📈 Price History

Ratio Health

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📊 Sector Averages

About

Karman Holdings Inc., through its subsidiary, engages in designing, testing, manufacturing, and sale of mission-critical systems in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used phrases like 'another exceptional quarter', 'strong execution across all aspects', 'record revenue of $115 million', and raised guidance for revenue and adjusted EBITDA, indicating confidence and specificity.

Q3 2025

Confident Specific

Management used superlatives like 'record performance', 'record quarterly revenue of $122 million', 'record gross profit', 'record adjusted EBITDA' and raised full-year guidance, indicating high confidence backed by specific numbers.

Q4 2025

Confident Specific

Management uses definitive language (e.g., 'record quarterly revenue of $134 million', 'generational increase in demand', 'we expect full-year revenue of $715-$730 million') and provides specific milestones (backlog $801 million, 80% revenue visibility). No hedging or defensive phrasing observed.

Q1 2026 latest

Confident Specific

Record quarterly revenue ($151M) and adjusted EBITDA ($45M) were repeatedly cited; guidance was raised; written demand commitments from four customers were announced as a concrete validation of demand visibility.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is materially stronger after this call. Record Q1 revenue and EBITDA, combined with an upward revision to full-year guidance, demonstrate accelerating operational momentum. The disclosure of written multi-year contingent demand commitments from four large customers—covering payload protection, propulsion, and space launch core stage—provides rare multi-year revenue visibility that supports a 'buy' thesis. Capacity expansion (Salt Lake City, Gulfport) is progressing on schedule, and the leverage target of ~3x EBITDA by year-end 2026 offers balance sheet comfort. The CEO explicitly stated no strategic change is needed, and the focus on organic and inorganic growth remains intact. Key items to watch next quarter: conversion of commitments into firm backlog, pace of new order bookings (especially in second half), and any new M&A bolt-ons.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Karman Q1 FY26: Record rev $151M, backlog >$1B, guided $720-735M

Revenue & Profitability

Revenue reached $151M, up 51% YoY. Gross profit was $64M (42% margin), up 62%. Net income improved to $8M from a $5M loss a year ago. Adjusted EBITDA was $45M, up nearly 50%, and adjusted EPS doubled to $0.11 per diluted share. Backlog grew 61% YoY to more than $1B.

Outlook

Management sees a favorable demand environment with generational tailwinds. The President's FY2027 budget request includes sharp funding increases for programs Karman supports (e.g., tripling SM-6, quadrupling Prism, >8x increases for SM-3, PAC-3, THAAD). The Artemis program is now planned with annual missions through 2029. Karman raised its FY2026 guidance to revenue of $720-735M and adjusted EBITDA of $208.5-219.5M, with 90% visibility to the midpoint.

Growth Drivers

All three legacy markets grew 19-29% YoY in Q1, while maritime defense contributed $26M. Key growth drivers include hypersonics and strategic missile defense (+19%), space and launch (+29%), and tactical missiles & IDS (+25%). Written contingent demand commitments from four largest customers, spanning 4-7 years, have the potential to yield over $1B in revenue. Proposal volume and value are increasing significantly.

Balance Sheet & CapEx

CapEx was $7M in Q1, and full-year CapEx is expected at ~$36M (5% of revenue). Investments are supporting expansion in nozzle capacity, UAS launchers, launch vehicles, and spacecraft manufacturing. The new 200,000 sq ft Salt Lake City facility is on track for initial production capability in Q4 2026. A large logistics and polymer facility at the Gulfport site is also being completed.

Margins

Gross margin was 42% in Q1, up from the prior year. Adjusted EBITDA margin is guided at 29.4% to the midpoint of the FY2026 outlook. Management expects continued operational efficiency and scale to support strong margins as the company grows.

Key Risks

Management discussed supply chain management as a regular focus but currently sees no significant constraints. Labor availability is not a significant difficulty. The commitments from customers are subject to those customers receiving contracts from their end customers. The FY2027 defense budget request is the first step in a multi-month appropriations process that may lead to changes.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Record Q2 results featured 58% revenue growth, 24.4% organic growth, and a $1.3B backlog. FY26 guidance was raised, with 95% of revenue already covered and strong demand across all segments. Integration, capacity expansion, and new contracts position the company for sustained 20%-25% organic growth.

Q1 2026 Q1 2026 2026-05-12

Record Q1 results featured 51% revenue growth, a return to profitability, and a record backlog. Raised 2026 guidance reflects strong demand, multi-year customer commitments, and robust segment performance across defense and space.

Q4 2025 Q4 2025 2026-03-25

Record Q4 and FY25 results exceeded guidance, with revenue up 37% and adjusted EBITDA up 37% year-over-year. 2026 guidance raised to $715M–$730M revenue and $207M–$218M adjusted EBITDA, driven by strong demand, acquisitions, and capacity expansion.

Q3 2025 Q3 2025 2025-11-06

Record Q3 revenue and profit growth were driven by strong demand across all end markets and strategic acquisitions. Full-year guidance was raised, with a robust backlog supporting multi-year growth and margin expansion, while risks from government funding remain manageable.

Q2 2025 Q2 2025 2025-08-07

Record Q2 results with 35% revenue growth, strong margin expansion, and a record $719M backlog. Raised 2025 guidance, completed two strategic acquisitions, and executed a $1.2B secondary offering, positioning for continued growth amid robust defense and space demand.

📊 Analysis Methodology

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