Karman Holdings Inc (KRMN) 2026 Q1 法說會逐字稿

Hello, everyone.

大家好。

Thank you for joining us, and welcome to the Karman Space & Defense First Quarter Fiscal Year 2026 Earnings Conference Call (Operator Instructions).

感謝各位加入我們，歡迎參加 Karman Space & Defense 2026 會計年度第一季財報電話會議(接線員指示)。

I will now hand the conference over to Steven Gitlin, Senior Vice President of Investor Relations and Corporate Communications. Stephen, please go ahead.

現在我將把會議交給投資人關係與企業傳播資深副總裁 Steven Gitlin。Stephen，請開始。

Good afternoon, and thank you for joining Karman Space and Defense's first-quarter fiscal 2026 earnings conference call.

各位下午好，感謝各位參加 Karman Space and Defense 2026 會計年度第一季財報電話會議。

I'm Steven Gitlin, Senior Vice President of Investor Relations and Corporate Communications, and I'm pleased to welcome you today. Joining me on today's call are John Rambeau, our Chief Executive Officer Mike Willis, our Chief Financial Officer and Jonathan Beaudoin, our Chief Operating Officer.

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。今天與我一同出席的有：我們的執行長 John Rambeau、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 and 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 two 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.

相關內容已載於我們今日下午發布於公司網站之財報簡報第 2 頁，並於 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 中有更詳細說明。

I'd also like to note that we will discuss a number of non-GAAP financial measures today that we believe can be useful in evaluating our performance. Such non-GAAP financial measures should not be considered in isolation or a substitute for results prepared in accordance with GAAP.

我也想提醒各位，我們今天將討論若干非 GAAP 財務衡量指標，我們認為這些指標有助於評估公司的經營表現。此等非 GAAP 財務衡量指標不應單獨使用，亦不應視為 GAAP 編製結果的替代。

Our earnings 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」項下查閱，並包含任何非 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, May 12, 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 5 月 12 日）為準且為正確。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，我想把電話會議交給 Jon Rambeau。

Thank you, Steve, and good afternoon.

謝謝你，Steve，各位下午好。

Today, I'll begin by summarizing our record first quarter performance. Then, Mike Willis will review our financials, followed by Jonathan Beaudoin, who will discuss the demand environment and our capacity expansion initiatives.

今天我將先概述我們創紀錄的第一季表現。接著由 Mike Willis 回顧財務狀況，之後由 Jonathan Beaudoin 說明需求環境以及我們的產能擴張計畫。

I'll wrap up with our outlook before we take your questions.

在回答各位提問之前，我將以我們的展望作結。

Before we review our results, I want to acknowledge the service and sacrifice of the men and women who protect our nation, both at home and abroad, especially during these challenging times. Allow me to also recognize the achievements of our Astronaut Corps and the dedicated teams at NASA and throughout the space supply chain.

在檢視我們的業績之前，我想先向在國內外守護我們國家的男女軍人致敬，特別是在這些充滿挑戰的時刻，他們的服務與犧牲值得我們肯定。也請允許我表揚我們的太空人團隊，以及 NASA 與整個太空供應鏈中敬業的團隊所取得的成就。

At Karman, we're proud to serve these individuals every day with the critical systems that help protect and propel them to new heights. It's been an exciting and rewarding six weeks since I joined Karman . In that time, I visited six of our sites across the country, from California to Pennsylvania, from Mukateo to Mississippi.

在 Karman，我們很自豪能每天以關鍵系統服務這些人士，協助保護他們並推動他們邁向新高度。自我加入 Karman 以來的六週期間令人振奮且收穫豐富。在這段時間裡，我走訪了全國六個據點，從加州到賓州，從 Mukateo 到密西西比州。

I've gotten to know the people and the technology that have made Karman successful. I've also spoken with customers who consistently praise the value Karman delivers. I've had the pleasure of meeting many investors, some already shareholders, and others who may join us in the future. Your feedback has been constructive and is always appreciated.

我逐步認識了讓 Karman 成功的人才與技術。我也與客戶交流，他們一再稱讚 Karman 所提供的價值。我也很高興見到許多投資人，有些已是股東，另一些未來可能加入我們。各位的回饋很具建設性，我們始終心懷感謝。

Two questions I'm often asked are, number one, what prompted me, after 30 years working at a defense prime, to join Karman?

我經常被問到兩個問題：第一，在國防主承包商工作 30 年後，是什麼促使我加入 Karman？

And two, what do I plan to do differently here?

第二，我打算在這裡做哪些不同的事？

To the first, I spent 30 years in defense. Yet when I began studying Karman , I saw something I hadn't seen before.

先回答第一個問題：我在國防產業工作了 30 年。然而，當我開始研究 Karman 時，我看到了以前未曾見過的東西。

The company's growth trajectory, product line pedigree, and unique merchant supply position as a provider to the primes across defense, space, and launch made this an opportunity I couldn't pass up. To the second. I believe Karman's strategy is working well, so I don't see a need for substantial changes in strategy or the trajectory of the company.

