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Second-quarter revenue rose 58.2% to $182.1 million with adjusted EBITDA at a 30% margin, and the backlog reached $1.3 billion. The same filings show operating activities absorbing $2.98 million in the first half, $30.96 million a year earlier, a $95 million acquisition after the quarter closed funded with $100 million of new term debt, and two customers above 10% of revenue.
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Watch revenue against the raised guidance, the adjusted EBITDA margin, operating cash flow and accounts receivable against revenue. The September 14 change of chief financial officer falls inside the quarter and is a fact about timing, not a catalyst by itself.
Operating activities absorbed $2,975 thousand in the first half, against $30,955 thousand a year earlier, so the direction is right and the sign is still negative. Receivables reached $114,960 thousand, investing activities absorbed $231,478 thousand and financing provided $252,235 thousand: the growth and the acquisitions were funded with borrowed money.
Provider fields carry their own retrieval dates and reporting lags, and the date beside each figure is the one it belongs to. The market capitalisation is a Merlintrader calculation from the August 3, 2026 share count and the September 18, 2026 close; it is not a provider quote.
Revenue grew 58.2% with organic growth of 24.4%, adjusted EBITDA reached 30% of revenue, and the backlog rose to $1.3 billion with nearly $500 million of bookings in a single quarter. Guidance for the year was raised to $730-745 million of revenue. The Walker acquisition opens a European footprint with no new shares issued, and the debt repricing trims about $4 million a year of interest.
Operating cash flow improved sharply against the prior year but is still negative: operating activities absorbed $2.98 million in the first half, against $30.96 million a year earlier. Accounts receivable reached $114.96 million and total notes payable rose to $768.5 million from $506.8 million in six months. Two customers were above 10% of revenue, a $95 million acquisition closed after the quarter and was funded with $100 million of new term debt, the finance chief is changing, and 14 million shares were sold by existing holders in May.
The August filings settle three things. Revenue was $182,063 thousand in the quarter, up from $115,097, with gross profit of $78,234 thousand, a margin of 43.0% against 40.9%. Cash and equivalents stood at $51,741 thousand. And the cash-flow statement shows $2,975 thousand absorbed by operating activities in the six months to June 30, 2026, against $30,955 thousand in the same half of 2025, on a $333,273 thousand first half of revenue. Backlog was $1.3 billion, up 65%. The same filings carry the counterweights: notes payable of $768,478 thousand, two customers above 10% of revenue, and a chief financial officer handing over on September 14.
Karman is growing fast and spending to grow. The quarter was a record on every line the company highlights, the backlog gives multi-year visibility, and the guidance was raised. What the filings add is the price of that growth: cash still leaving operations, receivables building, debt up by more than a quarter of a billion dollars in six months, and a $95 million acquisition funded with new debt on top. The question for the next two quarters is not whether the revenue arrives, which it is arriving, but whether it turns into cash before the balance sheet has to be asked again.
The company furnished an investor presentation as Exhibit 99.1 to a Form 8-K. Presentations are disclosure documents: they restate what the filings already say, and they are read here as such.
The acquisition was completed on August 28, 2026 for approximately $95 million, or 70 million pounds. It was funded with the proceeds of a $100 million increase in the company’s term loans, taking their total original principal amount to $863,961,000. Walker’s products sit on more than 25 European missile, air and defence programmes, and the deal gives Karman its first manufacturing footprint outside the United States.
Chris Boynton was appointed executive vice president and chief financial officer, starting September 14, 2026. Mike Willis steps down as chief financial officer on the same date and leaves the company by the end of the year after a transition period.
On June 10, 2026 the audit committee appointed PricewaterhouseCoopers as independent registered public accounting firm for the year ending December 31, 2026, and dismissed Baker Tilly US.
An underwriting agreement dated May 28, 2026 covered the sale of 14,000,000 shares by selling stockholders at a public offering price of $61.00 a share, with the underwriters granted a 30-day option on up to 2,100,000 more. The company issued no shares and received no proceeds; the filing is a secondary offering, not a capital raise.
