Karman Holdings Inc (KRMN) financial statements: income statement, balance sheet and cash flow
Karman Holdings Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Karman Holdings Inc reported revenue of $471.5M (+36.6% year on year) and net income of $17.4M (+36.7% year on year).
Income statement
Karman Holdings Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Revenue
$471.5M
$345.3M
Cost of goods sold
$281.5M
$213.1M
Gross profit
$190.0M
$132.1M
General and administrative expenses
$85.7M
$44.4M
Depreciation and amortization expense
$31.4M
$24.1M
Operating expenses
$117.1M
$68.6M
Net operating income
$72.9M
$63.6M
Interest expense, net
($44.6M)
($50.7M)
Other income
$4.1M
$1.5M
Income before (provision for) benefit from income taxes
$32.5M
$14.3M
(Provision for) benefit from income taxes
($15.2M)
($1.6M)
Net income
$17.4M
$12.7M
Other comprehensive (loss) income
$0
($1.2K)
Comprehensive income (loss)
$17.4M
$12.7M
Net income per common share or unit, basic
$0.13
$0.08
Net income per common share or unit, diluted
$0.13
$0.08
Weighted-average common share and units outstanding, basic
132.3M
166.7M
Weighted-average common share and units outstanding, diluted
132.3M
166.7M
Karman Holdings Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$182.1M
$151.2M
$121.8M
$115.1M
Cost of goods sold
$103.8M
$87.3M
$71.8M
$68.1M
Gross profit
$78.2M
$63.9M
$49.9M
$47.0M
General and administrative expenses
$31.3M
$28.6M
$20.0M
$19.4M
Depreciation and amortization expense
$12.1M
$13.8M
$8.1M
$7.5M
Operating expenses
$43.4M
$42.4M
$28.1M
$26.9M
Net operating income
$34.8M
$21.5M
$21.8M
$20.1M
Interest expense, net
($15.3M)
($12.6M)
($10.0M)
($11.9M)
Other income (expense)
($280.0K)
($174.0K)
$51.0K
$380.0K
Income before provision for income taxes
$19.3M
$8.6M
$11.9M
$8.6M
Provision for income taxes
($5.2M)
($838.0K)
($4.2M)
($1.8M)
Net Income
$14.0M
$7.8M
$7.6M
$6.8M
Net income per common share, basic
$0.11
$0.06
$0.06
$0.05
Net income per common share, diluted
$0.11
$0.06
$0.06
$0.05
Weighted-average common shares, basic
132.5M
132.5M
132.3M
132.3M
Weighted-average common shares, diluted
132.5M
132.5M
132.3M
132.3M
Balance sheet
Karman Holdings Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Cash and cash equivalents
$34.0M
$11.5M
Accounts receivable, net
$78.7M
$55.2M
Contract assets
$156.3M
$107.2M
Inventory
$10.7M
$9.9M
Prepaid and other current assets
$11.8M
$17.9M
Total current assets
$291.4M
$201.7M
Property, plant and equipment
$134.8M
$87.8M
Less accumulated depreciation
($39.4M)
($27.0M)
Net property, plant and equipment
$95.4M
$60.9M
Goodwill
$352.5M
$225.1M
Intangible assets, net
$285.9M
$209.0M
Operating lease right-of-use assets
$6.0M
$6.1M
Finance lease right-of-use assets
$66.2M
$70.0M
Other assets
$6.7M
$1.2M
Total other assets
$717.3M
$511.4M
Total assets
$1.1B
$774.0M
Accounts payable
$31.6M
$28.3M
Accrued payroll and related expenses
$13.8M
$11.2M
Contract Liabilities
$22.8M
$29.9M
Current portion of operating lease liabilities
$1.8M
$1.5M
Current portion of finance lease liabilities
$4.4M
$4.0M
Short term notes payable, net of debt issuance costs
$3.8M
$7.1M
Income taxes payable
$5.3M
$20.1M
Other current liabilities
$5.1M
$12.5M
Total current liabilities
$88.7M
$114.6M
Revolving line of credit
$0
$25.0M
Long-term notes payable, net of current portion and net of debt issuance costs
$495.3M
$326.9M
Noncurrent operating lease liabilities, net of current portion
$4.9M
$5.3M
Noncurrent finance lease liabilities, net of current portion
$77.0M
$78.0M
Other liabilities
$7.7M
$2.8M
Deferred tax liabilities
