Karman Holdings Inc (KRMN) 2025 Q4 法說會逐字稿

Thank you for standing by. Welcome to the Karman Space & Defense fourth-quarter and full-fiscal-year 2025 earnings conference call.

感謝您耐心等候。歡迎參加 Karman Space & Defense 2025 會計年度第四季暨全年財報電話會議。

(Operator Instructions)

（接線員指示）

I'd now like to turn the call over to Steven Gitlin, Senior Vice President of Investor Relations. You may begin.

現在我想把電話交給投資人關係資深副總裁 Steven Gitlin。您可以開始了。

Good afternoon. Thank you for joining Karman Space & Defense's fourth-quarter and full-fiscal-year 2025 earnings conference call.

各位下午好。感謝您參加 Karman Space & Defense 2025 會計年度第四季暨全年財報電話會議。

I'm Steven Gitlin, Senior Vice President of Investor Relations and Corporate Communications. I'm pleased to welcome you today.

我是 Steven Gitlin，投資人關係與企業傳播資深副總裁。很高興今天歡迎各位與會。

Joining me on today's call are Jon Rambeau, our new Chief Executive Officer; Tony Koblinski, our Director and former Chief Executive Officer; Mike Willis, our Chief Financial Officer; and Jonathan Beaudoin, our Chief Operating Officer.

今天與我一同出席電話會議的有：我們新任執行長 Jon Rambeau；董事兼前任執行長 Tony Koblinski；財務長 Mike Willis；以及營運長 Jonathan Beaudoin。

Before we begin, please note that, on this call, certain information presented contains forward-looking statements that are based on current expectations, forecasts, and assumptions that involve risks and uncertainties.

在開始之前，請注意，本次電話會議中所呈現的部分資訊包含前瞻性陳述，係基於目前的預期、預測與假設，並涉及風險與不確定性。

These are described on page 2 of the earnings presentation we posted to our website this afternoon; and, in detail, in Karman's reports filed with the SEC and the Form 8-K filed today with the SEC.

相關內容已於我們今天下午發布於公司網站的財報簡報第 2 頁說明；並在 Karman 向美國證券交易委員會（SEC）提交的報告，以及今日向 SEC 提交的 Form 8-K 中有更詳細的揭露。

I'd also like to note that we will discuss a number of non-GAAP financial measures today.

我也想提醒各位，我們今天將討論多項非 GAAP 財務衡量指標。

Our press release, which we filed today, can also be found under the heading News and Events on the Investors section of our company website; and contains a reconciliation of any non-GAAP financial measure to the most comparable GAAP measure.

我們今日提交的新聞稿亦可在公司網站投資人專區的「新聞與活動」項下找到；其中包含任何非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表。

The content of this conference call contains time-sensitive information that is accurate only as of today, March 25, 2026. 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.

本次電話會議內容包含具時效性的資訊，僅截至今日（2026 年 3 月 25 日）為準且屬正確。公司不承擔對今日發言中任何前瞻性陳述進行修訂之義務，亦無義務更新以反映本次電話會議後發生的事件或情況。

Now, I would like to turn the call over to Jon Rambeau.

現在，我想把電話交給 Jon Rambeau。

Thank you, Steve. Good afternoon.

謝謝你，Steve。各位下午好。

I'm excited to be with you all today, as I assume my new role with Karman. I'm honored to have the opportunity to lead this impressive team and to represent them with more than 80 customers across the entire space and defense landscape.

很高興今天能與各位在此相聚，並在 Karman 擔任我的新職務。我很榮幸有機會領導這支令人印象深刻的團隊，並代表他們服務於整個太空與國防領域超過 80 家客戶。

Karman's market position -- described on page 3 -- and its track record of success, combined with its winning profitable growth algorithm, make this a very special company and a compelling opportunity.

Karman 的市場地位（如第 3 頁所述）與其成功實績，再加上其致勝且具獲利性的成長演算法，使其成為一家非常特別的公司，也是一個極具吸引力的機會。

I've been working in defense for over 30 years. I can't remember the last time I was this excited.

我在國防產業工作已超過 30 年。我不記得上一次有這麼興奮是什麼時候。

Karman's deep engineering expertise and vertically integrated full-spectrum manufacturing capabilities position the company as a unique enabler for national security and the growing space economy. Karman's values resonate with me; none of them more than: be relentless.

Karman 深厚的工程專業能力與垂直整合的全方位製造能力，使公司成為國家安全與成長中的太空經濟之獨特關鍵推動者。Karman 的價值觀與我高度契合；其中最讓我共鳴的是：永不懈怠。

Given that this is my first week in the role, I've asked Tony to summarize the strong financial and operational results the Karman team delivered in 2025 under his leadership. Tony?

鑑於這是我上任的第一週，我已請 Tony 概述 Karman 團隊在他領導下於 2025 年交出的強勁財務與營運成果。Tony？

Thank you, Jon. It's great to have you as part of Karman. I wish you tremendous success, as you lead this team to new heights.

謝謝你，Jon。很高興你加入 Karman。祝你在帶領這支團隊再創高峰的過程中，取得巨大的成功。

Before I begin, I want to express my deep appreciation to our Board, our employees, our shareholders, and our customers for the trust you have placed in me and in the Karman team. Together, we have worked hard to make a meaningful difference for our customers. In doing so, we've created significant value for both our employees and our shareholders. Being in Karman has truly been a tremendous capstone on my career.

在我開始之前，我想對董事會、員工、股東以及客戶表達由衷的感謝，感謝各位對我與 Karman 團隊的信任。我們共同努力，為客戶帶來有意義的改變。在此過程中，我們也為員工與股東創造了可觀的價值。能在 Karman 任職，確實為我的職涯畫下極為精彩的句點。

Over the past several months, as the Board conducted a comprehensive search for my successor, we have the opportunity to meet a number of outstanding candidates. Jon Rambeau clearly stood out. We are fortunate he chose to join Karman. I look forward to supporting him in my role as a Director. I'm confident you will quickly appreciate his experience, leadership, and ability to guide Karman through its next phase of growth.

過去幾個月，董事會在為我的接班人進行全面遴選的過程中，我們有機會與多位傑出候選人會面。Jon Rambeau 顯然脫穎而出。我們很幸運他選擇加入 Karman。我期待以董事身分支持他。我相信各位很快就會欣賞他的經驗、領導力，以及帶領 Karman 進入下一成長階段的能力。

As for me, after a 44-year business career, I'm looking forward to taking things a little slower, spending time with my family, and having a different kind of fun.

至於我，在 44 年的職涯之後，我期待放慢腳步，多陪伴家人，並以不同的方式享受生活。

Now, turning to today's call, I'll begin with highlights from our fourth-quarter and full-year 2025 results. Mike Willis will then provide more detail on our financial performance and capital allocation priorities. Jon Beaudoin will follow with an update on how we are expanding capacity to meet accelerating demand. Jon will close with his strategic outlook and guidance. We'll then open up the call for your questions.

接著回到今天的電話會議，我將先分享 2025 年第四季與全年業績重點。之後 Mike Willis 將就我們的財務表現與資本配置優先事項提供更多細節。接著 Jon Beaudoin 將更新我們如何擴充產能以因應加速成長的需求。最後 Jon 將以其策略展望與財測指引作結。之後我們將開放提問。

Now, let's turn to our results. Our team delivered another quarter of record performance, driven by outstanding execution across the business and strong momentum, following our February 2025 IPO.

現在，讓我們來看業績表現。在 2025 年 2 月首次公開募股（IPO）之後，受惠於全公司卓越的執行力與強勁動能，我們團隊再度交出創紀錄的一季表現。

As shown on page 4 of our earnings presentation, key fourth-quarter highlights include: record quarterly revenue of $134 million, with growth across all three end markets; record gross profit of $54 million; adjusted EBITDA of $42 million, another quarterly record for Karman. Backlog reached an all-time high of $801 million.

如我們財報簡報第 4 頁所示，第四季重點包括：季度營收創新高達 1.34 億美元，三大終端市場皆成長；毛利創新高達 5,400 萬美元；調整後 EBITDA 為 4,200 萬美元，再創 Karman 單季新高。在手訂單（Backlog）達到歷史新高 8.01 億美元。

For the full year, we also delivered record financial results, with revenue and adjusted EBITDA ahead of the updated guidance we gave two months ago as part of our Seemann and MSC acquisition announcement. Full-year revenue was $472 million; gross profit, $190 million or 40% of revenue; and record adjusted EBITDA of $145 million.

