Karman Holdings Inc (KRMN) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to the Karman Space and Defense third quarter fiscal year 2025 earnings conference call. After the speaker's remarks, there will be a question-and-answer session.

感謝您的耐心等待，歡迎參加卡曼空間與防務公司2025財年第三季財報電話會議。演講結束後，將進行問答環節。

Thank you. I would now like to turn the call over to Steven Gitlin, Vice President of Investor Relations. You may begin.

謝謝。現在我將把電話交給投資者關係副總裁史蒂文·吉特林。你可以開始了。

Good afternoon and thank you for joining Karman Space and Defense's third quarter fiscal year 2025 earnings conference call. I am Steven Gitlin, Vice President of Investor Relations, and I am pleased to welcome you today. Joining me on today's call are Tony Koblinski, our Chief Executive Officer, Mike Willis, our Chief Financial Officer, and Jonathan Beaudoin, our Chief Operating Officer.

下午好，感謝各位參加卡曼航太與防務公司2025財年第三季財報電話會議。我是投資人關係副總裁史蒂文‧吉特林，今天很高興歡迎各位的到來。今天與我一起參加電話會議的有：執行長托尼·科布林斯基、財務長麥克·威利斯和營運長喬納森·博杜安。

Before we begin, please note that on this call certain information presented contains forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain words such as believe, anticipate, expect, estimate, intend, project, plan, or words phrases with similar meaning.

在開始之前，請注意，本次電話會議中提供的某些資訊包含前瞻性陳述。前瞻性陳述包括但不限於任何可能預測、預報、指示或暗示未來結果、業績或成就的陳述，並且可能包含諸如相信、預期、期望、估計、打算、預測、計劃等詞語或具有類似含義的詞語短語。

Forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors outside of our control that may cause our business strategy or actual results to differ materially from the forward-looking statements.

前瞻性陳述是基於目前的預期、預測和假設，其中涉及風險和不確定性，包括但不限於我們無法控制的經濟、競爭、政府和技術因素，這些因素可能導致我們的業務策略或實際結果與前瞻性陳述有重大差異。

All forward-looking statements should be considered in conjunction with the forward-looking statements in our earnings release. Future company updates will be available via press releases.

所有前瞻性陳述都應與我們盈利報告中的前瞻性陳述一併考慮。公司未來的發展動態將透過新聞稿發布。

For further information on these risks, we encourage you to review the risk factors discussed in Carmen's periodic reports on Form 10k and Form 10Q filed with the SEC and the Form 8K filed today with the SEC, along with the associated earnings release and the Safe Harbor statement contained therein.

有關這些風險的更多信息，我們建議您查看 Carmen 向美國證券交易委員會提交的 10-K 表格和 10-Q 表格定期報告以及今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關的收益發布和其中包含的安全港聲明。

This afternoon we also filed our earnings release and posted an earnings presentation to our website at carmensd.com in the news and events section.

今天下午，我們也提交了收益報告，並在我們網站 carmensd.com 的新聞和活動版塊發布了收益簡報。

The content of this conference call contains time sensitive information that is accurate only as of today, November 6th, 2025. The company undertakes no obligation to make any revision to any forward-looking statements contained in our remarks today or to update them to reflect the events or circumstances occurring after this conference call.

本次電話會議的內容包含時效性訊息，僅截至 2025 年 11 月 6 日當日有效。本公司不承擔任何義務對今天發言中包含的任何前瞻性陳述進行任何修改，也不承擔任何義務更新這些陳述以反映本次電話會議之後發生的事件或情況。

I'd also like to note that unless otherwise stated, all numbers we will be discussing today are GAAP. Our press release contains a reconciliation of any non-GAAP financial measure to the most comparable GAAP measure.

我還要指出，除非另有說明，我們今天討論的所有數字都是 GAAP 數據。我們的新聞稿中包含所有非GAAP財務指標與最可比較GAAP指標的調節表。

Now I would like to turn the call over to Tony.

現在我想把電話交給東尼。

Thank you, Steve. Good afternoon, everyone. On today's call, I will provide an overview of our third quarter highlights. Then Mike Willis will provide a detailed review of our financial performance and capital allocation priorities. Jonathan Bogwin will then discuss market dynamics and our operational achievements. Following their remarks. I'll return to share our strategic outlook and guidance before opening the call for your questions.

謝謝你，史蒂夫。大家下午好。在今天的電話會議上，我將概述我們第三季的亮點。然後，麥克威利斯將對我們的財務業績和資本配置重點進行詳細審查。接下來，喬納森·博格溫將討論市場動態和我們的營運成果。在他們發表演說之後。稍後我將分享我們的策略展望和指導方針，之後將開放提問環節。

Our team delivered another quarter of record performance across our business through their strong execution, continuing our momentum since our February IPO, as shown on slide 4 of our earnings presentation. Here are the key highlights.

我們的團隊憑藉著強大的執行力，在業務方面又實現了又一個季度的創紀錄業績，延續了自 2 月份 IPO 以來的發展勢頭，正如我們在收益演示文稿第 4 頁中所示。以下是主要亮點。

We posted record quarterly revenue of $122 million driven by growth across all three of our end markets. We produced record gross profit of $50 million adjusted EBITDA, rose to $38 million another new quarterly carbon record, and funded backlog continued to grow, reaching an all-time high of $758 million, providing 100% visibility to the midpoint of our full year revenue guidance range. And a strong foundation for 2026.

