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Karman Space & Defense (NYSE: KRMN) has acquired Metal Technology Inc. (MTI) for $90 million in cash. MTI, founded in 1986 and based in Albany, Oregon, is a leader in manufacturing specialized refractory metal alloy systems for strategic missile programs.
MTI specializes in refractory metals like tantalum, zirconium, niobium, vanadium, and molybdenum, producing critical components including nozzles, EM shielding, energetic liners, gas generators, shape charges, and actuation systems. The company's products are essential for optimizing performance in ultra-high temperature environments of next-generation missile programs.
The acquisition provides Karman with complementary technical capabilities, including additive manufacturing, hot forging, and specialized alloy forming. The deal is immediately accretive across major financial metrics, including revenue growth, Adjusted EBITDA margins, contracted revenue, and cash flow.
Karman Space & Defense (NYSE: KRMN) has announced the grand opening of a new ISO 8 clean room at its Washington facility, designed for integrating lunar landers, spacecraft, habitat modules, and satellites. This strategic investment enhances the company's capabilities in providing turn-key assembly, integration, and testing services for space vehicle systems.
The state-of-the-art clean room features advanced specifications including:
- Overhead lifting capabilities for multiple tons
- 20' x 20'+ entry for large spacecraft passage
- Compliance with stringent ISO aerospace standards
According to Chris Stessing, VP of Engineering and Programs, this investment demonstrates Karman's commitment to providing seamless concept-to-production solutions, streamlining the supply chain, and accelerating project timelines for space missions and commercial space travel.
Karman Space & Defense (NYSE: KRMN), a provider of engineered subsystems for missile, uncrewed aircraft, and space systems, has successfully completed a major refinancing transaction. The new credit facilities include a $300 million Term Loan B maturing in April 2032 and an undrawn $50 million Revolving Credit Facility expiring in April 2030.
The refinancing significantly extends maturity dates and reduces interest expense, with the Term Loan B priced at SOFR + 3.50% and the Revolving Credit Facility at SOFR + 2.75% to 3.25%. This represents a 275 basis points reduction in interest rates, resulting in over $8 million in annual interest expense savings compared to the previous term loan.
Karman Space & Defense (NYSE: KRMN) has announced an extension of its 10K filing date due to delayed audit activities stemming from its February IPO. The company, which specializes in designing and manufacturing mission-critical subsystems for missile, uncrewed aircraft, and space systems, has affirmed that its 2024 financial performance remains strong and aligns with preliminary results outlined in its IPO registration statement.
The company will release its full fiscal year 2024 financial results on April 8, 2025, after market close, followed by a conference call at 1:30 PM PDT. The earnings discussion will be led by CEO Tony Koblinski, CFO Mike Willis, COO Jonathan Beaudoin, and VP of Investor Relations Steven Gitlin.
Karman Space & Defense (NYSE: KRMN) has appointed Steven Gitlin as Vice President of Investor Relations, effective immediately. Reporting to CFO Mike Willis, Gitlin will lead the company's investor relations function, working with investors and analysts to enhance understanding of Karman's investment thesis and strategy.
Gitlin brings relevant experience from his previous roles as Senior VP of Investor Relations at Core Scientific and CMO/VP Investor Relations at AeroVironment, where he managed the company's IPO and IR program for over a decade. He holds an MBA from Wharton School and an MA from the Lauder Institute at the University of Pennsylvania.
Karman, a leader in mission-critical subsystems for missile, uncrewed aircraft, and space systems, maintains significant presence in U.S. space launch systems and defense missile systems.
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