就全年而言，我們同樣交出創紀錄的財務成果，營收與調整後 EBITDA 皆高於我們兩個月前在宣布收購 Seemann 與 MSC 時所更新的指引。全年營收為 4.72 億美元；毛利為 1.90 億美元（占營收 40%）；調整後 EBITDA 創新高達 1.45 億美元。

At the same time, we executed on a disciplined and strategic M&A agenda. During 2025, we completed three acquisitions -- MTI, ISP, and Five Axis -- adding capabilities in advanced metallic solutions for extreme environments, energetic deployment systems, and precision solutions for liquid rocket engines.

同時，我們也以嚴謹且具策略性的方式推進併購（M&A）議程。在 2025 年，我們完成三項收購——MTI、ISP 與 Five Axis——新增在極端環境用先進金屬解決方案、能量式部署系統，以及液體火箭引擎精密解決方案等能力。

In January, we further expanded our platform with the acquisition of Seemann and MSC, extending our reach into Maritime Defense, with long-standing positions on Columbia, Virginia, and Seawolf class submarine programs. These businesses also deepen our expertise in composites and advanced materials; capabilities we will leverage across the entire Karman portfolio.

在 1 月，我們透過收購 Seemann 與 MSC 進一步擴大平台，將觸角延伸至海事防務（Maritime Defense），並在 Columbia、Virginia 與 Seawolf 級潛艦計畫中擁有長期既有的供應地位。這些業務也深化我們在複合材料與先進材料方面的專業；我們將把這些能力運用於整個 Karman 產品組合。

Page 5 summarizes the four acquisitions completed since our IPO and the capabilities they bring to the company. Taken together, these actions position Karman exceptionally well to meet what we believe is a generational increase in demand across missiles, interceptors, Hypersonics, UAS, counter-UAS, Maritime Defense, as well as Space & Launch.

第 5 頁彙總了自我們 IPO 以來完成的四項收購，以及它們為公司帶來的能力。綜合而言，我們相信這些行動使 Karman 具備極佳的定位，以因應我們所認為在飛彈、攔截器、高超音速、無人機系統（UAS）、反無人機（counter-UAS）、海事防務，以及太空與發射（Space & Launch）等領域的世代性需求成長。

For example, multiple prime contractors have recently outlined significant planned annual production increases across key missile programs we support, including approximately 100% growth in AIM-9X; 200% in THAAD and standard missile; and 300% for PAC-3. We expect these programs to achieve their production rate goals over the coming years.

例如，多家主承包商近期已概述我們所支援的關鍵飛彈計畫之年度產量將大幅提升，包括：AIM-9X 約 100% 成長；THAAD 與標準飛彈（Standard Missile）約 200%；以及 PAC-3 約 300%。我們預期這些計畫將在未來數年達成其產能提升目標。

This is a demand environment that we expect to persist through the end of the decade and beyond. Importantly, because this demand is tied to national security priorities, we believe it will continue to receive strong bipartisan support.

我們預期這樣的需求環境將持續到本十年末甚至更久。重要的是，由於這項需求與國家安全優先事項相連結，我們相信它將持續獲得兩黨強力支持。

In response to the demand signals, we have been proactive in expanding both capabilities and our capacity. Today, Karman operates across eight states, with more than 1 million square feet of design, development, and manufacturing space.

為回應這些需求訊號，我們已主動擴充能力與產能。目前，Karman 的營運遍及八個州，擁有超過 100 萬平方英尺的設計、開發與製造空間。

Our recently announced launch systems and [NASA] manufacturing hub in Salt Lake City will further enhance our ability to support customer needs, while positioning us closer to our key customers.

我們近期宣布在鹽湖城設立的發射系統與 [NASA] 製造樞紐，將進一步提升我們支援客戶需求的能力，同時讓我們更貼近主要客戶。

We have a great deal to be proud of, coming out of 2025; and even more to look forward to in the years ahead.

回顧 2025 年，我們有許多值得自豪之處；而未來幾年更有更多值得期待。

With that, I'll turn the call over to Mike for a more detailed financial review.

接下來，我把電話會議交給 Mike，進行更詳細的財務回顧。

Thank you, Tony.

謝謝你，Tony。

Q4 was another strong quarter in which our team continued to demonstrate its focus on supporting our customers.

第四季再度是強勁的一季，我們的團隊持續展現其專注於支援客戶的承諾。

Shown on page 6, highlights include:

如第 6 頁所示，重點包括：

Revenue of $134 million represented a 47% increase compared to fourth quarter of fiscal year 2024.

營收為 1.34 億美元，較 2024 會計年度第四季成長 47%。

Gross profit grew 54% to $54 million, increasing gross profit margin at 40%.

毛利成長 54% 至 5,400 萬美元，毛利率提升至 40%。

Net income rose over 300% to $8 million.

淨利成長逾 300% 至 800 萬美元。

Adjusted EBITDA jumped to $42 million, a 59% year-over-year increase.

調整後 EBITDA 跳升至 4,200 萬美元，年增 59%。

Adjusted EPS more than tripled to $0.11 per diluted share from $0.03.

調整後 EPS 由每股稀釋後 0.03 美元，增加逾三倍至 0.11 美元。

Backlog grew 38% year over year to $801 million.

積壓訂單年增 38% 至 8.01 億美元。

For clarity: Our numerical calculation and definition of backlog has not changed. We simply updated the terminology from funded backlog to backlog to better align with industry practice.

為釐清起見：我們對積壓訂單的數值計算方式與定義並未改變。我們只是將用語由「已資金支持的積壓訂單」更新為「積壓訂單」，以更貼近產業慣例。

Growth extended across all three of our end markets in the fourth quarter, shown on page number 7:

第四季成長擴及我們三個終端市場，詳見第 7 頁：

Hypersonics & Strategic Missile Defense, or SMD, revenue grew 42% year over year to $48 million, driven by expanded Strategic Missile programs, continued progress on [NGI], higher volumes on classified programs, and increased activities supporting Hypersonics test beds.

高超音速與戰略飛彈防禦（SMD）營收年增 42% 至 4,800 萬美元，主要受惠於戰略飛彈計畫擴大、[NGI] 持續推進、機密計畫出貨量提高，以及支援高超音速測試平台的活動增加。

Space & Launch jumped 25% to $36 million, driven by the timing of orders for critical content supporting both legacy and emerging launch providers.

太空與發射（Space & Launch）成長 25% 至 3,600 萬美元，主要由於關鍵內容訂單時點的影響，這些內容同時支援既有與新興的發射服務供應商。

In Tactical Missiles & Integrated Defense Systems, or IDS -- was up 77% to $50 million, primarily driven by demand associated with the continued proliferation of advanced drone and bordering munitions; and an increase in production rates for [GMLRS].

在戰術飛彈與整合防禦系統（IDS）方面，營收成長 77% 至 5,000 萬美元，主要受持續擴散的先進無人機與滯空彈藥相關需求帶動；以及[GMLRS] 產量提升。

End market mix in the fourth quarter was as follows: Space & Launch represented 27% of quarterly revenue; Hypersonics and SMD, 36%; and Tactical Missiles & IDS, 37%.

第四季終端市場組合如下：太空與發射占季度營收 27%；高超音速與 SMD 占 36%；戰術飛彈與 IDS 占 37%。

For the full-fiscal-year 2025, revenue of $472 million represented a 37% increase compared to 2024.

2025 全會計年度營收為 4.72 億美元，較 2024 年成長 37%。

Gross profit grew 44% to $190 million, resulting in a gross profit margin of 40%.

毛利成長 44% 至 1.90 億美元，毛利率為 40%。

Net income rose 37% to $17 million.

淨利成長 37% 至 1,700 萬美元。

Adjusted EBITDA jumped to $145 million and 37% year-over-year increase.

調整後 EBITDA 跳升至 1.45 億美元，年增 37%。

Adjusted EPS nearly tripled to $0.37 per diluted share from $0.13.

調整後 EPS 由每股稀釋後 0.13 美元，幾乎成長三倍至 0.37 美元。

End market mix for the year was as follows: Space & Launch represented 32% of annual revenue; Hypersonics & SMD, 32%; and Tactical Missiles & IDS 36%.

全年終端市場組合如下：太空與發射占年營收 32%；高超音速與 SMD 占 32%；戰術飛彈與 IDS 占 36%。

Moving forward, we will report a fourth end market, beginning in the first quarter of 2026.

展望未來，我們將自 2026 年第一季起，新增報告第四個終端市場。

Maritime Defense Systems will capture Karman's existing Maritime programs and those of Seemann and MSC. We expect our four end markets to be relatively balanced in terms of revenue, with no discernible seasonality.

海事防禦系統將涵蓋 Karman 現有的海事計畫，以及 Seemann 與 MSC 的相關計畫。我們預期四個終端市場在營收上將相對均衡，且不會有明顯的季節性。

Now, on the topic of seasonality, Karman, like many other companies in our industry, experienced a temporary slowdown in contracting activity during the fourth quarter of 2025, extending into the first quarter of 2026, due to the federal government shutdown.

