Carlsmed cash flow, quarter by quarter

In Q2 2026, Carlsmed generated −$7.4M of operating cash flow and spent $121K on capital projects, leaving free cash flow of −$7.5M. That is $110K less than in Q2 2025 (−$7.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$34.1M; the largest uses were other investing ($44.0M), operating cash flow ($34.1M), capital spending ($432K); besides operations, cash came from other financing ($90.9M), shares issued ($494K); the cash balance rose by $12.8M.

Operating cash flow was −$7.4M against net income of −$10.5M. The largest differences: stock-based pay +$2.3M, receivables −$2.2M, accrued liabilities +$922K.

Its cash conversion cycle was 39 days (receivables 63 + inventory 45 − payables 69).

Carlsmed is burning cash: its operations consume cash, a free cash flow of −$34.6M a year at the current rate against $70.2M of cash and investments: a runway of about 2.0 years before any new financing.