公司的成長軌跡、產品線的深厚傳承，以及作為跨國防、太空與發射領域、向各大主承包商供應的獨特商業供應商定位，使這成為我無法錯過的機會。至於第二個問題。我認為 Karman 的策略運作良好，因此我不認為有必要對策略或公司發展軌跡做出重大改變。

My focus is on the continued strength of relationships with our customers and our investors and on meeting our commitments to our customers with on-time product and system delivery and to our shareholders via continued organic and inorganic growth and bottom line returns.

我的重點在於持續強化與客戶及投資人的關係；對客戶方面，按期交付產品與系統以履行承諾；對股東方面，透過持續的有機與非有機成長，以及獲利表現與報酬，來回饋股東。

Finally, I'm focused on the continued optimization and integration of capabilities across the company to unlock the full value of the Karman Enterprise. As we come through the balance of 2026, I look forward to ongoing engagement with employees, customers, investors, and analysts, and to your questions and feedback.

最後，我也專注於持續優化並整合公司各項能力，以釋放 Karman 企業的全部價值。在 2026 年剩餘期間，我期待與員工、客戶、投資人及分析師持續互動，也期待各位的提問與回饋。

Now let's turn to our results.

現在讓我們來看業績表現。

Our team delivered another set of record results in the first quarter. As shown on Page 4 of our earnings presentation, highlights include: record quarterly revenue of $151 million with year-over-year growth across all three end markets and the addition of our new Maritime Defense Systems end market record quarterly gross profit of $64 million record quarterly adjusted EBITDA of $all45 million-time high backlog of more than $1 billion.

我們的團隊在第一季再次交出一組創紀錄的成果。如同我們財報簡報第 4 頁所示，重點包括：季度營收創新高達 1.51 億美元，三大終端市場皆呈現年增成長，並新增「海事防禦系統」終端市場；季度毛利創新高達 6,400 萬美元；季度調整後 EBITDA 創新高達 4,500 萬美元；在手訂單（backlog）創新高超過 10 億美元。

And given our strong performance and high visibility, we are now raising our full-year revenue and adjusted EBITDA guidance, as I'll detail shortly.

鑑於我們強勁的表現與高度能見度，我們現正上調全年營收與調整後 EBITDA 指引，稍後我將詳述。

Our Siemen Composites and MSC acquisition, which closed in January, contributed two months of revenue this quarter. This represented about half of our year-over-year quarterly revenue growth.

我們於 1 月完成交割的 Siemen Composites 與 MSC 併購案，在本季貢獻了兩個月的營收。這約占我們季度營收年增幅的一半。

Just two weeks ago, I visited our sites in Horsham, PA and Gulfport, Mississippi, and I was impressed by the depth of capabilities. Breadth of solutions and the energy of our team, an impression that's been consistent across every site I've visited.

就在兩週前，我走訪了賓州 Horsham 與密西西比州 Gulfport 的據點，對其能力深度、解決方案廣度以及團隊的活力印象深刻；而這樣的印象在我走訪的每個據點都一致。

Some of the sites I visited produce critical components for the space industry. One of the most exciting recent developments was a successful Artemis II moon mission in April. Karman supplied key subsystems for the SOS launch vehicle and the Orion capsule.

我走訪的一些據點生產太空產業的關鍵零組件。近期最令人振奮的進展之一，是 4 月 Artemis II 登月任務成功。Karman 為 SOS 運載火箭與 Orion 太空艙提供了關鍵子系統。

Our space and launch market produced 29.5% year-over-year revenue growth. Underscoring our key position in the space ecosystem and is highlighted with our inclusion in Morgan Stanley's recent space trade list.

我們的太空與發射市場營收年增 29.5%。這凸顯了我們在太空生態系中的關鍵地位，也反映在我們被納入摩根士丹利近期的太空交易名單之中。

The Artemis II success and the restructuring of the Artemis program, with annual missions now planned through and beyond 2029, have increased both customer engagement and contracting momentum. Karman has a long proven track record in space, and we look forward to continuing to support all major US launch providers. Both established and emerging, as well as our integration of a lunar lander for NASA's CLIPS program.

Artemis II 的成功以及 Artemis 計畫的重整（目前規劃每年執行任務，延續至 2029 年及其後），提升了客戶互動與簽約動能。Karman 在太空領域擁有長期且經驗證的實績，我們期待持續支援所有主要的美國發射服務供應商，包括既有與新興業者，同時也支援我們為 NASA 的 CLIPS 計畫整合月球登陸器。

We're off to a strong start in 2026, and we believe market dynamics point to continued opportunity through the end of the decade and beyond.

我們在 2026 年有一個強勁的開局，並且我們相信市場動態顯示，直到本十年末及更長遠的未來仍將持續存在機會。

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

接下來我把時間交給 Mike，進行更詳細的財務回顧。

Thank you, John.

謝謝你，John。

A record first quarter demonstrates Karman's continued strength and momentum, as shown on page five. Revenue of $151 million was up 51% from Q1 fiscal 2025. Gross profit of $64 million grew 62% with a gross margin of 42%.

如第 5 頁所示，創紀錄的第一季展現了 Karman 持續的實力與動能。營收 1.51 億美元，較 2025 會計年度第一季成長 51%。毛利 6,400 萬美元，成長 62%，毛利率為 42%。

Net income was $8 million compared to a $5 million loss last year. Adjusted EBITDA reached $45 million, up nearly 50% year-over-year as compared to Q1 fiscal year '25. Adjusted EPS increased more than 100% to $0.11 per diluted share from $0.05, and backlog grew 61% year-over-year to more than $1 billion.

