Karman Space & Defense Posts 37% Revenue Growth, Expands Defense Capabilities — Karman Holdings Inc. (Karman Space & Defense)

Event summary

Karman Space & Defense reported 37% revenue growth in 2025, reaching $471.5 million.
Fourth-quarter revenue surged 47.4% year-over-year to $134.5 million.
The company completed three accretive acquisitions, including Seemann Composites and MSC in January 2026.
Backlog grew 38.2% to $801.1 million by the end of Q4 2025.
2026 revenue outlook raised to $715–$730 million, with adjusted EBITDA projected at $207–$218 million.

The big picture

Karman Space & Defense is capitalizing on the U.S. government's focus on hypersonics, strategic missile defense, and space access. The company's recent acquisitions and strong backlog growth reflect its strategic pivot toward all-domain defense solutions, from deep sea to deep space. With a 37% revenue increase in 2025 and a bullish 2026 outlook, Karman is positioning itself as a key player in the defense and space sectors.

What we're watching

Integration Challenges: How Karman will integrate Seemann Composites and MSC to expand maritime defense capabilities.
Government Contracts: Whether the U.S. government's multi-year procurement contracts will sustain demand.
Space Economy Growth: The pace at which the expanding space economy will drive revenue in Karman's Space and Launch segment.