What is Karman Holdings's latest dividend and current dividend yield?

Did Karman Holdings beat or miss consensus estimates last quarter?

What were the key takeaways from Karman Holdings’s earnings call?

What were the key takeaways from Karman Holdings's earnings call?

What is the market's earnings forecast for Karman Holdings next quarter?

What does Karman Holdings do and what are its main business segments?

What is the revenue and EPS growth rate for Karman Holdings year over year?

What factors drove the changes in Karman Holdings's revenue and profit?

- **Record Q3 Performance**: $122M revenue (42% YoY), $38M EBITDA (34% YoY), and $758M funded backlog.
- **Strategic Expansion**: Acquired Five Axis for rocket engine nozzles, raised 2025 guidance to $461-463M revenue.
- **2026 Growth Outlook**: 20-25% organic growth target, 50bps annual EBITDA margin expansion.
- **Key Risks**: Federal government shutdown delays, but no impact to 2025 guidance.
- **Margin Strength**: 41% gross margin, targeting 50bps annual EBITDA margin improvement.

**【CEO Summary Section】**
- **Record Financial Performance**: Q3 revenue of $122 million (42% YoY growth), gross profit $50 million (48% YoY), and adjusted EBITDA $38 million (34% YoY). 
- **Strategic Acquisition**: Completed $1.2 billion secondary offering and acquired Five Axis Industries for rocket engine nozzle production capabilities.
- **Backlog Growth**: Funded backlog reached $758 million, providing 100% visibility to 2025 guidance midpoint.
- **Guidance Update**: Raised 2025 revenue to $461-463 million (34% YoY growth) and EBITDA to $142-143 million.
- **2026 Outlook**: Anticipates 20-25% organic revenue growth, excluding M&A, driven by hypersonic, missile defense, and space launch programs.

**【CFO Financial Commentary】**
- **Revenue by End Market**: 
  - Hypersonics/SMD: $37M (36% YoY)
  - Space/Launch: $41M (47% YoY)
  - Tactical Missiles: $44M (42% YoY)
- **Balance Sheet Strength**: $19M cash, $505M Term Loan B after $130M upsizing. Pro forma net leverage 3x EBITDA.
- **Tax & CapEx**: 25.5% statutory tax rate, 4.5% CapEx of revenue.
- **Margin Trends**: Gross margin maintained at 41%, targeting 50bps annual EBITDA margin expansion.

**【COO Operational Highlights】**
- **Market Demand**: >80 customers across 130 programs, driven by:
  - Replenishment (Golden Dome)
  - Hypersonic R&D
  - Counter-UAS systems
  - Space launch cadence
- **Operational Investments**: 
  - Albany, OR facility expansion (forging capacity doubling)
  - RIPL POD rapid deployment system
- **Customer Recognition**: ULA Enterprise Operations Supplier of the Year 2025.
- **Government Shutdown Impact**: No direct impact to 2025 guidance, but meetings/solicitations delayed.

**【Q&A Highlights】**
- **Organic Growth**: 2025 organic growth ~34%, 2026 target 20-25% (excluding M&A). 
- **M&A Pipeline**: Healthy pipeline with accretive tuck-in acquisitions. No dual sourcing threats identified.
- **Golden Dome**: Benefits through:
  - Existing program demand acceleration
  - New space-based interceptor development
  - Launch cadence growth
- **2026 Visibility**: 75%+ of 2026 revenue booked in backlog, no single program >10% concentration.
- **Margin Guidance**: Target 50bps annual EBITDA margin expansion through operating leverage.


Karman Holdings Inc. (KRMN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

KRMN

KRMN fundamentals

You can ask Aime