| Metric | Value ($ M) | vs Q2 FY25 |
|---|---|---|
| Revenue | 121.79 | 5.8% |
| Total Income | 121.79 | 5.8% |
| Expenditure | 99.98 | 5.3% |
| PBT | 11.86 | 38.1% |
| Net Profit | 7.64 | 12.2% |
| OPM | 17.91% | 0.44pp |
| NPM | 6.28% | 0.36pp |
| EPS | 0.06 | 20.0% |
Karman Space & Defense Reports Q3 FY2025 Revenue Up 41.7% YoY
04 May 2026 · 4 May, 7:40 am
Summary
Karman Space & Defense reported a strong Q3 FY2025 with record revenue of $121.8 million, a 41.7% increase year-over-year. Net income also reached a record $7.6 million, up 78.1% from the previous year. The company's funded backlog hit a record $758.2 million. Management is raising and narrowing the full-year 2025 revenue guidance to $461 to $463 million and adjusted EBITDA to $142 to $143 million, and expects revenue growth of 20% to 25% for 2026.
Key Highlights
- 1
Karman Space & Defense reported record quarterly revenue of $121.8 million, representing a 41.7% increase year-over-year.
- 2
Net income reached a record $7.6 million, a 78.1% increase year-over-year, with earnings per fully diluted share of $0.06.
- 3
The company delivered record quarterly non-GAAP adjusted EBITDA of $37.7 million, up 34.4% year-over-year.
- 4
Non-GAAP adjusted earnings per fully diluted share more than doubled compared to the prior year, reaching $0.10.
- 5
Funded backlog reached a record $758.2 million at the end of Q3 2025, up 30.8% compared to the end of 2024.
- 6
The company is raising and narrowing its 2025 revenue guidance to $461 to $463 million and adjusted EBITDA guidance to $142 to $143 million.
- 7
Preliminary 2026 revenue growth expectations are set at 20 to 25 percent.
Management Comments
Tony Koblinski
Our strong momentum continued into the third quarter, with record financial results and year-over-year increases of 42 percent in revenue, 34 percent in adjusted EBITDA and 31 percent in funded backlog since year-end 2024. High demand for our $1.2 billion secondary equity offering reflected confidence in our business model and market focus, and marked the effective exit of our private equity sponsor. Record year-to-date revenue of $337 million and funded backlog of $758 million give us the confidence to increase and narrow our expectations for the year. We now expect to achieve total revenue of $461 to $463 million and non-GAAP adjusted EBITDA of $142 to $143 million, representing year-over-year growth of 34 percent to the midpoints of those ranges. Looking beyond 2025, our strong performance, healthy growth in funded backlog and continued dialog with customers support our preliminary expectation for 2026 revenue growth between 20 and 25 percent, exclusive of future acquisitions, which is consistent with our annual growth rate since 2022. Strong demand signals continue to support multi-year growth potential for Karman based on our unique and differentiated solutions, our end market focus and the quality and capability of our team
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