談到季節性，Karman 與本產業許多公司一樣，因聯邦政府停擺，於 2025 年第四季的簽約活動出現短暫放緩，並延續至 2026 年第一季。

We continue to have discussions with our customers on program production needs and ramp-ups that are expected to materialize, once contracts are let.

我們仍持續與客戶就各項計畫的生產需求與產能爬坡進行討論；一旦合約釋出，預期將逐步落實。

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

接著談資產負債表，在考量資本配置決策時，我們仍以成長為優先。

We ended the fourth quarter with $34 million in cash and equivalents, up $22.5 million from year-end 2024. We invested a total of $20 million in CapEx during the year to support growth, prioritizing new manufacturing equipment and floor space, including our Decatur, Alabama facility, our advanced clean room in Mukilteo, and our energetics testing complex in Skagit.

我們在第四季末的現金及約當現金為 3,400 萬美元，較 2024 年底增加 2,250 萬美元。我們全年合計投入 2,000 萬美元資本支出（CapEx）以支援成長，優先用於新增製造設備與廠房面積，包括阿拉巴馬州迪凱特（Decatur）廠、穆基爾特奧（Mukilteo）的先進無塵室，以及斯卡吉特（Skagit）的含能材料測試園區。

With our acquisition of Seemann and MSC, our total debt increased to $768 million, with an interest rate of SOFR plus 2.75%, an improvement of 75 basis points. We continue to expect our leverage ratio to decline to approximately 3 times adjusted EBITDA by the end of 2026.

隨著我們收購 Seemann 與 MSC，總負債增加至 7.68 億美元，利率為 SOFR 加 2.75%，改善了 75 個基點。我們仍預期槓桿比率將於 2026 年底前降至約為調整後 EBITDA 的 3 倍。

Earlier this month, we increased our revolving credit facility from $50 million to $150 million to provide added flexibility, as we expand capacity to meet anticipated surge in demand. Looking ahead, we expect a statutory tax rate for fiscal year 2016 of 25.5% and now expect CapEx to be approximately 5% of revenue, equivalent to approximately $36 million

本月稍早，我們將循環信用額度由 5,000 萬美元提高至 1.5 億美元，以在我們擴充產能、因應預期需求激增之際提供更大的彈性。展望未來，我們預期 2016 會計年度的法定稅率為 25.5%，並預期資本支出約為營收的 5%，約當 3,600 萬美元

Note that we increased our CapEx rate to expand our capacity for the anticipated volume increase that Tony discussed.

請注意，我們提高了資本支出比率，以擴充產能來因應 Tony 所提到的預期出貨量增加。

Now, I'll turn the call over to Jonathan for a discussion of our operations and capacity-expansion initiatives.

接下來，我把電話會議交給 Jonathan，討論我們的營運以及擴產計畫。

Thank you, Mike.

謝謝你，Mike。

The demand environment that Tony described places our focus squarely on continued effective execution; and the strategic deployment of capital to expand our capacity and meet the requirements of our customers. We are prudently investing in advance of contract received to ensure we enable the anticipated ramp in customer demand.

Tony 所描述的需求環境，使我們的重點明確聚焦於持續且有效的執行；以及策略性部署資本以擴充產能並滿足客戶需求。我們審慎地在合約到手之前先行投資，以確保能支援客戶需求的預期爬坡。

Karman was formed to produce qualified proven systems at a rate that supports our customers' significant production output goals. We combine our deep understanding of real-world end user requirements with the most advanced material and manufacturing technologies and then, add the operating tools for efficient scale production.

Karman 的成立宗旨，是以能支援客戶重大產出目標的速度，生產經認證且已驗證的系統。我們將對實際終端使用者需求的深刻理解，與最先進的材料與製造技術相結合，並加入可有效率擴大量產的營運工具。

Karman essentially provides the agility and technology of a small business, with the capacity and investment horsepower of a large business. It is exactly what our customers need to meet their mission requirements and production ramp-ups.

Karman 本質上提供小型企業的敏捷與技術能力，同時具備大型企業的產能與投資動能。這正是客戶為滿足其任務需求與產能爬坡所需要的。

We are frequently asked about potential capacity constraints. We are fortunate to be able to rapidly respond and ensure that we are ready for current and future rates.

我們經常被問到是否存在潛在的產能限制。我們很幸運能夠快速回應，並確保我們已為目前與未來的產出速度做好準備。

We think of our capacity in four separate but related categories:

我們將產能分為四個彼此獨立但相互關聯的類別來看待：

First, the physical space and equipment with which we develop, test, and manufacture products. We now have over 1 million square feet under roof.

第一，是我們用於開發、測試與製造產品的實體空間與設備。我們目前屋內面積已超過 100 萬平方英尺。

Tony mentioned our plans for a new Salt Lake City manufacturing hub, which will add nearly 200,000 square feet, quadruple our production capacity for loitering UAV launch systems; and add valuable redundant nozzle manufacturing capacity. We expect this site to achieve initial operational capability in the fourth quarter of this year.

Tony 提到了我們在鹽湖城新設製造樞紐的計畫，該樞紐將新增近 200,000 平方英尺的面積，使我們的滯空型無人機（UAV）發射系統產能提升至四倍；並新增具價值的噴嘴製造備援產能。我們預期該據點將於今年第四季達到初始作戰能力。

We invested the majority of our $20 million in CapEx last year on capacity-expansion projects at various sites.

去年我們 2,000 萬美元資本支出（CapEx）的大部分投入於各據點的產能擴充專案。

In addition, as we recently announced, we are equally co-investing with the government a total of $10 million to expand nozzle production capacity. These nozzles are key sub-systems for solid rocket motors, which propel most missiles and many Hypersonics systems.

此外，如我們近期所宣布，我們將與政府等額共同投資合計 1,000 萬美元，以擴增噴嘴生產產能。這些噴嘴是固體火箭發動機的關鍵子系統；固體火箭發動機為多數飛彈以及許多高超音速系統提供推進力。

Next, we are well positioned to accelerate hiring and expand our talent base to drive increased output. Our workforce grew significantly in 2025 from 1,100 to 1,400 employees. This growth was fueled primarily by strategic acquisitions.

接下來，我們已具備良好條件加速招募並擴大人才基礎，以推動產出提升。我們的員工人數在 2025 年由 1,100 人大幅成長至 1,400 人。此成長主要由策略性併購所帶動。

We have enhanced our recruiting capabilities by adding experienced recruiters and expanding our calendar of recruiting events, enabling us to more effectively identify and attract top talent. Additionally, our presence across eight states broadens and diversifies our talent pool, further strengthening our ability to attract top talent.

我們透過增聘具經驗的招募人員並擴增招募活動行事曆，強化了招募能力，使我們能更有效地辨識並吸引頂尖人才。此外，我們在八個州的據點布局擴大並多元化了人才庫，進一步強化我們吸引頂尖人才的能力。

Third, we are carefully monitoring our supply chain to identify any potential bottlenecks well before they can interrupt production and are making strategic moves to strengthen our position.

第三，我們正審慎監控供應鏈，以在任何潛在瓶頸干擾生產之前就及早辨識，並採取策略性行動以強化我們的地位。

Acquiring ISP last year helped us secure energetic formulations for multiple solutions we deliver to our customers.

去年收購 ISP 協助我們確保可為客戶交付的多項解決方案所需的含能配方。

We are applying Karman's MG Resin technology to Tactical Missiles and Hypersonics systems, improving supply chain robustness.

我們正將 Karman 的 MG Resin 技術應用於戰術飛彈與高超音速系統，以提升供應鏈韌性。

Our acquisition of Seemann and MSC provides us with deeper and expanded composite expertise, resin formulations, and woven fabrics.

我們收購 Seemann 與 MSC，為我們帶來更深且更廣的複合材料專業能力、樹脂配方以及機織布料。

Fourth, we are rolling out our Karman operating system, company wide. This platform integrates our [ERP] system with advanced manufacturing execution and asset monitoring tools.

第四，我們正在全公司推行 Karman 作業系統。此平台將我們的 [ERP] 系統與先進的製造執行與資產監控工具整合。

By leveraging AI-enabled technologies, we expect to increase throughput, minimize downtime, improve yield, enhance workplace safety, and automated administrative tasks; while allowing us to focus our resources where they matter most.

透過運用 AI 賦能技術，我們預期可提升產出吞吐量、將停機時間降至最低、提高良率、強化職場安全，並將行政作業自動化；同時讓我們能將資源聚焦於最重要之處。

As an example, we can now monitor real-time data for most of our specialized manufacturing equipment across multiple states and sites. These data, as well as historical data, can be interrogated with AI to determine choke points and develop action plans for improving utilization and, ultimately, increasing capacity.

