Filing Flows › Karman Holdings (KRMN) › Q2 2025
Karman Holdings (KRMN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Karman Holdings (KRMN) reported revenue of $115M for the second quarter 2025 (Q2 2025), +35% from a year earlier and +15% from the quarter before. Operating margin was 17.5%, net earnings $6.8M (5.9% of revenue).
Karman Holdings, Q2 2025: revenue $115M (+35% year over year), operating margin 17.5%, net earnings $6.8M, operating cash flow −$17.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $115M | +15% | +35% |
| Gross profit | $47.0M | +19% | +36% |
| Operating profit | $20.1M | +102% | +10% |
| Net earnings | $6.8M | — | +48% |
| Operating cash flow | −$17.4M | — | — |
What changed
Revenue was $115.1M in Q2 2025, up 35% year over year and up 15% from the previous quarter. Tactical Missile and Integrated Defense Systems was the largest line at 35% of revenue. Tactical Missile and Integrated Defense Systems added $12.8M year over year (up 46%), 42% of the total change.
Gross margin was 40.9%, up 0.2 points from a year earlier. Operating profit was $20.1M, a 17.5% margin (down 4.0 points year over year). Of the extra revenue versus a year earlier, 6% reached operating profit, below the 21% margin then. Operating expenses grew 65% against revenue growth of 35%. The fastest-growing cost line was General & admin (+94%). Net earnings were $6.8M, up 48% year over year. The effective tax rate was 20.8%.
Operating cash flow was −$17.4M. Non-cash charges added back $9.7M of depreciation and amortization. Working capital and other items used $33.9M. Capital expenditures of $3.6M exceeded it, leaving free cash flow of −$21.0M.
Questions
What was Karman Holdings' revenue in the second quarter 2025?
Karman Holdings (KRMN) reported revenue of $115M for the second quarter 2025 (Q2 2025), +35% from a year earlier and +15% from the quarter before.
Was Karman Holdings profitable in the second quarter 2025?
Operating profit was $20.1M (17.5% of revenue) and net earnings $6.8M.
Source: Karman Holdings 10-Q on SEC EDGAR.