KRMN · CIK 2040127
What Karman Holdings Inc. told the SEC could break it.
Karman's disclosures describe concentration on both ends of its defense-products business plus the export-control regime that governs it. Its three largest customers accounted for about 51.5% of 2025 revenue (two were roughly 40.7% of receivables), so a material pullback by a large customer would hurt results, and on the supply side a single supplier represented about 23.8% of accounts payable, indicating reliance on one key vendor. As a defense manufacturer, it is subject to the Arms Export Control Act, ITAR, EAR and OFAC sanctions — where a revocation or suspension of export authorizations or security clearances would materially harm the business.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- three largest customers (~51.5% of revenue)high
Karman's three largest (unnamed) customers accounted for ~51.5% of revenue in 2025; two customers were ~40.7% of accounts receivable. A material reduction in purchasing by a large customer could materially harm the business.
“Our three largest customers accounted for approximately 51.5% of revenue during the year ended December 31, 2025.”
SEC filing →As of 2026
Regulatory & policy
- ITAR / EAR / Arms Export Control Act / OFAC export controlsmedium
As a defense products manufacturer, Karman is subject to the Arms Export Control Act, ITAR, EAR and OFAC sanctions; revocation or suspension of export authorizations or security clearances would materially harm the business.
“U.S. laws and regulations applicable to us include the Arms Export Control Act, the International Traffic in Arms Regulations (“ITAR”), the Export Administration Regulations (“EAR”) and the sanctions administered by the United States Department of the Treasury's Office of Foreign Assets Control (“OFAC”).”
SEC filing →As of 2026
Supplier concentration
- single supplier (~23.8% of accounts payable)medium
One unnamed supplier accounted for ~23.8% of accounts payable as of Dec 31, 2025 (19.6% prior year), indicating reliance on a key vendor for a significant portion of purchases.
“One supplier accounted approximately 23.8 % of accounts payable as of December 31, 2025 .”
SEC filing →As of 2026
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