Karman Holdings (KRMN) Company Report

Karman Space & Defense, which IPOed in February 2025, operates as a merchant supplier providing highly engineered, IP-rich system solutions for defense and space missions.
The company demonstrated strong financial performance in 2024, with a 24% topline CAGR from 2022-2024 and a 31% Adjusted EBITDA margin. Funded backlog reached over $500 million by year-end 2024, and was reported at $750 million-$780 million in Q3 2025.
Karman recently acquired Seemann Composites and MSC, expanding its presence in the maritime defense market and enhancing its composite materials expertise, which further diversifies its revenue streams.
To address increasing demand, Karman is proactively investing in capacity expansion, with CapEx for 2025 guided to approximately 4.5% of revenue, alongside investments in automation and hiring.

Feb 11, 2026, 7:05 PM

Transcript

Karman Space & Defense Reports Strong 2024 Financial Performance and Strategic Growth

KRMN

Earnings

Revenue Acceleration/Inflection

M&A

Karman Space & Defense reported strong financial results for 2024, with $345 million in revenue and $106 million in Adjusted EBITDA, reflecting a 23% revenue growth and a 31% Adjusted EBITDA margin.
The company achieved a 24% revenue CAGR and a 33% Adjusted EBITDA CAGR from 2022 to 2024, alongside a 48% CAGR in funded backlog, which reached $580 million in 2024.
Karman maintains a highly diversified revenue base, serving over 80 prime contractors across 130+ programs, with no single program accounting for more than 11% of its 2024 revenue.
The company is strategically positioned as a "Pure-Play" supplier in high-growth space and national defense markets, having completed 10 acquisitions since 2020 to enhance its capabilities and market position.

Feb 11, 2026, 7:05 PM

Presentation

Karman Holdings Reports Strong 2024 Financials and Strategic Acquisitions

KRMN

M&A

Revenue Acceleration/Inflection

New Projects/Investments

Karman Space & Defense, which IPOed in February 2025, operates as a merchant supplier providing highly engineered, IP-rich system solutions across space and defense sectors.
The company reported strong financial performance for 2024, including a 24% topline CAGR from 2022-2024 and a 31% Adjusted EBITDA margin. Its funded backlog exceeded $500 million by the end of 2024.
Karman recently closed the acquisition of Seemann Composites and MSC, significantly expanding its presence in the maritime defense market, particularly for submarine programs. This builds on other strategic acquisitions made in 2025, such as MTI, ISP, and Five Axis Industries.
To meet growing demand, Karman is actively expanding capacity through CAPEX investments, which reached approximately 4.5% of revenue in 2025, and increased hiring, while maintaining a business model primarily based on fixed-price contracts.

Feb 11, 2026, 7:05 PM

Transcript

Karman Holdings Inc. Completes Acquisitions and Amends Credit Agreement

KRMN

M&A

Debt Issuance

New Projects/Investments

Karman Space & Defense completed the acquisition of Seemann Composites and MSC on February 3, 2026.
The acquisitions are expected to be immediately accretive in 2026 across major financial metrics, including revenue growth, funded backlog, EBITDA, earnings per share, and cash flow.
On February 2, 2026, Karman Holdings Inc. amended its credit agreement, refinancing $502,800,000 in existing term loans at a reduced interest rate of SOFR plus 2.75% and increasing its term loans by $265,000,000 to a total of $767,800,000 to fund the acquisition and for additional working capital and liquidity. The interest rate on its revolving credit facility was also reduced by 75 basis points.

Feb 6, 2026, 9:36 PM

8-K

Karman Space and Defense Announces Acquisition of Seemann Composites and Materials Sciences and Updates Guidance

KRMN

M&A

Guidance Update

New Projects/Investments

Karman Space and Defense (KRMN) announced the acquisition of Seemann Composites and Materials Sciences (MSC) for a total consideration of $210 million in cash and approximately $10 million in Karman stock.
The transaction is expected to close in Karman's first quarter and is anticipated to be immediately accretive to key financial metrics including revenue growth, EBITDA, and earnings per share.
Karman updated its 2025 guidance, raising revenue to between $470 million and $471 million and Adjusted EBITDA to between $144.5 million and $144.9 million.
For 2026, the company projects revenue between $700 million and $715 million and Adjusted EBITDA between $205 million and $215 million, with the guidance assuming nine months of results from Seemann MSC.
This acquisition strategically expands Karman's capabilities into the maritime defense market, making it an "all-domain solution provider" and deepening its advanced materials IP portfolio.

