Revenue: As of FY2026 Q1, the actual value is USD 16.12 M, beating the estimate of USD 14.98 M.

EPS: As of FY2026 Q1, the actual value is USD -0.32, beating the estimate of USD -0.392.

EBIT: As of FY2026 Q1, the actual value is USD -9.856 M.

Revenue

Carlsmed, Inc. reported first quarter 2026 revenue of $16.1 million, representing a 58% growth year-over-year compared to $10.2 million in the first quarter of 2025.

Gross Profit and Margin

Gross profit for the first quarter of 2026 was $12.4 million, up from $7.6 million in the first quarter of 2025. The gross margin for the first quarter of 2026 was 77.1%, an increase from 74.9% in the first quarter of 2025.

Operating Expenses

Total operating expenses for the first quarter of 2026 were $21.7 million, compared to $13.4 million for the first quarter of 2025. This included research and development expenses of $5.2 million in Q1 2026, compared to $3.2 million in Q1 2025. Sales and marketing expenses were $10.3 million in Q1 2026, compared to $6.7 million in Q1 2025. General and administrative expenses were $6.2 million in Q1 2026, compared to $3.5 million in Q1 2025.

Net Loss

Carlsmed, Inc. reported a net loss of - $8.7 million for the first quarter of 2026, compared to a net loss of - $5.7 million for the first quarter of 2025.

Adjusted EBITDA

Adjusted EBITDA was - $7.5 million for the first quarter of 2026, compared to - $5.5 million for the first quarter of 2025.

Cash and Cash Equivalents

As of March 31, 2026, cash and cash equivalents, restricted cash, and short-term investments totaled $97.1 million.

Operational Metrics

A study published in the Global Spine Journal demonstrated a 74% reduction in reoperations for patients treated with aprevo® personalized lumbar implants compared to traditional implants. Carlsmed, Inc. also performed the first procedure using the corra™ personalized cervical plating system and the first procedure utilizing aprevo® bi-lateral posterior in February, expanding its product offerings.

Outlook / Guidance

Carlsmed, Inc. raised its full year 2026 revenue guidance to a range of $72 million to $77 million, which represents 48% growth at the midpoint over 2025. This updated guidance is an increase from the prior guidance of $70 million to $75 million.