10-K

Annual report

✓ VerifiedKarman's first annual report shows 2025 revenue growth of 36.6% with a 30.8% adjusted EBITDA margin, backlog of $801.1 million, and revenue split almost evenly across hypersonics, tactical missiles, and space and launch.

Filed Apr 3, 2026 · 19:46 ET

Summary

Fiscal 2025 revenue grew 36.6% with a 3.7% net income margin and a 30.8% adjusted EBITDA margin.
The mix: Space and Launch 36.9% of revenue, Hypersonics and Strategic Missile Defense 31.7%, and Tactical Missiles and Integrated Defense 31.5%.
Total backlog was $801.1 million at December 31, 2025; no single program of more than 130 exceeded 12% of revenue on average.
The three largest customers accounted for approximately 51.5% of revenue.

Key facts

Growth: 36.6% with 30.8% EBITDA margin
From the filing for Growth
“we experienced 36.6% revenue growth, a 3.7% Net Income margin, and a 30.8% Adjusted EBITDA margin”
Backlog: $801.1 million
From the filing for Backlog
“As of December 31, 2025, our total backlog was $801.1 million”

Why it mattersThe baseline year for the IPO story: balanced end markets, program diversification, and software-like margins in hardware.

Filed: Apr 3, 2026
Accepted: 2026-04-02 23:46Z
Period: Dec 31, 2025
Accession no.: 0002040127-26-000014
Size: 16.7 MB
Index: Filing index

Summary

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