CARL · CARLSMED, INC.

Carlsmed, Inc., a commercial-stage medical technology company, designs, manufactures, and markets AI-enabled personalized spine surgery solutions. The company develops aprevo, a comprehensive technology platform for spine fusion surgery procedures. Its aprevo platform includes proprietary surgical planning software, using outcomes-based algorithms that are aided with artificial intelligence, and resulting custom-built, anatomically designed vertebral interbody implants. The company was incorporated in 2018 and is based in Carlsbad, California.

Cap structure and valuation

Cap structure
SP	$15.32
SO	27.3M
Options	2.5M
Warrants	0.0M
FD SO	29.8M
MC	$456.5M

Cash	$46.2M
Total debt	$15.4M
EV	$425.6M

TTM Multiples
EV / Revenue	6.7x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	40.4%
Insiders	44.5%
# Institutions	104
Analysts	5
Consensus	—
Avg target	$19.20

Short % float	10.8%
Days to cover	6.49

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-03. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-16 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-31; the float denominator can be unreliable on tiny floats.

Financial statements

	6/30/26	3/31/26	12/31/25	9/30/25
Total Revenue	18.94	16.12	15.16	13.07
Revenue YoY %	56.7%	58.2%	61.2%	98.4%
Cost of Revenue	4.40	3.69	3.56	3.15
Gross Profit	14.54	12.43	11.61	9.93
Gross Profit YoY %	64.0%	62.7%	65.3%	106.9%
Gross Margin %	76.8%	77.1%	76.5%	75.9%

SG&A	19.54	16.52	15.66	14.52
R&D	6.04	5.18	5.26	4.45
Operating Expense	25.58	21.70	20.93	18.96

Operating Income	(11.04)	(9.28)	(9.32)	(9.04)
Operating Income YoY %	(69.7%)	(62.2%)	(98.4%)	(16.2%)
Operating Margin %	(58.3%)	(57.6%)	(61.4%)	(69.1%)
EBITDA	(10.91)	(9.18)	(9.22)	(8.95)
EBITDA Margin %	(57.6%)	(56.9%)	(60.8%)	(68.5%)

Interest Expense	0.31	0.31	0.33	0.38
Other Income / (Expense)	0.84	0.89	1.03	0.89
Pretax Income	(10.51)	(8.70)	(8.61)	(8.53)
Tax Provision	0.00	0.00	0.00	0.00
Net Income	(10.51)	(8.70)	(8.61)	(8.53)
Net Margin %	(55.5%)	(54.0%)	(56.8%)	(65.2%)

Diluted EPS	-$0.39	-$0.32	$0.03	-$0.40
Basic EPS	-$0.39	-$0.32	$0.03	-$0.40
Diluted Avg Shares	27.2	26.8	—	21.1
Basic Avg Shares	27.2	26.8	—	21.1

	LTM	12/31/25	12/31/24
Total Revenue	63.30	50.51	27.16
Revenue YoY %	25.3%	85.9%	—
Cost of Revenue	14.79	12.47	7.12
Gross Profit	48.50	38.04	20.05
Gross Profit YoY %	27.5%	89.7%	—
Gross Margin %	76.6%	75.3%	73.8%

SG&A	66.24	51.59	29.87
R&D	20.93	17.02	14.30
Operating Expense	87.17	68.61	44.17

Operating Income	(38.66)	(30.57)	(24.12)
Operating Income YoY %	(26.5%)	(26.7%)	—
Operating Margin %	(61.1%)	(60.5%)	(88.8%)
EBITDA	(38.26)	(30.29)	(23.98)
EBITDA Margin %	(60.4%)	(60.0%)	(88.3%)

Interest Expense	1.33	1.43	1.32
Other Income / (Expense)	3.65	2.37	1.19
Pretax Income	(36.34)	(29.63)	(24.26)
Tax Provision	0.00	0.00	0.00
Net Income	(36.34)	(29.63)	(24.26)
Net Margin %	(57.4%)	(58.7%)	(89.3%)