The constructive case is in the filings, not in the story. Revenue of $182,063 thousand in the quarter was 58.2% above the prior year and 24.4% of that was organic, so it is not an acquisition bolted on. Gross margin expanded to 43.0% from 40.9%, which means the growth arrived with better economics rather than worse. Adjusted EBITDA of $54.6 million is a 30% margin, and the backlog of $1.3 billion, up 65% since the start of the year, is the part of the story that does not depend on a single quarter. Guidance was raised, not trimmed.
The case against is equally filed. Operating activities still absorbed $2,975 thousand in the first half while revenue was $333,273 thousand, and the improvement against the $30,955 thousand of a year earlier came largely from the working-capital swing. Accounts receivable of $114,960 thousand against a quarterly revenue line of $182,063 thousand is the arithmetic of that. Notes payable rose to $768,478 thousand from $506,767 thousand in six months, and Walker was bought for about $95 million with $100 million of new term debt rather than out of cash on hand. In May, 14 million shares changed hands among existing holders rather than into the company.
Better. The first half’s cash absorption reverses in the second half as the receivables collected turn into cash, the backlog converts on schedule, Walker contributes from the fourth quarter and the $4 million of interest saved by the repricing shows up in the interest line. Evidence would be a positive operating cash flow print in the third or fourth quarter, and receivables growing more slowly than revenue.
Flat. Revenue lands inside the raised guidance, the margin holds near 30%, and the working capital keeps absorbing cash at roughly the first-half rate. The balance sheet carries it: cash of $51.7 million plus the revolver, with debt service covered. Nothing breaks, and nothing compounds either, because every dollar of new revenue needs a dollar of working capital behind it.
Worse. The two customers above 10% of revenue are the concentration risk, and a single programme delay would show up twice: in the revenue line and in the receivables that are already funded. Add a debt-funded acquisition at the wrong moment and the company would be asking the market for money rather than choosing to. The events that would signal it are a receivable build that outpaces revenue for a second half, a guidance cut, or another acquisition financed with borrowings before the cash conversion turns.
Karman analysis: defense and space, orders, acquisitions, financials, debt and risks.
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Five documents arrived between May and September, and three of them change what a reader needs to hold in mind. On June 10 the audit committee dismissed Baker Tilly US and appointed PricewaterhouseCoopers for the year ending December 31, 2026. On May 28 an underwriting agreement covered the sale of 14,000,000 shares by selling stockholders: a secondary offering, with no shares issued by the company and no proceeds to it. On August 26 the company signed the Sixth Amendment to its credit agreement and, on August 3, completed a debt repricing expected to reduce annual interest expense by approximately $4 million. Two days later it completed the acquisition of Walker for about $95 million, funded with new term debt. And on August 26 it announced a change of chief financial officer, effective September 14.
None of those is a surprise inside the company; all of them matter to a reader trying to price the next two quarters.
Revenue was $182,063 thousand against $115,097 thousand in the same quarter a year earlier, an increase of 58.2%, of which the company identifies 24.4% as organic. Gross profit was $78,234 thousand against $47,021 thousand, so the gross margin widened to 43.0% from 40.9%.
Net income was $14,032 thousand against $6,807 thousand, up 106.1%, and earnings per basic share were $0.11 against $0.05. The company’s adjusted EBITDA was $54.6 million, 54.7% higher than a year earlier and roughly 30% of revenue, with adjusted earnings per diluted share of $0.14 against $0.10.
For the six months, revenue was $333,273 thousand, gross profit $142,099 thousand and net income $21,826 thousand, or $0.16 per basic share.
Two lines inside the same statements describe what the quarter cost. Operating activities used $2,975 thousand of cash in the six months to June 30, 2026, against $30,955 thousand in the same half of 2025: the outflow shrank by roughly nine tenths year on year and it is still an outflow. Accounts receivable ended the period at $114,960 thousand. Revenue is arriving; cash has not arrived yet.
Karman makes hardware for the United States Department of War and its allies, in space and launch, missile and defence, and it is in the middle of a growth phase that the filings describe candidly in both directions. The top line expanded 58.2% in the quarter, the margin improved, and the backlog reached $1.3 billion with nearly $500 million of bookings in three months. The balance sheet paid for part of that: notes payable rose from $506.8 million to $768.5 million in six months, and the first half absorbed $2,975 thousand of operating cash, against $30,955 thousand a year earlier.
