Karman Holdings Inc. (KRMN)
NYSE:KRMN
Earnings Data
Report Date
May 19, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.12Last Year’s EPS
0.05Same Quarter Last Year
Strong Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operational and financial trajectory: record quarterly and full-year results, significant YoY revenue and EBITDA growth, expanded backlog (now >$1B), aggressive 2026 revenue and EBITDA guidance, sizeable capacity investments and targeted M&A that broaden capabilities and de-risk the supply chain. Near-term challenges include contracting timing delays (federal shutdown effects), integration-related margin mix (cost-plus contracts), and elevated debt/leverage following acquisitions. Management has increased CapEx to support capacity and expects leverage to moderate to ~3x by end-2026. Given the scale and materiality of the positive metrics and forward guidance versus the mainly timing- and integration-related lowlights, the overall tone is optimistic and growth-forward.Company Guidance
Record Quarterly Revenue and Profitability
Q4 revenue of $134.0M, up 47% year-over-year; Q4 gross profit $54.0M, up 54% YoY with a 40% gross margin; Q4 adjusted EBITDA $42.0M, up 59% YoY (quarterly record). Q4 net income rose to $8.0M (over 300% YoY) and adjusted EPS was $0.11 vs $0.03 a year earlier (more than tripled).
Record Full-Year 2025 Financials
Full year 2025 revenue $472.0M, up 37% YoY; full year gross profit $190.0M (+44% YoY) with a 40% gross margin; full year adjusted EBITDA $145.0M, up 37% YoY. Full year net income $17.0M (+37% YoY); adjusted EPS $0.37 vs $0.13 (nearly tripled).
Backlog Growth and Visibility
Backlog reached $801M at year-end (up 38% YoY). After the Seemann and MSC acquisitions backlog expanded to more than $1.0B, providing approximately 80% revenue visibility to the midpoint of 2026 guidance as of March 20, 2026.
Ambitious 2026 Guidance
Full-year 2026 outlook: revenue $715M–$730M (approximately 53% YoY growth) and adjusted EBITDA $207M–$218M (approximately 46% YoY growth). Guidance expects roughly half organic and half inorganic growth and ~45% of revenue/adjusted EBITDA in H1.
Strategic M&A and Capabilities Expansion
Completed multiple acquisitions in 2025 (MTI, ISP, Five Axis) and January acquisition of Seemann and MSC, broadening capabilities in advanced metallics, energetics, precision rocket engine solutions, composites and maritime defense—supporting market diversification and supply-chain resilience.
Capacity and Operations Investments
Operating footprint exceeding 1.0M sq ft; announced Salt Lake City hub adding ~200k sq ft (expected to quadruple UAS launch capacity and add redundant nozzle capacity), initial operations targeted Q4 2026. 2025 CapEx was $20M; 2026 CapEx plan increased to ~5% of revenue (~$36M) to support ramp.
Supply-Chain and Manufacturing Strengthening
Acquisitions (e.g., ISP, Seemann & MSC) enhanced control over energetic formulations, resin technologies and composites. Co-investment with government of $10M to expand nozzle production. Rolling out Karman Operating System and AI-enabled monitoring to improve throughput, yield and preventive maintenance.
Liquidity and Financial Flexibility
Ended Q4 with $34.0M cash (up $22.5M vs year-end 2024) and increased revolving credit facility from $50M to $150M to support capacity expansion and working capital. Interest on debt is SOFR + 2.75% (improved by 75 bps).
Workforce Growth and Geographic Reach
Headcount grew from ~1,100 to ~1,400 employees in 2025 (roughly +27%), operations across 8 states, enabling broader hiring pools and redundancy across sites.
Strong Market Demand Signals
Company cites generational demand across missiles, interceptors, hypersonics, UAS, maritime defense and space; examples of primes planning production increases include ~100% growth in AIM-9X, ~200% in THAAD and Standard Missile, and ~300% for PAC-3.
KRMN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
KRMN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 25, 2026 | $99.60 | $86.01 | -13.64% |
Nov 06, 2025 | $74.98 | $70.68 | -5.73% |
Aug 07, 2025 | $48.21 | $45.78 | -5.04% |
May 13, 2025 | $40.16 | $43.37 | +7.99% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Karman Holdings Inc. (KRMN) report earnings?
Karman Holdings Inc. (KRMN) is schdueled to report earning on May 19, 2026, After Close (Confirmed).
What is Karman Holdings Inc. (KRMN) earnings time?
Karman Holdings Inc. (KRMN) earnings time is at May 19, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is KRMN EPS forecast?
KRMN EPS forecast for the fiscal quarter 2026 (Q1) is 0.12.