and public-company infrastructure. Operating activities used $13.0 million of cash. Carlsmed ended the quarter with $97.1 million in cash, cash equivalents, restricted cash, and short-term investments and $15.6 million of term-loan debt, which management believes is sufficient to fund operations for at least 12 months.
Carlsmed (CARL) filed its Q3 2025 report, showing higher sales and a stronger balance sheet following its IPO. Revenue for the quarter reached $13.1 million, up from $6.6 million a year ago, while the net loss was $8.5 million versus $7.8 million last year. For the nine months, revenue was $35.3 million compared with $17.8 million in 2024, reflecting broader commercial uptake of the aprevo platform.
Cash and cash equivalents rose to $115.4 million, primarily from the July IPO of 6,700,000 shares at $15.00, which provided $93.5 million in net proceeds. All preferred stock converted into 15,245,731 common shares at closing. Debt outstanding under the Customers Bank facility was $15.6 million as of September 30, 2025. A subsequent amendment on October 29, 2025 expanded borrowing capacity, including a term loan of up to $50.0 million and a $10.0 million revolving line, capped at an aggregate $50.0 million.
Shares outstanding were 26,592,908 as of November 3, 2025. Operating expenses increased as the company invested in sales, marketing, and administration to support growth.
Carlsmed, Inc. reported items in its Quarterly Report highlighting its recent IPO proceeds, debt amendments, warrants and liquidity arrangements, and ongoing risks tied to commercialization of the aprevo Technology Platform. The IPO generated approximately $93.5 million of gross proceeds (after underwriting discounts and commissions and before offering expenses) with the underwriters' 30-day option for an additional 1,005,000 shares not exercised. The condensed financial statements do not reflect the shares or proceeds from the IPO for the three and six months ended June 30, 2025.
The company disclosed amended credit facilities that expanded available principal from $12.5 million to $18.8 million and later to up to $27.5 million with draw tranches; as of June 30, 2025 the company could draw $7.5 million immediately and an additional $4.4 million contingent on revenue milestones not yet met. Interest terms included a coupon of 7.75% as of June 30, 2025 and extended maturities to October 31, 2029 with interest-only periods tied to milestone achievement. Other noted items include provision for credit losses of $0.3 million for the three and six months ended June 30, 2025, stock-based awards covering 4,055,427 shares, outstanding warrants and preferred conversion features, and the company remaining in an accumulated deficit position which affected deemed dividends recorded to APIC.