The company guides to $730-745 million of revenue for the year and $215-222.5 million of adjusted EBITDA, both raised in August. The figure that decides whether the year reads well is not in the guidance: it is the operating cash flow line in the third and fourth quarters.
The ownership and market fields quoted in this section come from a provider aggregate read on September 20, 2026, which is the date they belong to; they are not figures the company files, and no figure from them enters the arithmetic that follows.
The share count is the one figure where two legitimate numbers coexist inside a single document. The balance sheet reports 132,533,486 shares issued and outstanding at June 30, 2026. The cover page of the same Form 10-Q reports 132,533,708 shares outstanding as of August 3, 2026. The difference, 222 shares, is immaterial to any calculation here, but the fresher figure is the one taken, because the direction of a share count is one of the things this page asks the reader to watch. At December 31, 2025 the count was 132,322,435.
Ownership is concentrated on the institutional side, which is what a company that has recently left private-equity ownership tends to look like once the selling holders have placed their shares. The provider fields read on September 20, 2026 put institutional ownership near 89% and short interest at 12.27% of float, and a short reading of that size deserves attention in both directions.
The quarter’s operational news, in the order the filings give it. Bookings totalled nearly $500 million across all end markets, including a large multi-year agreement with a space and launch customer. The company completed a debt repricing that it expects to save approximately $4 million of interest a year. It agreed to acquire Walker Precision Engineering for about $94 million. And it raised its full-year outlook for both revenue and adjusted EBITDA.
The demand backdrop the company cites is specific and worth holding separately from its own results: more than $90 billion of recent prime contractor awards for THAAD and PAC-3 interceptors, and more than $76 billion for new Columbia and Virginia class submarines. Those are other people’s contracts, and they describe an environment rather than an order book.
The chart below is the one that answers the question the income statement raises. Revenue has compounded quickly, and the composition of what the company sells sits behind the growth. What the chart does not show is the working capital that came with it, which is why the cash-flow statement and the balance sheet are read separately in the sections that follow.
Revenue by fiscal year and the 2026 guidance range, in millions of dollars.
Karman designs, develops and produces systems for the United States Department of War and its allies, in three broad areas: space and launch, missile and defence, and the components that go into both. The company describes itself as aligning with core mission priorities and with the demand for access to space, and the filings break the business into two reporting segments, of which Space and Launch produced $42,072 thousand of revenue in the quarter against $39,597 thousand a year earlier, and $85,926 thousand in the half against $73,468 thousand.
The customer base is narrow, and the company says so. For the six months ended June 30, 2026 it had two customers above 10% of revenue. Those two customers accounted for 29.7% of accounts receivable at June 30, 2026 against 40.7% at December 31, 2025, which is a concentration that improved even as revenue grew.
The distinction that matters for a reader is between prime contracts and subcontracts. Karman sells into programmes run by larger primes, and its revenue therefore depends on other companies winning and retaining the work above it. The $90 billion and $76 billion figures the company cites are prime awards, and read-through from them to Karman’s own revenue is an inference, not a disclosure.
Karman’s fiscal year ends on December 31, so the second quarter is the three months to June 30 and the first half is the six months to the same date. The apparent oddity in the language of the filings, which talk about fiscal 2026 while the year is still running, is only that: the company’s year is the calendar year.
What matters for anyone tracking the company is the sequence of releases rather than the labels. The annual report for 2025 was filed on April 3, 2026, the first-quarter release arrived on May 12, and the second-quarter release on August 6, followed by the Form 10-Q on August 11. The third quarter has no announced date. Between the periodic reports the company files current reports as events occur, and the August cluster is the reason this page separates what the filings say from what the presentations say.
At June 30, 2026 total assets were $1,443,977 thousand, of which goodwill was $498,148 thousand and intangible assets a further $326,758 thousand: together, more than half the balance sheet is the accounting record of acquisitions. Current assets were $384,780 thousand, including cash of $51,741 thousand and accounts receivable of $114,960 thousand.
Total liabilities were $1,022,880 thousand and stockholders’ equity $421,097 thousand. Within the liabilities, notes payable stood at $768,478 thousand, made up of a term note of $763,962 thousand and other notes of $4,516 thousand. At December 31, 2025 the same line was $506,767 thousand, so gross debt rose by about $261.7 million in six months.