Diluted EPS	-$1.08	-$2.12	-$6.11
Basic EPS	-$1.08	-$2.12	-$6.11
Diluted Avg Shares	27.2	14.2	4.1
Basic Avg Shares	27.2	14.2	4.1

	6/30/26	3/31/26	12/31/25	9/30/25
Cash & Equivalents	46.24	73.02	85.79	115.37
Short-term Investments	24.00	24.00	24.00	—
Receivables	13.78	12.27	11.36	11.30
Inventory	2.27	2.06	1.84	1.34
Other Current Assets	23.30	4.06	3.67	3.46
Total Current Assets	109.60	115.41	126.67	131.47

Net PPE	2.40	1.60	1.49	1.19
Operating Lease ROU	5.95	1.66	1.83	1.99
Total Assets	118.20	118.77	130.12	134.86

Accounts Payable	3.70	2.95	4.48	2.67
Current Lease Liabilities	0.70	0.78	0.75	0.66
Other Current Liabilities	7.99	5.99	9.05	7.59
Total Current Liabilities	12.40	9.71	14.28	10.93
Long-term Debt	15.38	15.36	15.35	15.44
Long-term Lease Liabilities	5.83	1.11	1.32	1.51
Total Liabilities	33.96	26.52	31.25	28.20

Retained Earnings	(120.01)	(109.50)	(100.81)	(92.19)
Total Equity	84.25	92.25	98.87	106.66

	LTM	12/31/25	12/31/24
Cash & Equivalents	46.24	85.79	40.12
Short-term Investments	24.00	24.00	0.00
Receivables	13.78	11.36	6.77
Inventory	2.27	1.84	0.99
Other Current Assets	23.30	3.67	1.47
Total Current Assets	109.60	126.67	49.35

Net PPE	2.40	1.49	0.26
Operating Lease ROU	5.95	1.83	1.64
Other Assets	—	—	0.57
Total Assets	118.20	130.12	51.82

Accounts Payable	3.70	4.48	2.41
Current Lease Liabilities	0.70	0.75	0.45
Other Current Liabilities	7.99	9.05	5.96
Total Current Liabilities	12.40	14.28	8.82
Long-term Debt	15.38	15.35	15.41
Long-term Lease Liabilities	5.83	1.32	1.32
Other Liabilities	—	—	0.68
Total Liabilities	33.96	31.25	26.23

Retained Earnings	(120.01)	(100.81)	(71.17)
Total Equity	84.25	98.87	25.60

	6/30/26	3/31/26	12/31/25	9/30/25
Net Income	(10.51)	(8.70)	(8.61)	(8.53)
D&A	0.13	0.10	0.10	0.08
Stock-Based Comp	2.27	1.63	0.79	0.70
Δ Working Cap & Other	0.75	(6.04)	2.40	(0.72)
Operating Cash Flow	(7.36)	(13.01)	(5.32)	(8.46)

CapEx	(0.12)	(0.08)	(0.07)	(0.16)
Other Investing	(19.54)	—	(24.16)	—
Investing Cash Flow	(19.66)	(0.21)	(24.23)	(0.34)

Other Financing	—	—	—	90.70
Financing Cash Flow	0.24	0.44	(0.03)	90.70

Free Cash Flow	(7.48)	(13.09)	(5.39)	(8.62)

	LTM	12/31/25	12/31/24
Net Income	(36.34)	(29.63)	(24.26)
D&A	0.41	0.28	0.14
Stock-Based Comp	5.39	1.93	0.25
Δ Working Cap & Other	(3.60)	(1.55)	(1.61)
Operating Cash Flow	(34.15)	(28.98)	(25.47)

CapEx	(0.43)	(0.64)	(0.18)
Other Investing	(44.00)	(24.84)	—
Investing Cash Flow	(44.44)	(25.48)	(0.18)

Other Financing	91.35	100.13	58.50
Financing Cash Flow	91.35	100.13	58.50

Free Cash Flow	(34.58)	(29.62)	(25.65)

