2 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $51M | -$30M | 75.3% | -60.5% | -$30M | $15M | $86M |
| 2024 | $27M | -$24M | 73.8% | -88.8% | -$26M | $15M | $40M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $16M | -$9M | 77.1% | -57.6% | -$13M | $15M | $73M |
| Dec '25 | $15M | -$9M | 76.5% | -61.4% | -$5M | $15M | $86M |
| Sep '25 | $13M | -$9M | 75.9% | -69.1% | -$9M | $15M | $115M |
| Jun '25 | $12M | -$7M | 73.4% | -53.8% | — | $15M | $33M |
| Mar '25 | $10M | -$6M | 74.9% | -56.1% | -$8M | — | $43M |
| Dec '24 | $9M | -$5M | 74.7% | -49.9% | -$4M | $15M | $40M |
| Sep '24 | $7M | -$8M | 72.8% | -118.0% | -$8M | — | $44M |
| Jun '24 | $6M | -$6M | 75.0% | -103.9% | — | — | $38M |
| Mar '24 | — | -$5M | — | — | — | — | — |
How the market has priced CARL against its own fundamentals since 2025-07 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 1 years, CARLSMED, INC.'s revenue has grown 85.9% per year. These are computed facts, not advice.
As of FY2025, CARLSMED, INC. reported $15M of total debt against $86M of cash; operating income covered interest expense -21.4×.
In FY2025, gross margin was 75.3%, operating margin -60.5%, and net margin -58.7%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.