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Q4: 2026-03-25 Earnings Summary

EPS of $0.11 misses by $0.00

 | Revenue of $134.49M (47.41% Y/Y) beats by $1.95M

Karman Holdings Inc. (KRMN) Q4 2025 Earnings Call March 25, 2026 4:30 PM EDT

Company Participants

Steven Gitlin – Senior Vice President of Investor Relations & Corporate Communications
Jonathan Rambeau – Chief Executive Officer
Anthony Koblinski – Chief Executive Officer
Michael Willis – Chief Financial Officer
Jonathan Beaudoin – Chief Operating Officer

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Conference Call Participants

Peter Arment – Robert W. Baird & Co. Incorporated, Research Division
Kenneth Herbert – RBC Capital Markets, Research Division
Clarke Jeffries – Piper Sandler & Co., Research Division
John Godyn – Citigroup Inc., Research Division
Louie Dipalma – William Blair & Company L.L.C., Research Division
Alexandra Eleni Mandery – Truist Securities, Inc., Research Division
Austin Bohlig – Needham & Company, LLC, Research Division
Victor Santiago
Michael Leshock – KeyBanc Capital Markets Inc., Research Division

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Presentation

Operator

Thank you for standing by, and welcome to the Karman Space & Defense Fourth Quarter and Full Fiscal Year 2025 Earnings Conference Call. [Operator Instructions]

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

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Steven Gitlin
Senior Vice President of Investor Relations & Corporate Communications

Good afternoon, and thank you for joining Karman Space & Defense’s Fourth Quarter and Full Fiscal Year 2025 Earnings Conference Call. 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 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.

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. These are described on Page 2 of the earnings presentation we posted to our website this afternoon and in detail in Karman’s

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With rapid economic growth on one side and its net-zero commitments on the other, the ASEAN region must innovate in order to close the clean energy investment gap.

South-East Asia faces a critical $150 billion annual shortfall in clean energy investment required to meet its 2050 climate commitments amid rising economic growth and energy demand. To bridge this gap and reduce reliance on costly fossil fuel imports, the region must implement strategic reforms to enhance financial transparency, leverage blended finance through development institutions, and mitigate currency risks for private investors. Ultimately, a successful energy transition depends on coordinated public-private collaboration to dismantle barriers to foreign capital and capitalize on the region’s sustainable economic potential.

Key Points

• South-East Asia requires $180 billion in annual clean energy investment by 2030, yet only $30 billion was invested annually between 2016 and 2020.
• Rapid urbanization and industrialization are driving energy demand, and failing to transition could result in oil and gas import bills exceeding 5% of the region’s GDP by 2030.
• Major ASEAN economies, including Indonesia, Vietnam, Thailand, and Malaysia, have committed to net-zero emissions or carbon neutrality by 2050.
• A significant barrier to global investment is the lack of transparent data regarding the cost of capital and financial performance of renewable projects in emerging markets.

1. Greater transparency and the wider availability of data around the financial performance and cost of capital for clean energy projects

The scarcity of data on clean energy in Southeast Asia poses a significant challenge for global investors considering investments in ASEAN renewables. Enhanced transparency regarding the cost of capital, both in emerging markets broadly and the ASEAN region specifically, is essential.

The Cost of Capital Observatory, launched by the International Energy Agency in partnership with the World Economic Forum, Imperial College London and ETH Zürich, aims to address this need. By providing reliable data and improving transparency around clean energy investment in emerging economies, the Observatory will help address data obstacles experienced by investors.

2. An enhanced role for development finance institutions (DFIs) and blended finance

Renewable energy investments in South-East Asia encounter significant challenges, including financing constraints and bankability issues, which hinder the mobilization of capital from commercial and financial providers. Blended finance, by utilizing catalytic capital from public sources, can play a pivotal role in addressing these barriers and boosting private sector investments. Notably, an increased deployment of blended finance by Development Finance Institutions (DFIs) could help ensure that projects adhere to stringent climate and compliance standards while facilitating the establishment of robust contractual and financing frameworks for renewable energy initiatives.

