Karman Holdings Inc
karman-sd.comWhat Do They Do?
Designs, tests, manufactures and sells integrated payload protection, interstage and propulsion systems to prime contractors for missile, defense and space programs.
10-K for FY2025, filed Apr 3, 2026We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging, high-priority…View ↗
We believe that our engineering expertise, vertically integrated production capabilities, and successful track record with critical…View ↗
Payload Protection and Deployment Systems: full design and manufacturing of the top section of a booster, launch vehicle, payload, or…View ↗
Aerodynamic Interstage Systems: supporting metallic and composite subsystems designed to enhance aerodynamics and enable different modes of…View ↗
Propulsion Systems: integrated solid rocket motors and supporting subsystems, critical subsystems for liquid fueled rocket motors, launch…View ↗
How Do They Make Money?
Prime contractors and other customers buy integrated systems through project contracts. Most work is completed over time, while invoices follow agreed terms, work milestones or product delivery.
10-K for FY2025, filed Apr 3, 2026Revenue and Costs RecognitionView ↗
In evaluating the timing of revenue recognition, the Company assesses whether performance obligations are satisfied over time or at a point…View ↗
The Company generates revenue under a range of contract types including fixed-price, time and material and cost-plus fixed fee contracts.…View ↗
The timing of Company billings is generally dependent upon agreed-upon contractual terms, milestone billings based on the completion of…View ↗
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10-K for FY2025, filed Apr 3, 2026
FY2025 revenue by reportable segment ↗
$471.5M
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10-K for FY2025, filed Apr 3, 2026
$471.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Hypersonic & Strategic Missile Defense
Recurring
10-K for FY2025, filed Apr 3, 2026 |
32%
FY2022: 32%
|
Hypersonic & Strategic Missile Defense, FY2025
$150M Sources
|
Recurring |
|
Space & Launch
Recurring
10-K for FY2025, filed Apr 3, 2026 |
32%
FY2022: 35%
|
Space & Launch, FY2025
$149.8M Sources
|
Recurring |
|
Tactical Missiles & Integrated Defense Systems
Recurring
10-K for FY2025, filed Apr 3, 2026 |
36%
FY2022: 33%
|
Tactical Missiles & Integrated Defense Systems, FY2025
$171.7M Sources
|
Recurring |
Who Are Their Customers?
Its customers include prime contractors, as well as U.S.-based government and commercial enterprises, for missile, defense and space programs.
10-K for FY2025, filed Apr 3, 2026We believe that our engineering expertise, vertically integrated production capabilities, and successful track record with critical…View ↗
We supply our solutions across three growing, core end markets: Hypersonics & Strategic Missile Defense, Tactical Missiles and Integrated…View ↗
Substantially all of the Company’s customers are government or commercial enterprises based in the United States.View ↗
10-K for FY2025, filed Apr 3, 2026
Do Revenues Turn Into Profits?
Yes. It kept 4 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$42.5M.
10-K for FY2025, filed Apr 3, 2026
$72.9MView ↗
10-K for FY2025, filed Apr 3, 2026
$17.4MView ↗
10-K for FY2025, filed Apr 3, 2026
−$42.5MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 11, 2026
Open tableView ↗
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Aug 28, 2026
Completed its acquisition of Walker Precision Engineering
Walker supports missile-seeker, guidance and control systems on European programs, adding a European footprint.
Sources
8-K, filed Aug 28, 2026
On August 28, 2026, the Company, through its wholly owned subsidiary, completed its previously announced acquisition of Walker for…View ↗
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Aug 27, 2026
Appointed Chris Boynton CFO as Mike Willis steps down
Boynton succeeds Willis, who is to leave after a phased transition.
Sources
8-K, filed Aug 27, 2026
On August 26, 2026, Karman Holdings Inc. (the “Company”) announced that Chris Boynton has been appointed to serve as the Executive Vice…View ↗
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Aug 6, 2026
Raised its revenue and adjusted EBITDA outlook
Its 2026 outlook is $730 million to $745 million in revenue and $215.0 million to $222.5 million in adjusted EBITDA.
Sources
8-K, filed Aug 6, 2026
Raising 2026 outlook to $730 to $745 million in revenue and $215 to $222.5 million in adjusted EBITDAView ↗
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Jun 11, 2026
Replaced Baker Tilly with PwC as independent auditor
Sources
8-K, filed Jun 11, 2026
On June 10, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Karman Holdings Inc. (the “Company”) approved…View ↗
Growing. Revenue grew 2.1x in 3 years, from $226.3M in FY2022 to $471.5M in FY2025, about 28% a year.
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