CARL · Carlsmed, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Price · CARL
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 |
|---|---|---|---|---|
| Revenue | - | - | - | - |
| Cost of Revenue | $3.69M | - | $3.15M | $1.52M |
| Gross Profit | $12.43M | - | $4.80M | $8.87M |
| R&D | $5.18M | - | $4.45M | $4.00M |
| SG&A | $3.47M | - | $4.91M | $3.34M |
| Total Operating Expenses | $21.70M | - | $12.57M | $15.37M |
| D&A | $99.0K | - | $100.0K | $100.0K |
| Operating Income | ($9.28M) | - | ($9.04M) | ($6.32M) |
| Interest Expense | $311.0K | - | $402.0K | $325.0K |
| Income Tax | $0 | - | $0 | $0 |
| Net Income | ($8.70M) | - | ($8.53M) | ($6.77M) |
| EPS - Basic | ($1.47) | - | ($2.06) | ($1.55) |
| EPS - Diluted | ($0.32) | - | ($0.40) | ($1.55) |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 |
|---|---|---|---|---|
| Cash & Equivalents | $73.02M | $85.79M | $115.37M | $33.47M |
| Accounts Receivable | $12.27M | $11.36M | $11.30M | $6.77M |
| Inventory | $2.06M | $1.84M | $1.34M | $995.0K |
| Accounts Payable | $2.95M | $4.48M | $2.67M | $2.58M |
| Current Assets | $115.41M | $126.67M | $131.47M | $49.35M |
| Total Assets | $118.77M | $130.12M | $134.86M | $51.82M |
| Current Liabilities | $9.71M | $14.28M | $10.93M | $8.82M |
| Long-term Debt | $15.36M | $15.35M | $15.44M | $15.41M |
| Total Liabilities | $26.52M | $31.25M | $28.20M | $26.23M |
| Stockholders' Equity | $92.25M | $98.87M | $106.66M | ($51.52M) |
| Retained Earnings | ($109.50M) | ($100.81M) | ($92.19M) | ($71.17M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 |
|---|---|---|---|---|
| Operating Cash Flow | ($8.15M) | - | - | - |
| Investing Cash Flow | ($238.0K) | - | - | - |
| Financing Cash Flow | $436.0K | - | - | - |
| CapEx | $79.0K | - | - | - |
| Free Cash Flow | ($8.23M) | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 |
|---|---|---|---|---|
| Profitability | ||||
| Gross margin | - | - | - | - |
| Operating margin | - | - | - | - |
| EBITDA margin | - | - | - | - |
| Net margin | - | - | - | - |
| Free cash flow margin | - | - | - | - |
| FCF / Net income | 0.95 | - | - | - |
| R&D / Revenue | - | - | - | - |
| SG&A / Revenue | - | - | - | - |
| Effective tax rate | - | - | - | - |
| Return on assets | -7.3% | - | -6.3% | -13.1% |
| Return on equity | -9.4% | - | -8.0% | 13.1% |
| Return on invested capital | -6.8% | - | -5.8% | - |
| Liquidity | ||||
| Current ratio | 11.88 | 8.87 | 12.03 | 5.60 |
| Quick ratio | 11.67 | 8.74 | 11.91 | 5.48 |
| Cash ratio | 7.52 | 6.01 | 10.56 | 3.80 |
| Leverage | ||||
| Debt / Equity | 0.17 | 0.16 | 0.14 | -0.30 |
| Debt / Assets | 0.13 | 0.12 | 0.11 | 0.30 |
| Debt / EBITDA | - | - | - | - |
| Interest coverage | -29.8x | - | -22.5x | -19.4x |
| Equity multiplier | 1.29 | 1.32 | 1.26 | -1.01 |
| Liabilities / Assets | 0.22 | 0.24 | 0.21 | 0.51 |
| Efficiency | ||||
| Asset turnover | - | - | - | - |
| Inventory turnover | 1.79 | - | 2.35 | 1.53 |
| Days sales outstanding | - | - | - | - |
| Days inventory outstanding | 204d | - | 155d | 239d |
| Days payable outstanding | 292d | - | 310d | 620d |
| Cash conversion cycle | - | - | - | - |
| Valuation | ||||
| P / E | - | - | - | - |
| P / B | 0.4x | - | 2.6x | - |
| P / S | - | - | - | - |
| EV / EBITDA | - | - | - | - |
| Growth | ||||
| Revenue growth (YoY) | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - |
| Operating income growth (YoY) | - | - | - | - |
| Net income growth (YoY) | - | - | - | - |
| EPS growth (YoY) | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - |
| FCF growth (YoY) | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - |
| Book value growth (YoY) | - | - | - | - |
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing CARLSMED against the 5 most active filers in the same SIC group.