Karman Holdings Inc. · NYSE:KRMN
Karman — Karman Space & Defense — Q3 2026 Earnings Presentation
14 slides from Karman's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter Fiscal Year 2026 Earnings Presentation
Impossible Ends Here Q3 FY2026 | NYSE: KRMN Third Quarter Fiscal Year 2026 Earnings Presentation November 5, 2026 Jon Rambeau Chris Boynton Jonathan Beaudoin Mike Willis Steven Gitlin Chief Executive Officer Chief Financial Officer Chief Operating Officer Departing Chief Financial Officer SVP, Inves
Slide 2: Forward-looking statements & non-GAAP measures
I M P O R TA N T I N F O R M AT I O N Forward-looking statements & non-GAAP measures F O R W AR D - L O O K I N G S T AT E M E N T S This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange A
Slide 3: Merchant supplier to the highest-priority programs
K A R M A N AT A G L A N C E Merchant supplier to the highest-priority programs Mission-critical propulsion, interstage and payload systems supporting programs across all physical domains 150+ 10/14 100% Customers and programs MAC priority munitions programs Major U.S. space launch providers AL I G
Slide 4: Key achievements driving momentum
T H I R D Q U A R T E R F I S C A L 2 0 2 6 | Q U A R T E R LY A C H I E V E M E N T S Key achievements driving momentum 25% 11% $1.7B Year-over-year organic revenue Sequential revenue growth Record backlog growth ~$465M $13M $218M Quarterly bookings Free cash flow (1) 7-year THAAD long-term agreeme
Slide 5: Record results across every headline metric
THIRD QUARTER FISCAL 2026 | KEY FINANCIAL HIGHLIGHTS Record results across every headline metric Revenue Gross Profit Adjusted EBITDA Adjusted EPS $202M $86M $61M (1) $0.19 (1) +66% YoY +73% YoY +60% YoY +90% YoY R E C O R D B AC K L O G $1.7B Up more than 100% since Dec. 31, 2025 (1) Adjusted EBITD
Slide 6: Strong results in high-priority end markets
T H I R D Q U AR T E R F I S C AL 2 0 2 6 | F I N AN C I AL S U M M ARY Strong results in high-priority end markets THREE M ONTHS ENDED SEPT. 30 (1 ) N IN E M ON THS EN DED SEPT. 30 (1 ) ($ in millions, except per-share data and percentages) 2026 2025 YoY 2026 2025 YoY Revenue $201.6 $121.8 66% $534
Slide 7: Strong growth in defense end markets and Adj. EBITDA
THIRD QUARTER FISCAL 2026 | END MARKETS Strong growth in defense end markets and Adj. EBITDA Revenue by end market ($M) Revenue mix Adj. EBITDA ($M)1 YoY GROWTH +60% YoY $202 19% Hypersonics & SMD +40% 25% $38 $61 Tactical Missiles & IDS +52% $122 $45 $38 Maritime Defense n/m 22% $41 $68 Space & Lau
Slide 8: Revenue growth has outpaced net operating working capital
T H I R D Q U A R T E R F I S C A L 2 0 2 6 | W O R K I N G C A P I TA L E F F I C I E N C Y Revenue growth has outpaced net operating working capital Net operating working capital ($M) PAST 12 M ON TH S $300 $250 37% 36% 38% 37% 37% → 32% 36% 36% $63 Net operating working $70 Net operating working
Slide 9: Raising 2026 guidance
FISCAL 2026 OUTLOOK Raising 2026 guidance P R I O R G U I D AN C E U P D ATE D G U I D AN C E $730 million – $745 million $755 million – $760 million Revenue 57% YoY increase to midpoint of range → 61% YoY increase to midpoint of range $215 million – $222.5 million $225 million – $227 million Adjust
Slide 10: Financial Tables
Financial Tables
Slide 11: Consolidated Balance Sheet
Consolidated Balance Sheet September 30, December 31, 2026 2025 ($ in thousands) (unaudited) ASSETS Cash and cash equivalents $ 68,168 $ 33,959 Accounts receivable, net 122,613 78,716 Contract assets 208,275 156,298 Inventory 32,660 10,662 Prepaid and other current assets 20,820 11,768 Total current
Slide 12: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures For the three months ended September 30, For the nine months ended September 30, (unaudited, in thousands, except percent and per share data) 2026 2025 2026 2025 Net income $ 20,908 $ 7,644 $ 42,734 $ 9,653 Income tax expense (benefit) (7,603) 4,217 (1,5
Slide 13: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Footnotes This presentation includes certain non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, and Free Cash Flow. We believe the non-GAAP financial measures will help investors understand our financial condition and ope
Slide 14: [email protected]
SON 6“. ARMAN SPACE & DEFENSE [email protected]
Karman Space & Defense — Q3 2026 Earnings Presentation on 6ix