$47.8M
$25.4M
Total long-term liabilities
$632.7M
$463.4M
Total liabilities
$721.4M
$578.0M
Preferred stock, $0.001 par value; authorized - 100,000,000 shares; issued and outstanding - none
0
—
Common stock; $0.001 par value; authorized - 1,000,000,000 shares; issued and outstanding - 132,322,435 and none, respectively
132.0K
—
Additional paid in capital
$373.5M
—
Accumulated other comprehensive income
$75.0K
—
Retained earnings (accumulated deficit)
$9.0M
—
Stockholders' equity and members' equity, respectively
$382.7M
—
Total liabilities and equity
$1.1B
$774.0M
Karman Holdings Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$51.7M
$73.8M
$18.7M
$27.4M
Accounts receivable, net
$115.0M
$98.6M
$70.2M
$57.9M
Contract assets
$187.1M
$169.4M
$147.0M
$133.6M
Inventory
$16.3M
$16.1M
$15.4M
$14.7M
Prepaid and other current assets
$14.7M
$12.4M
$9.4M
$8.4M
Total current assets
$384.8M
$370.3M
$260.6M
$242.1M
Property, plant and equipment
$173.0M
$150.1M
$119.0M
$112.0M
Less accumulated depreciation
($46.7M)
($42.8M)
($36.0M)
($32.8M)
Net property, plant and equipment
$126.3M
$107.3M
$83.0M
$79.3M
Goodwill
$498.1M
$439.2M
$301.8M
$301.8M
Intangible assets, net
$326.8M
$400.5M
$245.1M
$251.1M
Operating lease right-of-use assets
$15.5M
$10.7M
$6.3M
$6.7M
Finance lease right-of-use assets
$85.2M
$81.7M
$64.4M
$66.1M
Other assets
$7.4M
$8.0M
$6.8M
$6.8M
Total other assets
$932.9M
$940.1M
$624.5M
$632.6M
Total assets
$1.4B
$1.4B
$968.1M
$953.9M
Accounts payable
$45.4M
$38.4M
$32.7M
$28.1M
Accrued payroll and related expenses
$14.8M
$12.9M
$13.1M
$10.7M
Contract liabilities
$26.2M
$25.8M
$18.8M
$19.9M
Current portion of operating lease liabilities
$2.5M
$2.3M
$1.7M
$1.6M
Current portion of finance lease liabilities
$5.0M
$4.6M
$4.3M
$4.2M
Current portion of term note
$5.6M
$5.6M
$2.8M
$2.8M
Income taxes payable
$2.1M
$5.1M
$11.4M
$15.1M
Other current liabilities
$6.7M
$10.2M
$6.3M
$5.8M
Total current liabilities
$108.2M
$104.8M
$91.1M
$88.2M
Term note, net of current
$751.3M
$752.2M
$365.1M
$365.8M
Operating lease liabilities, net of current
$13.7M
$9.2M
$5.4M
$5.8M
Finance lease liabilities, net of current
$97.1M
$93.2M
$74.4M
$75.5M
Other liabilities
$6.9M
$6.9M
$2.4M
$2.5M
Deferred tax liabilities
$45.6M
$45.7M
$30.5M
$24.7M
Total liabilities
$1.0B
$1.0B
$599.0M
$592.5M
Common stock; $0.001 par value; authorized - 1,000,000,000 shares; issued and outstanding - 132,322,435 and none, respectively
133.0K
133.0K
132.0K
132.0K
Additional paid in capital
$390.0M
$388.7M
$367.6M
$367.6M
Accumulated other comprehensive income
$75.0K
$75.0K
$75.0K
$75.0K
Retained earnings
$30.9M
$16.8M
$1.3M
($6.3M)
Stockholders' equity
$421.1M
$405.7M
$369.1M
$361.5M
Total liabilities and equity
$1.4B
$1.4B
$968.1M
$953.9M
Cash flow statement
Karman Holdings Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Net income
$17.4M
$12.7M
Depreciation and amortization
$42.7M
$32.8M
Amortization of debt issuance costs
$1.3M
$2.3M
Non-cash interest expense and other non-cash adjustments
($2.2M)
—
Deferred income taxes
$10.5M
($11.5M)
Share-based compensation expenses
$1.4M
$993.1K
Change in accounts receivable
($18.4M)
($2.3M)
Change in contract assets
($49.1M)
($18.0M)
Change in inventory
$2.9M
($43.8K)
Change in prepaids and other assets
$6.9M
($14.9M)
Change in contract liabilities
($7.1M)
($6.2M)
Change in accounts payable, accruals and income taxes payable
($16.9M)
$31.8M
Change in acquisition related accrued expenses
($11.7M)
—
Net change in ROU assets and lease liabilities
$100.0K
($292.2K)
Net cash provided by (used in) operating activities
