Filing Flows › Carlsmed (CARL) › Q1 2026
Carlsmed (CARL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Carlsmed (CARL) reported revenue of $16.1M for the first quarter 2026 (Q1 2026), +58% from a year earlier and +6% from the quarter before. Operating margin was -57.6%, net loss $8.7M (54.0% of revenue).
Carlsmed, Q1 2026: revenue $16.1M (+58% year over year), operating margin -57.6%, net loss $8.7M, operating cash flow −$13.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.1M | +6% | +58% |
| Operating profit | −$9.3M | — | — |
| Net earnings | −$8.7M | — | — |
| Operating cash flow | −$13.0M | — | — |
What changed
Revenue was $16.1M in Q1 2026, up 58% year over year and up 6% from the previous quarter.
Gross margin was 77.1%, up 2.2 points from a year earlier. Operating costs exceeded revenue by $9.3M, an operating margin of -57.6%. Operating expenses grew 62% against revenue growth of 58%. The fastest-growing cost line was General & admin (+80%). The quarter ended with a net loss of $8.7M, wider than the previous quarter's $8.6M loss.
Operating cash flow was −$13.0M. Non-cash charges added back $99K of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items used $6.0M. Capital expenditures of $79K exceeded it, leaving free cash flow of −$13.1M.
Questions
What was Carlsmed's revenue in the first quarter 2026?
Carlsmed (CARL) reported revenue of $16.1M for the first quarter 2026 (Q1 2026), +58% from a year earlier and +6% from the quarter before.
Was Carlsmed profitable in the first quarter 2026?
Operating loss was $9.3M (-57.6% of revenue) and net loss $8.7M.
Source: Carlsmed 10-Q on SEC EDGAR.