淨利為800萬美元，相較於去年虧損500萬美元。調整後EBITDA達4,500萬美元，較2025會計年度第一季年增近50%。調整後每股盈餘（EPS）較去年每股稀釋後0.05美元增加逾100%至0.11美元，且積壓訂單年增61%至逾10億美元。

Each of our three legacy markets produced strong year-over-year growth in Q1, as shown on page 6. Hypersonics and strategic missile defense revenue grew 19% to $36 million, driven by increases in strategic programs.

我們三個傳統市場在第一季皆呈現強勁的年增成長，如第6頁所示。高超音速與戰略飛彈防禦（SMD）營收成長19%至3,600萬美元，主要受戰略計畫增加所帶動。

Space and launch revenue grew 29% to $44 million, driven by the timing of orders for critical content supporting both legacy and emerging launch providers and spacecraft. Tactical missiles and Integrated Defense Systems revenue rose 25% to $45 million, primarily due to demand associated with the continued adoption of advanced drone and motoring munition systems and an increase in production output for GMLRS.

太空與發射營收成長29%至4,400萬美元，主要受支援傳統與新興發射服務供應商及太空載具之關鍵內容訂單時點影響。戰術飛彈與整合防禦系統（IDS）營收上升25%至4,500萬美元，主要因先進無人機與巡飛彈藥系統持續採用所帶動的需求，以及GMLRS產量提升。

Maritime Defense Systems contributed $26 million, primarily from ongoing submarine and LCAP programs, among others. First quarter revenue mix was Space and Launch, 29% Hypersonics and SMD, 24% Tactical Missiles and IDS, 30% and Maritime Defense Systems, 17%.

海事防禦系統貢獻2,600萬美元，主要來自持續進行的潛艦與LCAP等計畫。第一季營收組合為：太空與發射29%、高超音速與SMD 24%、戰術飛彈與IDS 30%、海事防禦系統17%。

Turning to the balance sheet, we continue to prioritize growth as we consider capital allocation decisions. We ended the quarter with $74 million cash and cash equivalents, up $40 million from year-end '25. CapEx totaled $7 million, supporting growth in nozzle capacity, UAS launchers, launch vehicles and spacecraft manufacturing capabilities.

談到資產負債表，我們在考量資本配置決策時，仍持續將成長列為優先。本季末現金及約當現金為7,400萬美元，較2025年年底增加4,000萬美元。資本支出（CapEx）合計700萬美元，用於支援噴嘴產能、UAS發射器、運載火箭與太空載具製造能力的成長。

Total debt stands at $758 million with an interest rate of SOFR plus 2.75%. We expect leverage to decline to approximately 3 times adjusted EBITDA by the end of 2026. Our untapped revolving credit facility increased from $50 million to $150 million, providing further flexibility.

總負債為7.58億美元，利率為SOFR加2.75%。我們預期槓桿比率將於2026年底降至約調整後EBITDA的3倍。我們未動用的循環信用額度由5,000萬美元提高至1.5億美元，提供更大的彈性。

We expect a statutory tax rate of 26.5% for fiscal year '26 and CapEx at roughly 5% of revenue, or approximately $36 million. We expect that D&A and interest expense will moderately increase due to the acquisition of Siemens and MSC.

我們預期2026會計年度法定稅率為26.5%，資本支出約為營收的5%，約3,600萬美元。由於收購Siemens與MSC，我們預期折舊與攤銷（D&A）及利息費用將小幅增加。

Regarding margins, we continue to focus on operational efficiency and scale, which we expect will support strong margins as we grow.

就利潤率而言，我們持續聚焦營運效率與規模化，我們預期這將在成長過程中支撐強勁的利潤率。

Now I'll turn over to Jonathan for an update on market demand and capacity expansion.

接下來我把時間交給Jonathan，請他更新市場需求與產能擴張的進展。

Thank you, Mike.

謝謝你，Mike。

The demand environment remains very favorable for Karman , and we're investing in capacity to support our customers.

Karman的需求環境仍然非常有利，我們正投資擴充產能以支援客戶。

The President's FY 2027 Defense Budget Request was published in late April. Is the very first step in the congressional appropriations process that typically plays out over a multi-month period and could result in compromises and changes. Nevertheless, the budget request includes sharp procurement funding increases for the programs carbon supports.

總統的2027會計年度國防預算請求於4月下旬公布。這是國會撥款流程的第一步，通常會在數個月期間推進，並可能導致妥協與變更。儘管如此，該預算請求仍包含對Karman所支援計畫之採購資金的大幅增加。

For example, in hypersonics and SMD, the request proposes a tripling of SM6, near quadrupling of PRISM, and more than eight-fold increases in SM3, PAC3, and THAAD funding.

例如，在高超音速與SMD方面，該請求提議將SM6採購增加至三倍、PRISM接近四倍，並將SM3、PAC3與THAAD的資金提高至逾八倍。

Other data points support significant increases in production for key programs. The prime contractor for PAC-3, PRISM and THAAD recently announced that it had reached a multi-year framework agreement with the U.S. Government to triple PAC-3 production and quadruple the production of THAAD and PRISM. In tactical missiles and IDS, the request includes over $53 billion for drone dominance with more than $14 billion for counter-UAS development and deployment.

