Castellum Announces Third Quarter 2026 Financial Results

Nine-month operating cash flow turned positive, but earnings weakened as Castellum increased spending on business development and acquisition efforts.

Rhea-AI Summary

Castellum (CTM) reported third-quarter 2026 revenue of $14.7 million, slightly above the prior year, and a loss attributable to common shareholders. That loss was $480,723, or $0.01 per share, versus income of $388,582 a year earlier. Gross margin fell to 36% from 38%, while adjusted EBITDA, a non-GAAP earnings measure, declined to approximately $0.6 million from $1.1 million.

Nine-month revenue reached $42.9 million versus $40.3 million. Operating cash flow was positive $1.1 million, and quarter-end cash was $15.7 million with no outstanding debt. Backlog fell to $254.5 million from $271.7 million at June 30; $236.3 million was unfunded. The qualified opportunity pipeline rose to approximately $1.662 billion. An August NAVAIR contract modification added $32.8 million. Castellum expects record annual revenue in 2026 and views acquisitions as its principal growth opportunity over the coming 6 to 12 months.

12 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

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0 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point$32.8 million NAVAIR modification awarded to subsidiary Global Technology and Management Resources increased its contract value to $136.2 million. 71% of market cap
• Moderate pointNine-month revenue of $42.9 million increased from $40.3 million in 2025.
• Moderate pointNine-month operating cash flow of $1.1 million reversed $1.3 million used in the prior-year period.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Record annual revenue in 2026 remains Castellum's expectation.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Acquisition candidates are under evaluation; Castellum views acquisitions as its principal growth opportunity over the coming 6 to 12 months.

7 minor points

• Minor pointQ3 revenue of $14.7 million exceeded $14.6 million a year earlier and $13.9 million in Q2 2026.
• Minor pointNo outstanding debt remained at September 30, 2026, versus $400,000 in related-party notes at December 31, 2025.
• Minor pointCash and receivables of $24.5 million exceeded $24.0 million at June 30 and $23.1 million at year-end.
• Minor pointApproximately $1.662 billion qualified opportunity pipeline increased from $953.5 million at June 30, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Approximately 25% and 51% of remaining performance obligations are expected to be recognized within 12 and 24 months, respectively.
• Minor pointNine-month net interest income of $312,777 replaced net interest expense of $82,283 a year earlier.
• Minor pointQ3 net interest income of $106,933 increased from $58,838 a year earlier.

Negative

• Moderate pointNine-month common-shareholder loss of $1,912,231 widened from $1,157,376; loss per share increased to $0.02 from $0.01.
• Moderate pointQ3 adjusted EBITDA of approximately $0.6 million fell from $1.1 million year over year but exceeded Q2's $0.03 million.
• Moderate pointBacklog of $254.5 million fell from $271.7 million at June 30; $18.2 million was funded and $236.3 million unfunded.
• Moderate pointQ3 operating expenses of $5,864,034 increased from $5,045,288 a year earlier.
• Moderate pointQ3 operating loss of $563,811 replaced operating income of $445,280 a year earlier.

8 minor points

• Minor pointQ3 common-shareholder loss of $480,723 replaced $388,582 income a year earlier, but narrowed from Q2's reported $1.1 million loss.
• Minor pointQ3 gross profit of $5.3 million, or 36% fell year over year but improved from Q2's $4.7 million, or 34%.
• Minor pointNine-month gross profit of $15,081,863 slipped from $15,105,630 despite higher revenue.
• Minor pointNine-month adjusted EBITDA of $1.0 million declined from $1.8 million in 2025.
• Minor pointNine-month operating expenses of $17,437,762 increased from $16,529,880 a year earlier.
• Minor pointNine-month operating loss of $2,355,899 widened from $1,424,250 a year earlier.
• Minor point94,931,286 common shares outstanding at September 30 exceeded 94,612,750 at December 31, 2025, diluting existing holders.
• Minor pointNine-month derivative valuation gain of $252,000 declined from $535,000; Q3's gain fell to zero from $18,000.

News Explained

Quarterly operating cash flow was negative despite positive nine-month cash flow, so the reported cash-flow direction depends on the period measured.

Castellum reported results for the quarter ended September 30, 2026; under its revised presentation, the $254.5 million scheduled backlog includes $236.3 million classified as unfunded, including priced contract options previously reported separately.

Management expects to recognize approximately 25% of remaining performance obligations within 12 months and 51% within 24 months.

Q3 operating cash flow was −$1,285,192, while the release reports $1.1 million generated over nine months; the different periods show a quarterly outflow alongside a positive year-to-date total.

