Karman Holdings Reports Record Q4 & FY25 Results, Significantly Raises 2026 Outlook
Summary
Karman Holdings Inc. announced record financial results for Q4 and full fiscal year 2025, driven by strong growth across all segments, and significantly raised its 2026 revenue and adjusted EBITDA guidance.
Key Events
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Record Q4 and Full Fiscal Year 2025 Results
Karman Holdings reported record Q4 2025 revenue of $134.5 million (up 47.4% YoY) and net income of $7.7 million (up 358% YoY). For the full fiscal year 2025, revenue reached $471.5 million (up 36.6% YoY) and net income was $17.4 million (up 36.7% YoY).
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Significantly Raised 2026 Financial Outlook
The company increased its 2026 revenue expectations to between $715 million and $730 million, and non-GAAP Adjusted EBITDA to between $207 million and $218 million. This represents projected annual growth of 53% in revenue and 46% in adjusted EBITDA at the midpoints.
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Backlog Exceeds $1 Billion
Total backlog reached $801.1 million at the end of Q4 2025 and further increased to over $1 billion as of March 20, 2026, indicating strong future revenue visibility and sustained customer demand.
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Strategic Acquisitions Completed
The company completed three accretive acquisitions in 2025 and acquired Seemann Composites and MSC in January 2026, expanding its capabilities and market access in maritime defense, composites, and resin systems.
Analysis
This 8-K filing officially releases the detailed financial results for Q4 and full fiscal year 2025, confirming the strong performance previously reported in news outlets today. The company reported record revenue, net income, and adjusted EBITDA, driven by growth across all segments. Crucially, Karman Holdings significantly raised its 2026 outlook for both revenue and adjusted EBITDA, projecting substantial annual growth. This positive guidance, coupled with a backlog exceeding $1 billion and recent strategic acquisitions, signals robust future performance and strong demand for its defense and space solutions, reinforcing investor confidence.
At the time of this filing, KRMN was trading at $99.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $13.2B. The 52-week trading range was $25.03 to $118.38. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.