由於三大終端市場均實現成長，我們季度營收創下 1.22 億美元的紀錄。我們實現了創紀錄的毛利潤，調整後 EBITDA 達到 5000 萬美元，碳排放量再次創下 3800 萬美元的新季度紀錄，已融資的積壓訂單繼續增長，達到歷史新高 7.58 億美元，使我們對全年收入指導範圍的中點有了 100% 的可見性。並為2026年奠定堅實的基礎。

During the quarter, we also completed a $1.2 billion non-dilutive secondary equity offering that generated significant market demand and resulted in the effective exit of our private equity sponsor as an owner of common shares.

本季度，我們也完成了 12 億美元的非稀釋性二次股權發行，該發行產生了巨大的市場需求，並導致我們的私募股權發起人有效退出普通股持有者的角色。

Shortly after quarter end, we increased our credit facility, providing the resources to acquire five-axis Industries and pay off our revolver.

季度末後不久，我們增加了信貸額度，為收購五軸工業公司和償還循環貸款提供了資金。

Summarized on slide 5 five-axis is another strategic tuck-in acquisition that expands our capabilities with IP rich content for the commercial space industry.

如投影片 5 所示，五軸是另一項策略性收購，它擴展了我們為商業航太業提供富含智慧財產權內容的能力。

The Arlington, Washington based company is a specialized provider of critical systems, including large nozzles for liquid fuelled rocket engines. Their core focus is on high performance exotic alloys such as titanium, Inconel, and high temperature, high strength copper alloys. five-axis supports high priority space launch programs on a single source basis with its highly skilled team and state of the art facility.

這家總部位於華盛頓州阿靈頓的公司是一家專門提供關鍵系統的供應商，包括用於液體燃料火箭發動機的大型噴嘴。他們專注於高性能特種合金，例如鈦、因科鎳合金以及耐高溫高強度銅合金。憑藉其技術精湛的團隊和先進的設施，五軸公司以單一來源的方式支援高優先級的太空發射專案。

We are delighted to welcome the five-axis team Karman.

我們非常高興地歡迎五軸團隊 Karman 的加入。

Now let's turn to our end markets where the demand environment remains very strong. Our customers and their end customers continue to communicate their expectations for significant volume increases in programs we support. One measure of that demand is the fact that we now support more than 80 customers on more than 130 programs. The drivers include increased replenishment activity, the golden dome for America.

現在讓我們來看看終端市場，那裡的需求環境依然非常強勁。我們的客戶及其最終用戶不斷表達了對我們支持的項目的大幅增長的期望。衡量這種需求的一個指標是，我們現在為 80 多個客戶提供 130 多個程式的支援。驅動因素包括補給活動的增加，以及美國的金色穹頂。

Hypersonic developments, unmanned and counter unmanned systems, and an increasing space launch cadence for both defence and commercial missions.

高超音速技術的發展、無人和反無人系統，以及國防和商業任務日益頻繁的太空發射。

Given our continued strong performance driven by accelerated progress on current programs and the five-axis acquisition, we are again raising our 2025 guidance.

鑑於目前專案進展迅速以及五軸加工中心的收購，我們持續保持強勁的業績，因此我們再次上調了 2025 年的業績預期。

This time by $7 million at the midpoint for revenue and $2.5 million for adjusted EBITA.

這次營收中點增加了 700 萬美元，調整後 EBITA 增加了 250 萬美元。

With that overview, I'll turn the call over to Mike for our financial review.

概述完畢，接下來我將把電話交給麥克，讓他為我們進行財務回顧。

Thank you, Tony. Good afternoon, everyone.

謝謝你，托尼。大家下午好。

Q3 was another strong quarter that demonstrated the effectiveness of our business model and our team. Shown on slide six highlights include revenue of $122 million, representing a 42% increase compared to the third quarter of fiscal year 2024.

第三季業績表現強勁，證明了我們的商業模式和團隊的效能。投影片 6 顯示的亮點包括營收 1.22 億美元，比 2024 財年第三季成長 42%。

Gross profit grew 48% to $50 million, maintaining gross profit margin at 41%.

毛利成長 48% 至 5,000 萬美元，毛利率維持在 41%。

Net income rose 78% to $8 million.

淨利成長78%，達到800萬美元。

Adjusted EBITA jumped to $38 million, a 34% year over year increase.

調整後 EBITA 躍升至 3,800 萬美元，較去年同期成長 34%。

Adjusted EPS more than doubled to $0.10 per diluted share from $0.04. And funded backlog grew 38% year over year and 31% since December 30th, 2024.

調整後每股收益翻了一番多，從 0.04 美元增加到 0.10 美元。已融資的積壓訂單年增 38%，自 2024 年 12 月 30 日以來成長 31%。

Growth remained broad-based across all three of our end markets shown on slide seven. Hypersonic and strategic missile defence revenue grew 36% year over year to $37 million, driven by order growth in PRISM, Standard missiles 3 and 6, and development programs.

