Karman Holdings Inc
NYSE:KRMN
Karman Holdings Inc
Karman Holdings Inc is a US-based company operating in Aerospace & Defense industry. The company is headquartered in Huntington Beach, California. The company went IPO on 2025-02-13. Karman Holdings Inc., formerly TCFIII Spaceco Holdings LLC, specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense and space programs. Its integrated payload protection, propulsion and interstage system solutions are deployed across a variety of existing and emerging programs supporting important Department of Defense and space sector initiatives. Its engineered solutions are organized into three families: Payload Protection and Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems. Payload Protection and Deployment Systems is a full design and manufacturing of the top section of a booster, launch vehicle, payload, or missile system. Aerodynamic Interstage Systems support metallic and composite subsystems designed for aerodynamics and interstage separation. Propulsion Systems offers integrated solid rocket motors and supporting subsystems, launch systems, and ablative composites.
Karman Holdings Inc is a US-based company operating in Aerospace & Defense industry. The company is headquartered in Huntington Beach, California. The company went IPO on 2025-02-13. Karman Holdings Inc., formerly TCFIII Spaceco Holdings LLC, specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense and space programs. Its integrated payload protection, propulsion and interstage system solutions are deployed across a variety of existing and emerging programs supporting important Department of Defense and space sector initiatives. Its engineered solutions are organized into three families: Payload Protection and Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems. Payload Protection and Deployment Systems is a full design and manufacturing of the top section of a booster, launch vehicle, payload, or missile system. Aerodynamic Interstage Systems support metallic and composite subsystems designed for aerodynamics and interstage separation. Propulsion Systems offers integrated solid rocket motors and supporting subsystems, launch systems, and ablative composites.
Record Results: Karman reported record quarterly revenue of $122 million, gross profit of $50 million, and adjusted EBITDA of $38 million, with all three end markets contributing to growth.
Guidance Raised: Management raised full-year 2025 revenue guidance by $7 million at the midpoint to $461-$463 million and adjusted EBITDA guidance by $2.5 million to $142-$143 million.
Backlog Strength: Funded backlog reached a record $758 million, providing 100% visibility to the midpoint of 2025 revenue guidance and supporting confidence for 2026.
Strategic M&A: The acquisition of Five Axis expands Karman's capabilities in commercial space and strengthens its position in high-performance systems.
2026 Preliminary Outlook: Karman expects 2026 revenue growth to be in the 20%-25% range, excluding future acquisitions, despite added market uncertainties.
Government/Market Demand: Strong demand across defense and commercial markets continues, with significant new customer contracts and healthy diversification across programs.
No Shutdown Impact: The federal government shutdown has not affected 2025 or 2026 guidance so far.