其他數據點也支持關鍵計畫產量將顯著提升。PAC-3、PRISM與THAAD的主承包商近期宣布，已與美國政府達成多年期框架協議，將PAC-3產量提高至三倍，並將THAAD與PRISM的產量提高至四倍。在戰術飛彈與IDS方面，該請求包含逾530億美元用於無人機優勢，其中超過140億美元用於反無人機（counter-UAS）研發與部署。

The extensive deployment of both loitering munitions and counter-UAS solutions as a result of recent conflict in the Middle East has driven demand for our UAS launch systems production.

近期中東衝突導致巡飛彈藥與反無人機解決方案廣泛部署，進而推升我們UAS發射系統的生產需求。

In maritime defense, funding for Columbia and Virginia-class submarine programs is set to rise by over 30%, from $23 billion in 2026 to more than $31 billion in 2027. We believe we provide unique, qualified content for these programs. For space and launch, the request includes $71 billion for the Space Force, with $4.2 billion for launch services, targeting 22 national security launches in FY 2027.

在海事防禦方面，哥倫比亞級與維吉尼亞級潛艦計畫的資金預計將增加逾30%，從2026年的230億美元提高至2027年的310多億美元。我們相信我們為這些計畫提供獨特且已通過資格認證的關鍵內容。在太空與發射方面，該請求包含為太空軍編列710億美元，其中42億美元用於發射服務，目標是在2027會計年度執行22次國家安全發射任務。

As a reminder, we support the major U.S. Launch providers and several emerging providers.

提醒一下，我們支援美國主要的發射服務供應商以及數家新興供應商。

Reflecting the growing interest in our capabilities and the growing value of the opportunities we can pursue, we've seen a marked increase in proposal volume and an even greater increase in proposal value for our integrated systems. These proposals include concepts to support next-generation systems to enhance our nation's capabilities in space and defense.

反映市場對我們能力的興趣日益增加，以及我們可追求機會的價值提升，我們看到提案數量明顯增加，而我們整合系統的提案金額增幅更大。這些提案包含支援下一代系統的概念，以提升我國在太空與國防領域的能力。

With respect to capacity, we are installing advanced production technology to boost output, quality, and productivity, with deployments continuing through the year. For nozzles and UAS launchers, specifically, our current capacity places us ahead of demand, and our new Salt Lake City facility will keep us ahead as it comes online and demand grows.

就產能而言，我們正在導入先進製造技術，以提升產出、品質與生產力，相關部署將持續至今年年底。特別是在噴嘴與UAS發射器方面，我們目前的產能領先需求；隨著新鹽湖城廠房啟用且需求成長，該設施將使我們持續保持領先。

That new facility will add nearly 200,000 square feet of operating floor space and is on track for expected initial production capability in Q4 of this year. We're also completing a large logistics and polymer facility at our Gulfport site to support continued growth there.

該新設施將新增近20萬平方英尺的營運廠房面積，並按計畫於今年第四季具備預期的初始量產能力。我們也正在Gulfport據點完成一座大型物流與聚合物設施，以支援當地的持續成長。

And we are already benefiting from targeted applications of AI to help make our business processes more efficient and accurate. At the same time, we are exploring its broader applications to enable enterprise transformation.

我們也已透過針對性導入AI而開始受益，協助提升業務流程的效率與準確性。同時，我們也在探索更廣泛的應用，以推動企業轉型。

Finally, the integration of Siemen and MSC is progressing well, with teams collaborating on best practices and operational synergies. To enhance our offerings. One example is how our Siemen and MSC acquisition instantly expanded our advanced materials technologies, intellectual property, and manufacturing capabilities across the enterprise to propel new solutions for customers in all markets.

最後，Siemen與MSC的整合進展順利，各團隊正就最佳實務與營運綜效展開合作。以強化我們的產品與服務。其中一個例子是，我們收購Siemen與MSC後，立即在全公司範圍擴充了先進材料技術、智慧財產與製造能力，推動為各市場客戶提供新的解決方案。

We are ramping up capacity to serve customers with speed, agility, and scale. Karman is ready to deliver.

我們正在提升產能，以速度、敏捷性與規模服務客戶。Karman已準備好交付成果。

Now I'll turn it back to Jon.

現在我把時間交回給Jon。

Thank you, Jonathan.

謝謝你，Jonathan。

In my short time here, what I've come to appreciate most is that Karman is truly a different kind of space and defense company, a sentiment echoed by customers, investors, and employees alike. We are built to deliver speed, agility, and scale so our customers can succeed.

在我到任的短時間內，我最深刻體會到的是：Karman確實是一家與眾不同的太空與國防公司，這種感受也同樣來自客戶、投資人與員工。我們以速度、敏捷性與規模為核心打造，讓客戶能夠成功。

A large part of what makes Karman special is our talented team of nearly 2000 employees and the leaders who set the vision for that workforce. We've made some recent changes that will strengthen the leadership team and accelerate our growth.

Karman之所以特別，很大一部分來自我們近2,000名員工的優秀團隊，以及為這支團隊制定願景的領導者。我們近期做出一些調整，將強化領導團隊並加速成長。

I'm pleased that Doug Lorendeau has joined us as Chief Growth Officer, bringing a proven track record from his decades of service to Lockheed Martin.