例如，我們現在可以跨多州、多據點監控大多數專用製造設備的即時數據。這些數據以及歷史數據可透過 AI 進行分析，以找出瓶頸並制定行動計畫，提升設備利用率，並最終提高產能。

In the near future, we will be able to monitor all of our key manufacturing equipment to proactively prescribe preventative maintenance; speed repairs; and evaluate utilization rates by site, program, device, shift, and operator. Our integration of acquired companies is proceeding according to plan.

在不久的將來，我們將能監控所有關鍵製造設備，主動提出預防性維護建議；加速維修；並按據點、專案、設備、班次與操作員評估利用率。我們對已收購公司的整合正按計畫推進。

Earlier this month, we held a welcome event at our Greenville, South Carolina and Gulfport, Mississippi sites. We were thrilled by the spirit and enthusiasm of the more than 200 teammates who attended our events. We expect to complete the integration of Seemann and MSC by the fourth quarter of this year.

本月稍早，我們在南卡羅來納州格林維爾與密西西比州格爾夫波特據點舉辦了歡迎活動。超過 200 位同仁參與活動所展現的精神與熱情令我們振奮。我們預期將於今年第四季完成對 Seemann 與 MSC 的整合。

We have come a long way. There is much work ahead. But we are well prepared to support our customers' aggressive production ramp plans.

我們已走過很長一段路。前方仍有許多工作要做。但我們已做好充分準備，支持客戶積極的產能爬坡計畫。

Now, I'll turn the call back to Jon for his comments on 2026 and beyond.

現在，我把電話交回給 Jon，請他就 2026 年及之後發表看法。

Well, thank you, Jonathan.

好的，謝謝你，Jonathan。

Karman's financial and operational execution has been tremendous. Our position as a merchant supplier to nearly all prime contractors in the US space and defense market differentiates us; and defines our unique value proposition.

Karman 在財務與營運執行方面表現卓越。我們作為美國太空與國防市場幾乎所有主承包商的商業供應商之定位，使我們與眾不同；並界定了我們獨特的價值主張。

Complementing strong organic growth with strategic acquisitions has continued to strengthen our competitive position, deepening existing capabilities and adding adjacent lines. This model and the performance of the team provide evidence that Karman is a new kind of space and defense company.

以策略性併購補強強勁的有機成長，持續強化我們的競爭地位，深化既有能力並新增相鄰產品線。此模式與團隊的表現證明，Karman 是一種新型態的太空與國防公司。

The demand environment could not be more favorable for Karman. Tony mentioned the dramatic production increase is planned for many programs Karman supports.

對 Karman 而言，需求環境再好不過。Tony 提到，Karman 所支援的許多專案都規劃了大幅的產量提升。

Having led growth businesses in the past and made critical capital allocation decisions, I'm eager to lean in and help our customers achieve their multi-year goals through focused investment strategies and consistent performance.

我過去曾領導成長型業務並做出關鍵的資本配置決策；我很期待投入其中，透過聚焦的投資策略與穩定的績效，協助客戶達成其多年期目標。

Our 2026 outlook reflects the near-term growth we anticipate, summarized on page 8.

我們對 2026 年的展望反映了我們預期的短期成長，摘要見第 8 頁。

We now expect full-year revenue of $715 million to $730 million and non-GAAP adjusted EBITDA of $207 million to $218 million. This represents 53% year-over-year revenue and 46% adjusted EBITDA growth, an additional growth above our previously communicated 2026 guidance, given this past January.

我們目前預期全年營收為 7.15 億至 7.30 億美元，非 GAAP 調整後 EBITDA 為 2.07 億至 2.18 億美元。這代表營收年增 53%、調整後 EBITDA 年增 46%；相較我們今年 1 月先前所溝通的 2026 年指引，成長幅度進一步上修。

We continue to expect revenue growth to be roughly split between organic and inorganic.

我們仍預期營收成長約略由有機與非有機（併購）各占一半。

We also expect our first half to represent approximately 45% of total revenue and adjusted EBITDA for the year, with sequential quarterly growth similar to that of last year.

我們也預期上半年約占全年總營收與調整後 EBITDA 的約 45%，季度間的逐季成長趨勢與去年相近。

While we have confidence that additional growth vectors such as Golden Dome will materialize, timing of those remains uncertain.

雖然我們有信心 Golden Dome 等額外成長動能將會實現，但其時點仍不確定。

Strong market conditions; and the Seemann and MSC acquisition expanded our backlog to more than $1 billion, providing approximately 80% visibility to the midpoint of our full-year revenue guidance range, as of March 20, 2026.

強勁的市場狀況；以及 Seemann 與 MSC 的收購，使我們的在手訂單擴增至超過 10 億美元；截至 2026 年 3 月 20 日，這為我們全年營收指引區間中點提供約 80% 的可視性。

We remain confident in our long-term outlook of strong organic growth, supplemented by strategic accretive acquisitions. This is a proven formula that has driven remarkable growth and profitability for the past three years.

我們對長期展望仍具信心：強勁的有機成長，並以策略性、具增益性的併購加以補充。這是一套經驗證的公式，過去三年推動了顯著的成長與獲利能力。

I'm focused on maintaining Karman's trajectory in the coming years.

我將專注於在未來幾年維持 Karman 的成長軌跡。

Thank you, all, for your time today.

感謝各位今天撥冗參與。

I'll be learning more about our company, the people, and the technology that have made it successful, as I visit our primary locations in the coming weeks.

在接下來幾週，我將走訪我們的主要據點，更深入了解公司、同仁以及促成成功的技術。

I look forward to meeting our shareholders and the analysts who follow us.

我期待與我們的股東以及關注我們的分析師見面。

I'm excited to lead this incredible organization at this important moment for our company, our industry, and our nation.

在公司、產業與國家都處於重要時刻之際，我很期待帶領這個卓越的組織。

Now, let's open up the call for questions.

現在，我們開放提問。

(Operator Instructions)

(接線員指示)

Peter Arment, Baird.

Peter Arment，Baird。

Congrats, Tony. Thanks for all your support over the last year; really enjoyed it.

恭喜你，Tony。感謝你過去一年來的所有支持；我真的很享受。

Jon, congrats on the new role.

Jon，恭喜你升任新職。

Could you guys talk a little bit about what we're seeing, potentially, with multi-year frameworks for the primes on ramping up on not only interceptors but missile production; and how that might impact whether you guys are going to be part of those agreements, given your customer relationships there, and just how we might think of that.

你們能否談談我們目前看到的情況：主承包商在不僅是攔截器、也包括飛彈生產的產能爬坡方面，可能採用多年期框架協議；以及考量你們與客戶的關係，這可能如何影響你們是否會成為這些協議的一部分，並請分享我們應如何看待這件事。

Yeah. This is Jon. Thank you, Peter. I appreciate the question.

好的。我是 Jon。謝謝你，Peter。感謝你的提問。

The way I would address that is to say, as time continues to march forward, we continue to have a little bit more clarity on how these frameworks are going to be implemented.

我會這樣回應：隨著時間推進，我們對這些框架將如何落地執行，正逐步獲得更清晰的認識。

Certainly, Karman will benefit from the outcomes of the frameworks.

當然，Karman 將受益於這些框架所帶來的成果。

That being said, we still -- I think we'll need to work a little bit further with the primes to understand, specifically, what the demand profile is going to look like over what period of time.

話雖如此，我們仍然——我認為我們需要再與主承包商多做一些合作，以具體了解在什麼時間區間內，需求輪廓會是什麼樣子。

If you think about the significant increases in production rates that are contemplated within those frameworks, we don't see any of that really materializing in the form of orders for Karman until at the earliest, say, of the fourth quarter of this year. We really don't see that there's a lot of that in the 2026 guidance that we provided.

如果你考慮這些框架中所設想的產量大幅提升，我們認為這些在最早也要到今年第四季左右，才會真正以 Karman 的訂單形式開始顯現。我們確實看不到我們所提供的 2026 年指引中有太多反映這一點。

But, certainly, we see that starting to materialize in '27 and beyond.

但我們確實看到這會在 2027 年及之後開始逐步顯現。

Okay. Just a broader question, maybe, Mike, for just -- on capacity: You guys talked about CapEx, 5% of revenues. Can you just remind us where capacity utilization stands today; and your ability to meet all the demand signals?

好的。再問一個更宏觀的問題，或許是給 Mike——關於產能：你們提到資本支出（CapEx）為營收的 5%。能否提醒我們目前產能利用率大概在哪裡；以及你們滿足所有需求訊號的能力如何？

Yeah. It's always one that's tough to put a number on; depends on the product and, exactly, where that constraint is.

是的。這一直很難用一個數字來表達；取決於產品，以及限制究竟出現在哪個環節。

But we do have existing floor square footage to expand into before, even, the Salt Lake City facility. And then, that will give us a tremendous boost in terms of square footage.

