Karman Holdings (KRMN)

Karman Holdings (KRMN), operating as Karman Space & Defense, designs and manufactures mission-critical systems for rockets and missiles, including payload protection, aerostructures, and propulsion components. In ETFpedia it represents the components-and-propulsion layer of the U.S. space tech theme. Unlike many peers it is profitable, with record results in early 2026.

TickerKRMN
ExchangeNYSE
SectorSpace · Components & Propulsion
CountryUnited States
WikidataQ132861262
Last updated2026-06-04
Financial snapshotas of2026-06-04

Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years and not confirmed by Karman; check IR. Karman is a recent IPO with a short reporting history. Last report: Q1 2026 on 2026-05-12. (source)

Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-12)

Karman posted record Q1 2026 revenue of $151.2 million, up 51% year over year, with record net income of $7.8 million, or $0.06 per diluted share, versus a net loss of $4.8 million a year earlier. Record adjusted EBITDA reached $44.8 million, a 29.6% margin, and backlog hit a record of about $1.0 billion.

Revenue$151.2M+51.0%YoY · Record; growth across all end markets
Net income$7.8M · Record; $0.06 per diluted share; vs -$4.8M a year earlier
Adjusted EBITDA (non-GAAP)$44.8M+47.7%YoY · Record; 29.6% margin
Backlog~$1.0B+61%YoY

Primary source

Guidance:Full-year 2026

Revenue$720M-$735M · Raised; about 54% growth at the midpoint
Adjusted EBITDA (non-GAAP)$208.5M-$219.5M · Raised; about 47% growth

Guidance source

Recent & upcoming events

  • · Record Q1 2026 results and raised outlook.Revenue $151.2M (+51%), record net income $7.8M, and record adjusted EBITDA $44.8M; 2026 guidance raised to $720M-$735M revenue. (source)
  • · Acquired Seemann Composites and MSC.Acquired Seemann Composites and MSC to enter the maritime defense market and deepen composites and resin-systems capabilities. (source)

Q1 2026 figures are from Karman's earnings release (Form 8-K, Exhibit 99.1) reported May 12, 2026. Adjusted EBITDA is a non-GAAP measure as defined by the company. Karman completed its NYSE IPO in February 2025.

Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does Karman Holdings do?

Karman makes the hardware that goes inside other people’s rockets and missiles. Its product lines cover payload protection and deployment systems (think fairings and separation systems), interstage structures and aerostructures, and propulsion components, the parts that protect, position, and propel a payload through launch. That makes it a supplier to the wider space and defense industry rather than a launch operator itself. Karman completed its NYSE initial public offering in February 2025 and reported record Q1 2026 revenue of $151.2 million (Karman 8-K).

Why is Karman Holdings a U.S. space tech company?

If launch companies are the headline of the space economy, component suppliers are the picks and shovels underneath. Karman sits upstream, supplying payload protection, aerostructures, and propulsion parts that feed into rockets, missiles, and spacecraft across both commercial space and national defense. That diversified, build-into-everyone-else position is what makes it a representative components-and-propulsion member of the U.S. space tech theme, and it is one of the few in the group that is already profitable.

“We achieved another quarter of record financial results, with revenue up 51 percent year-over-year and adjusted EBITDA growing nearly 50 percent. Space and Launch led growth across all end markets, expanding 29 percent, and we introduced our new Maritime Defense Systems end market.”

— Jon Rambeau, CEO, Karman Space & Defense (Q1 2026 results)

What did Karman Holdings report most recently?

In Q1 2026 (the quarter ended March 31, 2026), Karman posted record revenue of $151.2 million, up 51.0% year over year, with growth across all end markets (Karman 8-K). Critically for a recent space IPO, it was profitable: record net income of $7.8 million, or $0.06 per diluted share, swinging from a net loss of $4.8 million a year earlier, and record non-GAAP adjusted EBITDA of $44.8 million, up 47.7%, for a 29.6% margin. Backlog reached a record of about $1.0 billion, up 61% year over year. For full-year 2025, Karman generated revenue of about $471.5 million, up roughly 37%, with net income of about $17.4 million.

What is Karman’s guidance?

Karman raised its full-year 2026 outlook to revenue of $720 million to $735 million and non-GAAP adjusted EBITDA of $208.5 million to $219.5 million, implying roughly 54% revenue growth and 47% adjusted EBITDA growth versus 2025 (Karman IR). Management said first-quarter revenue plus backlog expected to convert this year already represented about 90% of the increased full-year guidance, a high-visibility setup compared with most development-stage space names.

What are the risks for Karman Holdings?

  • Program and budget dependence. Much of Karman’s demand is tied to defense programs and missile production, so government budget shifts and program timing matter.
  • Customer and launch-cadence exposure. As a supplier, its volumes depend on how often customers launch and produce; a slowdown in launch or missile activity would flow through.
  • Acquisition integration. Growth includes acquisitions such as Seemann Composites and MSC, which carry integration and execution risk.
  • Recent IPO and valuation. A short public history and a high growth multiple leave the stock sensitive to any guidance miss, even though the business is currently profitable.

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Frequently asked questions about Karman Holdings

What does Karman Holdings do?

Karman Holdings, which operates as Karman Space & Defense, designs and manufactures mission-critical systems for rockets and missiles. Its products include payload protection and deployment systems, interstage structures and aerostructures, and propulsion components. It reported record Q1 2026 revenue of $151.2 million, up 51% year over year.

Why is Karman Holdings part of the U.S. space tech theme?

Karman is an upstream supplier whose hardware goes inside the rockets, missiles, and spacecraft that the broader space and defense sector builds. Payload fairings, interstages, and propulsion components are the picks-and-shovels of access to space, which is why Karman represents the components-and-propulsion layer of the theme.

Is Karman Holdings profitable?

Yes, unlike many space developers, Karman is profitable. In Q1 2026 it reported record net income of $7.8 million, or $0.06 per diluted share, versus a net loss of $4.8 million a year earlier, on record revenue of $151.2 million (+51%) and record adjusted EBITDA of $44.8 million at a 29.6% margin. Full-year 2025 net income was about $17.4 million.

What is Karman's guidance for 2026?

Karman raised its full-year 2026 outlook to revenue of $720 million to $735 million and non-GAAP adjusted EBITDA of $208.5 million to $219.5 million, implying roughly 54% revenue growth and 47% adjusted EBITDA growth versus 2025. Backlog reached a record of about $1.0 billion, up 61% year over year.

When does Karman Holdings report its next earnings?

Karman is expected to report Q2 2026 results in August 2026. As a recent IPO it has a short reporting history, so that date is calendar-estimated and unconfirmed; check Karman's investor relations page. It last reported Q1 2026 on May 12, 2026.

Sources & references

  1. Karman Space & Defense Reports First Quarter Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1) · Karman Holdings Inc. / SEC EDGAR, 2026-05-12
  2. Karman Space & Defense Reports First Quarter Fiscal Year 2026 Financial Results · Karman Holdings Inc. / Business Wire, 2026-05-12
  3. Karman Holdings Inc. · Q1 2026 quarterly report (Form 10-Q, quarter ended March 31, 2026) · Karman Holdings Inc. / SEC EDGAR, 2026-05-12
  4. Karman Space & Defense · investor relations events and presentations calendar · Karman Holdings Inc., 2026-06-04