The World Bank has been working with governments in the ASEAN region to develop carbon pricing mechanisms that could help put renewable energy on a level playing field with other fossil fuel-based generation technologies. Initiatives such as the Climate Action Data Trust illustrate the type of solutions that can provide technical assistance in building a regional voluntary carbon market.

3. Greater access to risk-hedging tools to address credit and currency risks for private investors

Private investors often encounter heightened credit and currency risks in South-East Asia. Safeguarding against foreign currency fluctuations proves particularly difficult, especially given the long timeframes commonly associated with clean energy infrastructure projects.

A proposal to address this risk was made by the Center on Global Energy Policy of Columbia University, the World Economic Forum and the World Bank Climate Change Group’s Invest4Climate programme. A clean energy Exchange Rate Coverage Facility (ERCF) would increase clean energy finance in emerging economies by protecting foreign currency lenders and domestic sponsors against the depreciation of local currency payments by leveraging credits generated by clean energy projects, blended finance mechanisms and private international capital.

ASEAN faces a critical challenge: balancing rapid economic growth with ambitious net-zero emissions targets. To achieve this, the region must bridge a significant clean energy investment gap. This requires innovation in financial mechanisms, policy frameworks, and technological solutions. By fostering an environment conducive to investment in renewables, energy efficiency, and sustainable infrastructure, ASEAN can drive economic development while simultaneously decarbonizing its energy sector. Innovative approaches are crucial for unlocking the necessary capital to transition to a clean energy future and meet its climate commitments.

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The New York Times Wordle puzzle for Thursday, March 26, 2026, presented players with a moderately tricky challenge as many grappled with an uncommon verb that tests vocabulary depth and strategic guessing, ultimately revealing “BEFIT” as the solution in puzzle No. 1,741.

Wordle enthusiasts logging in after midnight in their time zones encountered a five-letter word that proved elusive for some, with official testers averaging 5.5 guesses out of six — classifying it as very challenging compared to easier daily puzzles. The answer, a verb meaning “to be suitable or proper for; be suited or becoming to,” according to Webster’s New World College Dictionary, rewarded those who combined letter frequency knowledge with contextual clues.

**Subtle Hints for Today’s Puzzle**

Before diving into spoilers, here are spoiler-free hints designed to guide solvers without revealing the word:

– The word is a verb with no repeated letters.
– It contains two vowels.
– It starts with a hard “B” sound and ends with a hard “T” sound.
– It rhymes with “refit” and is often used to describe something appropriate or fitting for a situation, such as proper behavior or a suitable reward.
– Synonyms include “suit,” “become” or “fitting.”

These clues point toward a somewhat formal or literary term rather than everyday slang, which may explain why some players exhausted several attempts before landing on the correct combination.

**Today’s Wordle Answer: BEFIT**

**Warning: Full solution ahead.**

The solution to Wordle No. 1,741 is **BEFIT**.

The word “befit” is a transitive verb commonly found in more formal writing or speech. Examples include: “The elegant gown befits the occasion” or “Such generosity befits a leader of his stature.” It derives from the prefix “be-” combined with “fit,” emphasizing suitability or appropriateness.

Many solvers who reached the final guesses narrowed it down to words ending in “-FIT” or starting with “B,” with “BEFIT” emerging as the precise match once vowels and consonants aligned. Players who started with strong openers like “SLATE,” “TRIAL” or “BEGAN” often picked up yellow or green tiles early, particularly the “B,” “E,” “I” and “T” letters, though positioning required careful testing.

**How Players Approached the Puzzle**

Typical solving paths began with high-frequency letter words to maximize information. Common starters such as “SLATE” (suggested by Wordle Bot) or “CRANE” helped eliminate or confirm vowels and popular consonants. One reported sequence involved guessing “TRIAL,” which left 65 possible solutions and yielded two yellow tiles, followed by adjustments with words like “PIETY” and “CUTIE” before settling on “BEFIT” over close alternatives like “DEBIT.”

