KRMNMEDIUM SIGNALOPERATIONAL10-K

KRMN shows strong revenue growth of 36.6% following its February 2025 IPO, but operating cash flow turned negative despite improved profitability.

The company appears to be in a growth phase with substantial increases in revenue, assets, and equity following its public offering. However, the swing from positive $26.6M to negative $22.1M operating cash flow despite higher net income suggests potential working capital challenges or timing issues that warrant monitoring.

Comparing 2026-04-03 vs 2025-04-10View on EDGAR →
FINANCIAL ANALYSIS

KRMN delivered strong top-line growth with revenue increasing 36.6% to $471.5M and gross profit rising 43.8% to $190.0M, while net income grew 36.7% to $17.4M. The balance sheet strengthened significantly with cash nearly tripling to $34.0M and stockholders' equity doubling to $382.7M, likely reflecting IPO proceeds. However, the dramatic reversal in operating cash flow from positive $26.6M to negative $22.1M, combined with higher accounts receivable and capital expenditures, suggests the company is investing heavily for growth but may be experiencing collection or working capital management challenges.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+194.5%
$11.5M→$34.0M

Cash position surged 194.5% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
-183%
$26.6M→-$22.1M

Operating cash flow fell 183% — earnings quality concerns; investigate working capital changes and non-cash items.

Stockholders Equity
Balance Sheet
+95.3%
$196.0M→$382.7M

Equity base grew 95.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+44.5%
$201.7M→$291.4M

Current assets grew 44.5% — improving short-term liquidity or inventory/receivables build.

Gross Profit
P&L
+43.8%
$132.1M→$190.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Assets
Balance Sheet
+42.7%
$774.0M→$1.1B

Asset base grew 42.7% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
+42.6%
$55.2M→$78.7M

Receivables surged 42.6% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Net Income
P&L
+36.7%
$12.7M→$17.4M

Net income grew 36.7% — bottom-line growth signals improving overall business health.

Revenue
P&L
+36.6%
$345.3M→$471.5M

Strong top-line growth of 36.6% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+33.3%
$15.3M→$20.3M

Capital expenditure jumped 33.3% — major investment cycle underway; assess returns on deployment.

LANGUAGE CHANGES
NEW — 2026-04-03
PRIOR — 2025-04-10
ADDED
Karman Holdco is the reporting entity following our initial public offering on February 14, 2025.
We cannot guarantee the accuracy or completeness of any such information contained in this Annual Report on Form 10-K.
Our ability to generate cash depends on many factors, and any failure to meet our debt service obligations could materially adversely affect our business, results of operations, prospects and financial condition; the increased expenses associated with being a public company; our stock price may be volatile, and an investment in our common stock could suffer a decline in value; the impact of escalating tariff and non-tariff trade measures imposed by the U.S.
federal government shutdown, the COVID-19 pandemic, or a similar public health threat, or the ongoing conflicts and the potential for new or unforeseen conflicts, on global capital and financial markets, political events, general economic conditions in the United States, and our business and operations; our ability to remediate the identified material weaknesses in our internal control over financial reporting; and the other factors discussed under Risk Factors.
Our integrated payload protection, interstage and propulsion system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of War ( DoW ) and space sector initiatives.
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REMOVED
The registrant s common stock began trading on the New York Stock Exchange on February 13, 2025.
333-284382) is incorporated into certain portions of Part I, II, and III as disclosed herein.
Neither we nor the underwriters can guarantee the accuracy or completeness of any such information contained in this Annual Report on Form 10-K.
Our ability to generate cash depends on many factors, and any failure to meet our debt service obligations could materially adversely affect our business, results of operations, prospects and financial condition; the increased expenses associated with being a public company; the impact of escalating tariff and non-tariff trade measures imposed by the U.S.
federal government shutdown, the COVID-19 pandemic, or a similar public health threat, or the ongoing conflicts between Russia and Ukraine and Hamas and Israel, on global capital and financial markets, political events, general economic conditions in the United States, and our business and operations; our ability to remediate the identified material weaknesses in our internal control over financial reporting; and the other factors discussed under Risk Factors.
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