不過，在鹽湖城設施啟用之前，我們就已經有現有的廠房面積可以擴充使用。而且那座設施將在面積上為我們帶來巨大的提升。

But, as we noted, it will quadruple our UAS launch capability; and then, give us redundant capability for nozzle production and, on certain critical programs, double our rate on those.

但如我們所提到的，它將使我們的 UAS 發射能力提升至四倍；同時也為噴嘴生產提供備援能力，並且在某些關鍵專案上把產出速率提高到兩倍。

We feel good about our immediate capacity today. But we're going to quadruple and double it, depending on the product, in the near future.

我們對目前的即時產能狀況感到有信心。但在不久的將來，視產品而定，我們將把它提升到四倍或兩倍。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC 資本市場。

Congratulations again, Tony. Welcome, Jon.

再次恭喜你，Tony。歡迎你，Jon。

I first wanted to ask, the record backlog exiting '25, how should we think about the margin represented in the backlog? Do we see any -- as you're expanding the backlog, is there any mix benefit, as you think about margins over the next one to two years from what's in the backlog?

我首先想問，2025 年結束時創紀錄的在手訂單（backlog），我們應該如何看待其中所代表的利潤率？當你們擴大在手訂單時，從在手訂單的內容來看，未來一到兩年在利潤率上是否有任何組合（mix）上的助益？

Or, conversely, are you seeing any incremental pressure on pricing from your customers that could potentially be a headwind as -- from a mix standpoint?

或者反過來說，你們是否看到客戶在定價上有任何額外壓力，可能從組合角度成為不利因素？

Ken. I'd say, as we exited the year with the $801 million of backlog, there's really no notable mix changes in that number, whether it be positive or negative. It's a pretty steady course from what we're used to.

Ken。我會說，當我們在年底以 8.01 億美元的在手訂單結束時，這個數字在組合上並沒有明顯變化，不論是正面或負面。整體而言與我們過去習慣的狀況相當一致。

But I would just make mention that, as we talk about Seemann now coming into our portfolio and the backlog that they bring, we have discussed that they have a bit of a different profile, just given the content on cost-plus contracts versus firm fixed so that's going to change things in the near term.

但我想補充的是，當我們談到 Seemann 現在納入我們的產品組合，以及他們帶來的在手訂單時，我們已討論過，由於成本加成（cost-plus）合約相對於確定固定價格（firm fixed）合約的內容占比不同，他們的輪廓會有些差異，因此短期內會改變一些情況。

But, over time, as those programs mature, we're going to work to put those into firm fixed contracts, as well.

但隨著時間推進、這些專案成熟後，我們也會努力把它們轉為確定固定價格合約。

Great. Just to clarify,: On the increased revenue guide for '26 -- I know, heading into the year, you talked about 50% -- basically 25%, organic; 25%, from the acquisitions.

很好。再釐清一下：關於 2026 年營收指引上調——我知道在進入今年時，你們談到 50%——基本上 25% 來自有機成長；25% 來自併購。

With the slight tweak upwards on the guide for '26 now, should we assume that the increase, again, is roughly half organic, half acquisitions? It looked like, initially, much of the increase, albeit small, was driven by timing of the acquisitions.

現在 2026 年指引略微上修後，我們是否可以假設這次增加仍大致是一半有機、一半併購？看起來一開始這個增幅雖小，但多數是由併購時點所驅動。

There are a few factors there. Certainly, the timing of the acquisition on Seemann drove a lot of that change. That would be the primary driver.

這裡面有幾個因素。當然，Seemann 併購案的時點推動了這次變動的很大一部分。那會是主要驅動因素。

But we still expect that, in aggregate, we're going to have a pretty level split there between organic and inorganic.

但我們仍預期，整體而言，有機與非有機（併購）之間會維持相當平均的分配。

Clarke Jeffries, Piper Sandler.

Clarke Jeffries，Piper Sandler。

Just generally -- I was curious -- how has the last month changed your investment plans? Any part of the business that you may not have considered a priority for 2026? Now, 30 days later, you're considering the priority for this year?

整體來說——我很好奇——過去一個月如何改變了你們的投資計畫？是否有任何業務部分在你們原本不認為是 2026 年的優先事項？但 30 天後，你們現在把它視為今年的優先事項？

I wouldn't say that it changed anything; call it, more strengthening the convictions that we already had. There's no, call it, shift in terms of our priorities, just gives us more conviction to lean into the investments we already had planned.

我不會說它改變了任何事情；更像是強化了我們原本就有的信念。我們的優先順序沒有什麼轉移，只是讓我們更有信心去加碼投入我們原本就規劃好的投資。

Yeah. This is Jon.

是的。我是 Jon。

Just to add: We did take our planned CapEx expense up a bit for '26, as we look forward. We were thinking about 4.5%. I think the last time we spoke.

補充一下：展望 2026 年，我們確實把原先規劃的 CapEx 支出提高了一點。我們原本想的是 4.5%。我想上次我們談的時候是這樣。

As we've evaluated opportunities for growth, we decided 5% was a better number. We're going to plan for that.

在評估成長機會後，我們決定 5% 是更合適的數字。我們會以此來做規劃。

Perfect. And then, just exiting the year here with a really strong margin progression over the course of the year, I was wondering if you could maybe talk about M&A integration headwinds to EBITDA margins, whether underlying margin expansion is around that 50 basis points you've talked to earlier or higher than that? Just maybe some discussion around the EBITDA guide.

很好。另外，今年結束時你們的利潤率在全年呈現非常強勁的提升，我想請你們談談併購整合對 EBITDA 利潤率的逆風；撇除整合因素後的基礎利潤率擴張，是否大約就是你們先前提到的 50 個基點，或是高於這個水準？也請就 EBITDA 指引做一些說明。

From what we saw in the year, I'd say it was in line with expectations. We've talked in the past about operating leverage bringing about 50 bps a year on expansion.

就我們今年看到的情況來說，我會說符合預期。我們過去談過，營運槓桿每年大約能帶來 50 個基點的擴張。

But, again, I would just point to -- and it's baked in our guide for '26 -- with that contract mix of Seemann and MSC; and the heavy nature of cost-plus contracts, we do have that in our guidance numbers. That's why you do see that is the primary reason, in fact, for why adjusted EBITDA margin would be lower in '26 versus '25.

但我還是要指出——而且這已反映在我們 2026 年的指引中——由於 Seemann 與 MSC 的合約組合，以及成本加成合約占比較高的特性，我們已把這點納入指引數字。這也是你會看到調整後 EBITDA 利潤率在 2026 年低於 2025 年的主要原因，事實上就是最主要的原因。

John Godyn, Citigroup.

John Godyn，花旗集團。

First, I just wanted to chat a little bit about the supply chain. How would you characterize the supply chain at present? Any bottlenecks? Any ramifications from what's going on in the Middle East?

首先，我想聊一下供應鏈。你會如何描述目前的供應鏈狀況？有任何瓶頸嗎？中東局勢對你們有任何影響嗎？

Yeah. This is Jon. I'll start and maybe hand it off to Jonathan.

是的。我是 Jon。我先開始，然後也許再交給 Jonathan。

One of the things I would start -- was saying here is that, in the first few days, I've been with the business, I spent some time with the team talking about both the growth trajectory, as well as current operations.

我想先說的是，在我加入這家公司最初幾天裡，我花了一些時間與團隊討論成長軌跡以及目前的營運狀況。

As I ask questions, one of the things that surprised me was that there was not a significant concern raised, to a large extent, around supply chain.

當我提問時，有一件讓我意外的是，在很大程度上，並沒有出現對供應鏈的重大疑慮。

As we look at the Karman operating model and strategy -- the bringing together of pieces of the supply chain into the integrated family of Karman product lines that we have here today -- I think we've really de-risked, to a great extent, the supply chain concerns that would normally be seen at this layer of the overall defense supply chain.

當我們檢視 Karman 的營運模式與策略——把供應鏈的各個環節整合到我們目前這裡的 Karman 產品線整合家族之中——我認為我們在很大程度上降低了通常會在整體國防供應鏈這一層級所見到的供應鏈風險與疑慮。

A couple of minor areas that I think Jonathan might want to talk to here but, generally speaking, I would say supply chain risk is low.

我認為有幾個小地方 Jonathan 可能想在這裡補充，但整體而言，我會說供應鏈風險很低。

Yeah. As our customers are engaging with us, collaborating with us on the rates and timing of the ramp-ups, we are, in kind, doing the same with our suppliers: going to them, communicating the planned rates, understanding what their capacities are so that they're ready to support us.