Others started with “B” words to test the initial letter early, such as “BEGAN,” “BITER” or “FIGHT,” which quickly confirmed or ruled out key placements. The absence of repeated letters and the specific vowel placement (E and I) narrowed the field significantly by guess three or four for efficient players.

Community discussions on social media and forums highlighted the puzzle’s deceptive simplicity. While the letters themselves are relatively common in Wordle solutions, the combination formed a less frequently used word, catching some off guard after yesterday’s potentially more approachable answer. Average scores hovered higher than on easier days, with many reporting four- or five-guess solves and some needing all six attempts.

**Strategies for Mastering Wordle**

Successful Wordle players emphasize a mix of statistical knowledge and adaptability. Begin with a word containing multiple vowels and common consonants — “ADIEU,” “AUDIO,” “SLATE” or “TRACE” are popular choices that provide broad coverage. Avoid repeating letters in early guesses to gather maximum unique information.

Once feedback appears in green (correct letter and position), yellow (correct letter, wrong position) or gray (not in the word), prioritize testing remaining possibilities systematically. For instance, if “B” and “T” appear early, focus on five-letter verbs or adjectives that fit the emerging pattern.

Advanced strategies include maintaining a mental or noted list of eliminated letters and using process of elimination. Tools like the official Wordle Bot can analyze personal solves for efficiency, comparing them against optimal paths. Many recommend avoiding obscure proper nouns or overly technical terms unless clues strongly suggest them.

For today’s puzzle, recognizing the “be-” prefix common in English verbs (befit, become, bestow) could have accelerated solutions for linguistically inclined players. The hard “T” ending further limited options to words like “befit,” “debit” or similar, with context ruling out financial terms.

**Broader Popularity and Context**

Wordle, acquired by The New York Times in 2022, continues to captivate millions daily with its simple yet addictive formula. Released at midnight in each player’s time zone, the game fosters global community through shared scores posted as emoji grids on social platforms. Hashtags like #Wordle and discussions in dedicated Reddit communities thrive as players compare streaks and commiserate over tough days.

Puzzle No. 1,741 fits into a week of varied difficulty, following Wednesday’s solution and preceding Friday’s fresh challenge. The New York Times publishes official reviews that provide definitions, tester averages and community conversation, helping players reflect on their performance.

Educators and linguists praise Wordle for building vocabulary, pattern recognition and deductive reasoning skills. It has inspired countless variants and classroom adaptations, proving its staying power beyond casual entertainment.

For those who missed today’s word, remember that each new puzzle resets at midnight. Maintaining a streak requires consistent play, but occasional losses offer learning opportunities. Resources like hint guides, starter word lists and analysis tools abound online for those seeking to improve.

**Tips for Tomorrow and Beyond**

– Track common letter frequencies: E, A, R, I, O, T, N and S appear most often.
– Consider word families and prefixes/suffixes when patterns emerge.
– Take breaks if frustration builds — fresh eyes often spot connections missed under pressure.
– Use the built-in share feature responsibly to engage friends without spoiling for others.
– Explore related NYT Games like Connections or the Mini Crossword for a full daily brain workout.

Whether you solved “BEFIT” in three guesses or needed the full six, today’s puzzle delivered a satisfying mental stretch. It underscored the balance Wordle strikes between accessibility and challenge, drawing on both common knowledge and occasional deeper vocabulary.

As players await the next grid, many will review their solve with Wordle Bot or discuss strategies in online forums. The game’s enduring appeal lies in its blend of luck, skill and daily ritual — a small but consistent highlight in busy routines.

For the official experience, visit nytimes.com/games/wordle. Share your results, celebrate wins and prepare for whatever linguistic curveball Friday brings.

A $6 million verdict against Meta and Google in a closely watched social media addiction trial may signal the start of a far broader legal threat for the tech giants.