我很高興Doug Lorendeau加入我們擔任成長長（Chief Growth Officer），他在洛克希德馬丁（Lockheed Martin）數十年的服務中累積了可驗證的卓越實績。

Stephanie Saulhill has assumed the role of Chief Technologist, where she will continue to evolve our technology roadmap and engage with customers around the integrated solutions of both today and tomorrow.

Stephanie Saulhill已接任首席技術專家（Chief Technologist）一職，她將持續推進我們的技術路線圖，並與客戶就當前與未來的整合式解決方案進行交流。

Both of these appointments will help Karman strengthen our competitive moat and create shareholder value. Another factor that sets Karman apart is the strong, long-term relationships we built with our customers. Customers.

這兩項任命將協助Karman強化我們的競爭護城河並創造股東價值。另一個讓Karman與眾不同的因素，是我們與客戶建立的強大且長期的合作關係。客戶。

In many cases, we have decades of experience delivering critical systems to support them. We believe this track record has established Karman as a trusted supplier and partner. As customer demand for a number of programs reaches new heights, strong relationships and clear communication are more important than ever.

在許多情況下，我們擁有數十年交付關鍵系統以支援他們的經驗。我們相信，這樣的實績已使 Karman 成為值得信賴的供應商與合作夥伴。隨著多項計畫的客戶需求攀升至新高，穩固的關係與清晰的溝通比以往任何時候都更為重要。

These connections help us profile our capacity investments as our customers increase their volume commitments to end users. On last quarter's call, we discussed recently announced framework agreements and whether Karman had received commitments as a supplier under those agreements.

這些連結有助於我們在客戶對終端用戶提高承諾出貨量時，規劃並配置我們的產能投資。在上一季的電話會議中，我們討論了近期公布的框架協議，以及 Karman 是否已在這些協議下取得作為供應商的承諾。

At that time, I referenced verbal discussions that were underway. This quarter, I'm pleased to announce that we have now received written contingent demand commitments from four of our largest customers in both the space and defense sectors.

當時，我提到正在進行中的口頭討論。本季我很高興宣布，我們現已從航太與國防兩大領域的四家最大客戶，收到書面的或有需求承諾。

These commitments cover payload protection, propulsion, and space launch core stage products. And guarantee Karman certain multi-year production levels, subject to our customers receiving contracts from their end customers.

這些承諾涵蓋酬載防護、推進，以及太空發射核心級產品。並在我們的客戶取得其終端客戶合約的前提下，保證 Karman 在多年度內的特定生產水準。

The time horizon of these commitments ranges from four to seven years. They have the potential to yield revenue in excess of $1 billion when fully realized and give us greater certainty as we plan investments and scale operations.

這些承諾的期間介於四年至七年。在完全落實時，潛在可帶來超過 10 億美元的營收，並在我們規劃投資與擴大營運規模時提供更高的確定性。

With respect to capital allocation. We'll continue to complement investments in organic growth with strategic acquisitions to deepen and expand our capabilities.

就資本配置而言。我們將持續以策略性併購來補強對內生成長的投資，以深化並擴展我們的能力。

Our pipeline remains healthy, and we expect to pursue one to two targeted acquisitions per year at similar multiples as past transactions. Looking ahead, with our strong Q1 results, record backlog and greater certainty of demand, we are raising our 2026 outlook as summarized on Page 7 of our presentation.

我們的併購案源仍然健康，並預期每年推進一到兩件具針對性的併購，估值倍數與過往交易相近。展望未來，憑藉我們強勁的第一季成果、創新高的在手訂單，以及更高的需求確定性，我們上調 2026 年展望，如簡報第 7 頁所示。

We now expect full-year revenue of $720 million to $735 million and non-GAAP adjusted EBITDA of $208.5 million to $219.5 million with a 29.4% margin to the midpoint. This represents 54% year-over-year revenue growth and 47% adjusted EBITDA growth.

我們目前預期全年營收為 7.20 億至 7.35 億美元，非 GAAP 調整後 EBITDA 為 2.085 億至 2.195 億美元，以區間中點計算的利潤率為 29.4%。這代表營收年增 54%，調整後 EBITDA 年增 47%。

We expect revenue growth this year to be evenly split between organic and inorganic sources with the impact of our increased guidance affecting the second-half of 2026. At this time, our strong backlog combined with first quarter revenue provides approximately 90% visibility to the midpoint of our full-year revenue guidance.

我們預期今年的營收成長將由內生與外生成長平均貢獻，而本次上調指引的影響將反映在 2026 年下半年。目前，我們強勁的在手訂單加上第一季營收，讓我們對全年營收指引中點約有 90% 的能見度。

The remaining 10% is expected from anticipated contracts on existing programs. Strategic positioning has placed us on track to exceed our prior forecast for the year. We're seeing a generational demand for our solutions unfolding in a rapidly expanding pipeline and substantially increased proposal volume, which we expect to translate into growing bookings later this year.

其餘 10% 預期來自既有計畫中可望取得的合約。策略性布局使我們有望超越先前對今年的預測。我們看到對我們解決方案的世代性需求正在浮現，體現在快速擴張的案源管線與大幅增加的提案量，我們預期這將在今年稍晚轉化為更高的接單。

As funding for our core defense programs accelerates and space launch activity increases. The commitments we're securing today provide a clear runway for continued momentum through 2027 and beyond.

