Karman Holdings Inc. KRMN
We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging, high-priority missile and defense, and space programs. Our integrated payload protection, interstage and propulsion system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of War ("DoW") and space sector initiatives. For the years ending December 31, 2025 and 2024, we estimate that no single program out of the more than 130 active programs in production and development that we support accounted for more than 12% of our revenue, on average, for those twelve month periods. Our revenue base is diversified across these active programs, supporting current production and next-generation space, missile, hypersonics, and defense applications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $471.5M | $345.3M | $280.7M | $226.3M |
| Cost of revenue | $281.5M | $213.1M | $175.2M | $145.4M |
| Gross profit | $190.0M | $132.1M | $105.5M | $80.9M |
| SG&A | $85.7M | $44.4M | $36.6M | $30.0M |
| Total operating expenses | $117.1M | $68.6M | $57.1M | $60.5M |
| Operating income | $72.9M | $63.6M | $48.5M | $20.4M |
| Interest expense | $44.6M | $50.7M | $47.9M | $37.5M |
| Pre-tax income | $32.5M | $14.3M | $1.2M | -$17.3M |
| Income tax | $15.2M | $1.6M | $3.2M | $3.2M |
| Net income | $17.4M | $12.7M | $4.4M | -$14.1M |
| EPS, basic | 0.13 | 0.08 | 0.03 | -0.09 |
| EPS, diluted | 0.13 | 0.08 | 0.03 | -0.09 |
| Shares, diluted (wtd. avg.) | 132.3M | 166.7M | 166.8M | 159.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $34.0M | $11.5M | $5.5M | — |
| Receivables | $78.7M | $55.2M | $50.6M | $47.6M |
| Inventory | $10.7M | $9.9M | $9.8M | — |
| Total current assets | $291.4M | $201.7M | $157.7M | — |
| Property, plant and equipment | $95.4M | $60.9M | $51.8M | — |
| Goodwill | $352.5M | $225.1M | $217.3M | $217.3M |
| Other intangibles | $285.9M | $209.0M | $207.6M | — |
| Total assets | $1.10B | $774.0M | $710.8M | — |
| Accounts payable | $31.6M | $28.3M | $21.0M | — |
| Short-term debt | $3.8M | $7.1M | $6.3M | — |
| Total current liabilities | $88.7M | $114.6M | $87.1M | — |
| Total liabilities | $721.4M | $578.0M | $528.4M | — |
| Retained earnings | $9.0M | -$8.3M | — | — |
| Total equity | $382.7M | $196.0M | $182.5M | $177.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$22.1M | $26.6M | $20.3M | -$5.9M |
| Depreciation and amortisation | $12.4M | $9.6M | $7.8M | $5.4M |
| Stock-based compensation | $1.4M | $993.0K | $1.3M | $1.6M |
| Capital expenditure | $20.3M | $15.3M | $16.8M | $21.3M |
| Investing cash flow | -$238.3M | -$46.2M | -$16.2M | -$21.3M |
| Financing cash flow | $282.8M | $25.7M | -$5.3M | $16.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002040127-26-000014.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $226.3M | $280.7M | $345.3M | $471.5M |
| Gross profit | $80.9M | $105.5M | $132.1M | $190.0M |
| Net income | -$14.1M | $4.4M | $12.7M | $17.4M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- New debt or obligation Item 2.03
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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