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Investing.com -- Karman Space & Defense (NYSE:KRMN) stock tumbled 4.7% after the aerospace and defense company announced a secondary public offering of 20 million shares by existing stockholders, overshadowing positive preliminary second quarter results.
The company released preliminary financial data showing expected second quarter revenue between $114.5 million and $115.0 million, representing a 34.6% to 35.2% increase compared to $85.0 million in the same period last year. Preliminary net income is projected between $6.17 million and $6.20 million, up from $4.60 million YoY.
Despite the strong performance indicators, investors appeared concerned about the secondary offering, which will not generate proceeds for the company as the shares are being sold by existing stockholders. The selling stockholders have also granted underwriters a 30-day option to purchase up to an additional 3 million shares.
Karman’s funded backlog is expected to reach between $712.0 million and $715.0 million, compared to $528.0 million a year ago, indicating strong future business prospects.
The company designs and manufactures systems for launch vehicles, satellites, spacecraft, missile defense, hypersonics and unmanned aircraft systems, serving more than 70 prime contractors across over 100 space and defense programs.
Karman has scheduled its official earnings release for August 7, 2025, after market close, with a conference call to follow at 1:30 p.m. Pacific Time. The company noted that the preliminary financial data remains unaudited and subject to completion of standard closing procedures.
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