是的。當我們的客戶與我們接洽、就產能爬坡的速率與時程與我們協作時，我們也同樣與供應商這麼做：去找他們、溝通規劃的速率、了解他們的產能，以便他們準備好支援我們。

As part of that, we're looking to engage with them on longer-term deals so that we can secure our materials from a cost standpoint, as well.

作為其中一部分，我們也希望與他們洽談較長期的合約，這樣我們也能從成本角度確保材料供應。

Great. Very helpful color.

很好。這些補充資訊非常有幫助。

Just changing gears, on Golden Dome, I think your phrasing was you have a lot of confidence Golden Dome materialize but the timing is uncertain. Maybe we could just unpack that; the confidence that it will materialize but then, also, what is driving uncertainty on timing, whatever you're willing to -- whatever color you want to offer.

換個話題，關於 Golden Dome，我記得你的說法是你很有信心 Golden Dome 會落地，但時點不確定。也許我們可以拆解一下；你對它會落地的信心來源是什麼，以及時程不確定的原因是什麼——在你願意分享的範圍內，任何你想補充的資訊都可以。

Appreciate it.

感謝。

Yeah. I would say, from a Golden Dome point of view, overall, it's clearly a priority initiative for the nation. There's going to be a lot of emphasis on the program, as we continue forward.

是的。我會說，從 Golden Dome 的角度來看，整體而言，它顯然是國家的優先倡議。隨著我們持續推進，這個計畫會受到高度重視。

How exactly all of the priorities of Golden Dome will be implemented is still a little bit unclear. We, given where we sit in the supply chain, would anticipate that a lot of the volume to support Golden Dome will actually come through modifications to existing production programs.

Golden Dome 的各項優先事項究竟會如何落實，目前仍有些不明朗。以我們在供應鏈中的位置來看，我們預期支援 Golden Dome 的大量需求，實際上會透過對既有生產計畫的修改來實現。

Think that PAC-3, standard missile, for example. Those types of programs are already in place. The adjustments could be made to the production rates. In fact, those have already been largely communicated to the public.

例如 PAC-3、Standard Missile。這類計畫本來就已經在運作。可以對生產速率做調整。事實上，這些內容大多也已對外公開傳達。

I think that the timing, again, is the question. As I said earlier, I think that we can perhaps start to see some of the upside driven by Golden Dome coming towards the end of the year in the form of orders with potential revenue, as we start to look into 2027.

我認為時點仍然是問題所在。如我先前所說，我認為我們或許在今年年底開始看到由 Golden Dome 帶動的一些上行空間，以訂單的形式呈現並可能帶來營收，當我們開始展望 2027 年時。

The only thing I would add (technical difficulty) Golden Dome is, call it, one vector of growth that we'll see the supplemental -- munition supplemental -- provides another opportunity. We don't get a [PO] that says, necessarily, Golden Dome. And so that is baked into the ramp-ups that we're collaborating with our customers on being able to support.

我唯一想補充的是（技術問題）Golden Dome 算是我們將看到的成長向量之一；補充預算——彈藥補充預算——也提供另一個機會。我們不會收到一張 [PO]（採購訂單）上面明確寫著 Golden Dome。因此，這些都已反映在我們與客戶協作、為了支援而進行的產能爬坡規劃之中。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Congratulations, Tony. Congratulations, Jon.

恭喜你，Tony。恭喜你，Jon。

I was wondering -- for either Jonathan, Tony, or Jon -- can you discuss the trends that you're seeing in your space business with NASA, Blue Origin, ULA, and some of your other customers?

我想請教——不論是 Jonathan、Tony 或 Jon——你們能否談談在太空業務方面，與 NASA、Blue Origin、ULA 以及其他一些客戶合作時，你們看到的趨勢？

I think the recent [Vulcan] launch experienced an anomaly. There's been some changes with the Artemis program.

我認為最近 [Vulcan] 的發射出現了異常。Artemis 計畫也有一些變動。

But can you describe at a high level the trends you're seeing; and how that impacts your 2026 projections?

但你能否從高層次描述你們看到的趨勢；以及這如何影響你們對 2026 年的預測？

Yeah. I think, from a space perspective, the way we're looking at it is that the demand for space launch is going to remain strong. And so having a strong position across the space launch, call it, prime supply chain, I think we have a good position here.

是的。我認為從太空的角度來看，我們的看法是太空發射的需求將維持強勁。因此，在太空發射（可說是）主承包供應鏈上擁有強勢布局，我認為我們在這裡處於有利位置。

While we may see, for example, a temporary setback for ULA, as they work through some technical challenges, we may see others project perhaps more and more strong near-term opportunity to support such initiatives or launch events, I should say.

雖然我們可能會看到，例如 ULA 在解決一些技術挑戰時出現短期挫折，但我們也可能看到其他業者在短期內展現愈來愈強的機會，來支援這類倡議或我應該說發射任務。

Overall, we have confidece that the trajectory we've been on will continue to be, as it presses forward, even though the mix from one provider at the prime level to another may adjust.

整體而言，我們有信心我們一路走來的成長軌跡會持續延伸、繼續向前推進，即使在主承包層級，不同供應商之間的組合可能會有所調整。

Yeah. Again, our strategy is to support all the launch providers. Should one have a bump, like ULA, we are supporting all of them.

是的。同樣地，我們的策略是支援所有發射服務提供者。即便其中一家像 ULA 這樣遇到小波折，我們仍然支援所有業者。

Interestingly enough, Artemis is showing some positive demand signals for us. We do see some opportunity there on both SLS and Orion to support that program.

有趣的是，Artemis 對我們而言正顯示出一些正向的需求訊號。我們確實在 SLS 與 Orion 兩方面看到一些機會，可以支援該計畫。

Fantastic. For you, Jon, you bring a unique perspective in that you came from L3Harris and you also came from Lockheed, which are two of Karman's larger customers.

太棒了。Jon，你帶來一個獨特的視角，因為你之前在 L3Harris，也在 Lockheed 任職，而這兩家公司都是 Karman 較大的客戶。

I was wondering, do you see opportunities for the defense primes to offload more of the research and development; and offload more of the subsystems development to Karman? Do you think there's potential there for you to, like, gain, like, market share from your customers in terms of the production of these munition systems?

我想請教，你是否看到國防主承包商有機會把更多研發外包；並把更多子系統開發外包給 Karman？你認為是否存在潛力，讓你們在這些彈藥系統的生產方面，從客戶那裡（某種程度上）取得更多市占？

In both instances, I think the answer to your question would be yes. I think there's certainly more opportunity for Karman to support the primes.

在這兩種情況下，我認為答案都是肯定的。我認為 Karman 確實有更多機會來支援主承包商。

That's been part of the overall strategy of the company -- is to look at within the second tier of the supply chain and find opportunities to bring together companies that, on their own, may not have had the resources to invest at the levels required to scale in the way that the primes -- both traditional and non-traditional primes -- are likely to be expected to in the coming years.

這一直是公司整體策略的一部分——也就是在供應鏈的第二層級中尋找機會，把一些公司整合起來；這些公司單靠自身可能沒有資源，以達到所需的投資水準，來用主承包商——不論是傳統或非傳統主承包商——在未來幾年可能被期待的方式進行擴產。

And so we would look to be (technical difficulty) additional adjacent areas to support, whether that be development or work production; and continue to scale the volumes of the products that we're supporting today.

因此，我們會尋求（技術問題）更多相鄰領域來提供支援，不論是開發或量產工作；並持續擴大我們目前所支援產品的出貨量。

Yes. I see significant additional opportunity, as time continues on. I would temper that by saying the opportunity that we see at this point in time is in the '26 guidance.

是的。我確實看到隨著時間推進，還有顯著的額外機會。但我也要稍微保守地說，我們目前看到的機會已反映在 2026 年的指引之中。

Alexandra Mandery, Truist Securities.

Alexandra Mandery，Truist Securities。

Nice results. I just want to ask, can you provide more color on the contract delays, including the size of the headwind to backlog and growth; and if this is embedded in the outlook, if at all?

成果不錯。我想請問，你能否就合約延遲提供更多細節，包括對在手訂單（backlog）與成長造成的逆風規模；以及這是否（若有的話）已納入展望之中？

The size of delay, that might be a little bit more difficult in terms of the exact figure itself. We are in constant contact and communication dialogues with our customers and so that is getting better.

延遲的規模——就精確數字而言——可能會比較難直接給出。我們與客戶保持持續的聯繫與溝通對話，因此情況正在改善。

We have great confidence that it is truly just a delay. It's a timing matter; rather than, will the orders come through?

我們非常有信心這確實只是延遲。這是時點問題；而不是訂單會不會下來的問題。

We are confident that our customers are also confident that it is really just a timing matter.

