Satellite / Space
Initial Public Offering / IPO
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HUNTINGTON BEACH, Calif. – Karman Space & Defense (NYSE: KRMN) reported its fiscal year 2024 financial results, highlighting record revenue of $345.3 million, a 23.0% increase year-over-year. The company, which specializes in next-generation technologies for defense, UAV, and space sectors, also reported a record net income of $12.7 million, up 191.3% year-over-year, and record adjusted EBITDA of $106.1 million, up 29.7% year-over-year.
Karman Space & Defense successfully closed a $581.9 million initial public offering (IPO) in February 2025, raising approximately $173.2 million of net primary proceeds. The company also refinanced existing debt, reducing interest rates and extending maturities, and acquired MTI to strengthen capabilities and expand its customer reach.
Key Highlights:
- Produced record revenue of $345.3 million in 2024, up 23.0% year over year
- Generated record net income of $12.7 million in 2024, up 191.3% year over year
- Delivered record adjusted EBITDA of $106.1 million in 2024, up 29.7% year over year
- Achieved record funded backlog of $579.8 million at the end of 2024, up 35.2% year over year
- Successfully closed $581.9 million initial public offering
- Acquired MTI to strengthen design and manufacturing capabilities
For the full fiscal year 2025, Karman Space & Defense anticipates total revenue between $423 million and $433 million, and non-GAAP Adjusted EBITDA between $132 million and $137 million. The company's strong funded backlog provides more than 90% visibility to the midpoint of the 2025 revenue guidance range.