Castellum, Inc. CTM
Castellum is focused on building a large, successful technology services, solutions, and products company in the areas of cybersecurity, IT, electronic warfare, information warfare, system modernization, and information operations with businesses in the defense, federal, civilian, and commercial markets. Services include intelligence analysis, software development, software engineering, program management, strategic and mission planning, information assurance, cybersecurity and policy support, data analytics, and model based systems engineering ("MBSE"). These services are applicable to customers in the United States ("U.S.") government ("USG"), financial services, legal, and other users of large data applications. They can be delivered to on-premises enclaves or customers who rely upon cloud-based infrastructures. The Company routinely works with multiple business brokers and contacts within their business network to identify potential acquisitions. Due to our success in completing seven acquisitions since 2019 and given our executive officers' and key managers' networks of contacts in the IT, telecom, cybersecurity, and defense sectors, we believe that we are well positioned to continue to execute our business strategy. Because of our executive officers' and key managers' prior experience growing businesses organically, we believe that we are well positioned to grow our existing business via internal growth as well. The Company has developed a qualified business opportunity (the "Opportunity Pipeline"). Although there can be no assurance that the Opportunity Pipeline can be converted to revenues, the Company believes that the total value of the Opportunity Pipeline to be approximately $817 million as of December 31, 2025. The Opportunity Pipeline represents the revenue opportunity for the Company from potential future contracts obtained through organic growth from qualified customers based on the expected base year contract value plus the value of all option periods.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $52.9M | $44.8M | $45.2M | $42.2M | $25.1M | $13.3M | — |
| Cost of revenue | $33.5M | $26.5M | $26.6M | $24.6M | $14.0M | $7.2M | — |
| Gross profit | $19.4M | $18.3M | $18.7M | $17.6M | $11.1M | $6.2M | — |
| SG&A | $10.7M | $14.3M | $17.7M | $13.6M | $14.5M | $5.7M | — |
| Total operating expenses | $22.2M | $25.5M | $35.3M | $27.6M | $18.8M | $7.6M | — |
| Operating income | -$2.8M | -$7.2M | -$16.7M | -$10.0M | -$7.7M | -$1.5M | — |
| Interest expense | $0 | $209.6K | $1.4M | $4.0M | $2.5M | $2.3M | — |
| Pre-tax income | -$2.2M | -$9.9M | -$19.1M | -$14.1M | -$10.2M | -$3.8M | — |
| Income tax | $208.0K | $68.0K | $1.3M | $819.6K | $2.7M | $1.1M | — |
| Net income | -$2.4M | -$10.0M | -$17.8M | -$14.9M | -$7.5M | -$2.7M | — |
| EPS, basic | -0.03 | -0.18 | -0.38 | -0.55 | -0.41 | -0.17 | — |
| EPS, diluted | -0.03 | -0.18 | -0.38 | -0.55 | -0.41 | -0.17 | — |
| Shares, diluted (wtd. avg.) | 93.0M | 55.3M | 47.2M | 27.5M | 18.3M | 16.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.9M | $12.3M | $1.8M | $4.6M | $2.0M | $2.4M | $1.3M |
| Receivables | $8.2M | $5.5M | $6.9M | $5.2M | $5.4M | — | — |
| Total current assets | $24.6M | $18.9M | $9.5M | $10.7M | $8.2M | — | — |
| Property, plant and equipment | $231.1K | $156.1K | $310.2K | $173.3K | $145.8K | — | — |
| Goodwill | $10.7M | $10.7M | $10.7M | $15.5M | $14.1M | $4.1M | — |
| Other intangibles | $5.4M | $6.8M | $9.0M | $6.6M | $7.6M | — | — |
| Total assets | $41.9M | $37.8M | $30.1M | $33.0M | $30.8M | — | — |
| Accounts payable | $1.9M | $1.1M | $785.0K | $1.6M | $1.4M | — | — |
| Total current liabilities | $5.6M | $9.8M | $8.0M | $7.8M | $5.1M | — | — |
| Long-term debt | — | $8.0M | $8.1M | $8.4M | $8.4M | — | — |
| Total liabilities | $6.2M | $17.7M | $17.2M | $15.5M | $15.4M | — | — |
| Retained earnings | -$56.6M | -$54.1M | -$44.0M | -$26.1M | -$11.1M | — | — |
| Total equity | $35.8M | $20.2M | $12.9M | $17.5M | $15.3M | $2.6M | $3.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.9M | $1.1M | -$2.3M | $990.2K | -$1.4M | $1.0M | — |
| Depreciation and amortisation | $1.5M | $2.2M | $2.5M | $2.0M | $1.9M | $1.8M | — |
| Stock-based compensation | $2.5M | $5.4M | $7.5M | $8.8M | $6.9M | $937.0K | — |
| Capital expenditure | $151.7K | $3.3K | $18.3K | $89.3K | $10.2K | $2.6K | — |
| Investing cash flow | -$159.8K | $221.4K | -$441.0K | -$339.3K | $808.8K | -$5.5K | — |
| Financing cash flow | $4.7M | $9.1M | -$104.6K | $2.0M | $146.8K | $109.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001877939-26-000016.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $13.3M | $25.1M | $42.2M | $45.2M | $44.8M | $52.9M |
| Gross profit | — | $6.2M | $11.1M | $17.6M | $18.7M | $18.3M | $19.4M |
| Net income | — | -$2.7M | -$7.5M | -$14.9M | -$17.8M | -$10.0M | -$2.4M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event Item 8.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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