隨著核心國防計畫的資金投入加速，以及太空發射活動增加。我們目前取得的承諾為 2027 年及更長遠的持續動能提供了清晰的跑道。

We remain focused on making the prudent investments necessary to deliver the volume our customers rely on to satisfy their customers.

我們仍專注於進行必要且審慎的投資，以交付客戶所依賴的產量，協助他們滿足其客戶需求。

Thank you for your time today. It's an exciting time for me and an even more exciting time for Karman .

感謝各位今天撥冗參與。對我而言這是一個令人振奮的時刻，對 Karman 而言更是如此。

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

現在，我們開放提問。

(Operator Instructions).

（接線員指示）。

John Godyn - Citi Infrastructure Investments LLC.

John Godyn - Citi Infrastructure Investments LLC。

Hey, guys. Thanks for taking my question. I wanted to follow-up on the Missile Framework Agreement, kind of an exciting development. I'm just trying to better understand the nature of the agreement. You suggested there were volume minimums.

嗨，各位。謝謝讓我提問。我想追問一下飛彈框架協議，這算是相當令人振奮的進展。我只是想更了解這份協議的性質。你提到其中有最低量的承諾。

And what the shape of that revenue growth outlook may look like going forward. We've had other companies talk about acceleration, sharp accelerations at the end of this year and in '27. Any color there would be helpful.

以及未來營收成長展望可能會呈現什麼樣的型態。我們聽到其他公司談到在今年底與 2027 年會加速，甚至是明顯加速。若能提供一些補充說明會很有幫助。

Yeah, thanks for the question, John. I guess how I would start with that is to say that the commitments vary by customer. We do have commitments that have come through both on the.

好的，謝謝你的問題，John。我想我會先說，這些承諾會因客戶而異。我們確實收到一些承諾，來源同時包括。

I just call it related to the framework agreements as well as related to at least one of our space and launch customers. So they're varied and they came in different forms. Letters of intent.

我就稱之為與框架協議相關的承諾，以及至少來自我們某一家太空與發射客戶的承諾。因此它們是多樣的，形式也不盡相同。例如意向書。

Draft long-term agreements that are yet to be finalized, if you will. But across the board, we're starting to see customers come forward with these requests for longer-term ramps in production. So I would say that we are seeing volumes increasing consistently year-over-year. And I would say that what we're seeing is initially.

以及尚待最終定案的長期協議草案等。但整體而言，我們開始看到客戶提出這類對更長期產量爬坡的需求。因此我會說，我們看到出貨量逐年穩定增加。而且我會說，我們目前看到的起初。

I would say probably a floor that will have some upside.

我認為大概是一個底線水準，並且還有上行空間。

As we I think what we're seeing with the customers is that they are looking at how they anticipate the entire supply chain is going to be able to ramp and they're forecasting perhaps a little bit conservatively.

因為我認為我們從客戶那邊看到的是，他們正在評估整個供應鏈預期能如何爬坡，因此在預測上可能稍微保守一些。

Got it. That's helpful. And then just on that last point on supply chain, anything to call out in terms of the supply chain as production ramps?

了解。這很有幫助。另外就你剛才提到的供應鏈，隨著產量爬坡，在供應鏈方面有沒有什麼需要特別指出的？

I'll step in here. This is Jonathan.

我來補充一下。我是 Jonathan。

That's something that we continue to manage on a regular basis. So we're engaging with our suppliers and flowing similar demand signals to them so that we're able to secure the inputs to our products.

這是我們持續例行管理的事項。因此我們會與供應商保持互動，並向他們傳遞類似的需求訊號，以確保我們能取得產品所需的投入項。

So right now, we're not foreseeing any significant constraints there, but it is something that we manage on a regular basis.

目前我們沒有預見任何重大的限制，但這確實是我們會定期管理的事項。

Got it. Thanks, guys.

了解。謝謝各位。

(Operator Instructions).

（接線員指示）。

Jan-Frans Engelbrecht, CFA - Baird.

Jan-Frans Engelbrecht, CFA - Baird。

Hi, John and Mike. Congrats on another strong prince.

嗨，John 和 Mike。恭喜再次交出強勁的表現。

I wanted to get back on unmanned systems. I know you've got some very good exposure there on the legacy partners that you have on launchers and wings as well, but if we just look at the Drone Dominance Program $54 billion, are you seeing sort of that your ability to participate in the Group one to four and even the CCAs, where do you think is the sweet spot for Karman and your capabilities?

我想回到無人系統的話題。我知道你們在那方面，透過既有合作夥伴在發射器與機翼等領域也有很好的曝險，但如果我們只看「無人機優勢計畫」540 億美元，你們是否看到自己有能力參與第一到第四組，甚至是 CCA？你認為對 Karman 及你們的能力而言，最適合切入的甜蜜點在哪裡？

Certainly, the demand for the systems we've been providing, the launching systems in particular, we're seeing that continue to increase. So we've anticipated that that demand was going to be coming.

