$KRMN

Karman Holdings Inc.

CIK:0002040127|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 182,063	$ 115,097	$ 333,273	$ 215,221
Cost of goods sold	103,829	68,076	191,174	128,749
Gross profit	78,234	47,021	142,099	86,472
Operating expenses
General and administrative expenses	31,339	19,430	59,976	42,718
Depreciation and amortization expense	12,066	7,487	25,842	13,687
Operating expenses	43,405	26,917	85,818	56,405
Net operating income	34,829	20,104	56,281	30,067
Interest expense, net	(15,284)	(11,893)	(27,930)	(23,266)
Other income (expense)	(280)	380	(454)	300
Income before provision for income taxes	19,265	8,591	27,897	7,101
Provision for income taxes	(5,233)	(1,784)	(6,071)	(5,092)
Net Income (Loss)	$ 14,032	$ 6,807	$ 21,826	$ 2,009
Net income per common share, basic	$ 0.11	$ 0.05	$ 0.16	$ 0.02
Net income per common share, diluted	$ 0.11	$ 0.05	$ 0.16	$ 0.02
Weighted-average common shares, basic	132,527	132,322	132,502	132,322
Weighted-average common shares, diluted	132,531	132,322	132,514	132,322

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net Income (Loss)	$ 21,826	$ 2,009
Adjustments to reconcile net income to net cash used in operations:
Depreciation and amortization	31,808	19,176
Amortization of debt issuance costs	947	789
Non-cash interest expense and other non-cash adjustments	751	2,651
(Gain) / Loss from sale of property and equipment	(39)
Deferred income taxes	(2,254)	(718)
Share-based compensation expenses	1,444	1,410
Changes in operating assets and liabilities, net of effects of acquisitions
Accounts receivable	(25,455)	936
Contract assets	(24,851)	(26,369)
Inventory	(4,651)	(397)
Prepaids and other assets	(1,775)	10,148
Contract liabilities	(258)	(10,066)
Accounts payable, accruals and income taxes payable	(755)	(18,865)
Acquisition related accrued expenses		(11,651)
ROU assets and lease liabilities	287	(8)
Net cash used in operating activities	(2,975)	(30,955)
Cash flows from investing activities
Purchases of property and equipment	(21,865)	(8,669)
Proceeds from sale of property and equipment	387
Investment in convertible note		(6,000)
Acquisitions of businesses, net of cash acquired	(210,000)	(126,279)
Net cash flows used in investing activities	(231,478)	(140,948)
Cash flows from financing activities
Net proceeds from issuance of common stock in initial public offering		153,808
Finance lease payments	(2,148)	(1,896)
Proceeds from notes payable	265,000	375,000
Repayments of notes payable	(3,935)	(337,115)
Payments of debt issuance costs	(4,870)	(6,541)
Proceeds from revolving line of credit		30,000
Repayments of revolving line of credit		(25,000)
Repayment of debt assumed in ISP acquisition		(1,919)
Taxes paid on vested stock awards	(1,812)
Cash contributed from (distribution to) equity holders		1,474
Net cash provided by financing activities	252,235	187,811
Net increase in cash and cash equivalents	17,782	15,908
Cash and cash equivalents, beginning	33,959	11,530
Cash and cash equivalents, ending	51,741	27,438
Supplemental Disclosures
Cash paid during the period for interest	28,424	20,103
Cash paid during the period for income taxes, net of refunds	11,475	10,360
Supplemental Non-Cash Investing and Financing Activities
Non-cash acquisition of operating lease right-of-use assets	10,419	1,342
Offering expenses included in liabilities		1,028
Common stock issued in acquisition of business	15,205	5,752
Acquisitions of property and equipment included in liabilities	$ 5,140	854
Acquisition of business included in liabilities		$ 3,899

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 51,741	$ 33,959
Accounts receivable, net	114,960	78,716
Contract assets	187,120	156,298
Inventory	16,299	10,662
Prepaid and other current assets	14,660	11,768
Total current assets	384,780	291,403
Property, plant and equipment	172,981	134,793
Less accumulated depreciation	(46,727)	(39,384)
Net property, plant and equipment	126,254	95,409
Goodwill	498,148	352,513
Intangible assets, net	326,758	285,888
Operating lease right-of-use assets	15,466	6,021
Finance lease right-of-use assets	85,181	66,193
Other assets	7,390	6,669
Total other assets	932,943	717,284
Total assets	1,443,977	1,104,096
Current liabilities
Accounts payable	45,382	31,632
Accrued payroll and related expenses	14,805	13,776
Contract liabilities	26,154	22,814
Current portion of operating lease liabilities	2,464	1,815
Current portion of finance lease liabilities	5,009	4,401
Current portion of term note	5,610	3,836
Income taxes payable	2,077	5,299
Other current liabilities	6,728	5,094
Total current liabilities	108,229	88,667
Term note, net of current	751,327	495,312
Operating lease liabilities, net of current	13,725	4,949
Finance lease liabilities, net of current	97,130	76,995
Other liabilities	6,892	7,650
Deferred tax liabilities	45,577	47,832
Total liabilities	1,022,880	721,405
Commitments and contingencies (Note 15)
Equity:
Preferred stock, $0.001 par value; authorized - 100,000,000 shares; issued and outstanding - none
Common stock; $0.001 par value; authorized - 1,000,000,000 shares; issued and outstanding - 132,322,435 and none, respectively	133	132
Additional paid in capital	390,034	373,455
Accumulated other comprehensive income	75	75
Retained earnings	30,855	9,029
Stockholders' equity	421,097	382,691
Total liabilities and equity	$ 1,443,977	$ 1,104,096