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Karman Space & Defense Reports Fourth Quarter and Full Fiscal Year 2025 Financial Results

KRMN
  • Karman Space & Defense reported fourth quarter fiscal year 2025 revenue of $134.5 million, a 47.4% year-over-year increase, & full fiscal year 2025 revenue of $471.5 million, a 36.6% increase.
  • The company generated record quarterly net income of $7.7 million, a 358% year-over-year rise, & record annual net income of $17.4 million, a 36.7% increase.
  • Quarterly non-GAAP adjusted EBITDA reached $42.0 million (up 59% year-over-year), while annual non-GAAP adjusted EBITDA totaled $145.3 million (up 36.9% year-over-year).
  • Total backlog hit a record $801.1 million at the end of Q4 2025, up 38.2% from the prior year, with the CEO stating the backlog exceeded $1 billion as of March 20, 2026.
  • The company completed an initial public offering raising $581 million & a $1.2 billion non-dilutive secondary equity offering during the fiscal year.
  • Karman acquired Seemann Composites & MSC in January 2026 to expand maritime defense capabilities, completing three accretive acquisitions in total.
  • The revolving credit facility was upsized from $50 million to $150 million in March 2026.
  • The company raised its 2026 financial outlook to $715–$730 million in revenue & $207–$218 million in adjusted EBITDA.
  • Revenue growth was driven by expanded strategic missile programs, increased demand for tactical missiles & drone technologies, & orders for space launch systems.
  • Karman reported GAAP net income of $7.7 million for the quarter & $17.4 million for the year, with earnings per share of $0.06 & $0.13 respectively.