當然，我們一直在提供的系統，尤其是發射系統，其需求持續增加。因此我們先前就已預期這樣的需求會到來。

Certainly, the recent situation that's played out in the Middle East has only made that demand stronger. So we've started to see larger volume orders coming in for whether it's. Components that support the unmanned systems themselves, whether it's the launching systems, the demand is continuing to increase, and we're going to be able to meet that demand with the new capacity we're putting in place in our Salt Lake City facility.

而近期在中東發生的情勢，更讓這股需求變得更強。因此我們開始看到更大批量的訂單進來，不論是。支援無人系統本體的零組件，或是發射系統，需求都在持續增加；而我們將能透過在鹽湖城廠區新增的產能來滿足這些需求。

So I think across the spectrum, there'll be opportunities to participate. As you look to more, call it the larger unmanned systems there, I think we would have opportunities to contribute with some of our advanced composite systems and technologies.

因此我認為在整個光譜上都會有參與機會。當你看到更大型的無人系統時，我認為我們可透過部分先進複合材料系統與技術來貢獻。

I would say that's probably a little bit more yet to be defined at this point in time.

我會說，就目前這個時間點來看，這部分可能還有待進一步明確。

Thank you. That's very helpful. And a quick follow-up, if I may.

謝謝。這非常有幫助。如果可以的話，我再快速追問一下。

You already have 90% revenue visibility. But if we just look at another 2026 reconciliation funding is only about 30% of that $150 billion has really been obligated to the industry. So we obviously expect that pace to pick up the rest of that year and then you have this.

你們已經有 90% 的營收能見度。但如果我們只看另一筆 2026 年的調節法案（reconciliation）資金，目前真正已對產業完成承諾（obligated）的，僅約 1,500 億美元中的 30%。所以我們顯然預期那個進度在該年剩餘時間會加快，然後你們還有這個。

Potentially very big 27 reconciliation, we'll see what happens if they vote on that. But is there sort of do you see upside to sort of as you exit 26 in terms of the visibility that you usually enter the year?

可能規模非常大的 2027 年調節法案，我們看看他們是否會就此投票、結果如何。但就你們來看，當你們在 2026 年底收官時，是否會在能見度方面出現上行空間，相較於你們通常在年初進入該年度時的能見度？

I think Karman usually enters the year with about 70%. But I would think maybe if you exit 26, you probably have the ability to have more than that, given just this huge funding tailwind.

我認為 Karman 通常在年初進入該年度時大約有 70% 的能見度。但我想如果你們在 2026 年底收官，考量到這股龐大的資金順風，你們很可能有能力達到高於這個水準的能見度。

Yes, I think what we see so far, obviously, we've taken our guidance up just modestly so far through this quarter. And as we look toward the end of the year, say, Q4 timeframe, we're looking to see some of that.

是的，我認為就我們目前看到的情況，顯然我們到本季為止只是小幅上調了指引。而當我們展望年底，例如第 4 季的時間點，我們正在觀察其中一部分。

Some of that funding flow through in the form of new contracts. And as we move into '27, we think that's only going to strengthen. So yeah, as the year goes on, we'll continue to provide updates. We've guided to what we can see at this point in time, but we feel very confident having the 90% visibility at this point in the year. Feels very good.

其中一部分資金會以新合約的形式流入。而當我們進入 2027 年，我們認為這只會更強。所以是的，隨著年度推進，我們會持續提供更新。我們已就目前此刻可見的部分給出指引，但在今年這個時間點就有 90% 的能見度，我們感到非常有信心。感覺非常好。

A bit of a go back to the first question. This is Jonathan Beaudoin, Karman has extensive experience in Heritage integrating various payloads onto UAVs and larger fixed-wing aircraft. So as that continues to expand, we see that as a potential opportunity for us to help integrate payloads and dispense them from those aircraft.

稍微回到第一個問題。我是 Jonathan Beaudoin，Karman 在 Heritage 方面擁有豐富經驗，能將各式酬載整合到無人機（UAV）以及更大型的固定翼飛機上。因此，隨著這一領域持續擴張，我們認為這對我們而言是潛在機會，可協助將酬載整合並從這些飛機上投放。

Thanks, Jonathan.

謝謝你，Jonathan。

Thanks, guys.

謝謝，各位。

Alexandra Mandery - Truist Securities Inc.

Alexandra Mandery - Truist Securities Inc.

Hi, and thank you for taking my question.

嗨，謝謝讓我提問。

Can you give more color on what M&A target profiles look like? I'm sure you're looking to add capabilities, but anything else in terms of geographic plan or to increase capacity and organically?

你能否更具體說明一下併購（M&A）目標的輪廓？我相信你們是在尋求增加能力，但在地理布局方面，或是為了提升產能與有機成長方面，還有其他考量嗎？

And I guess what would be the end market you're looking to add new capabilities to first?

另外，我想問你們會優先在哪個終端市場新增能力？

Yeah, Alexander, thank you for the question.

好的，Alexander，謝謝你的問題。

We continue to maintain a pipeline of potential acquisition candidates. And, as you might expect, we're looking at things that are relatively, close adjacencies to capabilities that we have today. And we've continued to put those pieces together as you've seen in the past.

我們持續維持一條潛在收購標的的管線。而如你所預期，我們關注的是與我們目前既有能力相對接近的相鄰領域。而且我們也持續把這些拼圖拼起來，正如你過去所看到的。

And, certainly as we look to the future here, how do we continue to expand our advanced materials capabilities, how do we continue to, incrementally expand in missiles and munitions?