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Market move: CTM -17.10% vs previous close. Q3 2026 earnings report

$0.39 – $0.40 Day Range

$37.22M Mkt Cap at Last Price

On Nov 6, the first trading day after this news, the latest delayed price for CTM is 17.10% below the previous close. The latest delayed price is $0.39. Relative volume is exceptionally heavy at 11.4x what this stock usually trades by this time of day.

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Key Figures

Q3 revenue: $14.7 million Q3 Adjusted EBITDA: Approximately $0.6 million Q3 net loss: $(0.5) million +5 more

Q3 revenue

$14.7 million

Q3 2026, compared with $14.6 million in Q3 2025

Q3 Adjusted EBITDA

Approximately $0.6 million

Q3 2026, compared with $1.1 million in Q3 2025

Q3 net loss

$(0.5) million

Q3 2026, compared with net income of $0.4 million in Q3 2025

Nine-month revenue

$42.9 million

9M 2026, compared with $40.3 million in 9M 2025

Nine-month Adjusted EBITDA

$1.0 million

9M 2026, compared with $1.8 million in 9M 2025

Cash and accounts receivable

$24.5 million

At September 30, 2026

Scheduled backlog

$254.5 million

At September 30, 2026; $18.2 million funded and $236.3 million unfunded

Qualified opportunity pipeline

Approximately $1.662 billion

At September 30, 2026

Previous Earnings Reports

3 past events · Latest: Aug 06

Same Type 3 events

1. Aug 06

   Q2 earnings

   24h Move

   -22.8%

   Revenue was essentially flat year over year while adjusted EBITDA declined and the company reported a net loss.

2. May 08

   Q1 earnings

   24h Move

   +14.7%

   Revenue rose 23% year over year, adjusted EBITDA was positive, and backlog reached a reported record.

3. Nov 07

   Q3 earnings

   24h Move

   +4.3%

   The company reported first-ever quarterly GAAP net income, record revenue, higher cash, and reduced debt.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap, stock-based compensation, performance obligations

4 terms

adjusted ebitda financial

"Adjusted EBITDA* of approximately $0.6 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"This press release contains Non-GAAP Adjusted EBITDA"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

stock-based compensation financial

"including stock-based compensation of $0.8 million"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

performance obligations financial

"recognize approximately 25% and 51% of the remaining performance obligations"

Performance obligations are the specific promises a company makes to deliver goods or services to a customer under a contract, treated as separate deliverables when a customer can benefit from them on their own. Investors care because these promises determine when and how much revenue a company records — like breaking a bundled purchase into separate billable parts — which affects reported earnings, growth trends and the clarity of future cash flows.

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Ended the Quarter with a Debt-Free Balance Sheet and $24.5 Million of Cash and Accounts Receivable

Reported Total Backlog of $254.5 Million and Opportunity Pipeline of $1.66 billion

Expect Record Revenue for Full Year 2026

Conference Call Scheduled for Friday, November 6 at 10am ET

VIENNA, Va., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Castellum, Inc. (NYSE-American: CTM) (“Castellum,” “CTM,” “we,” or the “Company”), a defense tech services and solutions provider focused on the federal government, today announced its financial results for the three- and nine-month periods (“Q3” and “9M”) ended September 30, 2026.

Q3 2026 Financial Highlights

• Revenues of $14.7 million, as compared to $14.6 million in Q3 2025 and $13.9 million in Q2 2026.
• Gross profit of $5.3 million, or 36% of revenues, as compared to $5.5 million, or 38% of revenues, in Q3 2025 and $4.7 million, or 34% of revenues, in Q2 2026.
• Adjusted EBITDA* of approximately $0.6 million, as compared to $1.1 million in Q3 2025 and $0.03 million in Q2 2026.
• Net loss of $(0.5) million (or $(0.01) per basic and diluted share), as compared to net income of $0.4 million or $0.00 per basic and diluted share in Q3 2025 and a net loss of $(1.1) million (or $(0.01) per basic and diluted share) in Q2 2026.
• Cash and accounts receivable at September 30, 2026 totaled $24.5 million, as compared to $24.0 million at June 30, 2026 and $23.1 million at December 31, 2025.
• No long-term debt as of September 30, 2026.
  
  

9M 2026 Financial Highlights

• Revenues of $42.9 million, as compared to $40.3 million in 9M 2025.
• Gross profit of $15.1 million, as compared to $15.1 million in 9M 2025.
• Adjusted EBITDA* of $1.0 million, as compared to $1.8 million in 9M 2025.
• Net loss was $(1.9) million (or $(0.02) per basic and diluted share), as compared to a net loss of $(1.2) million (or $(0.01) per basic and diluted share) in 9M 2025.
  
