Carlsmed | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 18.94 M

Revenue: As of FY2026 Q2, the actual value is USD 18.94 M, beating the estimate of USD 17.95 M.

EPS: As of FY2026 Q2, the actual value is USD -0.39, beating the estimate of USD -0.408.

EBIT: As of FY2026 Q2, the actual value is USD -11.04 M.

Revenue

Carlsmed, Inc. reported revenue of $18,940 thousand for the second quarter of 2026, marking a 57% increase compared to $12,083 thousand in the second quarter of 2025. For the six months ended June 30, 2026, revenue was $35,056 thousand, up from $22,272 thousand for the same period in 2025.

Gross Profit and Margin

Gross profit for the second quarter of 2026 was $14,542 thousand, compared to $8,869 thousand for the second quarter of 2025. The gross margin for the second quarter of 2026 was 76.8%, an expansion of 340 basis points from 73.4% in the second quarter of 2025.

Operating Expenses

Total operating expenses for the second quarter of 2026 were $25,578 thousand, an increase from $15,371 thousand in the second quarter of 2025. Research and development expenses were $6,040 thousand in Q2 2026, up from $4,160 thousand in Q2 2025. Sales and marketing expenses increased to $11,920 thousand in Q2 2026 from $7,869 thousand in Q2 2025. General and administrative expenses were $7,618 thousand in Q2 2026, compared to $3,342 thousand in Q2 2025.

Net Loss

Carlsmed, Inc. reported a net loss of - $10,510 thousand for the second quarter of 2026, compared to a net loss of - $6,766 thousand for the second quarter of 2025. For the six months ended June 30, 2026, the net loss was - $19,206 thousand, versus - $12,495 thousand for the prior year period.

Adjusted EBITDA

Adjusted EBITDA for the second quarter of 2026 was - $8,635 thousand, compared to - $6,183 thousand for the second quarter of 2025. For the six months ended June 30, 2026, Adjusted EBITDA was - $16,183 thousand, compared to - $11,687 thousand for the same period in 2025.

Cash and Cash Equivalents

As of June 30, 2026, cash and cash equivalents totaled $46,244 thousand, with restricted cash of $100 thousand, short-term investments of $24,000 thousand, and marketable securities of $18,980 thousand. The combined total of cash and cash equivalents, restricted cash, short-term investments, and marketable securities was $89,324 thousand as of June 30, 2026.

Operational Metrics

Total trained surgeon users increased by over 60% year-over-year. The aprevo® cervical procedure now accounts for approximately 10% of quarterly revenue, having completed its second full quarter of commercialization.

2026 Financial Outlook

Carlsmed, Inc. raised its full-year 2026 revenue guidance to a range of $74 million to $78 million, an increase from the prior guidance of $72 million to $77 million. This updated guidance reflects an expected growth of over 50% at the midpoint compared to full-year 2025 revenue. The company anticipates strong volume trends and a robust pipeline to support this outlook.