Filing Flows › Carlsmed (CARL) › Q4 2025
Carlsmed (CARL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Carlsmed (CARL) reported revenue of $15.2M for the fourth quarter 2025 (Q4 2025), +61% from a year earlier and +16% from the quarter before. Operating margin was -61.4%, net loss $8.6M (56.8% of revenue).
Carlsmed, Q4 2025: revenue $15.2M (+61% year over year), operating margin -61.4%, net loss $8.6M, operating cash flow −$5.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.2M | +16% | +61% |
| Operating profit | −$9.3M | — | — |
| Net earnings | −$8.6M | — | — |
| Operating cash flow | −$5.3M | — | — |
What changed
Revenue was $15.2M in Q4 2025, up 61% year over year and up 16% from the previous quarter.
Gross margin was 76.5%, up 1.9 points from a year earlier. Operating costs exceeded revenue by $9.3M, an operating margin of -61.4%. Operating expenses grew 79% against revenue growth of 61%. The fastest-growing cost line was General & admin (+109%). The quarter ended with a net loss of $8.6M, wider than the previous quarter's $8.5M loss.
Operating cash flow was −$5.3M. Non-cash charges added back $98K of depreciation and amortization and $790K of share-based compensation. Working capital and other items added $2.4M. Capital expenditures of $73K exceeded it, leaving free cash flow of −$5.4M.
Questions
What was Carlsmed's revenue in the fourth quarter 2025?
Carlsmed (CARL) reported revenue of $15.2M for the fourth quarter 2025 (Q4 2025), +61% from a year earlier and +16% from the quarter before.
Was Carlsmed profitable in the fourth quarter 2025?
Operating loss was $9.3M (-61.4% of revenue) and net loss $8.6M.
Source: Carlsmed 10-K on SEC EDGAR.