	6/30/26	3/31/26	12/31/25	9/30/25
Current Ratio	8.84	11.88	8.87	12.03
Quick Ratio	8.66	11.67	8.74	11.91
Debt / Equity	0.18	0.17	0.16	0.14
EBITDA Margin %	(57.6%)	(56.9%)	(60.8%)	(68.5%)
Working Capital	97.20	105.69	112.39	120.54
Net Debt	(30.86)	(57.65)	(70.45)	(99.93)
ROE %	(12.5%)	(9.4%)	(8.7%)	(8.0%)
ROA %	(8.9%)	(7.3%)	(6.6%)	(6.3%)

	LTM	12/31/25	12/31/24
Current Ratio	8.84	8.87	5.60
Quick Ratio	8.66	8.74	5.48
Debt / Equity	0.18	0.16	0.60
EBITDA Margin %	(60.4%)	(60.0%)	(88.3%)
Working Capital	97.20	112.39	40.53
Net Debt	(30.86)	(70.45)	(24.71)
ROE %	(43.1%)	(30.0%)	(94.8%)
ROA %	(30.7%)	(22.8%)	(46.8%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-09-15	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	P	200,000	$15.00	$3,000,000
2026-09-10	Bertolini Jeffrey	Officer (Chief Operating Officer)	2026-09-08	A	50,000	—	$0
2026-06-22	OBOYLE KEVIN C	Director	2026-06-03	A	13,698	—	$0
2026-06-22	Sidow Kevin	Director	2026-06-03	A	13,698	—	$0
2026-06-22	ROOT JONATHAN D	Director	2026-06-03	A	13,698	—	$0
2026-06-22	YOUNG PHILIP M	Director	2026-06-03	A	13,698	—	$0
2026-03-04	Cordonnier Michael	Director, Officer (CEO, President)	2026-03-03	M	160,567	$0.34	$53,790
2026-03-04	Cordonnier Michael	Director, Officer (CEO, President)	2026-03-03	M	33,264	$4.35	$144,765
2026-03-04	Cordonnier Michael	Director, Officer (CEO, President)	2026-03-03	M	(160,567)	—	$-0
2026-03-04	Cordonnier Michael	Director, Officer (CEO, President)	2026-03-03	M	(33,264)	—	$-0
2026-03-04	Cordonnier Michael	Director, Officer (CEO, President)	2026-03-02	M	197,855	$0.34	$66,281
2026-03-04	Cordonnier Michael	Director, Officer (CEO, President)	2026-03-02	S	(197,855)	$13.29	-$2,629,889
2026-03-04	Cordonnier Michael	Director, Officer (CEO, President)	2026-03-02	M	(197,855)	—	$-0
2026-01-30	Durall William Scott	Officer (Chief Commercial Officer)	2026-01-28	A	44,977	—	$0
2026-01-30	Casey Niall	Director, Officer (Chief IP Officer)	2026-01-28	A	44,977	—	$0
2026-01-30	Cordonnier Michael	Director, Officer (CEO, President)	2026-01-28	A	117,316	—	$0
2026-01-30	Greenstein Leonard M.	Officer (CFO, Treasurer)	2026-01-28	A	44,977	—	$0
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	C	3,680,506	—	$0
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	P	1,333,333	$15.00	$19,999,995
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	C	2,376,472	—	$0
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	C	931,452	—	$0
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	C	(1,445,020)	—	$-0
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	C	(2,235,486)	—	$-0
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	C	(1,445,020)	—	$-0
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	C	(931,452)	—	$-0
2025-07-24	B CAPITAL GROUP MANAGEMENT, L.P.	10% Owner	2025-07-24	C	(931,452)	—	$-0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	2,948,794	—	$0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	825,135	—	$0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	531,877	—	$0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	149,655	—	$0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	41,876	—	$0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	26,993	—	$0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	1,117,743	—	$0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	(2,948,794)	—	$-0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	(825,135)	—	$-0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	(531,877)	—	$-0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	(149,655)	—	$-0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	(41,876)	—	$-0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	(26,993)	—	$-0
