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Other financials

Income statement

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Revenue$18.9M+56.7%
Gross profit$14.5M+64.0%
Operating income-$11.0M-69.7%
Net income-$10.5M-55.3%
EPS (diluted)-$0.39+73.5%

Balance sheet

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Cash & equivalents$46.2M+38.2%
Total debt$21.9M+23.8%
Total equity$84.2M+201%
Total assets$118.2M+122%

Cash flow

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Operating cash flow-$7.4M-4.5%
CapEx$121.0K-63.0%
Free cash flow-$7.5M-1.5%

Valuation

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Market cap$377.32M+11.1%
Enterprise value$353M
P/S

Profitability

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Gross margin76.6%+2.6pp
Operating margin-61.1%-3.1pp
Net margin-57.4%-6.2pp
FCF margin-54.6%-10.6pp

Returns & leverage

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Return on equity-6,196.9%
Debt / equity0.3×
Current ratio8.8×+4.0×

Where this comes from

Reported directly by Carlsmed, Inc. in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: Carlsmed, Inc.’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 4:10 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001794546-26-000016
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Cost of sales4,3983,2148,0895,767
Gross profit14,5428,86926,96716,505
Operating expenses:
Research and development6,0404,16011,2187,310
Sales and marketing11,9207,86922,21714,608
General and administrative7,6183,34213,8446,808
Total operating expenses25,57815,37147,27928,726
Loss from operations(11,036)(6,502)(20,312)(12,221)

Item 1. Financial Statements.

FAQ

What is Carlsmed, Inc.'s R&D?
Carlsmed, Inc. (CARL) reported R&D of $6.04M in Q2 2026.
How has Carlsmed, Inc.'s R&D changed year-over-year?
Carlsmed, Inc.'s R&D increased by 45.2% year-over-year, from $4.16M to $6.04M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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