Karman Holdings Inc. · NYSE:KRMN
Karman — Q1 2025 Earnings Presentation
16 slides from Karman's earnings presentation, May 13, 2025
Slide 1: First Quarter Fiscal Year 2025 Earnings Presentation
First Quarter Fiscal Year 2025 Earnings Presentation May 13, 2025 Tony Koblinski Mike Willis Jonathan Beaudoin Chief Executive Officer Chief Financial Officer Chief Operating Officer
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Pr
Slide 3: Karman is a Leading IP-Driven Merchant Supplier to Prime Contractors
Karman is a Leading IP-Driven Merchant Supplier to Prime Contractors in Three High-Priority End Markets Hypersonics & Strategic Missile Defense Tactical Missiles & Integrated Defense Systems Space & Launch END MARKETS Hypersonics, missile deterrent technologies Precision guided, small-diameter rocke
Slide 4: First Quarter 2025 Highlights
©2025 Karman Space & Defense Successful IPO in February Reported record 2024 financial results First Quarter 2025 Refinanced debt Highlights Acquired MTI, expanding our capabilities, customers, contracted revenue and earnings Reported record quarterly revenue ©2025 Karman Space & Defense 4
Slide 5: First Quarter Fiscal Year 2025 Key Financial Highlights
First Quarter Fiscal Year 2025 | Key Financial Highlights Record Revenue Record Gross Profit • $100.1 million • $39.5 million • +21% YoY • +36% YoY Record Adjusted EBITDA & EPS Record Funded Backlog • $30.3 million adjusted EBITDA • $636 million • $0.05 adjusted Earnings Per Share (Fully Diluted) RE
Slide 6: Double-Digit Growth in End Market Revenue and Adjusted EBITDA
Double-Digit Growth in End Market Revenue and Adjusted EBITDA Revenue ($M) Adj. EBITDA & Margin ($M)1 $100 $83 $30 $34 $24 +12% $30 +30% $36 +25% $28 $25 +21% $30 29% 30% First Qtr. 2024 First Qtr. 2025 First Qtr. 2024 First Qtr. 2025 Hypersonics and SMD Tactical Missiles and IDS Space and Launch Ad
Slide 7: First Quarter Fiscal Year 2025 Selected Financial Results
First Quarter Fiscal Year 2025 Selected Financial Results First Qtr. First Qtr. Change 2025 2024 Item ($ in millions, except EPS) 2025 2024 from 2024 Margin1 Margin1 Revenue $ 100.1 $ 83 20.6% 100% 100% Gross Profit 39.5 29.0 36.0% 39.4% 34.9% Net Income (loss) (4.8) 2.1 NA (4.8%) 2.6% Adjusted EBIT
Slide 8: Highly Diversified Revenue Provides Resiliency
Highly Diversified Revenue Provides Resiliency Significant Diversification Across Programs, Customers, and Markets By End Market By Program (fiscal year 2024) (fiscal year 2024) Program A 11% Space & Hypersonic Program B Launch & SMD 7% 34% 33% Program C 6% 100+ Other Programs Program D 5% Program E
Slide 9: 2025 Full Year Guidance
2025 Full Year Guidance $423 million to $433 million Revenue 24% year over year increase to midpoint of range Adjusted $132 million to $137 million EBITDA 27% year over year increase to midpoint of range • Supported by 95% revenue visibility based on first quarter revenue and funded backlog expected
Slide 10: Priorities for 2025 and Beyond
Priorities for 2025 and Beyond 1 2 3 4 Leverage our Continue executing Investing in our Fulfilling our Vision growing backlog and on inorganic growth team’s talents, of being the robust pipeline to opportunities - along with industry’s most deliver controlled, roughly 1 to 2 processes and sought-aft
Slide 11: Financial Tables
Financial Tables
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS. We believe the non-GAAP financial measures will help investors understand our financial condition and operating results and assess our future prospect
Slide 13: Consolidated Balance Sheets - Assets
Consolidated Balance Sheets - Assets ($ in thousands) March 31, December 31, 2025 2024 (unaudited) ASSETS Cash and cash equivalents $ 113,679 $ 11,530 Accounts receivable, net 47,768 55,220 Contract assets 122,154 107,222 Inventory 10,417 9,883 Prepaid and other 7,522 17,856 Total current assets 301
Slide 14: Consolidated Balance Sheets – Liabilities and Equity
Consolidated Balance Sheets – Liabilities and Equity ($ in thousands) March 31, December 31, 2025 2024 (unaudited) LIABILITIES AND EQUITY Accounts payable $ 25,445 $ 28,296 Accrued payroll and related expenses 8,289 11,249 Contract liabilities 26,001 29,868 Short term notes payable, net of debt issu
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures For the three months ended March 31, (unaudited, in thousands, except percent and per share data) 2025 2024 Net (loss) income $ (4,798) $ 2,122 Income tax provision 3,308 87 1 Depreciation and amortization 8,869 7,350 Interest expense, net 11,373 12,060
Slide 16: investors@karman-sd.com
Sf 6“. ARMAN SPACE & DEFENSE investors@karman-sd.com