Karman Holdings Inc.

Listed Company

KRMNCIK 0002040127NYSENon-AcceleratedEmerging GrowthAircraft Parts & Auxiliary Equipment, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$471.50M

Net Income

$17.37M

Total Assets

$1.10B

Equity

$382.69M

Shares Out

132.53M

Op. Cash Flow

$-22.12M

Business

Karman Holdings Inc. designs, tests, manufactures, and sells mission-critical integrated systems for missile, defense, hypersonic and space programs. It offers payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems including solid rocket motors, ablative composites, and related subsystems. Its business is organized around three core product families and serves three primary end markets: Hypersonics & Strategic Missile Defense, Tactical Missile & Integrated Defense Systems, and Space & Launch. Karman distributes its solutions to prime integrators, government defense customers, and commercial space providers through direct contracts and program-based supply relationships.

Summary from filing dated 2025-04-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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