Karman Holdings (KRMN) Company Report

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.

12 hours ago

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.

Jan 7, 2026, 10:28 PM

8-K

Karman Space & Defense to Acquire Seemann Composites and Materials Sciences

KRMN

M&A

New Projects/Investments

Guidance Update

Karman Space & Defense has entered into a definitive agreement to acquire Seemann Composites and Materials Sciences (MSC), leaders in advanced composite systems for maritime defense, for a total consideration of $220 million, comprising $210 million in cash and approximately $10 million in Karman common shares.
The acquisition expands Karman's presence in the high-priority maritime defense market and is expected to be immediately accretive to Karman in 2026 across major financial metrics, including revenue growth, funded backlog, EBITDA, earnings per share, and cash flow.
The transaction is anticipated to close during the first quarter of Karman's fiscal year 2026.
Karman management will host an investor conference call on January 21, 2026, to discuss the transaction and the associated increase to the Company's fiscal year 2026 outlook. Concurrently, Karman affirmed its prior fiscal year 2025 revenue and adjusted EBITDA guidance issued on November 6, 2025.

Jan 7, 2026, 9:30 PM

Press Release

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 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.