Karman Holdings Inc.
Business
Karman Holdings Inc. designs, manufactures, and supplies mission-critical systems for missile defense, hypersonic, tactical missile, and space launch programs. The company offers Payload Protection & Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems to over 80 customers across three end markets: Hypersonics & Strategic Missile Defense, Tactical Missiles & Integrated Defense Systems, and Space & Launch. Karman employs a concept-to-production model combining in-house design, engineering, testing, qualification, and manufacturing.
Summary from 10-K filed 2026-04-03
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | 472 | 345 | 281 | 226 | |
| Cost of goods sold | 281 | 213 | 175 | 145 | |
| Gross profit | 190 | 132 | 106 | 81 | |
| General and administrative expenses | 86 | 44 | 37 | 30 | |
| Depreciation and amortization expense | 31 | 24 | 20 | 30 | |
| Operating expenses | 117 | 69 | 57 | 61 | |
| Net operating income | 73 | 64 | 48 | 20 | |
| Interest expense, net | −45 | −51 | −48 | −38 | |
| Other income | 4 | 2 | 600,000 | −205,604 | |
| Income before (provision for) benefit from income taxes | 33 | 14 | 1 | −17 | |
| (Provision for) benefit from income taxes | −15 | −2 | 3 | 3 | |
| Net income | 17 | 13 | 4 | −14 | |
| Other comprehensive (loss) income | 0 | −1,000 | 1,000 | 12,751 | |
| Comprehensive income (loss) | 17 | 13 | 4 | −14 | |
| Net income per common share or unit, basic | 0.13 | 0.08 | 0.03 | −0.09 | |
| Net income per common share or unit, diluted | 0.13 | 0.08 | 0.03 | −0.09 | |
| Weighted-average common share and units outstanding, basic | 132 | 167 | 167 | 159 | |
| Weighted-average common share and units outstanding, diluted | 132 | 167 | 167 | 159 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 34 | 12 | 5 | — | |
| Accounts receivable, net | 79 | 55 | 51 | 48 | |
| Contract assets | 156 | 107 | 89 | 61 | |
| Inventory | 11 | 10 | 10 | — | |
| Prepaid and other current assets | 12 | 18 | 3 | — | |
| Total current assets | 291 | 202 | 158 | — | |
| Property, plant and equipment | 135 | 88 | 70 | — | |
| Less accumulated depreciation | −39 | −27 | −18 | — | |
| Net property, plant and equipment | 95 | 61 | 52 | — | |
| Goodwill | 353 | 225 | 217 | 217 | |
| Intangible assets, net | 286 | 209 | 208 | — | |
| Operating lease right-of-use assets | 6 | 6 | 6 | — | |
| Finance lease right-of-use assets | 66 | 70 | 69 | — | |
| Other assets | 7 | 1 | 1 | — | |
| Total other assets | 717 | 511 | 501 | — | |
| Total assets | 1,104 | 774 | 711 | — | |
| Accounts payable | 32 | 28 | 21 | — | |
| Accrued payroll and related expenses | 14 | 11 | 6 | — | |
| Contract Liabilities | 23 | 30 | 36 | 16 | |
| Current portion of operating lease liabilities | 2 | 2 | 1 | — | |
| Current portion of finance lease liabilities | 4 | 4 | 2 | — | |
| Short term notes payable, net of debt issuance costs | 4 | 7 | 6 | — | |
| Income taxes payable | 5 | 20 | 8 | — | |
| Other current liabilities | 5 | 12 | 6 | — | |
| Total current liabilities | 89 | 115 | 87 | — | |
| Revolving line of credit | 0 | 25 | 20 | — | |
| Long-term notes payable, net of current portion and net of debt issuance costs | 495 | 327 | 298 | — | |
| Noncurrent operating lease liabilities, net of current portion | 5 | 5 | 6 | — | |
| Noncurrent finance lease liabilities, net of current portion | 77 | 78 | 75 | — | |
| Other liabilities | 8 | 3 | 5 | — | |
| Deferred tax liabilities | 48 | 25 | 37 | — | |
| Total long-term liabilities | 633 | 463 | 441 | — | |
| Total liabilities | 721 | 578 | 528 | — | |
| Commitments and contingencies (Note 14) | — | — | — | — | |
| Preferred stock, $0.001 par value; authorized - 100,000,000 shares; issued and outstanding - none | 0 | 0 | — | — | |
| Common stock; $0.001 par value; authorized - 1,000,000,000 shares; issued and outstanding - 132,322,435 and none, respectively | 132,000 | 0 | — | — | |
