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Red Flags Detected

  • Material Weakness (worsened) — Material weaknesses in internal control over financial reporting persist, with new detail on immaterial adjustments in 2025 and 2026, and a new forward-looking risk factor referencing remediation.
NYSE: KRMN Karman Holdings Inc. 10-Q

Karman revenue jumps 65.6% to $201.6M; net income up 173.5% to $20.9M

Filed November 6, 2026 · Period ending September 30, 2026 · Compared to 10-Q Nov 7, 2025 · ~1 min read

Key Changes

  • high

    Revenue rose 65.6% to $201.6M, driven by acquisitions and a new Maritime Defense Systems segment; net income climbed 173.5% to $20.9M.

  • high

    Backlog more than doubled to $1.67B from $758.2M, and remaining performance obligations stand at $1.5B, with 15% expected to convert to revenue in Q4 2026.

    MD&A / Notes view on EDGAR →
  • high

    Operating cash flow swung to positive $23.8M for the nine months from a $30.8M use a year earlier, while free cash flow was $13.4M in Q3 vs negative $6.8M.

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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Figures/quotes linked to EDGAR · Narrative written by AI · Nov 9, 2026 · How we verify