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    CARL

    CARLSMED, INC.

    Company overview

    Market capitalization
    $387.15M
    Employees
    127
    Latest publication
    2026-09-29
    About CARLSMED, INC.

    Carlsmed, Inc., a commercial-stage medical technology company, designs, manufactures, and markets AI-enabled personalized spine surgery solutions. The company develops aprevo, a comprehensive technology platform for spine fusion surgery procedures. Its aprevo platform includes proprietary surgical planning software, using outcomes-based algorithms that are aided with artificial intelligence, and resulting custom-built, anatomically designed vertebral interbody implants. The company was incorporated in 2018 and is based in Carlsbad, California.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Revenue18,940,000USD16,116,000USD15,165,000USD13,074,000USD12,083,000USD10,189,000USD9,408,000USD6,590,000USD
    Cost Of Revenue4,398,000USD3,691,000USD3,557,000USD3,147,000USD3,214,000USD2,553,000USD2,384,000USD1,792,000USD
    Gross Profit14,542,000USD12,425,000USD11,608,000USD9,927,000USD8,869,000USD7,636,000USD7,024,000USD4,798,000USD
    Research Development6,040,000USD5,178,000USD5,264,000USD4,445,000USD4,160,000USD3,150,000USD3,015,000USD4,035,000USD
    Selling And Marketing Expenses11,920,000USD10,297,000USD10,809,000USD9,610,000USD7,869,000USD6,739,000USD6,380,000USD—
    General And Administrative Expenses7,618,000USD———————
    Total Operating Expenses25,578,000USD21,701,000USD26,645,000USD18,962,000USD15,371,000USD13,355,000USD50,571,000USD-2,979,000USD
    Operating Income-11,036,000USD-9,276,000USD-15,037,000USD9,035,000USD-6,502,000USD-5,719,000USD-43,547,000USD7,777,000USD
    Total Other Income Expense Net526,000USD580,000USD111,000USD509,000USD-264,000USD-10,000USD38,827,000USD-15,590,000USD
    Interest Income839,000USD891,000USD1,028,000USD954,000USD336,000USD380,000USD410,000USD394,000USD
    Interest Expense313,000USD311,000USD687,000USD380,000USD363,000USD357,000USD378,000USD402,000USD
    Net Income-10,510,000USD-8,696,000USD-9,197,000USD-8,526,000USD-6,766,000USD-5,729,000USD-4,720,000USD-7,813,000USD
    Net Income Applicable To Common Shares-10,510,000USD———————
    Selling General Administrative—6,226,000USD4,853,000USD4,907,000USD3,342,000USD3,466,000USD2,326,000USD1,918,000USD
    Net Interest Income—580,000USD698,000USD574,000USD-27,000USD23,000USD32,000USD-8,000USD
    Income Before Tax—-8,696,000USD-14,926,000USD-8,526,000USD-6,766,000USD-5,729,000USD-4,720,000USD-7,813,000USD
    Net Income From Continuing Ops—-8,696,000USD-8,613,000USD-8,526,000USD-6,766,000USD-5,729,000USD-4,720,000USD-7,813,000USD
    Ebitda—-9,276,000USD-14,141,000USD-8,064,000USD-6,342,000USD-5,332,000USD-4,305,000USD-7,378,000USD
    Reconciled Depreciation—99,000USD98,000USD82,000USD61,000USD40,000USD37,000USD33,000USD
    Unclassified Operating Expenses——5,719,000USD———38,850,000USD-8,932,000USD
    Ebit——-14,239,000USD-8,146,000USD-6,403,000USD-5,372,000USD-4,342,000USD-7,411,000USD
    Depreciation And Amortization——98,000USD82,000USD61,000USD40,000USD37,000USD33,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Total Revenue50,511,000USD27,165,000USD13,778,000USD
    Cost Of Revenue12,471,000USD7,117,000USD3,875,000USD
    Gross Profit38,040,000USD20,048,000USD9,903,000USD
    Research Development17,019,000USD14,304,000USD7,395,000USD
