10-Q

Quarterly report

✓ VerifiedKarman's quarterly report shows revenue up 9% to $116.3 million, a new commercial M-CLASS satellite contract worth approximately $187 million, and the $355 million Industrial Solid Propulsion acquisition alongside its $629 million IPO.

Filed May 15, 2026 · 18:09 ET

Summary

Revenue increased $10.1 million, or 9%, to $116.3 million for the three months ended March 31, 2026, with 85% of the growth from contracts already in place a year earlier.
In February 2026 the company executed a commercial contract for M-CLASS satellites that it sized at approximately $187 million over the course of the contract.
The IPO raised an aggregate $629 million at $34.00 per share, with net proceeds of $583.4 million to the company.
The company agreed to acquire Orbion for $11.2 million of cash plus 2,812,141 shares, and disclosed a $355 million purchase comprising approximately $155 million in cash plus share issuance.
The company anticipates recognizing over 55% of backlog as revenue within the next 12 months.

Key facts

Revenue: $116.3 million, up 9%
From the filing for Revenue
“Revenue increased by $10.1 million, or 9%, to $116.3 million during the three months ended March 31, 2026”
M-CLASS contract: approximately $187 million
From the filing for M-CLASS contract
“we expect to generate revenue of approximately $187 million over the course of the contract”

Why it mattersThe first post-IPO quarter pairs steady organic growth with an aggressive acquisition cadence.

Filed: May 15, 2026
Accepted: 2026-05-14 22:09Z
Period: Mar 31, 2026
Accession no.: 0001628280-26-035244
Size: 7.1 MB
Index: Filing index

Summary

Documents