如圖七所示，我們在三個終端市場均實現了全面成長。超音速和戰略飛彈防禦收入年增 36% 至 3,700 萬美元，主要得益於 PRISM、標準 3 型和 6 型飛彈以及研發項目的訂單成長。

Space and launch jumped 47% to $41 million driven by the timing of orders from both legacy and emerging launch providers.

受傳統和新興發射服務提供者訂單時間的影響，太空和發射業務成長了 47%，達到 4,100 萬美元。

And tactical missiles and integrated defence systems were up 42% to $44 million driven by increasing production rates for GMLRS, aim nine-axis, and UAS programs.

戰術飛彈和綜合防禦系統銷售額成長了 42%，達到 4,400 萬美元，這主要得益於 GMLRS、AIM 九軸飛彈和無人機系統項目的產量增加。

End market mix was balanced with our two defence-driven end markets representing two-third of quarterly revenue. Space and launch represented 33% of quarterly revenue, hypersonic and SMD 30%, and tactical missiles and IDS 37%.

終端市場組合較為均衡，其中兩個國防驅動型終端市場佔季度收入的三分之二。太空和發射業務佔季度收入的 33%，高超音速和 SMD 佔 30%，戰術飛彈和 IDS 佔 37%。

Turning to the balance sheet, we continue to prioritize growth as we consider capital allocation decisions.

從資產負債表來看，我們在考慮資本配置決策時，仍然優先考慮成長。

We ended the quarter with $19 million in cash in equivalents, up $7 million from year end 2024.

本季末，我們持有現金及現金等價物 1,900 萬美元，比 2024 年底增加了 700 萬美元。

In late October we upsized our term loan B by $130 million to a total of $505 million to support the acquisition of five-axis and to pay off our revolver. This results in a net leverage ratio of approximately 3 times adjusted EBITDA on a pro forma basis, a ratio well within our comfort level.

10 月下旬，我們將 B 類定期貸款增加了 1.3 億美元，總額達到 5.05 億美元，以支持對五軸公司的收購併償還我們的循環貸款。以備考基準計算，淨槓桿比率約為調整後 EBITDA 的 3 倍，這一比率完全在我們可接受的範圍內。

Looking ahead, we now expect a statutory tax rate for fiscal year 2025 of 25.5% and expect capbacks to be approximately 4.5% of the midpoint of our revised revenue guidance range. With that, I will turn the call over to Jonathan for an overview of our market position and operational highlights.

展望未來，我們現在預計 2025 財年的法定稅率為 25.5%，預計稅收上限將約為我們修訂後的收入指導範圍中點的 4.5%。接下來，我將把電話交給喬納森，讓他概述我們的市場地位和營運亮點。

Thank you, Mike. Customer demand signals across our end markets have grown stronger since last quarter. National security priorities continue to drive increased interest and funding for critical programs while the commercial space market remains very active. For example, in the third quarter, we saw several large new contract announcements from the US Army for systems we support, including those highlighted on slide 8.

謝謝你，麥克。自上季以來，我們終端市場的客戶需求訊號已增強。國家安全優先事項持續推動對關鍵項目的興趣和資金投入不斷增加，而商業航太市場仍然非常活躍。例如，在第三季度，我們看到美國陸軍宣布了幾個我們支持的系統的大型新合同，包括幻燈片 8 中重點介紹的那些。

$4.2 billion for GMLRS production, $9.8 billion for PC-3 missiles known as Patriot, and $5 billion for Coyote Missile Systems. These contract awards demonstrate increasing customer for proven solutions that we have been supporting with qualified content for years. This poll is aligned with the demand signals we continue to receive and with the priorities detailed in the Big Beautiful Bill and proposed defence funding, which are summarized on slide nine. This demand is evident in our strong and growing funded backlog. Golden Dome remains an important driver of demand beyond 2025. We believe that Carmen will benefit in several ways from this transformational initiative. First, through increased demand for existing missile defence programs that we support. Second, from an acceleration in the development of new solutions such as hypersonic missiles and space-based interceptors. And third, through increased space launch cadence to develop the space layer of the solution.

GMLRS生產耗資42億美元，PC-3飛彈（又稱「愛國者」）耗資98億美元，郊狼飛彈系統耗資50億美元。這些合約的授予表明，客戶對我們多年來一直提供優質內容支援的成熟解決方案的需求不斷增長。這項民意調查與我們持續收到的需求訊號以及《宏偉法案》和擬議國防資金中詳細列出的優先事項相一致，這些內容在第九張幻燈片中進行了總結。我們強勁且不斷成長的已獲資金支持的訂單儲備就證明了這種需求。2025年以後，金頂大廈仍將是推動需求的重要因素。我們相信，卡門將從這項變革性舉措中獲得多方面的益處。首先，透過增加對我們支持的現有導彈防禦計劃的需求。其次，高超音速飛彈和天基攔截器等新解決方案的研發速度加快。第三，透過提高太空發射頻率來發展解決方案的太空層。

The federal government shutdown has not impacted our 2025 guidance, which is based on our record funded backlog and associated shipping and invoicing schedules. That backlog provides us with full visibility to the midpoint of the increased guidance that Tony will detail shortly.

