Karman Holdings Inc (NYSE: KRMN) is a defense and space technology company that designs, tests, manufactures, and sells mission-critical systems for missile defense, space launch, and related high-priority defense programs. Revenue is generated through contracts, including fixed-price and milestone-based structures, for integrated system solutions delivered to defense and space customers. The three largest customers accounted for approximately 51.5% of revenue for the fiscal year ended December 31, 2025, indicating material customer concentration. Karman operates from multiple manufacturing facilities across California, Washington, Oregon, Alabama, and Utah, with roughly 300 multidisciplinary engineers supporting in-house design and production. The company holds a high percentage of sole and single source contract positions, and its products are subject to ITAR and EAR export controls given their defense and dual-use nature.

Revenue model

Karman earns revenue through fixed-price and milestone-based contracts for design, testing, and manufacture of integrated defense and space systems. Cash flow timing is tied to billable milestone achievement on individual contracts. No subscription or recurring-fee model is disclosed in the filing.

Products and services

Integrated system solutions for missile and defense programs and space launch applications, including upfront design, analysis, testing, qualification, and production services. Products involve advanced materials, proprietary digital models, and vertically integrated manufacturing. Specific product names or SKUs are not disclosed in the filing excerpts.

Customers and end markets

Primary end markets are missile defense, space launch, and broader defense programs serving U.S. government and allied customers. Three largest customers represented approximately 51.5% of revenue for the fiscal year ended December 31, 2025. The filing does not name individual customers.

Value-chain role

Karman operates as a vertically integrated concept-to-production supplier, handling design, engineering, materials science, testing, qualification, and manufacturing internally. It positions itself as a supply-chain simplifier for customers seeking to reduce vendor complexity and accelerate time to market.

Geographic exposure

Operations are concentrated in the United States, with manufacturing facilities in South El Monte, Corona, Santa Ana, Brea, and Huntington Beach, California; Mukilteo, Skagit, Arlington, and Everett, Washington; Wilsonville, Oregon; Albany, Oregon; Decatur and Huntsville, Alabama; and Ogden and Cedar City, Utah. Products are subject to U.S. export controls under ITAR and EAR, indicating some international customer activity, though specific international revenue mix is not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-04-03

Industry: Aircraft Parts & Auxiliary Equipment, NEC