Karman Holdings Inc. · NYSE:KRMN
Karman — Q4 2025 Earnings Presentation
14 slides from Karman's earnings presentation, Mar 25, 2026
Slide 1: Fourth Quarter and Full Fiscal Year 2025 Earnings Presentation
Fourth Quarter and Full Fiscal Year 2025 Earnings Presentation March 25, 2026 25 MAR 2026 Jon Rambeau Tony Koblinski Mike Willis Jonathan Beaudoin Steven Gitlin Chief Executive Officer Director Chief Financial Officer Chief Operating Officer Senior Vice President, Investor Relations
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 Pure-Play Merchant Supplier Aligned with Key U.S. Priorities
Karman is a “Pure-Play” Merchant Supplier Aligned with the U.S. Government’s Key Priorities in Space and National Security Hypersonics & Strategic Tactical Missiles & Maritime Defense Space & Launch Missile Defense Integrated Defense Market Drivers: Market Drivers: Market Drivers: Market Drivers:
Slide 4: Fourth Quarter and Full Fiscal Year 2025 | Key Financial Highlights
Fourth Quarter and Full Fiscal Year 2025 | Key Financial Highlights Record Revenue Record Gross Profit Q4 2025 $134.5M +47% Q4 2025 $53.6M +54% FY 2025 $471.5M +37% FY 2025 $190M +44% Record Adjusted EBITDA Record Adjusted EPS Q4 2025 $42M +59% Q4 2025 $0.11 +266% FY 2025 $145.3M +37% FY 2025 $0.37
Slide 5: Strategic Acquisitions Have Enhanced Our Unique Position
Strategic Acquisitions Have Enhanced Our Unique Position M&A Philosophy Acquisitions Since IPO Acquisition Results Well Defined Acquisition Priorities & Acquisitions Consistently Create Strategic M&A Roadmap: Incremental Opportunities to Accelerate Growth: Proprietary Products Rapidly Developing &
Slide 6: Fourth Quarter and Full Fiscal 2025 Financial Results
Fourth Quarter and Full Fiscal 2025 Financial Results For the Three Months Ended Dec. 31, (1) YoY For the Twelve Months Ended Dec. 31, (1) YoY 2025 2024 Growth 2025 2024 Growth (In $ millions, except percentages) Revenue $134.5 $91.2 47% $471.5 $345.2 37% Gross Profit $53.6 $34.7 54% $190.0 $132.1 4
Slide 7: Double-Digit Growth in End Market Revenue and Adjusted EBITDA
Double-Digit Growth in End Market Revenue and Adjusted EBITDA Revenue ($M) Adj. EBITDA ($M) & Margin(1) $472 $200 60% $345 +30% $150 +37% $145 $150 50% $115 $106 $172 $100 40% +49% $116 30.7% 30.8% $50 30% +31% $115 $150 $0 20% Fiscal Year 2024 Fiscal Year 2025 Fiscal Year 2024 Fiscal Year 2025 Hype
Slide 8: Updated 2026 Guidance
Updated 2026 Guidance $715 million - $730 million 2026 Revenue Range 53% year over year increase to midpoint of range 2026 Adjusted $207 million - $218 million EBITDA Range 46% year over year increase to midpoint of range • 2026 guidance supported by approximately 80% revenue visibility based on bac
Slide 9: Karman is a New Kind of Space & Defense Company
Karman is a New Kind of Space & Defense Company Profitable Space & Highly Diverse Merchant Supplier Full Solution Proven Inorganic Defense “Smidcap” Space & Defense of Critical Content Provider Growth Process Growth Company Portfolio Uniquely aligned with From IP-driven design Identification 28% rev
Slide 10: Financial Tables
Financial Tables 25 MAR 2026
Slide 11: Consolidated Balance Sheets
Consolidated Balance Sheets December 31, December 31, ($ in thousands) 2025 2024 (unaudited) ASSETS Cash and cash equivalents $ 33,959 $ 11,530 Accounts receivable, net 78,716 55,220 Contract assets 156,298 107,222 Inventory 10,662 9,883 Prepaid and other 11,768 17,856 Total current assets 291,403 2
Slide 12: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures For the three months ended December 31, For the year ended December 31, (unaudited, in thousands, except percent and per share data) 2025 2024 2025 2024 Net income $ 7,713 $ 1,683 $ 17,366 $ 12,701 Income tax provision 5,847 295 15,156 1,628 1 Depreciati
Slide 13: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Footnotes 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 an
Slide 14: investors@karman-sd.com
investors@karman-sd.com 25 MAR 2026