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CARLSMED, INC. (CARL) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $51M (+85.9% year over year) and net income of −$30M.

FY2025 key financial metrics · XBRL

Revenue: $51M; +85.9% YoY
Net income: −$30M; −22.2% YoY
Operating margin: -60.5%; +28.3 pp YoY
Gross margin: 75.3%; +1.5 pp YoY
EPS (diluted): −$2.12; +65.3% YoY
ROE: -30.0%; −64.3 pp YoY
Operating cash flow: −$29M; −13.8% YoY

Source: XBRL data from the CARLSMED, INC. (CARL) FY2025 10-K on SEC EDGAR. USD.

CARLSMED, INC. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Core business: proprietary aprevo platform for personalized spine fusion surgical implants using AI-driven surgical planning software
New: 2025 launch of FDA-cleared aprevo cervical spine fusion technology and personalized cervical plating solutions
Strategic shift: July 2025 IPO converted all preferred stock to common, enhanced equity capital structure and reclassified warrants to equity
Quantitative: cash and short-term investments grew to $109.9M in 2025 from $40.2M in 2024, revenue increased $50.5M (+86%)
Noteworthy: executed a 1-for-5.58 reverse stock split in July 2025 concurrent with IPO and significant equity recapitalization

Management Discussion & Analysis

No revenue, segment, or profitability details disclosed in this MD&A excerpt
Risks highlighted on liquidity due to loan covenants and uninsured cash deposits exposure
No dividends planned; future returns depend solely on stock price appreciation
Potential dilution from future equity issuances per 2025 Equity Incentive and Employee Stock Purchase Plans
Forward risks: regulatory compliance costs, internal control requirements, stock price volatility, and acquisition integration uncertainties

Generated from the filing text; verify against the original. How to read a 10-K

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