| Additional paid in capital | 373 | 204 | — | — | |
| Accumulated other comprehensive income | 75,000 | 75,000 | — | — | |
| Retained earnings (accumulated deficit) | 9 | −8 | — | — | |
| Stockholders' equity and members' equity, respectively | 383 | 196 | 182 | 178 | |
| Total liabilities and equity | 1,104 | 774 | 711 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 43 | 33 | 27 | 35 | |
| Amortization of debt issuance costs | 1 | 2 | 2 | 2 | |
| Non-cash interest expense and other non-cash adjustments | −2 | −678,000 | 785,000 | — | |
| Deferred income taxes | 11 | −12 | −11 | −10 | |
| Share-based compensation expenses | 1 | 993,000 | 1 | 2 | |
| Change in accounts receivable | −18 | −2 | −3 | −22 | |
| Change in contract assets | −49 | −18 | −28 | −13 | |
| Change in inventory | 3 | −44,000 | 8 | 2 | |
| Change in prepaids and other assets | 7 | −15 | −16 | −9 | |
| Change in contract liabilities | −7 | −6 | 20 | 9 | |
| Change in accounts payable, accruals and income taxes payable | −17 | 32 | 14 | 11 | |
| Change in acquisition related accrued expenses | −12 | — | — | — | |
| Net change in ROU assets and lease liabilities | 100,000 | −292,000 | 199,000 | 119,993 | |
| Net cash provided by (used in) operating activities | −22 | 27 | 20 | −6 | |
| Proceeds from sale of property and equipment | — | 306,000 | — | — | |
| Proceeds from sale of marketable securities | — | — | 563,000 | 10,423 | |
| Purchases of property and equipment | −20 | −15 | −17 | −21 | |
| Investment in convertible note | −6 | — | — | — | |
| Acquisitions of businesses, net of cash acquired | −212 | −31 | — | — | |
| Net cash flows used in investing activities | −238 | −46 | −16 | −21 | |
| Net proceeds from issuance of common stock in initial public offering | 155 | — | — | — | |
| Proceeds from equipment financing | — | — | 8 | — | |
| Finance lease payments | −4 | −3 | −2 | −1 | |
| Proceeds from notes payable | 505 | 35 | — | — | |
| Repayments of notes payable | −339 | −10 | −8 | −14 | |
| Payments of debt issuance costs | −8 | −962,000 | — | — | |
| Payment of ISP SBA loan assumed | −2 | — | — | — | |
| Proceeds from revolving line of credit | 30 | 42 | 34 | 18 | |
| Repayments of revolving line of credit | −55 | −37 | −30 | −17 | |
| Cash paid for contingent consideration | — | −800,000 | −6 | — | |
| Cash contributed from (distribution to) equityholders | 1 | −156,000 | −789,000 | — | |
| Net cash provided by (used in) financing activities | 283 | 26 | −5 | 17 | |
| Net increase (decrease) in cash and cash equivalents | 22 | 6 | −1 | −10 | |
| Cash paid during the period for interest | 45 | 48 | 46 | 36 | |
| Cash paid during the period for income taxes, net of refund | 17 | −678,000 | 3 | 5 | |
| Noncash acquisition of right-of-use assets under finance leases | 4 | 7 | 8 | 2 | |
| Noncash acquisition of right-of-use assets under operating leases | 1 | 885,000 | 3 | 295,041 | |
| Common stock issued in acquisition of business | 12 | — | — | — | |
| Acquisitions of property and equipment included in liabilities | 7 | 869,000 | — | — | |
| Payment-in-kind interest expense | — | 718,000 | 785,000 | 789,201 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Karman Holdings Inc.'s CIK number?
Karman Holdings Inc.'s SEC CIK number is 0002040127 (2040127). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Karman Holdings Inc.'s SEC filings?
All of Karman Holdings Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Karman Holdings Inc. last report earnings?
Karman Holdings Inc. (KRMN) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-219495). This is Karman Holdings Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Karman Holdings Inc.'s most recent earnings 8-K?
Karman Holdings Inc.'s latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001193125-26-219495. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Karman Holdings Inc.'s latest earnings 8-K →
Look up any company's CIK number →