The cash-flow statement explains where the money went and where it did not come from. Investing activities absorbed $231,478 thousand in the half and financing activities provided $252,235 thousand: the acquisitions were paid for with borrowed money. Operating activities absorbed $2,975 thousand, against $30,955 thousand a year earlier. The chart below shows the cash balance at the two year-ends and at the latest quarter, and it does not show the $95 million that left the company in August for Walker, which falls in the third quarter.
Cash and cash equivalents from the consolidated balance sheets, in millions of dollars.
The company raised its full-year outlook in August to $730-745 million of revenue and $215-222.5 million of adjusted EBITDA. Set against 2025 revenue of $472 million and adjusted EBITDA of $145,302 thousand, the guidance implies growth of roughly 55% on the top line and roughly 48% on the profitability measure the company prefers.
Two things are worth saying about that guidance. The first is that the first half produced $333,273 thousand of revenue, so the guidance requires the second half to produce between $396.7 million and $411.7 million: the year is weighted to the back, which is normal in this sector but puts the weight of the promise on two quarters that have not been reported. The second is that adjusted EBITDA is not a figure with a legal definition. The company reconciles it, and the reconciliation is where a reader should look before treating the 30% margin as a cash margin.
Notes payable of $768,478 thousand at June 30, 2026 against $506,767 thousand at December 31, 2025 is the number that pays for the growth, and the Sixth Amendment took the original principal of the term loans to $863,961,000. Most of it is a single term note of $763,962 thousand; the rest is $4,516 thousand of other notes.
Against that, what happened after the quarter closed matters more than the balance-sheet date. On August 26 the company signed the Sixth Amendment to its credit agreement, which amends an agreement dated April 1, 2025 that had already been amended five times, in May and October 2025, February, March and August 2026: six amendments in seventeen months. The Fifth, of August 3, completed a repricing that reduced the margin on the term loans by 50 basis points, and the company expects it to save approximately $4 million of interest a year. The Sixth, of August 26, increased the term loans by $100,000,000, for a total original principal amount of $863,961,000, and the filing states that the proceeds are used to fund Walker.
The distinction between the two figures a reader will meet is worth stating: $768,478 thousand is the gross carrying amount of total notes payable on the June 30 balance sheet, $756,937 thousand of it net of issuance costs; $863,961 thousand is the original principal of the term loans after the August increase. They are the same debt on two dates and under two definitions, and the second is the more recent.
The arithmetic a reader should carry: cash of $51.7 million at June 30, less the Walker consideration, plus whatever the revolver allows, against a term note whose interest cost was just reduced. The repricing is a real saving. It is not a reduction of the debt.
The company reported record backlog of $1.3 billion at the end of the second quarter, up 65% compared with the end of fiscal 2025, and bookings of nearly $500 million in the quarter, including a large multi-year agreement with a space and launch customer.
Backlog of that size is the strongest single argument in the bull case, and it is also the figure that most needs a definition. The filings describe the revenue as coming from orders under existing contracts, and the company reports the mix of funded and unfunded work in its own disclosures rather than on this page, because the split is not reproduced in the sections of the Form 10-Q relied on here. What can be said without inventing anything is the shape: a backlog that grew 65% while revenue grew 58% means the book of business is growing at least as fast as the revenue being recognised from it.
The distinction between a backlog and a pipeline is the same one that matters elsewhere in defence: a backlog is work under contract, a pipeline is work that might be. The company’s bookings number, nearly $500 million in a quarter, sits closer to the first than the second because bookings are awarded work.
Goodwill of $498,148 thousand and intangible assets of $326,758 thousand are the trace of a company that has bought its way into parts of its product line rather than building all of it. The Form 10-Q carries the purchase-price allocations of several transactions, including Seemann Composites and Materials Sciences, and the pattern is consistent: identifiable intangibles for customer relationships and contracts, a goodwill figure that is a multiple of them, and a weighted-average useful life of around eleven years for what was capitalised.
