A company still losing money with growing sales, with elevated risk. Institutions are adding.
Going well
Sales up 57% in the latest quarter vs a year ago
Sales up 86% last year
Little debt
Watch out for
Losing money, losses are large next to sales
1 offering filing in 6 months (may sell new shares)
Money moves
Insiders sold $14K in the last 30 days, all through pre-planned sales
Institutions added 7.3% to their holdings in the quarter ending June 2026 (55 bought, 25 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$14.87+2.3% that day
Company value
$406M
Share price times all shares
Price vs sales
6.4x
No profit over the last year, so this compares value with sales instead
Cash vs value
11%
Cash as a share of company value
Debt vs value
4%
Debt as a share of company value
From CARL's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 10 quarters, from SEC filings
Sales, Jun '26
$18.9M+57% vs a year earlier
Mar '24Tap a barJun '26
Last 12 months: $63.3M, up 65% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of CARL. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$235M
Profit in 5 years$24M
Price these guesses point to$12.91-13% vs $14.87 todayAbout -2.8% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 34% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/4Mixed
PassDebt under half of equityNot relying on borrowed money.0.16x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-58.7%
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$29.6M
PassGross margin 40%+Pricing power: sells for well above what it costs to make.75.3%
Revenue
$50.5M
+85.9% vs prior year
Total debt
$15.3M
0.16x equity
Current ratio
8.87x
short-term assets / bills due
Free cash flow
-$29.6M
-58.6% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, profitable every year, share count not growing. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 5
Revenue
$18.9M
+56.7% YoY
EPS
-$0.39
vs -$1.47
Op. margin
-58.3%
-4.5 pts
Gross margin
76.8%
+3.4 pts
Free cash flow
-$7.5M
Share count
+492.4%
vs a year ago
Insider rating
Last 90 days
50Mixed
Pre-planned sales of $14K (weaker signal)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
1.4
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+7.3%
Institutions added 7.3% to their holdings. 55 bought, 25 sold. 4 quarters of net buying in a row.
Shares held by institutions5.7M
Sep '24Jun '26
Safety check
From SEC filings
Cash runwayAt last year's cash burn
19 months
Debt to equityLatest balance sheet: debt compared with what owners have
0.2x · $15.4M debt
Shares outstandingLatest reported
27M
Why elevated risk
Losing money, losses are large next to sales
About 19 months of cash left at its current burn
1 offering filing in 6 months (may sell new shares)
Earnings reports
Last 6
Next reportAround Nov 5 (est.)Estimated from the same quarter last year
Results filedAug 5
Results filedMay 5
Results filedFeb 25
Results filedJan 12
Results filedNov 6, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days