Karman Posts 36.6% FY2025 Revenue Growth, Raises 2026 Outlook
Karman delivered record fiscal 2025 revenue of $471.5 million, up 36.6%, adjusted EBITDA of $145.3 million, up 36.9%, and backlog of $801.1 million, up 38.2%. Fourth-quarter revenue jumped 47.4% to $134.5 million, net income soared 358% to $7.7 million, and 2026 revenue guidance was raised to $715–730 million.
1. Fiscal 2025 Results
Karman recorded revenue of $471.5 million, up 36.6%, and adjusted EBITDA of $145.3 million, up 36.9%. The company completed a $1.2 billion secondary offering and strengthened its balance sheet while expanding R&D investments in composite materials and defense systems.
2. Fourth-Quarter Performance
Karman’s fourth-quarter revenue reached $134.5 million, a 47.4% increase driven by higher demand for next-generation space and defense solutions. Net income surged 358% to $7.7 million, reflecting improving operational leverage and cost efficiencies from recent acquisitions.
3. Backlog Growth and Strategic Drivers
Karman ended FY2025 with a record backlog of $801.1 million, up 38.2%, bolstered by the acquisitions of Seemann Composites and MSC. Expanded composites and resin system capabilities position Karman to meet escalating demand from aerospace and defense customers.
4. Elevated 2026 Guidance
Management raised 2026 revenue outlook to $715 million–$730 million and adjusted EBITDA guidance to $207 million–$218 million, reflecting confidence in continuing market expansion and ramp-up of new contract awards. The upsized revolving credit facility supports additional production capacity and strategic investments.