2025-07-24	Presidio Management Group XII, L.L.C.	10% Owner	2025-07-24	C	(1,117,743)	—	$-0
2025-07-24	Cordonnier Michael	Director, Officer (CEO, President)	2025-07-24	M	3,612	—	$0
2025-07-24	Cordonnier Michael	Director, Officer (CEO, President)	2025-07-24	C	(3,612)	—	$-0
2025-07-24	Sidow Kevin	Director	2025-07-24	M	28,900	—	$0
2025-07-24	Sidow Kevin	Director	2025-07-24	P	13,333	$15.00	$199,995
2025-07-24	Sidow Kevin	Director	2025-07-24	C	(28,900)	—	$-0
2025-07-24	Mittendorff Robert II	Director	2025-07-24	C	3,680,506	—	$0
2025-07-24	Mittendorff Robert II	Director	2025-07-24	P	1,333,333	$15.00	$19,999,995
2025-07-24	Mittendorff Robert II	Director	2025-07-24	C	2,376,472	—	$0
2025-07-24	Mittendorff Robert II	Director	2025-07-24	C	931,452	—	$0
2025-07-24	Mittendorff Robert II	Director	2025-07-24	C	(1,445,020)	—	$-0
2025-07-24	Mittendorff Robert II	Director	2025-07-24	C	(2,235,486)	—	$-0
2025-07-24	Mittendorff Robert II	Director	2025-07-24	C	(1,445,020)	—	$-0
2025-07-24	Mittendorff Robert II	Director	2025-07-24	C	(931,452)	—	$-0
2025-07-24	Mittendorff Robert II	Director	2025-07-24	C	(931,452)	—	$-0
2025-07-24	Casey Niall	Director, Officer (Chief IP Officer, Secretary)	2025-07-24	M	3,612	—	$0
2025-07-24	Casey Niall	Director, Officer (Chief IP Officer, Secretary)	2025-07-24	C	(3,612)	—	$-0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	2,948,794	—	$0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	825,135	—	$0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	531,877	—	$0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	149,655	—	$0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	41,876	—	$0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	26,993	—	$0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	1,117,743	—	$0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	P	466,666	$15.00	$6,999,990
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	(2,948,794)	—	$-0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	(825,135)	—	$-0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	(531,877)	—	$-0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	(149,655)	—	$-0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	(41,876)	—	$-0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	(26,993)	—	$-0
2025-07-24	ROOT JONATHAN D	Director	2025-07-24	C	(1,117,743)	—	$-0
2025-07-24	YOUNG PHILIP M	Director	2025-07-24	C	28,900	—	$0
2025-07-24	YOUNG PHILIP M	Director	2025-07-24	P	6,666	$15.00	$99,990
2025-07-24	YOUNG PHILIP M	Director	2025-07-24	P	53,333	$15.00	$799,995
2025-07-24	YOUNG PHILIP M	Director	2025-07-24	C	(28,900)	—	$-0
2025-07-24	Durall William Scott	Officer (Chief Commercial Officer)	2025-07-22	A	71,429	—	$0
2025-07-24	Cordonnier Michael	Director, Officer (CEO, President)	2025-07-22	A	142,857	—	$0
2025-07-24	Sidow Kevin	Director	2025-07-22	A	17,333	—	$0
2025-07-24	OBOYLE KEVIN C	Director	2025-07-22	A	17,333	—	$0
2025-07-24	Greenstein Leonard M.	Officer (CFO, Treasurer)	2025-07-22	A	71,429	—	$0
2025-07-24	Casey Niall	Director, Officer (Chief IP Officer, Secretary)	2025-07-22	A	53,571	—	$0
2025-07-24	ROOT JONATHAN D	Director	2025-07-22	A	17,333	—	$0
2025-07-24	YOUNG PHILIP M	Director	2025-07-22	A	17,333	—	$0