聯邦政府停擺並未影響我們 2025 年的業績預期，該預期基於我們創紀錄的資金支持積壓訂單以及相關的發貨和開票計劃。這份積壓的工作讓我們能夠全面了解托尼即將詳細介紹的增加指導意見的中點。

We have seen some solicitations extended, some meetings shift to the right, but no direct impact to our programs.

我們看到一些徵集活動延長了，有些會議提前舉行，但這並沒有對我們的計畫產生直接影響。

With respect to federal government procurement, we support initiatives intended to streamline and improve the defence procurement process. Any and all initiatives designed to speed deployment of critical capabilities to the war fighter are perfectly aligned with Carmen's focus on innovation, speed, efficiency, and scale. We are very comfortable operating in a competitive environment, working with fixed price contracts and investing strategically in CapEx and IRAD.

在聯邦政府採購方面，我們支持旨在簡化和改善國防採購流程的各項措施。任何旨在加快向作戰人員部署關鍵能力的舉措都與卡門注重創新、速度、效率和規模的理念完全一致。我們非常適應競爭激烈的市場環境，擅長簽訂固定價格合同，並能對資本支出和內部研發進行策略性投資。

For example, we developed our Rapid Integration Payload Launcher, or Ripple Pod, which permits the rapid integration and deployment of the latest air launch effects from Carmen's Common Launch Tube. It is adaptable to various payloads, providing agility and deployment speed for our customers. This is only one example of how we apply internal investment to develop new capabilities for our customers. Turning now to our operations, we remain focused on expanding capacity, capability, and productivity.

例如，我們開發了快速整合有效載荷發射器，或稱為漣漪艙，它允許從卡門通用發射管快速整合和部署最新的空中發射效應。它可適應各種有效載荷，為我們的客戶提供靈活性和部署速度。這只是我們如何利用內部投資為客戶開發新功能的一個例子。現在來說說我們的運營，我們將繼續專注於擴大產能、提升能力和提高生產力。

In the third quarter, we continue to expand capacity and increase productivity with new capabilities for testing, manufacturing, and advanced inspection. One example is the investment we are making in our Albany, Oregon facility that will double our forging capacity for specialty payload production. These investments increase throughput, enhance quality, and give us the ability to scale our business further.

第三季度，我們將繼續擴大產能，並透過測試、製造和先進檢測的新能力來提高生產效率。例如，我們正在對位於俄勒岡州奧爾巴尼的工廠進行投資，這將使我們用於特種有效載荷生產的鍛造能力翻倍。這些投資提高了產量，提升了質量，並使我們能夠進一步擴大業務規模。

Our integration of MTI and ISP continues on schedule for completion in mid-2026 as we now begin the integration process with five-axis.

MTI 和 ISP 的整合工作正按計畫進行，預計將於 2026 年年中完成。現在，我們開始與五軸設備進行整合。

Finally, last month, our commitment to supporting our customers was acknowledged by ULA, which named us the Enterprise Operations Supplier of the Year for 2025. ULA recognize Carmen among their hundreds of suppliers for our outstanding support of their reuse development program, our efforts to improve quality and cost, and our proactive problem solving. We are proud to support ULA and all our customers. Now I will turn the call back to.

最後，上個月，我們對客戶的支援承諾得到了 ULA 的認可，ULA 將我們評為 2025 年度企業營運供應商。ULA 在其數百家供應商中對 Carmen 表示認可，感謝我們對他們再利用開發計劃的傑出支持、我們為提高品質和降低成本所做的努力以及我們積極主動的問題解決能力。我們很榮幸能夠支持 ULA 和我們所有的客戶。現在我將把電話轉回給對方。

Tony.

托尼。

Thank you Jonathan. Our business strategy as a merchant supplier to nearly all prime contractors in the US space and defence market remains tightly aligned with our growing market opportunities. Our five axis acquisition broadens our capabilities further while expanding our capacity to support our customers' increasing demand.

謝謝你，喬納森。作為美國航太和國防市場幾乎所有主要承包商的供應商，我們的業務策略與我們不斷增長的市場機會緊密相連。此次收購五軸設備進一步拓寬了我們的能力，同時擴大了我們滿足客戶日益增長的需求的能力。

Karman is the result of the combination of scarce IP rich assets in the space and defence markets.

Karman 是航太和國防市場中稀缺且擁有豐富智慧財產權的資產相結合的產物。

Our capabilities are unique and growing stronger as we identify and acquire new assets.

我們的能力獨一無二，並且隨著我們發現和獲取新資產而不斷增強。

The competitive moat we have built is only growing deeper and wider through our thoughtful, deliberate M&A process.

透過我們深思熟慮的併購流程，我們建立的競爭護城河只會越來越深、越來越寬。

Our M&A pipeline remains healthy with a number of potentially accretive assets that we believe would create more value by being part of Karmen.

我們的併購專案儲備仍然充足，擁有許多潛在的增值資產，我們相信這些資產加入 Karmen 後將創造更多價值。

The combined capabilities of these acquisitions along with our existing expertise position us extremely well to address the growing demand for advanced space systems, hypersonic, strategic missile defence, UAS, and counter UAS solutions.