我們也有信心，我們的客戶同樣相信這真的只是時點問題。

Yeah. I think, having just joined the company; and, certainly, talking with other companies in the industry over the last six months, I think that the delays that Karman's experienced would be not inconsistent with what other companies in the industry experienced during the same period of time, if that helps.

是的。我想，因為我剛加入公司；而且在過去六個月也確實與產業內其他公司交流，我認為 Karman 所經歷的延遲，與同期間其他公司所經歷的情況並不不一致——如果這樣說有幫助的話。

That makes sense. Yeah. Yeah. Perfect.

了解。是的。是的。完美。

And then, one other follow-up was that, we've seen a push towards low-cost, high-volume production of munitions and weapons systems by the Department of War.

然後，另一個追問是，我們看到戰爭部正推動以低成本、高產量的方式生產彈藥與武器系統。

Are you working with any new entrants that are playing in this space?

你們是否正在與任何在這個領域的新進業者合作？

Yes. We are. We enjoy a really healthy position here at Karman.

是的。我們有。我們在 Karman 這裡的布局非常穩健。

We're on over 130 programs. We're working with 80 different customers, most of which are prime across the space and defense landscape; certainly, all of the established primes, as well as the newer entrants.

我們參與超過 130 個專案。我們與 80 個不同的客戶合作，其中多數是橫跨航太與國防版圖的主承包商；當然，包括所有既有的主承包商，以及較新的進入者。

We're pretty well diversified, from a coverage perspective.

從覆蓋面來看，我們的多元化程度相當高。

We're built, from a manufacturing standpoint, to support those type of lower-cost, high-volume systems that are gaining traction in demand.

從製造角度而言，我們的產能與流程就是為了支援這類正在獲得需求動能的低成本、高產量系統而打造。

As an example, ISP has a commercial offering of launch motors. And so we're able to leverage that commercial launch motors for DoD applications or DoW.

舉例來說，ISP 有商用的發射馬達產品。因此我們能把這些商用發射馬達運用到國防部（DoD）或戰爭部（DoW）的應用上。

Austin Bohlig, Needham.

Austin Bohlig，Needham。

Congrats on the solid results.

恭喜你們交出穩健的成果。

The first question just has to do with the new updated guidance. There's just some big supplemental packages possibly going through Congress related to the conflict in Iran.

第一個問題是關於最新更新的財測指引。目前國會可能正在推進一些與伊朗衝突相關的大型追加補助方案。

How should we think about potential upside with possible new funding that could be coming related to that war?

對於可能因那場戰爭而新增的資金所帶來的潛在上行空間，我們應該如何看待？

Yeah. Thank you, Austin. I appreciate the question.

是的。謝謝你，Austin。我很感謝這個問題。

The first question is, if that supplemental continues to move forward, how long is it going to take to find its way into law and then, into funding?

第一個問題是，如果那筆追加預算持續往前推進，需要多久才能成為法律，然後轉化為實際撥款？

Certainly, while we see there's good reason for that supplemental to be pushed forward, based on what we're seeing now on the hill, it's a little bit unclear how long that's going to take to work its way through. The path is not going to be an easy one. Timing would be a question.

當然，雖然基於我們目前在國會山莊看到的情況，確實有充分理由推動這筆追加預算，但它要走完流程需要多久仍有些不明朗。這條路不會容易。時程會是一個問題。

If that were to move quickly, certainly, there might be something that could materialize before the end of this year. But, again, our best guess, at this point in time, is those things that could present upside would likely materialize its orders as early as the fourth quarter of 2026, with real volume potentially in 2027.

如果進展很快，當然，可能在今年年底前就會有一些成果浮現。但同樣地，以我們目前的最佳判斷，可能帶來上行的事項，較可能在 2026 年第四季就開始以訂單形式浮現，而真正的量可能在 2027 年。

Got it. Jon, one more question for you.

了解。Jon，我還有一個問題想請教你。

Just given your deep background in the space and just given Karman's history of being very acquisitive, like, what capabilities do you think are most of interest that might make sense to go out and purchase an M&A?

考量你在這個領域深厚的背景，以及 Karman 過去一向非常積極併購，你認為哪些能力最值得關注、可能適合透過併購（M&A）去買進？

Yesah. Look, I've had an opportunity to spend some time with the team looking at the M&A pipeline. It continues to be one that has a number of opportunities in it that are under various stages of evaluation.

是的。你看，我有機會和團隊一起花些時間檢視併購案源（pipeline）。其中仍有不少機會，正處於不同階段的評估中。

Certainly, as you're thinking about things that might be of interest to Karman, I would look at things that are complementary or adjacent to the things that we do today.

當然，若你在思考哪些標的可能對 Karman 有吸引力，我會看那些與我們目前業務互補或相鄰的領域。

If you look at how we put the company together, to date, that's largely been how we've constructed it. There tends to be value that accrues across the broader portfolio with each one of these portfolio businesses that we've acquired.

如果你回顧我們迄今如何打造這家公司，基本上就是用這樣的方式建構起來的。我們每收購一個投資組合事業，往往能在更廣泛的投資組合層面累積價值。

One thing we've been really thoughtful about is we are a supplier to 130 companies, most of them primes. And so we're really thoughtful about not wanting to directly compete with our customers.

我們一直非常審慎的一點是：我們是 130 家公司的供應商，其中多數是主承包商。因此我們非常謹慎，不希望與客戶形成直接競爭。

We're looking at how we can bring together pieces of the sub-tier supply chain in a more meaningful way that brings greater value to the primes than if they were to try to do these things themselves; or as traditionally, in many cases -- has happened to try to piece them together with a number of smaller businesses that just have less capacity to invest and scale.

我們在看的是：如何以更有意義的方式整合次級供應鏈（sub-tier supply chain）的各個環節，為主承包商帶來更高價值；相較之下，如果他們自己做，或像傳統上很多情況那樣——試著用多家較小、投資與擴張能力較弱的公司去拼湊——效果會更差。

That's the lens that we're putting over the landscape. We're also looking for high-technology, IP-rich opportunities, as has been our historical trends and our focus.

這就是我們用來審視整個產業版圖的視角。我們也在尋找高科技、IP（智慧財產）含量高的機會，這也符合我們過去的趨勢與聚焦方向。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

This is Victor Santiago, on for Amit. Congrats on solid quarter. Wishing Tony a happy retirement from the team.

我是 Victor Santiago，代 Amit 提問。恭喜你們本季表現穩健。也祝 Tony 退休愉快。

I wanted to ask about the backlog. I understand that you guys don't guide by segment. But can you help us better appreciate the composition of your backlog and which segments might driving the recent expansion?

我想問一下訂單積壓（backlog）。我理解你們不按部門提供指引。但你能否幫我們更好地理解你們訂單積壓的組成，以及近期擴張主要由哪些終端市場帶動？

I would just point you towards -- that we are seeing solid growth in, now, all four of our end markets. The reason why I wouldn't maybe call out one, in particular, is because there is a timing aspect of contract awards, whether it's a Space & Launch commercial platform; award of longer-term contracts now, of course, with Maritime.

我想我會請你參考——我們目前在四個終端市場都看到穩健成長。之所以我不特別點名某一個，是因為合約授予的時點會有影響：不論是太空與發射（Space & Launch）的商業平台；或是海事（Maritime）目前也開始拿到更長期的合約。

The composition can shift from one quarter to the next. In a longer-term horizon on a year, it's rather pretty well balanced in terms of bookings and what that looks like.

因此，組成可能會在不同季度之間有所變動。但若拉長到一年這樣的時間尺度，從接單（bookings）及其樣貌來看，整體其實相當均衡。

But I would just leave it with: all four have great growth drivers behind them. We expect that that trend is going to continue on all four of those end markets.

但我想就先總結為：四個終端市場背後都有很強的成長驅動因素。我們預期這個趨勢會在這四個終端市場持續下去。

Got it. To follow up on the last question around M&A: Just, how can we think about Karman's appetite to do another acquisition, following the Seemann and MSC acquisition, just given where net leverage is -- just over 3 times?

了解。延續上一題關於併購：在完成 Seemann 與 MSC 兩項收購之後，考量目前淨槓桿約略略高於 3 倍，我們應該如何看待 Karman 再做下一筆收購的意願？

Yeah. This is Jon.

是的。我是 Jon。

Look, I would say, as I've come on board, it's impressed me how well Karman has perfected the process of M&A integration. One of the things that's been really impressive to me -- and, as you know, can often trip up the integration process -- is culture.

你看，我加入之後，讓我印象很深的是 Karman 把併購整合（M&A integration）的流程打磨得非常成熟。其中一個讓我非常佩服、而且你也知道常常會拖累整合的因素——就是文化。

What I've seen is that, first off, the core Karman business has a very healthy culture. One of the things that really attracted me to this job -- as I got to know Tony and know the business -- was: the way he's led this team is the way I would lead this team. I will lead the team, going forward.