The August addition is different in kind. Walker is a cash purchase of about $95 million that brings manufacturing outside the United States for the first time and products on more than 25 European missile, air and defence programmes. That is a footprint and a customer set rather than capacity, and it is the first acquisition in this sequence that a reader can measure against something other than its own goodwill.
On August 26, 2026 the company announced that Chris Boynton would become executive vice president and chief financial officer, beginning September 14, and that Mike Willis, the incumbent, would step down from the role on the same date and leave the company by the end of the year after a transition period. Boynton, 54, spent more than twenty years in senior finance roles in aerospace and defence and joined from Battelle, where he had been executive vice president and chief financial officer since 2023, with earlier roles at RTX.
A finance chief changing during a period of cash absorption and newly raised debt is a fact about timing, not about fault: the filings disclose no disagreement and the transition is phased. But a reader tracking the cash conversion should note that the person responsible for the number changes in the quarter in which the market will be watching it most closely.
Underneath the management changes sits the disclosure that a reader should weigh more heavily. The company’s annual report for 2025 states that management concluded that internal control over financial reporting was not effective as of December 31, 2025, as a result of material weaknesses, and that disclosure controls and procedures were likewise not effective at that date. The second-quarter Form 10-Q concludes that disclosure controls and procedures were not effective as of June 30, 2026, again because of the material weaknesses in internal control over financial reporting, and sets out a remediation plan, adding that remediation efforts remain on track. Remediation under way is not remediation complete: the things to watch are whether the conclusion repeats in the next annual report and whether the new auditor certifies internal control for the 2026 year.
The annual meeting was held on April 29, 2026, with Mary Petryszyn and Stephen Twitty elected as directors, and 132,526,299 shares outstanding at the March 5 record date.
Three current reports in August carry the month. On August 6 the company released second quarter results and filed the Fifth Amendment to its credit agreement. On August 26 it signed the Fifth Amendment, of August 3, completed the debt repricing. On August 26 the company signed the Sixth Amendment and announced the change of chief financial officer. On August 28 it completed the Walker acquisition and filed the report describing it.
Read together they describe a company doing three things at once: refinancing, buying and reorganising its finance function, in the space of three weeks, at the same time as it published record operating results. That is not a criticism. It is the reason the third-quarter filings will be read more carefully than the second quarter’s.
The acquisition completed on August 28, 2026 for approximately $95 million, or 70 million pounds, subject to customary adjustments, through a wholly owned subsidiary, funded with the proceeds of a $100 million increase in the company’s term loans. Walker’s advanced products support missile seekers, guidance systems and control systems on more than 25 European tactical missile, air and defence programmes, for prime contractors whose reach the company describes as global.
The strategic reading is straightforward and the company states it: a European footprint from which to serve European programmes, in a market where defence budgets are rising and where manufacturing inside the continent is increasingly the qualification for bidding. The financial reading is thinner, and honestly so: the filings read for this review do not carry Walker’s standalone revenue or profitability, so what can be said is the price paid and what was bought, not what it earns.
In May an underwriting agreement covered the sale of 14,000,000 shares by selling stockholders, with the company issuing nothing and receiving nothing. A secondary offering of that size is a change in who owns the company rather than a change in the company, and the distinction is the one that matters: the shares were already outstanding, and the proceeds went to the sellers.
The insider picture before September was quiet. On September 16 three directors bought on the market — David Stinnett 27,000 shares at an average of $37.3203, Mary Petryszyn 500 at $37.4399 and Stephen Twitty 275 at $36.79 — and the Form 4 filings reporting them arrived on September 18. Every one carries transaction code P, which means a purchase and not an award. The Form 4 filings after the quarter show grants and dispositions by officers and directors, and a 13G/A amendment from a holder reporting above the threshold in August. The company’s insiders retain a large stake, which the provider fields read on September 20, 2026 put at 11.86% of the shares; for a business that listed recently that is the expected shape rather than a signal.
What a reader should take from the May offering is not a verdict on the sellers but the arithmetic: 14 million shares at $61.00 is a little over 10% of the count, it reached the market without the company raising a dollar, and the underwriters held an option on 2,100,000 more. When a company’s growth needs cash, the fact that its shareholders chose to sell rather than to fund is worth holding next to the debt figure.
