Karman Space and Defense designs, tests, manufactures, and sells mission-critical systems for missile, defense, and space programs across more than 100 active programs with the U.S. Department of Defense and private space sector customers. The company provides payload protection and deployment systems for boosters and missiles, aerodynamic interstage subsystems, and propulsion systems including solid rocket motors and ablative composites, serving three roughly equal end markets: hypersonic and strategic missile defense, tactical missiles and integrated defense systems, and space and launch applications. Operating as an integrated engineering and manufacturing company with in-house design, analysis, testing, and production capabilities, Karman generates revenue from a diversified customer base with no single program exceeding a small percentage of total revenue, and derives competitive advantages from vertical integration, proprietary technologies, established sole-source supplier positions, and long-term supplier relationships that are costly for customers to qualify away from.