A Los Angeles jury on Wednesday found both companies liable for designing addictive platforms for young users, awarding $3 million in compensatory damages and another $3 million in punitive damages.

Monte Mann, a business trial lawyer at Armstrong Teasdale, said appeals are expected, but the larger implications could be far more consequential.

“I think the verdict will immediately be cited in other cases across the country because now plaintiffs have a roadmap of this theory being validated by a jury,” Mann told FOX Business.

JURY FINDS META, GOOGLE LIABLE IN LANDMARK SOCIAL MEDIA ADDICTION TRIAL, AWARDS MORE THAN $6M IN DAMAGES

The ruling is likely to spur a new wave of lawsuits across the country and intensify pressure to settle existing cases, according to Mann.

“I think you’re going to see a flood of aggressive filings,” Mann said. “This verdict is going to attract additional claims and accelerate all the existing ones.”

While the damages in this case total $6 million, Mann warned that the broader financial exposure could be enormous.

“The real story here is what comes next,” he said. “If this theory holds true across multiple cases, you’re no longer talking about millions of dollars, you’re talking about hundreds of millions or potentially billions in aggregate liability for these companies.”

Large-scale liability often grows from a single breakthrough case, according to Mann.

META ORDERED TO PAY $375M AFTER JURY FINDS PLATFORM ENABLED CHILD PREDATORS IN LANDMARK NEW MEXICO CASE

“So, for companies of this size, the individual verdict from California today is manageable. It’s a nothing, but the systematic risk is absolutely gigantic,” he said.

A key factor in the case was the plaintiffs’ strategy to focus on product design rather than user-generated content.

Instead of challenging what users post, an area largely protected under Section 230 of the Communications Decency Act, the lawsuit targeted how the platforms are built, according to Mann.

“This is a direct hit on Big Tech’s core defense that [they’re] just neutral platforms. The jury didn’t buy that,” Mann said.

The jury also concluded that the platforms were a substantial factor in causing harm, clearing a major legal hurdle, according to Mann.

“If juries are willing to find causation this way, you’re going to see exposure expand very quickly in these cases,” Mann said.

JUDGE BLOCKS META FROM INTRODUCING ‘EXAGGERATED’ CLAIMS IN SOCIAL MEDIA TRIAL

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Google told FOX Business it plans to appeal the verdict.

“We disagree with the verdict and plan to appeal,” a company spokesperson said. “This case misunderstands YouTube, which is a responsibly built streaming platform, not a social media site.”

Meta did not immediately respond to FOX Business’ request for comment.

FOX Business’ Louis Casiano contributed to this report.

Iran nationals with valid visitor (subclass 600) visas have now been barred from entering Australia for the next six months.

The announcement was made by Home Affairs Minister Tony Burke.

Iranians With Valid Visitor Visas Banned For Six Months

According to a report by The Guardian, around 6,800 Iranians with valid visitor visas will be affected by the ban.

It should be noted, however, that this only applies to those who hold visas and are outside Australia.

“There are many visitor visas, which were issued before the conflict in Iran which may not have been issued if they were applied for now,” Burke said during the announcement.

“Decisions about permanent stays in Australia should be deliberate decisions of the government, not a random consequence of who had booked a holiday,” he added.

The minister also emphasized that “The Australian government is closely monitoring global developments and will adjust settings as required to ensure Australia’s migration system remains orderly, fair and sustainable.”

According to ABC News, the Albanese government has been concerned that some Iranians with temporary visas will be “unable or unlikely” to leave Australia once their visas expire due to Iran’s ongoing conflict with Israel and the United States.

Are There Exemptions?

As ABC News notes in its report, there are exemptions to the ban imposed against Iranians.

First, Iranians who are already traveling or transiting in the country will be exempt from the ban.

Iranians who are spouses or dependent children of Australian citizens and permanent visa holders will likewise be exempted.

In addition, the government will give “sympathetic consideration” to Iranian parents of Australian citizens.

Burke also clarified that some Iranians on visitor visas may be given “permitted travel certificates,” but this will be case-to-case basis.