    Selling General Administrative16,568,000USD8,394,000USD5,998,000USD
    Selling And Marketing Expenses35,027,000USD21,472,000USD15,101,000USD
    Total Operating Expenses68,614,000USD44,170,000USD28,494,000USD
    Operating Income-30,574,000USD-24,122,000USD-18,591,000USD
    Interest Income2,698,000USD1,330,000USD334,000USD
    Interest Expense1,430,000USD1,321,000USD641,000USD
    Net Interest Income1,268,000USD9,000USD-307,000USD
    Income Before Tax-30,218,000USD-24,257,000USD-18,898,000USD
    Net Income-30,218,000USD-24,257,000USD-18,898,000USD
    Net Income From Continuing Ops-29,634,000USD-24,257,000USD-18,898,000USD
    Ebit-28,788,000USD-22,936,000USD-18,257,000USD
    Ebitda-28,507,000USD-22,791,000USD-18,121,000USD
    Depreciation And Amortization281,000USD145,000USD136,000USD
    Reconciled Depreciation281,000USD145,000USD136,000USD
    Total Other Income Expense Net356,000USD-135,000USD-307,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets118,202,000USD118,769,000USD130,120,000USD134,863,000USD53,270,000USD57,835,000USD51,824,000USD—
    Cash And Equivalents46,244,000USD———————
    Cash And Short Term Investments70,244,000USD97,016,000USD109,793,000USD115,373,000USD33,472,000USD43,432,000USD40,125,000USD—
    Short Term Investments24,000,000USD24,000,000USD24,000,000USD———0USD—
    Total Current Assets109,598,000USD115,406,000USD126,673,000USD131,465,000USD46,192,000USD54,181,000USD49,351,000USD—
    Other Current Assets4,224,000USD4,059,000USD3,673,000USD3,456,000USD1,941,000USD1,369,000USD1,465,000USD—
    Other Non Current Assets253,000USD———————
    Total Liabilities33,956,000USD———————
    Total Current Liabilities12,397,000USD9,715,000USD14,280,000USD10,928,000USD9,484,000USD8,362,000USD8,818,000USD—
    Other Current Liabilities4,113,000USD———————
    Other Non Current Liabilities345,000USD———————
    Total Stockholder Equity84,246,000USD92,248,000USD98,869,000USD106,660,000USD-83,073,000USD-76,609,000USD-70,630,000USD—
    Total Equity Including Noncontrolling Interest84,246,000USD———————
    Net Receivables13,775,000USD12,268,000USD11,362,000USD11,296,000USD9,711,000USD8,119,000USD6,766,000USD—
    Inventory2,275,000USD2,063,000USD1,845,000USD1,340,000USD1,068,000USD1,261,000USD995,000USD—
    Property Plant Equipment Net8,351,000USD3,260,000USD3,313,000USD3,173,000USD3,116,000USD2,038,000USD1,904,000USD—
    Accounts Payable3,704,000USD2,952,000USD4,481,000USD2,672,000USD2,581,000USD2,579,000USD2,412,000USD—
    Short Term Debt703,000USD776,000USD752,000USD1,322,000USD1,142,000USD928,000USD898,000USD—
    Common Stock0USD———————
    Retained Earnings-120,011,000USD-109,501,000USD-100,805,000USD-92,192,000USD-83,666,000USD-76,900,000USD-71,171,000USD—
    Accumulated Other Comprehensive Income-17,000USD———————
    Total Liab—26,521,000USD31,251,000USD28,203,000USD136,343,000USD134,444,000USD122,454,000USD—
    Other Current Liab—5,987,000USD9,047,000USD6,934,000USD5,761,000USD4,855,000USD5,508,000USD—
    Capital Stock—0USD0USD0USD0USD0USD0USD—
    Cash—73,016,000USD85,793,000USD115,373,000USD33,472,000USD43,432,000USD40,125,000USD—
    Net Debt—-55,761,000USD-68,379,000USD-97,759,000USD-15,765,000USD-26,349,000USD-22,945,000USD—
    Short Long Term Debt Total—17,255,000USD17,414,000USD17,614,000USD17,707,000USD17,083,000USD17,180,000USD—
    Long Term Debt—15,364,000USD15,346,000USD15,440,000USD15,431,000USD15,422,000USD15,414,000USD—
