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Karman Holdings (KRMN) investor relations material

Karman Holdings Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Achieved record Q2 revenue of $115.1M, up 35% year-over-year, with double-digit growth across all end markets and strong execution post-IPO.

  • Net income rose 48% to $6.8M; adjusted EBITDA reached $35.3M (+29% YoY); adjusted EPS was $0.10, more than triple the prior year.

  • Funded backlog hit a record $719M, up 36% YoY, supporting strong future revenue visibility.

  • Completed strategic acquisitions of MTI and ISP, expanded public float via a $1.2B secondary offering, and joined major industry indices.

  • Completed $300M Term Loan B and $50M revolving credit facility, reducing interest rates and extending maturities.

Financial highlights

  • Q2 revenue: $115.1M (+35% YoY); gross profit: $47M (+36% YoY); net income: $6.8M (+48% YoY); gross margin stable at 41%.

  • Adjusted EBITDA: $35.3M (30.7% margin, up 29% YoY); adjusted EPS: $0.10 (up from $0.03 YoY).

  • Six-month revenue: $215.2M; six-month adjusted EBITDA: $65.6M.

  • Cash and cash equivalents: $27.4M as of June 30, 2025.

  • Net income margin: 5.9% for Q2 2025; adjusted EBITDA margin: 30.7%.

Outlook and guidance

  • Full-year 2025 revenue guidance raised to $452M–$458M (32% YoY growth at midpoint); adjusted EBITDA guidance raised to $138.5M–$141.5M.

  • 100% revenue visibility for FY25 based on first-half results and funded backlog.

  • Long-term growth strategy centers on organic growth and strategic, accretive acquisitions.

  • Management cites robust defense funding and increased U.S. space launch cadence as key growth drivers.

  • Inflation and supply chain risks are being managed, with no material impact expected.

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Frequently asked questions

Karman Holdings Inc is a Canada-based investment holding company engaged in acquiring, developing, and managing businesses across a variety of sectors. The company focuses on long-term strategic investments in industries such as technology, real estate, and financial services. Through active ownership, Karman Holdings provides operational support and capital resources to its portfolio companies. The company is headquartered in Vancouver, Canada, and its shares are listed on the CSE.

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