Networks of foreign nationals may be linked to U.S. hospice fraud, Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz warned Wednesday in a FOX Business special, pointing to one major city as a key area of concern.

“You have to ask yourself exactly how many people are actually dying in Los Angeles,” Oz told host David Asman.

“[There are] almost 2,000 hospices in LA County. We believe half of them could be fraudulent, and the reason for this is because Los Angeles and the state of California, who regulates these hospices, was tolerant.”

Oz continued, accusing state and local regulators of being “perfectly fine” with the issue. He then suggested who could be responsible.

FETTERMAN PRAISES FORMER SENATE OPPONENT DR OZ FOR ROOTING OUT MEDICAID FRAUD

“We believe that many of them are created by the Russian mafia. In fact, when you try to bust these folks, sometimes foreign nationals run back to their own country,” he shared.

Such accusations have drawn ire from California Gov. Gavin Newsom’s office. 

Newsom spokesperson Izzy Gardon fired back in a statement to Fox News Digital earlier this month, writing, “While MAGA bloggers and idiots like Dr. Oz may have just discovered hospice fraud, California has been cracking down in this space for years.”

PHILADELPHIA MEN REPEATEDLY TRAVELED TO MINNEAPOLIS TO CARRY OUT $3.5M HOUSING FRAUD SCHEME: DOJ

“In 2021, Governor Gavin Newsom signed a law banning ALL new hospice licenses. That moratorium is still in place, blocking bad actors from entering the system while the state tightens oversight of existing providers,” Gardon continued.

“Under the governor’s leadership, the state launched a multi-agency Hospice Fraud Task Force bringing together CDPH, CalHHS, DHCS, DSS and the California Department of Justice to make arrests, share intelligence, investigate fraud and coordinate enforcement.”

Gardon noted that more than 280 hospice licenses had been revoked in the last two years. Additionally, the Newsom spokesperson said 300 more providers were under investigation for potential revocation.

CVS CAREMARK ORDERED TO PAY $290M AFTER MEDICARE FRAUD SCHEME EXPOSED BY FORMER AETNA WHISTLEBLOWER

State officials have noted that their own investigations resulted in 109 criminal charges and 24 civil fraud cases since California Attorney General Rob Bonta assumed office, according to FOX 11 in Los Angeles.

Newsom additionally filed a civil rights complaint against Oz for claims made against Armenian communities in the Golden State earlier this year, alleging Oz had “spewed baseless and racially charged allegations” that could potentially discourage the use of hospice and home care programs.

The legal tussle stems from a video in which Oz visited Los Angeles’ Van Nuys neighborhood, calling out a nearby four-block radius that he claimed was home to 42 hospices, suggesting potential fraud at the hands of what he described as the “Russian Armenian mafia.”

But Oz says the fraud issue is not isolated to California.

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“In Flushing, [New York], I just mentioned we think the Chinese government might be involved. In southern Florida, where you have twice as many durable medical equipment suppliers as McDonald’s, we think the Cuban government’s involved,” he told Asman.

Fraud concerns have become a growing focus for the Trump administration, following high-profile cases in states like Minnesota, which have prompted broader conversations about the use of taxpayer dollars and government accountability.

Fox News Digital’s Rachel Wolf contributed to this report.

Mumbai: India’s headline equity indices extended gains to the second straight day, recouping in two sessions nearly a third of the losses made since the start of the West Asia conflict, and restoring about Rs 16.15 lakh crore in market capitalisation. Investors have regained some confidence across Asian markets on cooling crude oil prices and talk of communication between the US and Iran aimed at bringing an end to the war.

The NSE Nifty rose 394 points, or 1.7%, to close at 23,306.45 on Wednesday. Analysts said the recovery could continue over the next few days and the Nifty may go up to 23,800 in the coming days. The BSE Sensex rose 1,205 points, or 1.6%, to end at 75,273.45. Over the last two sessions, the two indices have risen nearly 3.5% each.

