HIGHOutside partyCustomer
51.5%
top-3 customers
“10-K Item 1A: 'Our three largest customers accounted for approximately 51.5% of revenue during the year ended December 31, 2025'”
KRMN · Concentration risk · 10-K extracted
Karman Holdings (KRMN) concentration risks
Updated
The most significant concentration Karman Holdings discloses is top-3 customers at 51.5%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Karman Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partySupplier
sole source suppliers
“10-K Item 1A: 'We obtain certain of our hardware components, various subsystems and systems from a limited group of suppliers, some of which are sole source suppliers'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company carries a high-share customer concentration that is compounded by a high-share supply-chain dependency. On the demand side, the three largest customers accounted for approximately 51.5% of revenue during the year ended December 31, 2025 — a high share with a dependency character, meaning that a program loss, budget reallocation, or procurement shift at any one of these top accounts could move revenues materially. The filing does not name the three customers, so the exposure is described at the aggregate level. On the supply side, certain hardware components and subsystems are sourced from a limited group of suppliers, some of which are sole source suppliers, a high-share dependency where alternative procurement options are constrained. This introduces a supply-chain fragility that sits on top of the demand-side concentration: a disruption at a sole-source supplier could affect the company's ability to fulfill its obligations to the same large customers whose orders drive the majority of revenue. The interaction of these two concentrations is the key risk dimension. A customer-driven demand disruption and a supplier-driven production disruption are independent events, but both have above-average probability of impact given the disclosed share levels and dependency characters. There is no disclosed geographic or product diversification to buffer either exposure. Monitoring sole-source supplier continuity and the renewal and expansion posture of the top three customers are the most important watch items the filings surface.
For the engine’s reasoning on KRMN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Aerospace & Defense
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| KRMN● | Karman Holdings Inc. | 2 | 0 | 0 | 2 |
| AVAV | AeroVironment, Inc. | 1 | 1 | 2 | 4 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.