| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 151.21 | 51.0% |
| Total Income | 151.21 | 51.0% |
| Expenditure | 129.76 | 43.9% |
| PBT | 8.63 | 679.2% |
| Net Profit | 7.79 | 262.3% |
| OPM | 14.19% | 4.24pp |
| NPM | 5.15% | 9.95pp |
| EPS | 0.06 | 250.0% |
Karman Space & Defense Reports Q1 FY26 Revenue Up 51% YoY
13 May 2026 · 13 May, 1:53 am
Summary
Karman Space & Defense reported a strong first quarter for fiscal year 2026, with record revenue of $151.2 million, a 51% increase year-over-year. Net income also reached a record $7.8 million, compared to a net loss in the prior year. The company's backlog grew to $1.0 billion, up 61% from the previous year. Management has raised the full-year 2026 outlook, expecting revenue between $720 and $735 million and adjusted EBITDA between $208.5 and $219.5 million.
Key Highlights
- 1
Karman Space & Defense reported record quarterly revenue of $151.2 million, up 51.0% year over year.
- 2
The company generated record quarterly net income of $7.8 million, with earnings per fully diluted share of $0.06.
- 3
Non-GAAP adjusted EBITDA reached a record quarterly $44.8 million, a 47.7% year-over-year increase.
- 4
Karman achieved a record backlog of $1.0 billion at the end of the first quarter of 2026, up 61% compared to the end of the first quarter of 2025.
- 5
The company acquired Seemann Composites and MSC in January 2026 to expand maritime defense market access.
- 6
Karman upsized its revolving credit facility from $50 million to $150 million in March 2026.
- 7
The 2026 outlook is raised to $720 to $735 million in revenue and $208.5 to $219.5 million in adjusted EBITDA.
Management Comments
Jon Rambeau
“We achieved another quarter of record financial results, with revenue up 51 percent year-over-year and adjusted EBITDA growing nearly 50 percent. Space and Launch led growth across all end markets, expanding 29 percent, and we introduced our new Maritime Defense Systems end market.” “We have excellent visibility into our full fiscal year 2026 revenue outlook, with first quarter revenue and backlog expected to convert to revenue this year representing 90% of our increased full-year guidance. We are confident in reaching our full-year targets of 54% revenue growth and 47% adjusted EBITDA growth. “Record backlog of more than $1 billion at the end of the first quarter increased more than 60 percent year over year. Significant increases in 2027 Department of War funding requested for the procurement of capabilities such as SM-3, PAC-3, THAAD, PrSM, Unmanned Aircraft Systems, counter-UAS and submarines provide strong initial visibility into 2027 and beyond. “We are seeing generational demand for our solutions unfolding in a rapidly expanding pipeline and substantially increased proposal volume, which we expect to translate into growing bookings later this year. As funding for our core defense programs accelerates and space launch activity increases, the commitments we are securing today provide a clear runway for continued momentum through 2027 and beyond,”
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