Filing Flows › Carlsmed (CARL) › Q3 2025
Carlsmed (CARL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Carlsmed (CARL) reported revenue of $13.1M for the third quarter 2025 (Q3 2025), +98% from a year earlier and +8% from the quarter before. Operating margin was -69.1%, net loss $8.5M (65.2% of revenue).
Carlsmed, Q3 2025: revenue $13.1M (+98% year over year), operating margin -69.1%, net loss $8.5M, operating cash flow −$8.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.1M | +8% | +98% |
| Operating profit | −$9.0M | — | — |
| Net earnings | −$8.5M | — | — |
| Operating cash flow | −$8.5M | — | — |
What changed
Revenue was $13.1M in Q3 2025, up 98% year over year and up 8% from the previous quarter.
Gross margin was 75.9%, up 3.1 points from a year earlier. Operating costs exceeded revenue by $9.0M, an operating margin of -69.1%. Operating expenses grew 51% against revenue growth of 98%. The fastest-growing cost line was General & admin (+156%). The quarter ended with a net loss of $8.5M, wider than the previous quarter's $6.8M loss.
Operating cash flow was −$8.5M. Non-cash charges added back $82K of depreciation and amortization and $704K of share-based compensation. Working capital and other items used $719K. Capital expenditures of $159K exceeded it, leaving free cash flow of −$8.6M.
Questions
What was Carlsmed's revenue in the third quarter 2025?
Carlsmed (CARL) reported revenue of $13.1M for the third quarter 2025 (Q3 2025), +98% from a year earlier and +8% from the quarter before.
Was Carlsmed profitable in the third quarter 2025?
Operating loss was $9.0M (-69.1% of revenue) and net loss $8.5M.
Source: Carlsmed 10-Q on SEC EDGAR.