With 132,533,708 shares outstanding at August 3, 2026 and a reference price of $35.75, the close of September 18, 2026, the equity is worth approximately $4.74 billion. That is a Merlintrader calculation from two dated inputs, the cover-page share count and the September 18 close, and it is not a provider quote.
Set against the company’s own guidance of $730-745 million of revenue for 2026, that is roughly 6.4 times the top of the range. Against adjusted EBITDA guidance of $215-222.5 million it is roughly 21 times. Neither multiple is a verdict and both are stated so the reader can see what the price assumes: a company growing revenue more than 50% a year and turning it into a 30% adjusted margin has to keep doing both for several years to justify that arithmetic.
What the multiple does not include is the balance sheet. Adding the $863,961 thousand of term loan principal after the August increase, and taking off the $51,741 thousand of cash, gives an enterprise value of approximately $5.55 billion. The valuation question and the cash-conversion question are therefore the same question asked twice.
The third quarter has no announced date in the documents reviewed. When it arrives, four lines decide the assessment: revenue against the raised guidance, the adjusted EBITDA margin, operating cash flow, and the accounts receivable balance against revenue.
Alongside the quarterly report, three filings are worth expecting. The first is any update on Walker’s contribution, which falls in the fourth quarter at the earliest. The second is the debt position after the repricing and after the acquisition, which will show whether the term note grew again. The third is the transition of the finance function: the new chief financial officer starts on September 14, and the first set of numbers he signs will be read as his.
The demand environment the company cites, more than $90 billion of recent prime awards for THAAD and PAC-3 interceptors and more than $76 billion for new submarines, is not a catalyst in itself. It is the reason bookings have been strong. What converts it into revenue for Karman is awards to its customers and task orders under them, and those appear in the filings as they happen.
Karman’s second quarter was a record on every measure the company chooses to lead with, and the filings behind it are more interesting than the headline. Revenue of $182,063 thousand, up 58.2% with 24.4% of it organic, a gross margin that widened to 43.0%, adjusted EBITDA of $54.6 million at a 30% margin, and a backlog of $1.3 billion that grew 65% in six months: that is a business executing.
The same documents show what the execution costs today. Operating activities absorbed $2,975 thousand in the first half, against $30,955 thousand a year earlier, so the outflow shrank by roughly nine tenths and is still an outflow. Receivables reached $114,960 thousand, investing activities absorbed $231,478 thousand and financing provided $252,235 thousand. Notes payable rose from $506,767 thousand to $768,478 thousand on the balance sheet and to $863,961 thousand of original principal after August, and the Walker acquisition was funded with $100 million of that new debt. In May, 14 million shares were sold by existing holders without the company raising a dollar. And the finance chief changes on September 14.
The single test that matters next is not revenue. It is whether the second half converts the growth into operating cash, which would show up as receivables growing more slowly than revenue and a positive print on the cash-flow statement. Until that appears in a filing, the growth is real and the cash conversion is a promise. This is not a recommendation and not a prediction; it is where the documents reviewed on September 21, 2026 leave the question.
Karman is followed closely on the retail side, and the discussion is worth reading as sentiment rather than as research. The same caution that applies to any ticker applies here: the comments are those of traders and non-professional investors, not analysts, and a reading that looks one-sided is a signal to check against a filing rather than a conclusion about the company.
Ownership, float and short-interest fields are provider aggregates, shown with their retrieval date because they are not figures the company files. Every company figure quoted comes from the filings listed above.
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Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent journalism and research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $KRMN or any other security.
Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases and market-data providers, and are stated with their reference dates. Data can change without notice, and figures published before a results release become outdated the moment that release is issued. Merlintrader makes no representation that the information is complete or current at the time of reading. Readers should verify every figure against the primary source before acting on it.
Space infrastructure, defence technology and applied artificial intelligence companies carry substantial risk. Programme delays, cost overruns, launch failures, contract cancellations and changes in government procurement can move results sharply from one quarter to the next. Contract ceilings and vendor-pool positions are not orders. Companies that fund themselves through at-the-market equity programmes or convertible instruments can dilute existing holders materially and without advance notice, and businesses at this stage can lose all of their value. Every reader is responsible for their own decisions and should consult a licensed financial adviser where appropriate.
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