Both had fallen almost 10.6% each from the start of the conflict until Monday. Since February 28, when the war began, market cap in India is down ₹32.87 lakh crore.

Elsewhere in Asia, Japan was up 2.9%, China advanced 1.3%, Hong Kong rose 1.1%, South Korea gained 1.6% and Taiwan rose 2.5%. The pan-Europe index Stoxx 600 was up 1.5% at press time.

Analysts Suggest Extended Recovery

Wall Street’s main indices were also on an upward trajectory as of press time.
“The recent de-escalation in the West Asian conflict suggests that the worst may be behind us,” said Pankaj Pandey, head of fundamental research at ICICI Direct. “While the situation remains fluid and a formal ceasefire is still awaited, markets are likely to extend their recovery in the near term, barring any fresh adverse developments.”
Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services, said markets are likely to extend their recovery in the near term as long as the Nifty holds above 23,000 levels.
Taparia said that a move toward 23,850 appears possible as the index emerges from oversold zones and is showing signs of a bullish divergent pattern. “However, an elevated volatility index remains a concern, which is yet to ease despite the market’s recovery,” he said.

India Volatility Index (VIX) – popularly known as the fear gauge – fell marginally by 0.4% to 24.64 levels. Normally, VIX cools off when indices rise, and a higher level may indicate traders remain cautious about the future.

“However, as crude oil prices may take longer to stabilise, the recovery is unlikely to be V-shaped. That said, over the next three to six months, we expect losses stemming from the conflict to be largely recouped,” said Pandey.

He said the recovery is likely to be led by autos, metals and BFSI (banking, financial services, insurance), with large-cap stocks offering the most favourable risk-reward profile.

“Investors may consider waiting for greater stability before increasing exposure to mid and small-cap stocks,” Pandey said.

Mumbai | New Delhi: Global technology firms, sovereign wealth funds and private equity investors are set to offload 250-252 million shares or a total of nearly 2.8% stake in Jio Platforms Ltd’s upcoming initial public offer (IPO), people aware of the details told ET.

The IPO, estimated at a reported $4 billion, will be an offer for sale (OFS) that provides an exit for early investors rather than looking to raise fresh capital, said the people cited.

No Full Exits On Cards
Divestments in what’s expected to be one of India’s biggest IPOs will be proportionately spread across Jio’s 14 marquee investors, with each trimming roughly 8-8.5% of their holdings. None of the existing shareholders will make a full exit. “The company is looking to file the draft red herring prospectus (DRHP) on Friday depending on the timing of the legal vetting,” said one of the persons.

Promoter Reliance Industries (RIL) is not looking to cut its 67% holding in Jio Platforms, the holding company for India’s biggest mobile phone operator Reliance Jio Infocomm and other digital businesses, said the people cited. The majority of the shares will be sold by Mark Zuckerberg-led Meta Platforms, through its entity Jaadhu holdings, and Google, they being the larger outside stakeholders. After the offer, Meta is likely to see its stake reduced to 9.1% from 9.98% while Google may trim its stake to around 7% from 7.73%.
Jio, Google and Meta didn’t respond to queries.
The stakes of investors such as Saudi Arabia’s Public Investment Fund, Vista Equity, Omicron Asia Holdings, Silver Lake, General Atlantic, ADIA-backed Platinum Jasmine Trust, TPG, Intel Capital and Qualcomm Ventures will get lowered proportionately, said the people. Jio is said to have nudged investors to make partial exits. “All the investors wanted to stay and hence the company made a decision to trim stakes uniformly across the board,” one of the persons said.
The combined shareholding of outside investors will drop to about 30% from 32.9% after the IPO. Investment banks have pegged Jio Platforms’ post-IPO valuation at $133-180 billion. However, analyst estimates have fluctuated, depending on market conditions.

Rapid Expansion
In 2020, Jio Platforms raised more than ₹1.5 lakh crore ($20 billion) from 13 global investors in a rapid fundraising round.