    Property Plant Equipment Gross—3,884,000USD3,839,000USD3,601,000USD3,496,000USD2,476,000USD2,303,000USD—
    Common Stock Shares Outstanding—26,835,841shares14,221,991shares21,081,330shares4,589,717shares19,172,679shares26,516,274shares4,589,717shares
    Non Current Assets Total—3,363,000USD3,447,000USD3,398,000USD7,078,000USD3,654,000USD2,473,000USD—
    Non Current Liabilities Total—16,806,000USD16,971,000USD17,275,000USD126,859,000USD126,082,000USD113,636,000USD—
    Non Current Liabilities Other—327,000USD309,000USD290,000USD267,000USD244,000USD222,000USD—
    Non Currrent Assets Other—103,000USD134,000USD225,000USD3,962,000USD1,616,000USD569,000USD—
    Net Working Capital—105,691,000USD112,393,000USD120,537,000USD36,708,000USD45,819,000USD40,533,000USD—
    Unclassified Non Current Liabilities—1,115,000USD1,316,000USD1,545,000USD111,161,000USD110,416,000USD98,000,000USD—
    Unclassified Equity—201,749,000USD199,674,000USD198,852,000USD————
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Total Assets130,120,000USD51,824,000USD14,024,000USD
    Other Current Assets3,673,000USD1,465,000USD803,000USD
    Total Liab31,251,000USD122,454,000USD60,154,000USD
    Total Stockholder Equity98,869,000USD-70,630,000USD-46,130,000USD
    Other Current Liab9,047,000USD5,508,000USD3,598,000USD
    Capital Stock0USD0USD0USD
    Retained Earnings-100,805,000USD-71,171,000USD-46,914,000USD
    Cash85,793,000USD40,125,000USD7,222,000USD
    Cash And Short Term Investments109,793,000USD40,125,000USD7,222,000USD
    Total Current Assets126,673,000USD49,351,000USD11,765,000USD
    Total Current Liabilities14,280,000USD8,818,000USD7,440,000USD
    Net Debt-68,379,000USD-22,945,000USD4,165,000USD
    Short Term Debt752,000USD898,000USD2,148,000USD
    Short Long Term Debt Total17,414,000USD17,180,000USD11,387,000USD
    Long Term Debt15,346,000USD15,414,000USD7,473,000USD
    Short Term Investments24,000,000USD0USD—
    Net Receivables11,362,000USD6,766,000USD3,165,000USD
    Inventory1,845,000USD995,000USD575,000USD
    Accounts Payable4,481,000USD2,412,000USD1,694,000USD
    Property Plant Equipment Net3,313,000USD1,904,000USD2,244,000USD
    Property Plant Equipment Gross3,839,000USD2,303,000USD2,498,000USD
    Common Stock Shares Outstanding14,221,991shares16,561,707shares4,445,384shares
    Non Current Assets Total3,447,000USD2,473,000USD2,259,000USD
    Non Current Liabilities Total16,971,000USD113,636,000USD52,714,000USD
    Non Current Liabilities Other309,000USD222,000USD96,000USD
    Non Currrent Assets Other134,000USD569,000USD15,000USD
    Net Working Capital112,393,000USD40,533,000USD4,325,000USD
    Unclassified Non Current Liabilities1,316,000USD98,000,000USD45,145,000USD
    Unclassified Equity199,674,000USD——
    Short Long Term Debt——1,838,000USD
    Unclassified Current Liabilities——-1,838,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-8,696,000USD-9,197,000USD-8,526,000USD-6,766,000USD-5,729,000USD-4,720,000USD-7,813,000USD-6,277,000USD
    Depreciation99,000USD98,000USD82,000USD61,000USD40,000USD37,000USD33,000USD35,000USD
    Stock Based Compensation1,629,000USD790,000USD704,000USD258,000USD175,000USD100,000USD66,000USD52,000USD
    Other Non Cash Items-6,039,000USD-3,557,000USD783,000USD1,258,000USD549,000USD761,000USD677,000USD1,324,000USD
    Change To Account Receivables-1,308,000USD-117,000USD-1,611,000USD-1,877,000USD-1,405,000USD-1,590,000USD-98,000USD-919,000USD
