Karman Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
KRMN$43.91-4.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| For the nine months ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net income | $9,653 | $11,018 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
| Depreciation and amortization | 30,146 | 23,791 |
| Amortization of debt issuance costs | 1,024 | 1,715 |
| Non-cash interest expense and other non-cash adjustments | 2,631 | 651 |
| Deferred income taxes | 5,131 | (8,691) |
| Share-based compensation expenses | 1,410 | 745 |
| Changes in operating assets and liabilities, net of effects of acquisitions | ||
| Change in accounts receivable | (11,346) | (3,598) |
| Change in contract assets | (39,758) | (12,137) |
| Change in inventory | (1,037) | (5,072) |
| Change in prepaids and other assets | 9,189 | 10,050 |
| Change in contract liabilities | (11,173) | (8,882) |
| Change in accounts payable, accruals and income taxes payable | (26,668) | 12,001 |
| Net change in ROU assets and lease liabilities | (26) | (2,504) |
| Net cash provided by (used in) operating activities | (30,824) | 19,087 |
| Cash flows from investing activities | ||
| Proceeds from sale of property and equipment | — | 116 |
| Purchases of property and equipment | (15,640) | (11,255) |
| Investment in convertible note | (6,000) | — |
| Acquisitions of businesses, net of cash acquired | (126,279) | (30,835) |
| Net cash flows used in investing activities | (147,919) | (41,974) |
| Cash flows from financing activities | ||
| Net proceeds from issuance of common stock in initial public offering | 153,808 | — |
| Finance lease payments | (2,892) | (1,975) |
| Proceeds from notes payable | 375,000 | 35,000 |
| Repayments of notes payable | (338,052) | (6,844) |
| Payments of debt issuance costs | (6,541) | (963) |
| Proceeds from revolving line of credit | 30,000 | 25,500 |
| Repayments of revolving line of credit | (25,000) | (25,500) |
| Repayment of debt assumed in ISP acquisition | (1,919) | — |
| Cash contributed from (distribution to) members | 1,474 | (115) |
| Net cash provided by financing activities | 185,878 | 25,103 |
| Net increase in cash and cash equivalents | 7,135 | 2,216 |
| Cash and cash equivalents, beginning | 11,530 | 5,455 |
| Cash and cash equivalents, ending | 18,665 | 7,671 |
| Supplemental Disclosures | ||
| Cash paid during the period for interest | $33,778 | $36,234 |
| Cash paid during the period for income taxes, net of refund | $12,747 | $(719) |
| Supplemental Non-Cash Investing and Financing Activities | ||
| Non-cash acquisition of finance lease right-of-use assets | $— | $5,170 |
| Non-cash acquisition of operating lease right-of-use assets | $1,342 | $489 |
| Offering expenses included in liabilities | $1,028 | $— |
| Acquisition of business included in liabilities | $3,899 | $603 |
| Common stock issued in acquisition of business | $5,752 | $— |
| Acquisitions of property and equipment included in liabilities | $869 | $— |
| Payment-in-kind interest expense | $— | $438 |
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