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Side-by-side financial comparison of GRID DYNAMICS HOLDINGS, INC. (GDYN) and Karman Holdings Inc. (KRMN). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $104.1M, roughly 1.3× GRID DYNAMICS HOLDINGS, INC.). Karman Holdings Inc. runs the higher net margin — 5.7% vs -1.4%, a 7.1% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 3.7%). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 12.0%).
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
Karman Holdings is an American fabricator of space and defense systems based in Huntington Beach, California. The company, which is valued at approximately US$4 billion, recently underwent an initial public offering.
GDYN vs KRMN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.1M | $134.5M |
| Net Profit | $-1.5M | $7.7M |
| Gross Margin | 34.8% | 39.9% |
| Operating Margin | 61.7% | 15.7% |
| Net Margin | -1.4% | 5.7% |
| Revenue YoY | 3.7% | 47.4% |
| Net Profit YoY | -150.6% | 358.3% |
| EPS (diluted) | $-0.02 | $0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $104.1M | — | ||
| Q4 25 | $106.2M | $134.5M | ||
| Q3 25 | $104.2M | $121.8M | ||
| Q2 25 | $101.1M | $115.1M | ||
| Q1 25 | $100.4M | $100.1M | ||
| Q4 24 | $100.3M | $91.2M | ||
| Q3 24 | $87.4M | $86.0M | ||
| Q2 24 | $83.0M | $85.0M |
| Q1 26 | $-1.5M | — | ||
| Q4 25 | $306.0K | $7.7M | ||
| Q3 25 | $1.2M | $7.6M | ||
| Q2 25 | $5.3M | $6.8M | ||
| Q1 25 | $2.9M | $-4.8M | ||
| Q4 24 | $4.5M | $1.7M | ||
| Q3 24 | $4.3M | $4.3M | ||
| Q2 24 | $-817.0K | $4.6M |
| Q1 26 | 34.8% | — | ||
| Q4 25 | 34.0% | 39.9% | ||
| Q3 25 | 33.3% | 41.0% | ||
| Q2 25 | 34.1% | 40.9% | ||
| Q1 25 | 36.8% | 39.4% | ||
| Q4 24 | 36.9% | 38.1% | ||
| Q3 24 | 37.4% | 39.3% | ||
| Q2 24 | 35.6% | 40.7% |
| Q1 26 | 61.7% | — | ||
| Q4 25 | 0.5% | 15.7% | ||
| Q3 25 | -0.2% | 17.9% | ||
| Q2 25 | -0.1% | 17.5% | ||
| Q1 25 | -2.0% | 10.0% | ||
| Q4 24 | 1.3% | 15.8% | ||
| Q3 24 | 2.4% | 20.2% | ||
| Q2 24 | 0.0% | 21.5% |
| Q1 26 | -1.4% | — | ||
| Q4 25 | 0.3% | 5.7% | ||
| Q3 25 | 1.1% | 6.3% | ||
| Q2 25 | 5.2% | 5.9% | ||
| Q1 25 | 2.9% | -4.8% | ||
| Q4 24 | 4.5% | 1.8% | ||
| Q3 24 | 4.9% | 5.0% | ||
| Q2 24 | -1.0% | 5.4% |
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $0.01 | $0.06 | ||
| Q3 25 | $0.01 | $0.06 | ||
| Q2 25 | $0.06 | $0.05 | ||
| Q1 25 | $0.03 | $-0.04 | ||
| Q4 24 | $0.06 | $0.01 | ||
| Q3 24 | $0.05 | $0.03 | ||
| Q2 24 | $-0.01 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $327.5M | $34.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $530.1M | $382.7M |
| Total Assets | $605.0M | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $327.5M | — | ||
| Q4 25 | $342.1M | $34.0M | ||
| Q3 25 | $338.6M | $18.7M | ||
| Q2 25 | $336.8M | $27.4M | ||
| Q1 25 | $325.5M | $113.7M | ||
| Q4 24 | $334.7M | $11.5M | ||
| Q3 24 | $231.3M | — | ||
| Q2 24 | $256.0M | — |
| Q1 26 | $530.1M | — | ||
| Q4 25 | $542.1M | $382.7M | ||
| Q3 25 | $537.7M | $369.1M | ||
| Q2 25 | $532.2M | $361.5M | ||
| Q1 25 | $517.4M | $348.9M | ||
| Q4 24 | $517.8M | $196.0M | ||
| Q3 24 | $400.2M | $194.1M | ||
| Q2 24 | $388.4M | $189.6M |
| Q1 26 | $605.0M | — | ||
| Q4 25 | $612.9M | $1.1B | ||
| Q3 25 | $613.2M | $968.1M | ||
| Q2 25 | $608.9M | $953.9M | ||
| Q1 25 | $590.9M | $875.4M | ||
| Q4 24 | $592.2M | $774.0M | ||
| Q3 24 | $477.3M | — | ||
| Q2 24 | $443.6M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $8.7M |
| Free Cash FlowOCF − Capex | — | $4.0M |
| FCF MarginFCF / Revenue | — | 3.0% |
| Capex IntensityCapex / Revenue | — | 3.5% |
| Cash ConversionOCF / Net Profit | — | 1.13× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-42.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $9.9M | $8.7M | ||
| Q3 25 | $7.0M | $131.0K | ||
| Q2 25 | $14.4M | $-17.4M | ||
| Q1 25 | $9.4M | $-13.6M | ||
| Q4 24 | $7.1M | — | ||
| Q3 24 | $9.2M | — | ||
| Q2 24 | $10.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | $6.1M | $4.0M | ||
| Q3 25 | $2.9M | $-6.8M | ||
| Q2 25 | $10.2M | $-21.0M | ||
| Q1 25 | $6.0M | $-18.6M | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $5.9M | — | ||
| Q2 24 | $8.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 3.0% | ||
| Q3 25 | 2.8% | -5.6% | ||
| Q2 25 | 10.1% | -18.2% | ||
| Q1 25 | 6.0% | -18.6% | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 9.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 3.5% | ||
| Q3 25 | 3.9% | 5.7% | ||
| Q2 25 | 4.1% | 3.2% | ||
| Q1 25 | 3.3% | 5.0% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 3.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 32.34× | 1.13× | ||
| Q3 25 | 5.92× | 0.02× | ||
| Q2 25 | 2.73× | -2.55× | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 2.15× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GDYN
Segment breakdown not available.
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
