Karman Holdings (KRMN) Company Report

Karman Space & Defense reported record quarterly revenue of $122 million for Q3 2025, marking a 42% increase year-over-year, alongside gross profit of $50 million and adjusted EBITDA of $38 million.
The company's funded backlog reached an all-time high of $758 million, providing 100% visibility to the midpoint of its full-year revenue guidance.
Karman raised its full-year 2025 guidance, now expecting revenue of $461-$463 million and non-GAAP adjusted EBITDA of $142-$143 million, reflecting 34% year-over-year growth for both.
The company completed the strategic acquisition of Five Axis Industries, enhancing its capabilities for the commercial space industry, and upsized its term loan B by $130 million to facilitate this and pay off its revolver.
For 2026, Karman anticipates annual growth consistent with its recent revenue CAGR of 20%-25%, excluding future acquisitions, and aims for 50 basis points of EBITDA margin expansion annually.

Nov 6, 2025, 9:30 PM

Transcript

Karman Space & Defense Reports Record Q3 2025 Results and Raises Full-Year Guidance

KRMN

Earnings

Guidance Update

M&A

Karman Space & Defense reported record quarterly revenue of $122 million and Adjusted EBITDA of $38 million for Q3 2025, representing year-over-year increases of 42% and 34% respectively.
The company's funded backlog reached an all-time high of $758 million, providing 100% visibility to the midpoint of its full-year revenue guidance range.
Shortly after quarter end, Karman completed the strategic acquisition of Five Axis Industries, expanding its capabilities in critical systems for the commercial space industry.
Karman raised its full-year 2025 guidance, now expecting revenue of $461-$463 million and non-GAAP Adjusted EBITDA of $142-$143 million, reflecting 34% year-over-year growth for both metrics.
For 2026, the company anticipates annual growth consistent with its recent revenue CAGR of 20%-25%, excluding future acquisitions, and expects to gain 50 basis points a year in EBITDA margin expansion.

Nov 6, 2025, 9:30 PM

Transcript

Karman Reports Record Q3 2025 Results and Raises 2025 Guidance

KRMN

Earnings

Guidance Update

M&A

Karman reported record financial results for Q3 2025, with revenue of $121.8 million (+42% Year-over-Year (YoY)), gross profit of $49.9 million (+48% YoY), adjusted EBITDA of $37.7 million (+34% YoY), and adjusted Earnings Per Share (fully diluted) of $0.10 (+150% YoY).
The company achieved a record funded backlog of $758 million, representing a 38% year-over-year increase.
Guidance for 2025 was raised and narrowed, with revenue now projected between $461 million and $463 million and adjusted EBITDA between $142 million and $143 million, both reflecting a 34% year-over-year increase to the midpoint.
Karman completed the Five Axis Acquisition, which expands capabilities in commercial space programs and is immediately accretive to all financial metrics.

Nov 6, 2025, 9:30 PM

Presentation

Karman Space & Defense Reports Record Q3 2025 Results and Raises Full-Year Guidance

KRMN

Earnings

Guidance Update

M&A

Karman Space & Defense reported record quarterly revenue of $122 million, a 42% increase year-over-year, and record Adjusted EBITDA of $38 million, up 34% for Q3 2025.
The company's funded backlog reached an all-time high of $758 million, providing 100% visibility to the midpoint of its full-year revenue guidance.
Karman completed the acquisition of Five Axis Industries and upsized its term loan by $130 million to $505 million to support this acquisition and pay off its revolver.
Management raised and narrowed its full-year 2025 guidance, now expecting revenue between $461 million and $463 million (up $7 million at the midpoint) and non-GAAP Adjusted EBITDA between $142 million and $143 million (up $2.5 million at the midpoint).
For 2026, Karman anticipates annual growth consistent with its recent revenue CAGR of 20%-25%, excluding the impact of any future acquisitions.

Nov 6, 2025, 9:30 PM

Transcript

Karman Space & Defense Reports Record Q3 2025 Financial Results and Raises Full-Year Guidance

KRMN

Earnings

Guidance Update

M&A

Karman Space & Defense reported record quarterly revenue of $121.8 million for Q3 2025, marking a 41.7% year-over-year increase, and record net income of $7.6 million, up 78.1% year over year.
The company achieved a record funded backlog of $758.2 million at the end of the third quarter of 2025, representing a 30.8% increase compared to the end of Q4 2024.
Karman Space & Defense raised and narrowed its full-year 2025 guidance, now expecting total revenue between $461 million and $463 million and non-GAAP adjusted EBITDA between $142 million and $143 million.
During the quarter, the company completed a $1.2 billion non-dilutive secondary equity offering and acquired Five Axis Industries to expand its capabilities.

Nov 6, 2025, 9:23 PM

8-K

Karman Holdings Acquires Five Axis Industries and Secures Additional Debt Financing

KRMN

M&A

Debt Issuance

New Projects/Investments

Karman Holdings Inc. (KRMN) acquired Five Axis Industries Inc. for $83 million in cash and approximately $5 million of Karman common shares, with the transaction closing on October 28, 2025.
Five Axis Industries is a leader in advanced engine subsystems for commercial space programs, and the acquisition is expected to be immediately accretive to Karman across revenue growth, Adjusted EBITDA margin, and cash flow.
To primarily fund the acquisition, Karman increased its existing Term Loan B by $130 million through a Second Amendment to Credit Agreement, entered into on October 24, 2025.
This incremental loan brings the total Term Loan B to $505 million (from $375 million) and was also used to pay off Karman's revolving credit facility.

Oct 30, 2025, 8:38 PM

8-K

Karman Holdings FY 2024 & Q4 Earnings, Strategic Updates and Refinancing Transaction

KRMN

Debt Issuance

Earnings

IPO

M&A

Guidance Update

Fiscal Year 2024 results: Record revenue of $345.3 million, net income of $12.7 million, and adjusted EBITDA of $106.1 million with a funded backlog of $579.8 million
2025 guidance: Expected revenue between $423M and $433M, adjusted EBITDA of $132M to $137M, and a $600M funded backlog
Successfully refinanced with a $300M Term Loan B (maturing April 2032) and a $50M Revolving Credit Facility (expiring April 2030) to support growth and strategic acquisitions
Refinancing expected to save over $8M annually by lowering rates through a reduction of 275 basis points on the Term Loan
Completed a $581.9M IPO in 2025, raising approximately $173.2M in net proceeds
Executed the strategic MTI acquisition to expand design and manufacturing capabilities in high-growth markets

Apr 7, 2025, 12:00 AM

Presentation 8-K 8-K

Karman Announces IPO Pricing

KRMN

IPO Announcement on February 12, 2025: Karman Holdings Inc. announced the pricing of its IPO, offering 23,000,000 shares at $22.00 per share.
Offering Breakdown: The IPO includes 8,421,053 shares offered by the company and 14,578,947 shares sold by existing stockholders.
Underwriters’ Option: Underwriters were granted a 30-day option to purchase up to 3,450,000 additional shares, which was exercised on February 13, 2025.
NYSE Listing and Closing: Shares are expected to begin trading on the NYSE under the ticker KRMN on February 13, 2025, with the offering closing on February 14, 2025.