Karman Space & Defense Reports Fourth Quarter and Full Fiscal Year 2025 Financial Results

Core Insights - Karman Space & Defense reported a strong financial performance for the fourth quarter and full fiscal year 2025, with significant revenue and EBITDA growth, driven by strategic investments and acquisitions [2][3][5]. Financial Performance - Fourth quarter revenue reached a record $134.5 million, representing a 47.4% increase year over year [2][7]. - The company generated a record net income of $7.7 million for the fourth quarter, a 358% increase year over year, with earnings per fully diluted share of $0.06 [2][39]. - Annual revenue for 2025 was $471.5 million, up 36.6% from the previous year, with annual net income of $17.4 million, a 36.7% increase [2][37]. - Non-GAAP adjusted EBITDA for the fourth quarter was $42.0 million, a 59% increase year over year, and for the full year, it was $145.3 million, up 36.9% [2][40]. Backlog and Future Outlook - The company achieved a record backlog of $801.1 million at the end of Q4 2025, a 38.2% increase compared to the end of Q4 2024 [2][11]. - Karman raised its 2026 revenue outlook to between $715 million and $730 million, and adjusted EBITDA to between $207 million and $218 million [3][11]. Strategic Developments - Karman completed an initial public offering raising $581 million and a $1.2 billion non-dilutive secondary equity offering [2][3]. - The company made three acquisitions, including Seemann Composites and MSC, to enhance capabilities in the maritime defense market [2][3][5]. - The revolving credit facility was increased from $50 million to $150 million in March 2026 to support growth initiatives [2][3]. Market Position and Demand - The company is positioned as an all-domain provider, supporting national defense and the growing space economy, with a focus on missile and munitions programs [3][5]. - Karman's diversified portfolio includes over 80 customers and more than 130 programs, reflecting strong organic growth across all end-markets [7][8].