Karman Holdings Inc.

Overview

Karman Holdings Inc. designs, tests, manufactures, and sells mission-critical systems for missile, defense, and space programs. The company operates as a vertically integrated platform offering concept-to-production capabilities, including design, analysis, testing, qualification, and production. It is headquartered in Huntington Beach, California, and operates approximately 808,000 square feet of design, engineering, testing, and manufacturing space across nine U.S. campuses.

Core product families

• Payload protection and deployment systems: full design and manufacture of the top section of boosters, launch vehicles, payloads, or missiles.
• Aerodynamic interstage systems: metallic and composite subsystems to improve aerodynamics and enable interstage separation.
• Propulsion systems: integrated solid rocket motors and subsystems, and critical subsystems for liquid-fueled motors and ablative composites.

End markets (2025)

Core growth areas are:

• Hypersonics & Strategic Missile Defense
• Tactical Missiles & Integrated Defense Systems
• Space & Launch

2025 revenue mix by end market: Hypersonics 31.7%, Tactical Missiles 31.5%, Space & Launch 36.9%.

Customers and programs

• Served a diversified base of customers across programs and platforms.
• Approximately 80 customers in 2025.
• Supporting more than 130 active programs; no single program accounted for more than 12% of revenue on average in 2025.
• Contributed content to programs across the U.S. Army, Navy, Air Force, Missile Defense Agency, and NASA/space sectors.

Financial highlights (year ended December 31, 2025)

• Revenue: $471.5 million (up 36.6% from 2024)
• Net income: $17.4 million
• Non-GAAP Adjusted EBITDA: $145.3 million
• Adjusted EBITDA margin: 30.8%

Backlog

• Backlog of $801.1 million as of December 31, 2025.
• Backlog reflects awarded and funded contracts; actual revenues can vary due to government funding, contract changes, or termination rights.

Intellectual property and innovation

• IP categorized as Design IP, Proprietary IP, and Process IP.
• As of December 31, 2025: 23 issued patents (expiring between 2027 and 2044) and 7 pending/published patent applications.

Intellectual capital and workforce

• Approximately 1,400 employees (full-time, part-time, and temporary), including about 300 multidisciplinary engineers.
• No union representation for the current workforce.
• Location and talent strategy centers on in-house design and manufacturing capabilities.

Facilities and geographic footprint

Nine campuses across the United States with varied footprints. Examples of locations:

• Huntington Beach, CA (headquarters)
• South El Monte, CA
• Corona, CA
• Santa Ana, CA
• Brea, CA
• Mukilteo, WA
• Skagit, WA
• Wilsonville (Portland area), OR
• Huntsville, AL
• Arlington, WA
• Ogden, UT
• Cedar City, UT
• Albany, OR

Total design, engineering, and manufacturing footprint: approximately 808,000 square feet.

Leadership and corporate governance

• Leadership transition announced March 12, 2026: Tony Koblinski will retire as CEO; Jonathan (Jon) Rambeau will assume the role of CEO on March 23, 2026.
• Jon Rambeau previously served as president of the Communications & Spectrum Dominance segment at L3Harris Technologies.
• DoD and cybersecurity leadership and governance are overseen by the Board and an audit committee, with a focus on risk management and information security.

Growth strategy and acquisitions

• Strategy combines organic growth and targeted acquisitions to expand program content and capture next-generation opportunities.
• Emphasis on early design participation to secure longer-term program exposure and integration.
• Since formation, nine acquisitions have been completed to expand capabilities and IP and to support the concept-to-production approach.

Public company status and financial controls

• Became a public company via IPO; as of March 20, 2026, outstanding common shares were 132,526,299.
• Indebtedness: approximately $499.1 million under a Citi Credit Agreement as of December 31, 2025.
• Operates as an emerging growth company and intends to align with Section 404 of the Sarbanes-Oxley Act in the future.
• Backlog and program exposure provide long-term revenue coverage across a diversified mix of programs, customers, and end markets.

Market position

Karman competes in a large, fragmented supplier base with few integrated system providers. The company differentiates through high-complexity, mission-critical system solutions, extensive design capability, and vertically integrated production. Its IP portfolio and program track record support recurring revenue across a broad program lifecycle.