Filing Flows › Karman Holdings (KRMN) › Q1 2025
Karman Holdings (KRMN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 14, 2025
Karman Holdings (KRMN) reported revenue of $100M for the first quarter 2025 (Q1 2025), +21% from a year earlier and +10% from the quarter before. Operating margin was 10.0%, net loss $4.8M (4.8% of revenue).
Karman Holdings, Q1 2025: revenue $100M (+21% year over year), operating margin 10.0%, net loss $4.8M, operating cash flow −$13.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $100M | +10% | +21% |
| Operating profit | $10.0M | — | — |
| Net earnings | −$4.8M | — | — |
| Operating cash flow | −$13.6M | — | — |
What changed
Revenue was $100.1M in Q1 2025, up 21% year over year and up 10% from the previous quarter. Tactical Missile and Integrated Defense Systems was the largest line at 36% of revenue. Tactical Missile and Integrated Defense Systems added $8.3M year over year (up 30%), 48% of the total change.
Gross margin was 39.4%, up 4.5 points from a year earlier. Operating profit was $10.0M, a 10.0% margin (down 6.3 points year over year). Operating profit fell $3.5M even though revenue rose $17.1M versus a year earlier, so costs grew faster than sales. Operating expenses grew 90% against revenue growth of 21%. The fastest-growing cost line was General & admin (+131%). The quarter ended with a net loss of $4.8M, after a profit of $1.7M the previous quarter. Net interest and other expense of $11.5M was the main reason.
Operating cash flow was −$13.6M. Non-cash charges added back $9.5M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items used $19.7M. Capital expenditures of $5.0M exceeded it, leaving free cash flow of −$18.6M.
Questions
What was Karman Holdings' revenue in the first quarter 2025?
Karman Holdings (KRMN) reported revenue of $100M for the first quarter 2025 (Q1 2025), +21% from a year earlier and +10% from the quarter before.
Was Karman Holdings profitable in the first quarter 2025?
Operating profit was $10.0M (10.0% of revenue) and net loss $4.8M.
Source: Karman Holdings 10-Q on SEC EDGAR.