Filing Flows › Karman Holdings (KRMN) › Q1 2026
Karman Holdings (KRMN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
Karman Holdings (KRMN) reported revenue of $151M for the first quarter 2026 (Q1 2026), +51% from a year earlier and +12% from the quarter before. Operating margin was 14.2%, net earnings $7.8M (5.2% of revenue).
Karman Holdings, Q1 2026: revenue $151M (+51% year over year), operating margin 14.2%, net earnings $7.8M, operating cash flow $209K. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $151M | +12% | +51% |
| Gross profit | $63.9M | +19% | +62% |
| Operating profit | $21.5M | +2% | +115% |
| Net earnings | $7.8M | +1% | — |
| Operating cash flow | $209K | -98% | — |
What changed
Revenue was $151.2M in Q1 2026, up 51% year over year and up 12% from the previous quarter. Tactical Missile and Integrated Defense Systems was the largest line at 30% of revenue. Space and Launch added $10.0M year over year (up 29%), 20% of the total change.
Gross margin was 42.2%, up 2.8 points from Q1 2025. Operating profit was $21.5M, a 14.2% margin (up 4.2 points year over year). Of the extra revenue versus Q1 2025, 22% reached operating profit, above the 10% margin then. Operating expenses grew 44% against revenue growth of 51%. The fastest-growing cost line was Other operating costs (+122%). Net earnings were $7.8M. The effective tax rate was 9.7%.
Operating cash flow was $209K, 3% of net earnings. Non-cash charges added back $16.6M of depreciation and amortization. Working capital and other items used $24.2M. Capital expenditures of $7.4M exceeded it, leaving free cash flow of −$7.2M.
Questions
What was Karman Holdings' revenue in the first quarter 2026?
Karman Holdings (KRMN) reported revenue of $151M for the first quarter 2026 (Q1 2026), +51% from a year earlier and +12% from the quarter before.
Was Karman Holdings profitable in the first quarter 2026?
Operating profit was $21.5M (14.2% of revenue) and net earnings $7.8M.
Source: Karman Holdings 10-Q on SEC EDGAR.