Karman Holdings Inc. · NYSE:KRMN
Karman — Q3 2025 Earnings Presentation
16 slides from Karman's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter Fiscal Year 2025 Earnings Presentation
Third Quarter Fiscal Year 2025 Earnings Presentation November 6, 2025 06 NOV, 2025 Tony Koblinski Mike Willis Jonathan Beaudoin Steven Gitlin 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: Third Quarter Fiscal Year 2025 Key Financial Highlights
Third Quarter Fiscal Year 2025 | Key Financial Highlights Record Revenue Record Gross Profit • $121.8 million • $49.9 million • +42% Year-over-Year (YoY) • +48% YoY Record Adjusted EBITDA & EPS Record Funded Backlog • $37.7 million adjusted EBITDA, + 34% YoY • $758 million • $0.10 adjusted Earnings
Slide 5: Five Axis Acquisition Expands Our Capabilities and Market Opportunity
Five Axis Acquisition Expands Our Capabilities and Market Opportunity Advancing commercial space programs with unique launch vehicle engine solutions A specialized provider of critical components for the commercial space industry, including large nozzles for liquid fueled engines, gaseous oxygen s
Slide 6: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results For the Three Months Ended Sept. 30, (1) For the Nine YoY Growth Months Ended (In $ millions, except percentages) 2025 2024 Sept. 30, 2025 Revenue $121.8 $86.0 42% $337.0 Gross Profit $49.9 $33.8 48% $136.4 Income before Provision for Income Tax $11.9 $5.2 127% $
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) $122 $40 $38 60% $86 +47% $41 +34% $30 $28 50% $28 +42% $44 $20 40% $31 32.6% 31.0% +36% $10 30% $27 $37 $0 20% Third Qtr. 2024 Third Qtr. 2025 Third Qtr. 2024 Third Qtr. 2025 Hypersonics and SMD
Slide 8: Strong Demand for Critical Programs Supported by Karman
Strong Demand for Critical Programs Supported by Karman Driving Growth Expanding Capacity to Support Demand Karman is a Longstanding Supplier of Qualified Content on High Priority Programs 06 NOV, 2025 ©2025 Karman Space & Defense 8
Slide 9: 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 10: Updated 2025 Guidance and Preliminary 2026 Expectations
Updated 2025 Guidance and Preliminary 2026 Expectations 2025 Revenue Range $461 million - $463 million 34% year over year increase to midpoint of range 2025 Adjusted $142 million - $143 million EBITDA Range 34% year over year increase to midpoint of range Preliminary 2026 Revenue 20% to 25% Growth E
Slide 11: Karman is a New Kind of Space & Defense Company
Karman is a New Kind of Space & Defense Company Profitable Space & Highly Diverse Merchant Supplier Full Solution Proven Inorganic Defense “Smidcap” Space & Defense of Critical Content Provider Growth Process Growth Company Portfolio Uniquely aligned with From IP-driven design Identification 24% rev
Slide 12: Financial Tables
Financial Tables 06 NOV, 2025
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets September 30, December 31, ($ in thousands) 2025 2024 (unaudited) ASSETS Cash and cash equivalents $ 18,665 $ 11,530 Accounts receivable, net 70,183 55,220 Contract assets 146,980 107,222 Inventory 15,379 9,883 Prepaid and other 9,361 17,856 Total current assets 260,568 2
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures For the three months ended September 30, For the nine months ended September 30, (unaudited, in thousands, except percent and per share data) 2025 2024 2025 2024 Net income $ 7,644 $ 4,292 $ 9,653 $ 11,018 Income tax provision 4,217 933 9,309 1,333 1 Dep
Slide 15: 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 16: investors@karman-sd.com
investors@karman-sd.com 06 NOV, 2025