Carlsmed, Inc. (CARL) Income Statement
CARL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCARL revenue and net income
Where CARL's revenue goes
2025Each bar shows an amount and its share of revenue. CARL kept −58.7% of revenue as net income.
CARL profit margins
CARL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +85.9% | — | — | — |
| Gross profit | +89.7% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CARL quarterly EPS vs estimates
Carlsmed beat the analyst EPS estimate in 4 of the last 6 quarters. Next report: November 5, 2026 (estimate $-0.41).
CARL income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $50.5M | $27.2M | $13.8M |
| Cost of revenue | $12.5M | $7.1M | $3.9M |
| Gross profit | $38.0M | $20.0M | $9.9M |
| Research & development | $17.0M | $14.3M | $7.4M |
| Sales, general & admin | $51.6M | $29.9M | $21.1M |
| Total operating expenses | $68.6M | $44.2M | $28.5M |
| Operating income | −$30.6M | −$24.1M | −$18.6M |
| Interest income | $2.7M | $1.3M | $334,000 |
| Interest expense | $1.4M | $1.3M | $641,000 |
| Income before taxes | −$29.6M | −$24.3M | −$18.9M |
| Net income | −$29.6M | −$24.3M | −$18.9M |
| EBITDA | −$27.9M | −$22.8M | −$18.1M |
| EPS (diluted) | −$2.32 | −$0.91 | −$0.71 |
| Gross margin | 75.3% | 73.8% | 71.9% |
| Operating margin | −60.5% | −88.8% | −134.9% |
| Net margin | −58.7% | −89.3% | −137.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.9M | $16.1M | $15.2M | $13.1M | $12.1M | $10.2M | $9.4M | $6.6M | $6.1M | $5.1M | $4.3M |
| Cost of revenue | $4.4M | $3.7M | $3.6M | $3.1M | $3.2M | $2.6M | $2.4M | $1.8M | $1.5M | $1.4M | $1.2M |
| Gross profit | $14.5M | $12.4M | $11.6M | $9.9M | $8.9M | $7.6M | $7.0M | $4.8M | $4.6M | $3.7M | $3.1M |
| Research & development | $6.0M | $5.2M | $5.3M | $4.4M | $4.2M | $3.1M | $3.0M | $4.0M | $4.0M | $3.3M | — |
| Sales, general & admin | $19.5M | $16.5M | $15.7M | $14.5M | $11.2M | $10.2M | $8.7M | $1.9M | $6.9M | $5.7M | — |
| Total operating expenses | $25.6M | $21.7M | $20.9M | $19.0M | $15.4M | $13.4M | $50.6M | −$3.0M | $10.9M | $9.0M | $8.6M |
| Operating income | −$11.0M | −$9.3M | −$9.3M | −$9.0M | −$6.5M | −$5.7M | −$43.5M | $7.8M | −$6.3M | −$5.3M | −$5.4M |
| Interest income | $839,000 | $891,000 | $1.0M | $954,000 | $336,000 | $380,000 | $410,000 | $394,000 | $428,000 | $98,000 | — |
| Interest expense | $313,000 | $311,000 | $330,000 | $380,000 | $363,000 | $357,000 | $378,000 | $402,000 | $325,000 | $216,000 | — |
| Income before taxes | −$10.5M | −$8.7M | −$8.6M | −$8.5M | −$6.8M | −$5.7M | −$4.7M | −$7.8M | −$6.3M | −$5.4M | −$5.5M |
| Net income | −$10.5M | −$8.7M | −$8.6M | −$8.5M | −$6.8M | −$5.7M | −$4.7M | −$7.8M | −$6.3M | −$5.4M | −$5.5M |
| EBITDA | $443,000 | −$8.3M | −$8.2M | −$8.1M | −$6.3M | −$5.3M | −$4.3M | −$7.4M | −$6.3M | −$5.3M | −$5.5M |
| EPS (diluted) | −$0.39 | −$0.26 | −$0.32 | −$0.37 | −$1.37 | −$0.26 | — | — | — | — | — |
| Gross margin | 76.8% | 77.1% | 76.5% | 75.9% | 73.4% | 74.9% | 74.7% | 72.8% | 75.0% | 72.0% | 72.0% |
| Operating margin | −58.3% | −57.6% | −61.4% | −69.1% | −53.8% | −56.1% | −462.9% | 118.0% | −103.9% | −104.8% | −125.3% |
| Net margin | −55.5% | −54.0% | −56.8% | −65.2% | −56.0% | −56.2% | −50.2% | −118.6% | −103.2% | −107.1% | −127.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CARL's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CARL financial results
In fiscal year 2025 (ended December 31, 2025), Carlsmed reported revenue of $50.5 million, up 85.9% from the year before. It had a net loss of $29.6 million, a net profit margin of −58.7%. Diluted earnings per share came to −$2.32.
See the CARL stock overview for the latest quote and news, or the CARL chart for price history and technical indicators.
CARL income statement FAQ
What is Carlsmed's annual revenue?
Carlsmed reported total revenue of $50.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 85.9% from $27.2 million the previous year.
Is Carlsmed profitable?
No. Carlsmed reported a net loss of $29.6 million in fiscal 2025, a net profit margin of −58.7%; its operating margin was −60.5%.
What is Carlsmed's gross margin?
Carlsmed's gross margin was 75.3% in fiscal 2025: for every $100 of revenue, Carlsmed kept $75 after the direct cost of its products and services.
How much does Carlsmed spend on research and development?
Carlsmed spent $17.0 million on research and development in fiscal 2025, 33.7% of revenue.
What are Carlsmed's earnings per share?
Carlsmed earned $-2.32 per diluted share in fiscal 2025, compared with $-0.91 a year earlier.
When will Carlsmed report its next earnings?
Carlsmed is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Carlsmed's fiscal year end?
Carlsmed's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.