Filing Flows › Carlsmed (CARL) › Q2 2025
Carlsmed (CARL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 28, 2025
Carlsmed (CARL) reported revenue of $12.1M for the second quarter 2025 (Q2 2025), +99% from a year earlier and +19% from the quarter before. Operating margin was -53.8%, net loss $6.8M (56.0% of revenue).
Carlsmed, Q2 2025: revenue $12.1M (+99% year over year), operating margin -53.8%, net loss $6.8M, operating cash flow −$7.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.1M | +19% | +99% |
| Operating profit | −$6.5M | — | — |
| Net earnings | −$6.8M | — | — |
| Operating cash flow | −$7.0M | — | — |
What changed
Revenue was $12.1M in Q2 2025, up 99% year over year and up 19% from the previous quarter.
Gross margin was 73.4%, down 1.6 points from a year earlier. Operating costs exceeded revenue by $6.5M, an operating margin of -53.8%. Operating expenses grew 41% against revenue growth of 99%. The fastest-growing cost line was General & admin (+66%). The quarter ended with a net loss of $6.8M, wider than the previous quarter's $5.7M loss.
Operating cash flow was −$7.0M. Non-cash charges added back $61K of depreciation and amortization and $258K of share-based compensation. Working capital and other items used $595K. Capital expenditures of $327K exceeded it, leaving free cash flow of −$7.4M.
Questions
What was Carlsmed's revenue in the second quarter 2025?
Carlsmed (CARL) reported revenue of $12.1M for the second quarter 2025 (Q2 2025), +99% from a year earlier and +19% from the quarter before.
Was Carlsmed profitable in the second quarter 2025?
Operating loss was $6.5M (-53.8% of revenue) and net loss $6.8M.
Source: Carlsmed 10-Q on SEC EDGAR.