($22.1M)
$26.6M
Purchases of property and equipment
($20.3M)
($15.3M)
Investment in convertible note
($6.0M)
—
Acquisitions of businesses, net of cash acquired
($211.9M)
($31.3M)
Net cash flows used in investing activities
($238.3M)
($46.2M)
Net proceeds from issuance of common stock in initial public offering
$154.8M
—
Finance lease payments
($3.9M)
($2.9M)
Proceeds from notes payable
$505.0M
$35.0M
Repayments of notes payable
($339.3M)
($9.5M)
Payments of debt issuance costs
($8.4M)
($962.5K)
Payment of ISP SBA loan assumed
($1.9M)
—
Proceeds from revolving line of credit
$30.0M
$41.5M
Repayments of revolving line of credit
($55.0M)
($36.5M)
Cash contributed from (distribution to) equityholders
$1.5M
—
Net cash provided by (used in) financing activities
$282.8M
$25.7M
Net increase (decrease) in cash and cash equivalents
$22.4M
$6.1M
Cash and cash equivalents, beginning
$11.5M
$5.5M
Cash and cash equivalents, ending
$34.0M
$11.5M
Cash paid during the period for interest
$44.8M
$47.9M
Cash paid during the period for income taxes, net of refund
$16.9M
($718.8K)
Noncash acquisition of right-of-use assets under finance leases
$3.6M
$7.1M
Noncash acquisition of right-of-use assets under operating leases
$1.5M
$885.2K
Common stock issued in acquisition of business
$11.6M
—
Acquisitions of property and equipment included in liabilities
$6.5M
—
Karman Holdings Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net Income
$21.8M
$7.8M
$9.7M
$2.0M
Depreciation and amortization
$31.8M
$16.6M
$30.1M
$19.2M
Amortization of debt issuance costs
$947.0K
$430.0K
$1.0M
$789.0K
Non-cash interest expense and other non-cash adjustments
$751.0K
$191.0K
$2.6M
$2.7M
(Gain) / Loss from sale of property and equipment
($39.0K)
—
—
—
Deferred income taxes
($2.3M)
($2.1M)
$5.1M
($718.0K)
Share-based compensation expenses
$1.4M
$0
$1.4M
$1.4M
Accounts receivable
($25.5M)
($9.1M)
($11.3M)
$936.0K
Contract assets
($24.9M)
($7.1M)
($39.8M)
($26.4M)
Inventory
($4.7M)
($4.3M)
($1.0M)
($397.0K)
Prepaids and other assets
($1.8M)
($121.0K)
$9.2M
$10.1M
Contract liabilities
($258.0K)
($270.0K)
($11.2M)
($10.1M)
Accounts payable, accruals and income taxes payable
($755.0K)
($2.0M)
—
—
ROU assets and lease liabilities
$287.0K
$171.0K
—
—
Net cash used in operating activities
($3.0M)
$209.0K
($30.8M)
($31.0M)
Purchases of property and equipment
($21.9M)
($7.4M)
($15.6M)
($8.7M)
Proceeds from sale of property and equipment
$387.0K
—
—
—
Acquisitions of businesses, net of cash acquired
($210.0M)
($210.2M)
($126.3M)
($126.3M)
Net cash flows used in investing activities
($231.5M)
($217.5M)
($147.9M)
($140.9M)
Finance lease payments
($2.1M)
($1.1M)
($2.9M)
($1.9M)
Proceeds from notes payable
$265.0M
$265.0M
$375.0M
$375.0M
Repayments of notes payable
($3.9M)
($1.9M)
($338.1M)
($337.1M)
Payments of debt issuance costs
($4.9M)
($4.9M)
($6.5M)
($6.5M)
Taxes paid on vested stock awards
($1.8M)
—
—
—
Net cash provided by financing activities
$252.2M
$257.2M
$185.9M
$187.8M
Net increase in cash and cash equivalents
$17.8M
$39.8M
$7.1M
$15.9M
Cash and cash equivalents, beginning
$34.0M
$34.0M
$11.5M
$11.5M
Cash and cash equivalents, ending
$51.7M
$73.8M
$18.7M
$27.4M
Cash paid during the period for interest
$28.4M
$12.9M
$33.8M
$20.1M
Cash paid during the period for income taxes, net of refunds
$11.5M
$3.2M
$12.7M
$10.4M
Non-cash acquisition of operating lease right-of-use assets
$10.4M
$5.1M
$1.3M
$1.3M
Common stock issued in acquisition of business
$15.2M
$15.2M
$5.8M
$5.8M
Acquisitions of property and equipment included in liabilities