Carlsmed® Reports Fourth Quarter and Full Year 2025 Financial Results 

Carlsmed® Reports Fourth Quarter and Full Year 2025 Financial Results

February 25, 2026

Fourth quarter revenue of $15.2 million; 61% growth YoY

Full year revenue of $50.5 million; 86% growth YoY

CARLSBAD, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Carlsmed, Inc. (Nasdaq: CARL) (“Carlsmed” or the “Company”), a medical technology company pioneering AI-enabled personalized spine surgery solutions, today reported financial results for the fourth quarter and full year ended December 31, 2025.

"We delivered another very strong quarter with 61% revenue growth year-over-year, gross margin expansion to 76.5%, and reduction of our lead times to within six business days. These achievements demonstrate our momentum and the speed at which we are scaling while maintaining our culture of patient-centric innovation,” said Mike Cordonnier, Chairman and CEO of Carlsmed.®

“With recent published data from a patient-matched cohort showing a 74% reduction in revision rates at two years for aprevo lumbar patients versus non-aprevo patients, we continue to advance our mission of improved outcomes and reduced cost of healthcare with a highly differentiated approach.”

Recent Business Highlights

Fourth Quarter 2025 Financial Results

Full Year 2025 Financial Results

2026 Financial Outlook

Non-GAAP Financial Measures

This press release contains certain financial information that is not presented in conformity with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA. The non-GAAP financial measures are provided as supplemental information to Carlsmed’s financial measures presented in this press release that are calculated and presented in accordance with GAAP.

The Company calculates Adjusted EBITDA as net income (loss), as adjusted to exclude, as applicable, (i) net interest income (expense), (ii) income tax expense (benefit), (iii) depreciation expense from property and equipment (iv) amortization expense from long-lived assets, (iv) stock-based compensation expense and (v) change in fair value of warrant liabilities.

This non-GAAP measure is presented because management believes it allows investors to view the Company’s performance in a manner similar to the method used by management to evaluate financial performance for both strategic and annual operating planning. Management believes that to properly understand short-term and long-term financial trends, it is helpful for investors to understand the impact of the items excluded from the calculation of Adjusted EBITDA, in addition to considering the Company’s GAAP financial measures.

About Carlsmed

Carlsmed is a medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond.

CARLSMED, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) (unaudited)

Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
Revenue $15,165 $9,408 $50,511 $27,165
Cost of sales 3,557 2,384 12,471 7,117
Gross profit 11,608 7,024 38,040 20,048
Operating expenses:
Research and development 5,264 3,015 17,019 14,304
Sales and marketing 10,809 6,380 35,027 21,472
General and administrative 4,853 2,326 16,568 8,394
Total operating expenses 20,926 11,721 68,614 44,170
Loss from operations (9,318) (4,697) (30,574) (24,122)
Other income (expense):
Interest expense (330) (378) (1,430) (1,321)
Interest income 1,028 410 2,698 1,330
Change in fair value of warrant liabilities 7 (55) (328) (144)
Total other income (expense), net 705 (23) 940 (135)
Net loss and comprehensive loss (8,613) (4,720) (29,634) (24,257)
Deemed dividend to preferred stockholders - - (584) (592)
Net loss attributable to common stockholders $(8,613) $(4,720) $(30,218) $(24,849)
Net loss per share attributable to common stockholders, basic and diluted $(0.32) $(1.14) $(2.12) $(6.11)
Weighted-average number of common shares used to compute basic and diluted net loss per share 26,597,105 4,126,371 14,221,991 4,066,395

CARLSMED, INC. CONDENSED BALANCE SHEETS (in thousands, except for share and par value amounts) (unaudited)

December 31,2025 December 31,2024
Assets
Current assets:
Cash and cash equivalents $85,793 $40,125
Restricted cash 100 100
Short-term investments 24,000 -
Accounts receivable, net of allowances of $1,653 and $1,239, as of December 31,2025 and December 31,2024, respectively 11,362 6,766
Inventory 1,845 995
Prepaid expenses and other current assets 3,573 1,365
Total current assets 126,673 49,351
Property and equipment, net 1,487 260
Operating lease right-of-use assets 1,826 1,644
Other assets 134 569
Total assets $130,120 $51,824
Liabilities, Convertible Preferred Stock, and Stockholders' Equity (Deficit)
Current liabilities:
Accounts payable $4,481 $2,412
Accrued liabilities 3,287 2,687
Accrued compensation 5,760 3,270
Short-term operating lease liabilities 752 449
Total current liabilities 14,280 8,818
Long-term portion of term loan, net 15,346 15,414
Long-term operating lease liabilities 1,316 1,317
Warrant liabilities - 457
Other long-term liabilities 309 222
Total liabilities 31,251 26,228
Commitments and contingencies (Note 9)
Series A convertible preferred stock,$0.00001 par value; zero shares authorized, issued,and outstanding and zero liquidation preference as of December 31,2025;4,902,814 sharesauthorized, issued,and outstanding,and $13,767 liquidation preference as of December 31,2024 - 13,578
Series B convertible preferred stock,$0.00001 par value; zero shares authorized, issued,and outstanding and zero liquidation preference as of December 31,2025;4,393,481 sharesauthorized,4,335,051 shares issued and outstanding,and $30,000 liquidation preferenceas of December 31,2024 - 29,801
Series C convertible preferred stock,$0.00001 par value; zero shares authorized,issued,and outstanding and zero liquidation preference as of December 31,2025;4,910,500 sharesauthorized,4,890,123 shares issued and outstanding,and $52,500 liquidation preferenceas of December 31,2024 - 52,847
Stockholders' equity (deficit):
Preferred stock,$0.00001 par value;10,000,000 shares authorized and zero shares issuedand outstanding as of December 31,2025;zero shares authorized,issued,and outstandingas of December 31,2024 - -
Common stock,$0.00001 par value;600,000,000 shares authorized,26,664,243sharesissued,and26,604,505 shares outstandingas of December 31,2025;21,835,801sharesauthorized,4,234,798 shares issued,and4,139,219 shares outstandingas of December31,2024 - -
Additional paid-in capital 199,674 541
Accumulated deficit (100,805) (71,171)
Total stockholders' equity (deficit) 98,869 (70,630)
Total liabilities,convertible preferred stock,and stockholders' equity(deficit) $130,120 $51,824

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (unaudited)

Three Months Ended December 31, $ Change % Change
2025 2024 $ Change % Change
(in thousands, except percentages)
Net loss $(8613) $(4720) $(3893) 82.5%
Interest (income) expense, net (698) (32) (666)
Income taxes - - - -
Depreciation and amortization 98 37 61 164.9%
EBITDA (9,213) (4,715) (4,498) 95.4%
Stock-based compensation 790 100 690 690.0%
Change in fair value of warrant liabilities (7) 55 (62) (112.7%)
Adjusted EBITDA $(8,430) $(4,560) $(3,870) 84.9%
Year Ended December 31, $ Change % Change
2025 2024 $ Change % Change
(in thousands, except percentages)
Net loss $(29,634) $(24,257) $(5,377) 22.2%
Interest income, net (1,268) (9) (1,259)
Income taxes - - - -
Depreciation and amortization 281 145 136 93.8%
EBITDA (30,621) (24,121) (6,500) 26.9%
Stock-based compensation 1,927 253 1,674 661.7%
Change in fair value of warrant liabilities 328 144 184 127.8%
Adjusted EBITDA $(28,366) $(23,724) $(4,642) 19.6%