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Side-by-side financial comparison of CARLSMED, INC. (CARL) and Americas Gold & Silver Corp (USAS). Click either name above to swap in a different company.
Americas Gold & Silver Corp is the larger business by last-quarter revenue ($19.1M vs $13.1M, roughly 1.5× CARLSMED, INC.). CARLSMED, INC. runs the higher net margin — -65.2% vs -82.3%, a 17.1% gap on every dollar of revenue. CARLSMED, INC. produced more free cash flow last quarter ($-8.6M vs $-41.3M).
Pan American Silver Corporation is a mining company based in Canada with operations in Latin America. The company has mines and other projects in Mexico, Peru, Bolivia, and Argentina.
CARL vs USAS — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.1M | $19.1M |
| Net Profit | $-8.5M | $-15.7M |
| Gross Margin | 75.9% | 34.2% |
| Operating Margin | -69.1% | — |
| Net Margin | -65.2% | -82.3% |
| Revenue YoY | — | -28.0% |
| Net Profit YoY | — | 2.8% |
| EPS (diluted) | $-0.40 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | $13.1M | $19.1M | ||
| Q2 25 | $12.1M | — | ||
| Q3 24 | — | $26.5M |
| Q3 25 | $-8.5M | $-15.7M | ||
| Q2 25 | $-6.8M | — | ||
| Q3 24 | — | $-16.2M |
| Q3 25 | 75.9% | 34.2% | ||
| Q2 25 | 73.4% | — | ||
| Q3 24 | — | 23.6% |
| Q3 25 | -69.1% | — | ||
| Q2 25 | -53.8% | — | ||
| Q3 24 | — | — |
| Q3 25 | -65.2% | -82.3% | ||
| Q2 25 | -56.0% | — | ||
| Q3 24 | — | -60.9% |
| Q3 25 | $-0.40 | — | ||
| Q2 25 | $-1.47 | — | ||
| Q3 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $115.4M | $39.1M |
| Total DebtLower is stronger | $15.4M | — |
| Stockholders' EquityBook value | $106.7M | $50.2M |
| Total Assets | $134.9M | $234.7M |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $115.4M | $39.1M | ||
| Q2 25 | $33.5M | — | ||
| Q3 24 | — | — |
| Q3 25 | $15.4M | — | ||
| Q2 25 | $15.4M | — | ||
| Q3 24 | — | — |
| Q3 25 | $106.7M | $50.2M | ||
| Q2 25 | $-83.1M | — | ||
| Q3 24 | — | $53.1M |
| Q3 25 | $134.9M | $234.7M | ||
| Q2 25 | $53.3M | — | ||
| Q3 24 | — | — |
| Q3 25 | 0.14× | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.5M | $-12.5M |
| Free Cash FlowOCF − Capex | $-8.6M | $-41.3M |
| FCF MarginFCF / Revenue | -65.9% | -216.5% |
| Capex IntensityCapex / Revenue | 1.2% | 150.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-8.5M | $-12.5M | ||
| Q2 25 | $-15.2M | — | ||
| Q3 24 | — | $2.4M |
| Q3 25 | $-8.6M | $-41.3M | ||
| Q2 25 | $-15.6M | — | ||
| Q3 24 | — | $-11.2M |
| Q3 25 | -65.9% | -216.5% | ||
| Q2 25 | -129.2% | — | ||
| Q3 24 | — | -42.2% |
| Q3 25 | 1.2% | 150.8% | ||
| Q2 25 | 3.4% | — | ||
| Q3 24 | — | 51.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
