Company Summary

Business Focus

• Specialization: Design, testing, manufacturing, and sale of mission-critical systems for missile, defense, and space programs.
• Product Families:
  • Payload Protection and Deployment Systems: Full design and manufacturing of the top sections of boosters, launch vehicles, payloads, or missiles.
  • Aerodynamic Interstage Systems: Metallic and composite subsystems for aerodynamics and interstage separation.
  • Propulsion Systems: Integrated solid rocket motors, launch systems, and ablative composites.

Market and End Markets

• End Markets:
  • Hypersonics & Strategic Missile Defense (33.2% of revenue in 2024)
  • Tactical Missile & Integrated Defense Systems (33.5% of revenue in 2024)
  • Space & Launch (33.3% of revenue in 2024)
• Programs:
  • Supported over 100 active programs
  • Serves a diverse customer base of approximately 70 customers
  • Revenue is evenly split across the three core end markets
• Revenue & Profit:
  • 2024 Revenue: $345.3 million (+23.0% YoY from 2023)
  • 2024 Net Income: $12.7 million
  • Adjusted EBITDA in 2024: $106.1 million (margin of 30.7%)

Employees and Operations

• Number of Employees: Approximately 1,113 full-time, part-time, and temporary employees as of December 31, 2024.
• Facilities: Operates roughly 730,000 sq feet across nine campuses in the U.S., with key facilities located in Huntington Beach, CA; South El Monte, CA; Corona, CA; Santa Ana, CA; Brea, CA; Mukilteo, WA; Mount Vernon, WA; Everett, WA; and Wilsonville, OR; Decatur, AL.
• Customer Base:
  • Major customers include U.S. military agencies (e.g., Army, Navy, Air Force, Missile Defense Agency) and commercial space entities.
  • No single program accounted for more than 12% of sales in 2023 and 2024.
  • Supports both current production and next-generation space/missile programs.

Corporate and Business Structure

• History:
  • Originally operated as a Delaware LLC ("TCFIII Spaceco Holdings LLC").
  • Converted to a Delaware corporation ("Karman Holdings Inc.") in 2024 via a Corporate Conversion.
• Employees and IP:
  • Around 180 engineers supporting in-house design, analysis, testing, and manufacturing.
  • Has a strategic portfolio of patents, trade secrets, and proprietary IP.
• Growth:
  • Significant acquisitions since 2020, including AEC, AMRO, AAE, and Systima Technologies.
  • Recently invested in a new facility in Decatur, AL, supporting growth for new customers.

Financial Highlights

• Revenue (2024): $345.3 million
• Net Income (2024): $12.7 million
• Adjusted EBITDA (2024): $106.1 million
• Number of Shares Outstanding (March 31, 2025): 132,174,593 shares

Unique Strengths

• Vertically integrated, concept-to-production capabilities.
• Long-standing relationships with prime contractors, often occupying sole or single-source contracts.
• Focused on innovative, mission-critical, highly engineered solutions tailored to complex requirements.
• Proven track record with over 40 years of industry heritage.
• Approximately 70 customers across over 100 programs, providing diversified revenue streams with long-term program lifecycles (often exceeding 20 years).