    Change To Inventory-771,000USD-1,008,000USD-736,000USD-368,000USD-577,000USD-95,000USD-813,000USD-460,000USD
    Change In Working Capital-7,192,000USD6,545,000USD-1,502,000USD-1,853,000USD-3,190,000USD-381,000USD-543,000USD-1,404,000USD
    Total Cash From Operating Activities-13,007,000USD-5,321,000USD-8,459,000USD-7,042,000USD-8,155,000USD-4,203,000USD-7,580,000USD-6,270,000USD
    Capital Expenditures-79,000USD-485,000USD-343,000USD-546,000USD-238,000USD-61,000USD-52,000USD-17,000USD
    Free Cash Flow-13,086,000USD-4,836,000USD-8,802,000USD-7,588,000USD-8,393,000USD-4,264,000USD-7,632,000USD-6,287,000USD
    Total Cashflows From Investing Activities-206,000USD-24,230,000USD-343,000USD-672,000USD-238,000USD-61,000USD-52,000USD-17,000USD
    Total Cash From Financing Activities436,000USD-29,000USD90,703,000USD-2,246,000USD11,700,000USD-51,000USD13,924,000USD6,129,000USD
    Issuance Of Capital Stock0USD0USD93,465,000USD0USD11,919,000USD-33,000USD13,920,000USD-132,000USD
    Change In Cash-12,777,000USD-29,580,000USD81,901,000USD-9,960,000USD3,307,000USD-4,315,000USD6,292,000USD-158,000USD
    Begin Period Cash Flow85,893,000USD115,473,000USD33,572,000USD43,532,000USD40,225,000USD44,540,000USD38,248,000USD38,406,000USD
    End Period Cash Flow73,116,000USD85,893,000USD115,473,000USD33,572,000USD43,532,000USD40,225,000USD44,540,000USD38,248,000USD
    Other Cashflows From Investing Activities-127,000USD-157,000USD-184,000USD-345,000USD-155,000USD———
    Other Cashflows From Financing Activities436,000USD93,471,000USD-2,763,000USD-2,280,000USD11,700,000USD-26,000USD13,924,000USD6,129,000USD
    Unclassified Operating Cash Flow7,192,000USD———————
    Net Borrowings—0USD0USD——-25,000USD0USD—
    Unclassified Investing Cash Flow—-23,588,000USD——————
    Unclassified Financing Cash Flow—-93,500,000USD——-11,919,000USD—-13,920,000USD—
    Investments——-343,000USD-672,000USD-238,000USD-61,000USD-52,000USD-17,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Net Income-30,218,000USD-24,257,000USD-18,898,000USD
    Depreciation281,000USD145,000USD136,000USD
    Stock Based Compensation1,927,000USD253,000USD115,000USD
    Other Non Cash Items-967,000USD2,471,000USD2,060,000USD
    Change To Account Receivables-5,010,000USD-3,969,000USD-2,431,000USD
    Change To Inventory-2,689,000USD-1,798,000USD-914,000USD
    Change In Working Capital-4,891,000USD-4,078,000USD-893,000USD
    Total Cash From Operating Activities-28,977,000USD-25,466,000USD-17,480,000USD
    Capital Expenditures-642,000USD-180,000USD-135,000USD
    Free Cash Flow-29,619,000USD-25,646,000USD-17,615,000USD
    Investments-24,000,000USD-180,000USD-135,000USD
    Total Cashflows From Investing Activities-25,483,000USD-180,000USD-135,000USD
    Net Borrowings0USD6,210,000USD3,125,000USD
    Total Cash From Financing Activities100,128,000USD58,499,000USD3,180,000USD
    Issuance Of Capital Stock105,384,000USD52,255,000USD0USD
    Change In Cash45,668,000USD32,853,000USD-14,435,000USD
    Begin Period Cash Flow40,225,000USD7,372,000USD21,807,000USD
    End Period Cash Flow85,893,000USD40,225,000USD7,372,000USD
    Other Cashflows From Investing Activities-841,000USD——
    Other Cashflows From Financing Activities100,128,000USD52,289,000USD—
    Unclassified Operating Cash Flow4,891,000USD——
    Unclassified Financing Cash Flow-105,384,000USD-52,255,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.