Karman Holdings Inc. · NYSE:KRMN
Karman — Q2 2025 Earnings Presentation
16 slides from Karman's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter Fiscal Year 2025 Earnings Presentation
Second Quarter Fiscal Year 2025 Earnings Presentation August 7, 2025 Tony Koblinski Mike Willis Jonathan Beaudoin Steven Gitlin 07 Aug, 2025 Chief Executive Officer Chief Financial Officer Chief Operating Officer 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 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: Second Quarter Fiscal Year 2025 Key Financial Highlights
Second Quarter Fiscal Year 2025 | Key Financial Highlights Record Revenue Record Gross Profit • $115.1 million • $47 million • +35% Year-over-Year (YoY) • +36% YoY Record Adjusted EBITDA & EPS Record Funded Backlog • $35.3 million adjusted EBITDA, + 29% YoY • $719 million • $0.10 adjusted Earnings P
Slide 5: Second Quarter 2025 Highlights
Refinanced credit facilities Second Acquired MTI and ISP; integration on schedule Quarter 2025 Highlights KRMN added to Russell 1000, S&P Aerospace & Defense Select Industry Index and other indices Oversubscribed $1.2 billion secondary offering in July 07 Aug, 2025 ©2025 Karman Space & Defense 5
Slide 6: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results For the Three Months Ended June 30, (1) For the Six YoY Growth Months Ended (In $ millions, except percentages) 2025 2024 June 30,2025 Revenue $115.1 $85.0 35% $215.2 Gross Profit $47.0 $34.6 36% $86.5 Income before Provision for Income Tax $8.6 $4.9 75% $7.1 Ne
Slide 7: Double-Digit Growth in End Market Revenue and Adjusted EBITDA
Double-Digit Growth in End Market Revenue and Adjusted EBITDA Revenue ($M) Adj. EBITDA ($M) & Margin(1) $115 $40 60% $35 $85 $40 $30 $27 +29% 50% +39% $29 $20 40% +46% $41 32.2% $28 30.7% $10 30% +22% $29 $35 $0 20% Second Qtr. 2024 Second Qtr. 2025 Second Qtr. 2024 Second Qtr. 2025 Hypersonics and
Slide 8: Karman is Well-Positioned to Capitalize on Robust Defense Spending Trends
Karman is Well-Positioned to Capitalize on Robust Defense Spending Trends Tailwinds expected from incremental ~$150bn defense spending provided as part of OBBBA(1) “Golden Dome” Unmanned Systems Hypersonics Missile & Munitions ~$25bn ~$5bn(2) ~$3bn(3) ~$17bn • Supports vision for layered • Increased
Slide 9: Updated 2025 Full Year Guidance
Updated 2025 Full Year Guidance $452 million - $458 million Revenue Range 32% year over year increase to midpoint of range Adjusted $138.5 million - $141.5 million EBITDA Range 32% year over year increase to midpoint of range • Supported by 100% revenue visibility based on first half 2025 revenue an
Slide 10: Karman is a New Kind of Space & Defense Company
Karman is a New Kind of Space & Defense Company Profitable Space & Highly Diverse Merchant Supplier Full Solution Proven Inorganic Defense “Smidcap” Space & Defense of Critical Content Provider Growth Process Growth Company Portfolio Uniquely aligned with From IP-driven design Identification 24% rev
Slide 11: Financial Tables
Financial Tables 07 Aug, 2025
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS. We believe the non-GAAP financial measures will help investors understand our financial condition and operating results and assess our future prospect
Slide 13: Consolidated Balance Sheets - Assets
Consolidated Balance Sheets - Assets ($ in thousands) June 30, December 31, 2025 2024 (unaudited) ASSETS Cash and cash equivalents $ 27,438 $ 11,530 Accounts receivable, net 57,902 55,220 Contract assets 133,590 107,222 Inventory 14,740 9,883 Prepaid and other 8,382 17,856 Total current assets 242,0
Slide 14: Consolidated Balance Sheets – Liabilities and Equity
Consolidated Balance Sheets – Liabilities and Equity ($ in thousands) June 30, December 31, 2025 2024 (unaudited) LIABILITIES AND EQUITY Accounts payable $ 28,056 $ 28,296 Accrued payroll and related expenses 10,677 11,249 Contract liabilities 19,897 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 June 30, For the six months ended June 30, (unaudited, in thousands, except percent and per share data) 2025 2024 2025 2024 Net income $ 6,807 $ 4,604 $ 2,009 $ 6,726 Income tax provision 1,784 312 5,092 399 1 Depreciation and
Slide 16: investors@karman-sd.com
investors@karman-sd.com 07 Aug, 2025