當然，展望未來，我們要如何持續擴大先進材料能力、如何在飛彈與彈藥領域逐步擴張？

And you might look at capabilities that are very close adjacencies, as I said, to the capabilities that we have today. I wouldn't be surprised if we saw another, small bolt-on acquisition between now and the end of the year. We'll share more details about that when we're able.

你可能會看到一些能力，正如我所說，與我們目前的能力非常接近的相鄰領域。我不會意外在現在到年底之間，我們會再看到一筆小型的補強式收購（bolt-on acquisition）。等我們可以時，會分享更多細節。

Great. And then just another quick one.

很好。然後再一個快速的問題。

What are you seeing in terms of labor? Any difficulties in adding new labor or retaining labor?

你們在人力方面看到什麼情況？在新增人力或留任方面有任何困難嗎？

We're not seeing significant difficulties with labor at this point in time. Obviously, we have to continue to keep an active campaign in place to recruit and retain employees as the business continues to grow. But I wouldn't say labor shortages are a significant constraint for us at this point in time.

目前我們在人力方面沒有看到顯著困難。當然，隨著業務持續成長，我們必須持續推動積極的招募與留才計畫。但我不會說人力短缺在目前對我們而言是重大的限制。

Great.

很好。

Thank you.

謝謝。

Ken Herbert - RBC Capital Markets Inc.

Ken Herbert - RBC Capital Markets Inc.

Yeah, hi, good afternoon. First question, clarification. I just wanted to be sure the 90% visibility, did that include any of these framework agreements or are they not included yet in sort of expectations in terms of visibility for this year?

是的，嗨，午安。第一個問題是釐清一下。我想確認 90% 的能見度是否包含任何這些框架協議（framework agreements），還是它們尚未被納入今年能見度的預期之中？

Yeah, I think the answer to that is it's a little bit of a mix. As you look at the commitments that have come through to us from these key customers, there are some volumes here that were in forecast for 2026, work that we expected. In some cases, there's perhaps a bit of modest upside to 2026, but then a lot more visibility into '27, '28, '29 and beyond.

是的，我想答案是有一點混合。當你看這些關鍵客戶對我們所做出的承諾，其中有一些量原本就在我們對 2026 年的預測中，是我們預期會有的工作。在某些情況下，2026 年可能有些許溫和的上行，但在 2027、2028、2029 以及更往後則有更多能見度。

So I would say a small percentage might already have been in our plan for this year. The balance of it would be upside, mostly looking to future years.

所以我會說其中一小部分可能已經在我們今年的計畫裡。其餘部分則屬於上行，且多半是著眼於未來年度。

Okay, that's helpful.,Thank you.

好的，這很有幫助。謝謝。

And how do we think about, I know you called out sort of the total growth, sort of half was contribution from M&A.

另外，我們該如何看待——我知道你提到整體成長中大約一半來自併購的貢獻。

It seems like, though, that maybe that number was a little bit higher. How do we think about sort of the underlying organic growth when we think about the first quarter acquisitions, but then some of the 25 acquisitions as well?

不過看起來那個數字可能稍微更高一些。當我們考量第一季的收購，以及 2025 年的一些收購時，我們該如何看待底層的有機成長？

Hey, Ken, this is Mike.

嗨，Ken，我是 Mike。

I'll start by addressing it. So we still would expect that our full year '26 of the growth that we're seeing, it's roughly half of it organic and half of it inorganic. And the first half of the year is going to have a little bit more of the inorganic side of it, just based on timing of when those purchases were done last year.

我先來回應。所以我們仍然預期，在我們看到的 2026 全年成長中，大約一半是有機成長、一半是非有機（inorganic）。而上半年非有機的占比會稍微高一些，主要是因為去年完成收購的時間點所致。

When you think about MTI and ISP, being right at the start of Q2 and mid-Q2. So full year, still maintaining that we have great visibility on seeing a roughly even split between organic and inorganic.

當你想到 MTI 和 ISP，分別是在第二季一開始以及第二季中段完成。因此就全年而言，我們仍維持我們對能見度的看法：有機與非有機大致各半的分拆。

It will be a little bit more on the organic side in the second-half, just based on the timing of those purchases last year.

下半年有機的占比會稍微高一些，同樣是基於去年那些收購的時間點。

Okay. Thanks, Mike.

好的。謝謝你，Mike。

There are no further questions at this time. I will now turn the call back to Steven Gitlin for closing remarks.

目前沒有其他問題。我現在把電話交回給 Steven Gitlin 進行結語。

Thank you, Ellen, and thank you all for your attention today and for your interest in Karman Space and Defense. An archived version of this call, all SEC filings and relevant company and industry news can be found on our website, Karman-sd.com.

謝謝你，Ellen，也謝謝各位今天的關注，以及對 Karman Space and Defense 的興趣。本次電話會議的存檔版本、所有 SEC 申報文件，以及相關的公司與產業新聞，都可在我們的網站 Karman-sd.com 找到。

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

祝各位有美好的一天，我們也期待在接下來的季度向各位更新我們持續取得的進展。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝各位參與。您現在可以掛線。