這些收購帶來的綜合能力，加上我們現有的專業知識，使我們能夠更好地滿足市場對先進太空系統、高超音速武器、戰略飛彈防禦、無人機系統和反無人機系統解決方案日益增長的需求。

As Jonathan described, demand signals from the Pentagon and from our customers continue to indicate significant multi-year growth opportunities ahead.

正如喬納森所描述的那樣，來自五角大廈和我們客戶的需求訊號持續表明，未來幾年將有巨大的成長機會。

Recent reports indicate that the Pentagon is seeking to double and even quadruple missile production. The missile systems cited include TAAD, Standard Missile six and three, PRISM, aim-nine-axis, and GMLRS. All systems come in support with qualified content.

最近的報導顯示，五角大廈正尋求將飛彈產量翻倍甚至翻兩番。所提及的飛彈系統包括TAAD、標準六號和三號飛彈、PRISM、九軸飛彈和GMLRS。所有系統均提供優質內容支援。

The demand environment for Carmen looks extremely healthy for the foreseeable future.

在可預見的未來，Carmen 的需求環境看起來非常健康。

Let me now turn to our outlook and financial guidance for the remainder of fiscal year 2025 summarized on slide 10.

現在，讓我來談談我們對 2025 財年剩餘時間的展望和財務指導，總結在第 10 頁。

Based on our strong performance in the first three quarters of the year, the integration of MTI and ISP, the acquisition of 5-axis, and the continued momentum across our end markets as reflected by our growing funded backlog.

基於我們今年前三個季度的強勁業績、MTI 和 ISP 的整合、對 5-axis 的收購，以及我們在終端市場持續增長的勢頭（如我們不斷增長的已融資訂單所反映的那樣）。

We are again raising and narrowing our full year guidance.

我們再次上調並縮小了全年業績預期範圍。

We now expect full year revenue of 461 to $463 million up $7 million to the midpoint, and non-GAAP adjusted EBITA of $142 million to $143 million up $2.5 million to the midpoint.

我們現在預計全年營收為 4.61 億至 4.63 億美元，中位數上調 700 萬美元；非 GAAP 調整後 EBITA 為 1.42 億至 1.43 億美元，中位數上調 250 萬美元。

This increased guidance represents 34% year over year revenue and adjusted EBITA growth.

這一上調後的業績預期意味著營收和調整後 EBITA 年比成長 34%。

This guidance reflects 100% visibility to the midpoint of our increased revenue guidance range.

該指引反映了我們對上調後的收入指引範圍中點的100%可見度。

Now looking beyond 2025, our funded backlog for 2026 continues to grow, helping us define the contours of what we believe will be another year of strong growth.

展望 2025 年後，我們 2026 年的已獲資助項目儲備持續成長，這有助於我們確定我們認為又一個強勁增長之年的輪廓。

For a preliminary view of 2026, we anticipate achieving annual growth consistent with our recent revenue CAGR of 20% to 25%, excluding the impact of any future acquisitions.

初步展望 2026 年，我們預期年增長率將與我們近期 20% 至 25% 的營收複合年增長率保持一致，不包括任何未來收購的影響。

We're mindful of the added uncertainty introduced by the federal government shutdown, the timing of the 2026 defence funding, and Golden Dome orders as we work to finalize our detailed 2026 guidance and share it with you in our fourth quarter earnings call in March.

我們注意到聯邦政府停擺、2026 年國防撥款的時間表以及金穹頂的訂單等因素帶來了額外的不確定性，我們正在努力最終確定 2026 年的詳細業績指引，並將在 3 月份的第四季度財報電話會議上與您分享。

Our differentiated capabilities, strong backlog, growing pipeline, and proven ability to execute reinforce our confidence in the long-term growth algorithm of consistent organic growth supplemented by strategic accretive acquisitions.

我們差異化的能力、強大的積壓訂單、不斷增長的項目儲備以及已被證明的執行能力，增強了我們對長期增長演算法的信心，即持續的內生增長輔以戰略性的增值收購。

I want to thank our employees, customers, and shareholders for your continued support.

我要感謝我們的員工、顧客和股東們一直以來的支持。

And I'd like to remind you that we think of Karmen as a new kind of space and defence company, one that is engineered for performance and growth by helping to enable the next generation space economy and enhanced national security.

我想提醒各位，我們認為 Karmen 是一家新型的航太和國防公司，它致力於透過幫助實現下一代太空經濟和增強國家安全，從而實現性能和成長。

Now let's open up the call for questions.

現在開始接受提問。

Thank you. We will now begin the question-and-answer session. Your first question today comes from the line of Peter Arment from Baird. Your line is open.

謝謝。現在開始問答環節。今天你的第一個問題來自 Baird 公司的 Peter Arment。您的線路已開通。

Hey, good afternoon, Tony, Mike, Jonathan, Steve, thanks so much for your time. And maybe I'll just go to Mike, on the, third quarter, could you give us what the organic growth was for the quarter and then, Tony, just on 2026 as my follow-up, just how you're thinking about organic growth as kind of a baseline assumption. I know there is a lot of moving parts, but you have done three deals since you have come public, just how you are thinking about that, CAGR. Thanks.

