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Karman Holdings (KRMN) investor relations material
Karman Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 revenue of $121.8 million, up 41.7%–42% year-over-year, with strong growth across all end markets and net income of $7.6 million, up 78%.
Gross profit reached $49.9 million, a 48% increase, and Adjusted EBITDA rose 34% to $37.7 million, with adjusted EPS more than doubling to $0.10.
Funded backlog hit a record $758 million, providing full visibility to the midpoint of full-year revenue guidance.
Completed a $1.2 billion non-dilutive secondary equity offering and acquired Five Axis Industries to expand commercial space capabilities.
Expanded capabilities and market reach through multiple acquisitions, including MTI, ISP, RMS, and Five Axis.
Financial highlights
Revenue for Q3 FY2025 was $121.8 million, up 41.7%–42% year-over-year; gross profit reached $49.9 million, up 48%.
Adjusted EBITDA was $37.7 million (31.0% margin), up 34% year-over-year; adjusted EPS was $0.10, up from $0.04.
Net income for Q3 was $7.6 million (6.3% margin), up 78% year-over-year.
Funded backlog at quarter-end was $758 million, up 38% year-over-year.
Total assets increased to $968 million as of September 30, 2025, from $774 million at year-end 2024.
Outlook and guidance
Raised full-year 2025 revenue guidance to $461–$463 million and Adjusted EBITDA to $142–$143 million, both up 34% at the midpoint.
Preliminary 2026 outlook anticipates 20–25% annual revenue growth, excluding future acquisitions.
Expect to maintain 100% visibility to the midpoint of revenue guidance due to strong backlog.
Management expects continued growth supported by robust backlog, acquisitions, and increased U.S. defense spending.
Sufficient liquidity anticipated for the next twelve months through cash, operations, and credit.
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