Karman Holdings Inc.

Thank you for standing by and welcome to the Carmen Space and Defense third quarter fiscal year 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I'd now like to turn the call over to Stephen Gitlin, Vice President of Investor Relations. You may begin.

Good afternoon, and thank you for joining Carmen Space and Defense's third quarter fiscal year 2025 earnings conference call. I'm Stephen Gitlin, Vice President of Investor Relations, and I'm pleased to welcome you today. Joining me on today's call are Tony Koblinski, our Chief Executive Officer, Mike Willis, our Chief Financial Officer, and Jonathan Bodewein, our Chief Operating Officer. Before we begin, please note that on this call, certain information presented contains forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements and may contain words such as believe, anticipate, expect, estimate, intend, project, plan, or words or phrases with similar meaning. forward-looking statements are based on current expectations forecasts and assumptions that involve risks and uncertainties including but not limited to economic competitive governmental and technological factors outside of our control that may cause our business strategy or actual results to differ materially from the forward-looking statements all forward-looking statements should be considered in conjunction with the forward-looking statements in our earnings release future company updates will be available via press releases For further information on these risks, we encourage you to review the risk factors discussed in Carmen's periodic reports on Form 10-K and Form 10-Q filed with the SEC and the Form 8-K filed today with the SEC, along with the associated earnings release and the safe harbor statement contained therein. This afternoon, we also filed our earnings release and posted an earnings presentation to our website at carmen-sd.com in the news and events section. The content of this conference call contains time-sensitive information that is accurate only as of today, November 6, 2025. The company undertakes no obligation to make any revision to any forward-looking statements contained in our remarks today or to update them to reflect the events or circumstances occurring after this conference call. I'd also like to note that, unless otherwise stated, all numbers we will be discussing today are GAAP. Our press release contains a reconciliation of any non-GAAP financial measure to the most comparable gap measure. Now I would like to turn the call over to Tony.

Thank you, Steve. Good afternoon, everyone. On today's call, I will provide an overview of our third quarter highlights. Then Mike Willis will provide a detailed review of our financial performance and capital allocation priorities. Jonathan Bodwine will then discuss market dynamics and our operational achievements. Following their remarks, I'll return to share a strategic outlook and guidance before opening the call for your questions. Our team delivered another quarter of record performance across our business through their strong execution, continuing our momentum since our February IPO. As shown on slide four of our earnings presentation, here are the key highlights. We posted record quarterly revenue of $122 million, driven by growth across all three of our end markets. We produced record gross profit of $50 million. Adjusted EBITDA rose to $38 million, another new quarterly Carmen record. And funded backlog continued to grow, reaching an all-time high of $758 million, providing 100% visibility to the midpoint of our full-year revenue guidance range and a strong foundation for 2026. During the quarter, we also completed a 1.2 billion non-dilutive secondary equity offering that generated significant market demand and resulted in the effective exit of our private equity sponsor as an owner of Carmen shares. Shortly after quarter end, we increased our credit facility, providing the resources to acquire five access industries and pay off our revolver. Summarized on slide five, five access is another strategic tuck in acquisition that expands our capabilities with IP rich content for the commercial space industry. The Arlington Washington based company is specialized provider of critical systems, including large nozzles for liquid fueled rocket engines. Their core focus is on high-performance exotic alloys such as titanium, inconel, and high-temperature, high-strength copper alloys. 5-Axis supports high-priority space launch programs on a single-source basis with its highly skilled team and state-of-the-art facility. We are delighted to welcome the 5-Axis team to Carmen. Now let's turn to our end markets where the demand environment remains very strong. Our customers and their end customers continue to communicate their expectations for significant volume increases in programs we support. One measure of that demand is the fact that we now support more than 80 customers on more than 130 programs. The drivers include increased replenishment activity, the Golden Dome for America, hypersonic developments, unmanned and counter unmanned systems, and an increasing space launch cadence for both defense and commercial missions. Given our continued strong performance, driven by accelerated progress on current programs and the five axis acquisition, we are again raising our 2025 guidance. this time by $7 million at the midpoint for revenue and $2.5 million for adjusted EBITDA. With that overview, I'll turn the call over to Mike for our financial review.