嘿，下午好，東尼、麥克、喬納森、史蒂夫，非常感謝你們抽出時間。也許我會直接問麥克，關於第三季度，你能告訴我們該季度的有機成長率是多少嗎？然後，東尼，作為我的後續問題，關於 2026 年，你如何看待有機成長，將其視為一種基本假設。我知道其中有很多變數，但自從你上市以來，你已經完成了三筆交易，你是如何看待這一點的，CAGR。謝謝。

So when we talked about in the past about with organic versus inorganic, they quickly get tangled up in the sense from a business development and integration into Carmen between cross-selling engineers that are working on multiple facets across businesses which really Blurs the line of what you would call organic and so that that's one of the reasons why we don't put a specific number on it, not to add any confusion just because things quickly become organic. I think what I might direct you towards though is of that growth, I mean significant, the vast majority of it is from organic. The businesses that we acquired earlier this year are smaller in nature.

所以，當我們過去討論有機成長與無機成長時，它們很快就會混淆起來，因為在跨業務的多個方面工作的交叉銷售工程師之間，業務發展和整合到 Carmen 中，這真的模糊了有機增長的界限，所以這也是我們不給它設定具體數字的原因之一，以免造成任何混亂，因為事情很快就會變得有機增長。不過，我想引導你們關注的是，這種顯著的成長，絕大多數都來自於有機成長。我們今年稍早收購的企業規模較小。

And again, Peter, hello, as we think about next year, we're simply guiding that with the assets that we currently have under Carmen at this point that we would anticipate again consistent growth of 20% to 25%. We are leading this year, of course, to a 34% revenue and earnings. But this is a preliminary view, but wanted to at least give you, some look at how we are thinking about 26% early on.

彼得，你好。展望明年，我們目前在卡門的領導下擁有的資產將引導我們繼續保持 20% 至 25% 的穩定成長。當然，我們今年的營收和利潤都將成長 34%，處於領先地位。但這只是初步看法，但至少想讓您了解我們早期對 26% 這個數字的看法。

Okay, I appreciate it. I will jump back and queue. Thanks.

好的，謝謝。我得重新排隊。謝謝。

Guys.

夥計們。

Your next question comes from a line of Emit Dariani from Evercore ISI. Your line is open.

你的下一個問題來自 Evercore ISI 的 Emit Dariani 的一句話。您的線路已開通。

If, thanks for taking my question, too as well. I guess maybe just to start with, you, and Tony, again, it is a preliminary guide that you folks have of 20% to 25%, but it does imply some moderation from what you saw in 25%. So maybe just talk a little bit about, what are the assumptions that are underpinning the growth of 20% to 25% and how much coverage do you think you already have from the $758 million backlogged for 2026.

如果可以的話，也謝謝你回答我的問題。我想或許可以先從你和東尼開始，你們目前掌握的初步指導方針是 20% 到 25%，但這確實意味著與你們在 25% 時看到的相比，有一些緩和的趨勢。那麼，或許可以稍微談談，支撐 20% 到 25% 成長的假設是什麼，以及您認為 2026 年積壓的 7.58 億美元訂單中，您已經獲得了多少覆蓋。

Yeah, again, view this as a preliminary number. Again, it is our intent to continue to build confidence as we're still relatively new in the market.

是的，再次強調，這只是一個初步數字。再次強調，我們的目標是繼續建立市場信心，因為我們進入市場的時間還相對較短。

The backlog that we've talked about of $758 million.

我們之前提到的積壓訂單金額高達 7.58 億美元。

It is strong but multi-year, but as we think about a rule of thumb that we have been comfortable with, of having 75% plus of the future year booked by the beginning of the year, we are well on path for that, quite comfortable with the backlog and how we'll start the year relative to, benchmarks that have held true for us.

雖然情況嚴峻，但需要多年時間才能實現。不過，我們一直以來都遵循一個經驗法則，就是在年初之前預訂未來一年 75% 以上的訂單。我們目前正朝著這個目標穩步前進，對積壓訂單以及我們年初的業績與以往基準的對比都相當滿意。

Got it. And then, maybe if I just ask you from a backlog perspective again, are you seeing any program level concentration on your backlog, or is the backlog, much more distributed and balanced out versus the revenue run rate is?

知道了。那麼，如果我再從積壓工作的角度問你，你的積壓工作中是否存在任何專案層面的集中情況，還是說積壓工作相對於收入運行率而言更加分散和平衡？

Thank you.

謝謝。

Yeah, I would say that it is consistent, the backlog with the revenue that we're achieving. All three of our end markets continue to grow. We have advertised before and continue to view no single program making up. I think we're at 11% as we look forward, probably under 10% concentration on our single biggest program. And so again, a consistent and well balanced backlog and future pipeline.

是的，我認為積壓訂單量與我們所獲得的收入是一致的。我們的三大終端市場均持續成長。我們之前做過廣告，而且一直沒有看到任何節目能彌補這一點。我認為，展望未來，我們目前的投入水準為 11%，而我們最大的單一專案可能只投入不到 10%。因此，再次強調，我們需要一個穩定且平衡的待辦事項清單和未來計畫。

Your next question comes from the line of Ken Herbert from RBC Capital Markets. Your line is open.