Jan 21, 2026, 9:30 PM

Transcript

Karman Space and Defense Announces Acquisition of Seemann Composites and Materials Sciences

KRMN

M&A

Guidance Update

New Projects/Investments

Karman Space and Defense (KRMN) announced the acquisition of Seemann Composites and Materials Sciences (MSC), expanding its presence into the high-priority maritime defense market and deepening its advanced materials IP portfolio.
The total consideration for the acquisition consists of $210 million in cash and approximately $10 million in Karman stock, with the transaction expected to close during the first quarter and full integration by the end of 2026.
The acquisition is projected to be immediately accretive to Karman's key financial metrics, including revenue growth, funded backlog, EBITDA, earnings per share, and cash flow.
Karman raised its 2025 guidance, now expecting revenue between $470 million and $471 million and Adjusted EBITDA between $144.5 million and $144.9 million.
For 2026, the company anticipates total revenue between $700 million and $715 million and Adjusted EBITDA between $205 million and $215 million, with this guidance assuming nine months of results from Seemann MSC.

Jan 21, 2026, 9:30 PM

Transcript

Karman Space and Defense announces acquisition of Seemann Composites and Materials Sciences

KRMN

M&A

Guidance Update

New Projects/Investments

Karman Space and Defense announced the acquisition of Seemann Composites and Materials Sciences (MSC) for a total consideration of $210 million in cash and approximately $10 million in Karman stock. The transaction is expected to close during Karman's first quarter of 2026.
This acquisition expands Karman's presence into the high-priority maritime defense market, making it an "all-domain solution provider" from "deep sea to deep space" and deepening its advanced materials IP portfolio.
The transaction is expected to be immediately accretive to Karman's major financial metrics, including revenue growth, funded backlog, EBITDA, earnings per share, and cash flow.
Karman updated its financial guidance, projecting 2025 revenue between $470 million and $471 million and Adjusted EBITDA between $144.5 million and $144.9 million. For 2026, total revenue is anticipated to be between $700 million and $715 million and Adjusted EBITDA between $205 million and $215 million, incorporating nine months of Seemann MSC results.
The company expects to achieve an LTM net leverage ratio of approximately three times Adjusted EBITDA by year-end 2026.

Jan 21, 2026, 9:30 PM

Transcript

Karman Space & Defense to Acquire Seemann Composites and Materials Sciences

KRMN

M&A

Guidance Update

Karman Space & Defense announced an agreement on January 21, 2026, to acquire Seemann Composites, LLC and Materials Sciences LLC, leaders in specialty maritime defense technologies.
The total transaction consideration is $220 million, comprising $210 million in cash and approximately $10 million in KRMN common stock.
The acquisition is expected to close in Q1 2026 and is anticipated to be immediately accretive to Karman's revenue growth, funded backlog, EBITDA, earnings per share, and cash flow.
Karman also provided updated fiscal year 2025 and 2026 guidance.

Jan 21, 2026, 9:30 PM

Presentation

Karman Holdings Inc. Announces Acquisition and Updates Financial Guidance for Fiscal Years 2025 and 2026

KRMN

M&A

Guidance Update

Revenue Acceleration/Inflection

Karman Space & Defense announced the acquisition of Seemann Composites and MSC, leaders in specialty maritime defense technologies, for a total consideration of $220 million, comprising $210 million in cash and approximately $10 million in Karman common shares. The transaction is expected to close in Q1 2026.
The acquisition is anticipated to be immediately accretive in 2026 across major financial metrics, including revenue growth, adjusted EBITDA, earnings per share, and cash flow.
The company raised its fiscal year 2025 expectations for revenue to between $470 million and $471 million and adjusted EBITDA to between $144.5 million and $144.9 million.
Karman established fiscal year 2026 expectations for revenue between $700 million and $715 million and adjusted EBITDA between $205 million and $215 million. These 2026 figures include nine months of projected results from Seemann & MSC.

Jan 21, 2026, 9:15 PM

8-K

Karman Holdings Inc. to Acquire Seemann Composites and Materials Sciences

KRMN

M&A

New Projects/Investments

Karman Holdings Inc. (KRMN) announced on January 7, 2026, an agreement to acquire Seemann Composites, LLC and Materials Sciences LLC.
The acquisition, agreed upon on December 31, 2025, involves a total consideration of $220 million, comprising $210 million in cash and $10 million in Karman common stock.
This strategic move expands Karman's presence into the high-priority maritime defense market, adding advanced composite systems for naval programs.
The transaction is projected to be immediately accretive in 2026 to Karman's revenue growth, funded backlog, EBITDA, earnings per share, and cash flow.
The acquisition is expected to close during the first quarter of Karman's fiscal year 2026, subject to customary closing conditions and regulatory approvals.