|Rev $134.5M|Net Income $471.5M
Company Overview
Karman Space & Defense produces next-generation system solutions for the U.S. Department of War and space access.
Key Financial Figures
For fiscal year 2025, the company reported a record annual revenue of $471.5 million. Additionally, Karman generated an earnings per fully diluted share (EPS) of $0.13 for the year.
Additional Financial Insights
The company ended the fourth quarter of 2025 with a record backlog of $801.1 million. Furthermore, Karman delivered a record annual non-GAAP adjusted EBITDA of $145.3 million.
What to Watch: Margin expansion will be the key metric in coming quarters as Karman scales revenue. Investors should monitor whether the company can convert its 47% top-line growth into improved operational leverage, or if the current investment cycle continues pressuring near-term profitability. Program win rates and backlog growth will signal whether the hypersonics franchise can sustain its momentum.
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