你的下一個問題來自加拿大皇家銀行資本市場的 Ken Herbert。您的線路已開通。

Yeah, hi, good afternoon, Tony, and team. I wanted to first ask, there's been some chatter in the marketplace about some of your customers looking to, maybe dual source some of your offerings just as a way of supporting a greater revenue ramp across, missiles and other programs. Are you seeing that and is that at all factoring into maybe any of the maybe slightly more conservative outlook in 2026?

是的，嗨，下午好，托尼和各位同事。我首先想問的是，市場上有一些傳言說，你們的一些客戶可能正在考慮從其他管道採購你們的一些產品，以此來支持導彈和其他項目的收入大幅增長。您是否注意到這一點？這是否對2026年可能出現的略顯保守的預測產生了影響？

No, it would not be at this point. We are not aware of any dual source effort on products beyond what already exists on products that we supply. Again, we do not give our customers a reason to switch. I know there is, as talked about tomorrow. At the Pentagon, this notion of to field new programs, but we believe that there is ample demand on the existing platforms and no effort that we're aware of to displace us as a primary provider of the systems that we currently produce.

不，現在還不是這樣。我們目前沒有發現我們所供應產品以外的其他產品的雙重來源採購行為。我們再次強調，我們不給客戶任何理由去更換供應商。我知道有，明天會談到。在五角大廈，這種推出新項目的想法，但我們認為現有平台的需求充足，而且據我們所知，沒有任何跡象表明有人試圖取代我們作為目前所生產系統的主要供應商的地位。

Great, thanks, Tony. And if I could, on Golden Dome, you called out three specific areas where you expect to potentially benefit. Are you seeing or have you bid or seeing RFPs yet on any of these areas that are specific to Golden Dome, or what's your view on how this program could potentially impact you from a timing standpoint?

太好了，謝謝你，托尼。如果可以的話，我想在“金色穹頂”節目中，您特別指出了您預計可能會受益的三個具體領域。您是否已經看到或投標過與金穹頂相關的任何領域的招標或徵求建議書？或者，您認為該計劃從時間安排的角度來看可能會對您產生什麼影響？

Yeah, on the existing assets that will be in fact part of Golden Dome as we've talked about before, we are seeing increased demand signals. Now they do not come in labelled as Golden Dome, of course, but the demand there is building on the new content, the integration of the various pieces, the space-based assets, space-based interceptors, and other new, it's still too early. We are very much involved. In meetings and industry days that are occurring, but no hard RFQs requests for proposals that we're participating in, and we would see that over the balance of this quarter and probably through the entire first quarter before there's real clarity as to what is the new and how will we participate.

是的，正如我們之前討論過的，對於現有資產（實際上將成為金穹的一部分），我們看到了需求增加的訊號。當然，現在它們還沒有被貼上「金穹頂」的標籤，但是人們對新內容、各種部件的整合、太空資產、太空攔截器和其他新內容的需求正在不斷增長，現在下結論還為時過早。我們深度參與其中。目前正在舉行各種會議和行業日活動，但我們沒有參與任何正式的詢價邀請或提案徵集，預計在本季度剩餘時間以及整個第一季度內，情況都不會有太大變化，我們可能要等到真正明朗一些，才能了解新的規則以及我們將如何參與。

I would just add, as part of that those discussions, we are, leaning into that from a facilitation standpoint, making sure that we will be ready to meet that demand when the POs start to arrive.

我還要補充一點，作為這些討論的一部分，我們正在從促進的角度出發，確保當採購訂單開始到達時，我們能夠做好準備滿足這一需求。

Thanks, Jonathan.

謝謝你，喬納森。

Okay, thank.

好的，謝謝。

Your next question comes from a line of Louis De Palma from William Blair. Your line is open.

你的下一個問題出自路易·德·帕爾馬引用威廉·布萊爾的一句話。您的線路已開通。

Tony, Michael, Jonathan, and Steve, good afternoon and congrats on another quarter of exceptional results.

Tony、Michael、Jonathan 和 Steve，下午好，恭喜你們又一個季度取得了卓越的業績。

Thank you, Louis.

謝謝你，路易斯。

How would, Tony, how would you assess the M&A pipeline, since you've been public, you've been able to make several deals that have been accreted to your EBITDA, but going forward, is it becoming harder to find deals that would enhance your EBITDA given, how high it is relative to the rest of the industry?

托尼，您如何評估併購前景？自從公司上市以來，您已經完成了幾筆交易，這些交易都增加了您的 EBITDA。但展望未來，考慮到您的 EBITDA 相對於行業其他公司而言已經很高，尋找能夠提高您 EBITDA 的交易是否會變得越來越難？

I appreciate the comments and I would say, the answer is no. We have run the place several times now.

感謝大家的評論，我的回答是，答案是否定的。我們已經多次經營這個地方了。

It's a well worn, and we know how to do it. There is a pipeline that as we've referred to before, of conversations at various maturity levels. We're a little ahead of the pace that we advertised with three in the last 12-months but expect that there will be more. We are not seeing, an appreciable difference in terms of the valuations in the deals that we're seeking, right, which are those that are off the radar a bit and not within an auction. And so, we continue to be approached by folks that want to be part of the Carmen story moving forward, and we think there are more of those ahead.