我看到的是，首先，Karman 核心業務本身就有非常健康的文化。吸引我接下這份工作的其中一點——在我逐步認識 Tony、也更了解這門生意之後——是：他帶領團隊的方式，正是我會帶領團隊的方式。未來我也會以同樣方式帶領團隊。

The companies that have joined the portfolio are very enthusiastic about being a part of this business. They understand what's been happening here. They see it something special. They want to become part of this team.

加入我們投資組合的公司，也都非常熱衷成為這門生意的一部分。他們理解這裡正在發生什麼。他們覺得這很特別。他們想成為這個團隊的一員。

That's really made the integration process very straightforward. I've met with representatives from all of the component parts of the company in my short time here these last few days. Honestly, there's just a lot of enthusiasm. That's made the integration process more straightforward.

這讓整合流程變得非常順暢。在我來到這裡的短短幾天內，我已經與公司各個組成部分的代表都見過面。坦白說，大家都充滿熱情。這也讓整合流程更為順利。

Back to the question of appetite, I think the appetite is there, if you think about the mix of organic and inorganic growth that we are projecting, going forward. That will depend upon a certain amount of continued M&A activity.

回到關於成長動能的問題，我認為動能是存在的，若你思考我們往前所預期的有機與非有機成長組合。這將取決於一定程度的持續併購（M&A）活動。

We would not get out over our ski tips and bite off more than we can chew. But I think there's a formula here. As long as we stick to the formula, things will continue to go well. We'll continue to see that balanced mix of growth in the business for the years to come.

我們不會操之過急、貪多嚼不爛。但我認為這裡有一套公式。只要我們遵循這套公式，事情就會持續進展順利。未來幾年我們將持續看到業務成長的均衡組合。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

I wanted to follow up on the NASA Ignition program announced yesterday to accelerate work on the moon. You talked about your ability to support the launch providers. But are there any other areas outside of just launch that you might have exposure to, as NASA looks to build out the lunar base over the next decade, maybe within satellite technology; or anything else there that you can highlight?

我想跟進昨天宣布、用以加速月球相關工作的 NASA Ignition 計畫。你談到你們支援發射服務提供商的能力。但除了發射之外，隨著 NASA 在未來十年著手建置月球基地，你們是否還有其他可能涉入的領域，例如衛星技術；或其他你能強調的面向？

Yeah. We do have some participation outside of, strictly, the launch component of the full equation. In fact, space vehicles is an area where we do have some work that's active.

是的。除了整體方程式中嚴格意義上的發射環節之外，我們確實也有一些參與。事實上，太空載具是我們目前有一些正在進行工作的領域。

Jonathan, I'm not sure how much we can say about that work; if you want to add anything to that?

Jonathan，我不確定我們能對那項工作說多少；你要不要補充一下？

Yeah. It's one of those where we look at the capabilities set that we have. They have broad ability to support our customers, really, independent of what their mission ends up being.

好的。這屬於我們會檢視自身所具備的能力組合的那一類。這些能力能廣泛支援我們的客戶，基本上不取決於他們最終的任務是什麼。

And so, yeah, we have built out at our Seattle facility a large clean room to support spacecraft integration and assembly work. And so we would be able to support satellites, spacecraft from that facility.

因此，是的，我們在西雅圖廠區建置了一間大型無塵室，用於支援航太器整合與組裝工作。所以我們能在該廠區支援衛星、航太器。

But, certainly, very engaged with the NASA and the prime customers on Ignition program to see how we can support.

不過，當然，我們也非常積極地與 NASA 以及 Ignition 計畫的主承包客戶合作，看看我們能如何提供支援。

Great. And then, switching to Hypersonics, just given the significant growth that we're seeing across the industry there -- and, clearly, budget support for those initiatives -- is there any more color you can provide on how significant some of these growth opportunities could be within Hypersonics over maybe the next year or two?

很好。接著切換到高超音速（Hypersonics），鑑於我們看到整個產業在該領域的顯著成長——而且顯然預算也支持這些倡議——你能否就未來一到兩年內，高超音速領域的一些成長機會可能有多大，提供更多說明？

Yeah. I'm not sure how much I want to speculate on the growth of specific initiatives in Hypersonics. Clearly, it's a continued area of focus for our customers.

是的。我不確定我想對高超音速領域特定倡議的成長做多少推測。很明顯，這仍是我們客戶持續關注的領域。

It is an area where we do, again, have -- we have participation across a number of programs that are in various stages of development. We have some that are classified. We have some that are a little more out in the open.

這也是我們再次強調的領域——我們參與了多個處於不同開發階段的計畫。其中有些是機密的。也有一些相對較為公開。

Again, we follow our customers' lead on those. I would say it will continue to be a significant focus for us. It's a part of our portfolio that continues to grow along with the other pieces.

同樣地，我們會依循客戶在這些方面的步調。我會說，這將持續是我們的重要重點。它是我們投資組合的一部分，並會與其他部分一樣持續成長。

I think we said that Hypersonics & Strategic Missile Defense grew, for us, about 31% year over year in '25. It's a healthy growing part of the business.

我想我們提到過，高超音速與戰略飛彈防禦（Hypersonics & Strategic Missile Defense）在 2025 年對我們而言年增約 31%。這是業務中健康成長的一部分。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

I appreciate the follow-up. I know the vast majority of what you sell, you're sole source. But are you aware of any specific efforts or even broader effort by your customers to try and add on second sources beyond yourself on any particular programs?

感謝補充說明。我知道你們銷售的絕大多數產品都是單一來源供應。但你們是否注意到客戶有任何特定作法，或更廣泛的作法，試圖在某些特定計畫上，除了你們之外再增加第二來源？

If so, how do you view that risk? Obviously, how do you then go about trying to prevent that?

如果有的話，你們如何看待這項風險？顯然，你們又會如何著手避免這種情況？

Yeah. Ken, certainly, it's something we've talked about. I think that, right now, we aren't aware of any initiatives of our customers to second sources for performance or capacity or any other reasons.

是的。Ken，這當然是我們討論過的事情。我認為就目前而言，我們並未察覺客戶出於性能、產能或其他任何原因而推動第二來源的任何計畫。

As we look, though, at the increases that are contemplated, one of our highest priorities is, first off, to make sure we're performing and meeting our commitments to our customers today. I've been in touch with many of our customers in this last several days here to reinforce our commitment. We'll be meeting with them in the weeks to come here.

不過，當我們看待所預期的增量時，我們的最高優先事項之一，首先是確保我們目前的表現並履行對客戶的承諾。在過去幾天裡，我已與許多客戶聯繫，以重申我們的承諾。接下來幾週我們也會與他們會面。

Our focus is to make sure that we never become a chokepoint, a bottleneck, or a risk for our customers.

我們的重點是確保我們永遠不會成為客戶的卡點、瓶頸或風險。

Jonathan mentioned the redundance. We're putting in additional capacity for nozzle production.

Jonathan 提到了備援。我們正在增加噴嘴生產的額外產能。

We're also doing that deliberately in those locations from our primary nozzle production. Part of that is to provide some redundancy to our customers without having to contemplate going elsewhere to get redundancy for those critical capabilities.

我們也刻意在不同於主要噴嘴生產地點的地方進行這項作業。其中一部分目的，是在不必考慮另尋他處取得這些關鍵能力備援的情況下，為客戶提供一定程度的備援。

It's something we think about. It's something we talk about. It's something that is part of our strategy.

這是我們會思考的事情。這是我們會討論的事情。這也是我們策略的一部分。

Certainly, we are committed not to be a choke point or bottleneck that would put our customers in the position, frankly, of a time-consuming and costly qualification of another source.

當然，我們承諾不會成為卡點或瓶頸，讓客戶陷入坦白說既耗時又昂貴、需要對另一個來源進行資格認證的處境。

Thank you.

謝謝。

Thank you.

謝謝。

That concludes our question-and-answer session.

問答環節到此結束。

I will now turn the call back over to Steven Gitlin for closing remarks.

我現在把電話交回給 Steven Gitlin 作結語。

Thank you, [Tiffany]. Thank you, all, for your attention today and for your interest in Karman Space & Defense.

謝謝，[Tiffany]。也謝謝各位今天的關注，以及對 Karman Space & Defense 的興趣。

An archived version of this call; all SEC filings; and relevant company and industry news can be found on our website at karman-sd.com.

本次電話會議的存檔版本、所有 SEC 申報文件，以及相關公司與產業新聞，皆可在我們的網站 karman-sd.com 查閱。

We wish you a good day. We look forward to updating you on our continued progress in the quarters ahead.

祝各位有美好的一天。我們期待在接下來的季度向各位更新我們持續的進展。

This concludes today's call. Thank you all for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。