這是一個老套的辦法，我們知道該怎麼做。正如我們之前提到的，存在一個對話管道，其中包含不同成熟度等級的對話。在過去 12 個月裡，我們完成了三項工作，比我們宣傳的速度略快一些，但預計還會有更多。在我們尋求的交易中，我們並沒有看到估值方面有明顯的差異，對吧？這些交易有點不為人知，也沒有參與競標。因此，不斷有人聯絡我們，希望參與卡門的故事中來，我們認為未來還會有更多這樣的人。

Great. And another question, If NASA were to implement any, major changes to the Artemis program, would that impact you and in general, what are you assuming for the Artemis program?

偉大的。還有一個問題，如果 NASA 對阿爾忒彌斯計劃進行任何重大改變，這會對您產生影響嗎？總的來說，您對阿爾忒彌斯計畫有何看法？

So as we've talked prior, we have taken out any forecast relative to the Space Launch System, but in terms of the Artemis program, the Orion capsule, other exploratory programs that fit within Artemis, there is volume and content for us there. Lunar lander is part of the clips program. We are getting, orders relative to Orion and other related. And so, we think that we have got some solid demand coming forward but are ready for more. And as you think of the space market, I was just reflecting on it today, of course, Falcon-9 launched today, ULA Atlas-5 later today, Blue Origin on Sunday. Rocket lab within, about ten days. I mean, the launch cadence and the steadiness of various providers with different mission sets, it is impressive, and we look forward to supporting it all.

正如我們之前討論過的，我們已經排除了與太空發射系統相關的任何預測，但就阿爾忒彌斯計劃、獵戶座飛船以及其他符合阿爾忒彌斯計劃的探索項目而言，那裡有很多內容和數量可供我們研究。月球著陸器是剪輯節目的一部分。我們正在收到與獵戶座及其他相關產品相關的訂單。因此，我們認為目前有一些穩定的市場需求，但我們也做好了更多需求的準備。說到太空市場，我今天也正好在思考這個問題，當然，獵鷹9號今天發射了，ULA的阿特拉斯5號今天晚些時候發射，藍色起源在周日發射。火箭實驗室將在十天內建成。我的意思是，不同供應商在不同任務組合下的發布節奏和穩定性令人印象深刻，我們期待為所有這些提供支援。

Excellent. Thanks everyone.

出色的。謝謝大家。

Thank you.

謝謝。

Your next question comes from a line of Alexandra Mandry, Truist Securities. Your line is open.

你的下一個問題來自 Truist Securities 的 Alexandra Mandry。您的線路已開通。

Hi, this is Alexandra Mandry from Michael Ciarmoli, Truist Securities. Thanks for taking my question. So I was wondering if you can provide margin guidance for 2026, and should we think about EBITDA margin expansion and what range can we expect?

您好，我是來自 Truist Securities 的 Michael Ciarmoli 的 Alexandra Mandry。謝謝您回答我的問題。所以我想知道您能否提供 2026 年的利潤率指引，我們是否應該考慮 EBITDA 利潤率擴張，以及我們可以預期擴張的範圍是多少？

In terms of EBITDA and margin expansions, we, we've often talked about a target of 50-BPS a year that we will gain from operating leverage as we continue to grow.

就 EBITDA 和利潤率擴張而言，我們經常談到，隨著我們不斷成長，我們將透過營運槓桿實現每年 50 個基點的目標。

So while we're not, necessarily putting out formal guidance, we continue to think that we would capture 50-BPS a year going forward on that growth.

因此，雖然我們不一定會發布正式的業績指引，但我們仍然認為，未來每年我們將從這一增長中獲得 50 個基點。

Okay, great. And then additionally, are you seeing any impact of the government shutdown on bookings and any impact on Q1, 2026?

好的，太好了。此外，您是否看到政府停擺對預訂量有任何影響，以及對 2026 年第一季有任何影響？

Again, it depends on how long it goes. Glad to hear there is some discussion right now, no impact at 2025, as Jonathan indicated in his earlier comments. Meetings are being pushed to the right. Some solicitations are being delayed, but no impact to either 2025 or 2026 in our view as of now.

這同樣取決於持續時間。很高興聽到目前正在進行一些討論，正如喬納森在之前的評論中所指出的那樣，到 2025 年不會產生任何影響。會議時間正被推向右側。一些招標項目被推遲了，但就目前來看，對 2025 年或 2026 年都不會產生影響。

Great, thanks.

太好了，謝謝。

And that concludes our question-and-answer session. I will now turn the call back over to Steven Gitlin for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給史蒂文·吉特林，請他作總結發言。

Thank you, Rob, and thank you all for your attention today and for your interest in Karmen Space and defence. An archived version of this call, all SEC filings and relevant company and industry news can be found on our website www.karmen-SD.com. We wish you a good day and we look forward to updating you on our continued progress in the quarters ahead.

謝謝羅布，也謝謝各位今天對卡門航太和國防事業的關注與興趣。本次電話會議的存檔版本、所有提交給美國證券交易委員會（SEC）的文件以及相關的公司和行業新聞均可在我們的網站www.karmen-SD.com上找到。祝您一切順利，我們期待在接下來的幾季中向您報告我們的持續進展。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。