  

^{*Q3 2026 Adjusted EBITDA excludes certain non-cash expenses, including stock-based compensation of $0.8 million and depreciation and amortization of $0.3 million, as compared to stock-based compensation of $0.3 million and depreciation and amortization of $0.4 million in Q3 2025. 9M 2026 Adjusted EBITDA excludes stock-based compensation of $2.4 million and depreciation and amortization of $1.0 million, as compared to stock-based compensation of $2.1 million and depreciation and amortization of $1.1 million in 9M 2025. See the reconciliation to non-GAAP Adjusted EBITDA chart below.}

Q3 2026 Operational Highlights

• Total scheduled backlog of $254.5 million at September 30, 2026, consisted of $18.2 million funded and $236.3 million unfunded, compared to a total backlog of $271.7 million at June 30, 2026.
• Qualified opportunity pipeline at September 30, 2026, increased to approximately $1.662 billion, as compared to $953.5 million at June 30, 2026.
• In August 2026, CTM was awarded a $32.8 million NAVAIR contract modification to its subsidiary Global Technology and Management Resources, Inc., under the PMA-290 Special Missions contract, increasing the total value of this contract to $136.2 million.
  
  

Executive Commentary
Glen Ives, President and Chief Executive Officer of Castellum, commented, “While third quarter revenue increased slightly year-over-year, revenue for the first nine months of 2026 grew 6%, reflecting continued execution on the major long-term prime contracts we secured in 2025. While the timing of contract awards, program ramp-ups and revenue recognition can cause quarterly fluctuations, we believe our year-to-date performance and expanding business opportunities provide a clearer measure of our overall trajectory.”

“We ended the third quarter with a total scheduled backlog of $254.5 million and expect to recognize approximately 25% and 51% of the remaining performance obligations within the next 12 and 24 months, respectively. During the quarter, we also refined our backlog reporting by including priced contract options, previously reported separately, within unfunded backlog. This change provides a clearer view of our contracted business and aligns our reporting with industry standards.”

“Our qualified opportunity pipeline grew to approximately $1.66 billion, up from $953.5 million at the end of the second quarter, expanding the range of potential contracts we are pursuing. Together, our backlog and pipeline provide a foundation for future revenue and opportunities for additional growth as we work to convert qualified opportunities into contract awards.”

David Bell, Chief Financial Officer of Castellum, noted, “Revenue for the first nine months of 2026 increased to $42.9 million from $40.3 million a year ago, while gross profit remained relatively flat at $15.1 million. A higher mix of subcontractor work, which typically carries lower margins than direct labor, limited gross profit growth. Adjusted EBITDA declined to approximately $1.0 million from $1.8 million in the prior-year period, but this was anticipated. As part of our 2026 growth strategy, we have deliberately increased spending in areas we believe will drive future growth, particularly business development and M&A activities. The near-term impact on Adjusted EBITDA is consistent with what we expected when we began implementing this strategy.”

“As previously discussed, this year we built out our business development team to pursue contract opportunities, while also committing our resources to identify and evaluate potential acquisitions. These initiatives require significant spending today, well before the associated revenue and earnings opportunities can be realized. While we have the financial capacity to invest more aggressively, we are taking a purposely measured approach, balancing our growth objectives with careful expense management and preserving the flexibility to act when the right opportunities arise. We believe these investments are important stepping-stones and create the foundation needed to scale our business.”

“It’s also important to look at our GAAP net loss in the context of the non-cash expenses included in our results. Despite the reported net loss, we remain Adjusted EBITDA positive and generated $1.1 million in operating cash flow through the first nine months of 2026, compared with $1.3 million used in the prior-year period. In addition, our combined cash and accounts receivable balance has increased by an average of $0.5 million per quarter this year, even as we continued to invest in business development and M&A. We ended the period with $15.7 million in cash, $24.5 million in cash and accounts receivable combined, and no outstanding debt, a strong financial position which provides us with the means to execute our organic and inorganic growth strategies.”

Further discussing the go-forward strategy, Mr. Ives added, “We remain focused on delivering record annual revenue in 2026 and continuing to grow our existing business through new contract awards, expansion of current programs and improved execution. Our investments in business development are strengthening our ability to compete for larger opportunities as reflected in our substantial pipeline of potential new business.”

“However, we believe acquisitions offer the greatest opportunity to take Castellum to the next level. M&A has always been a major priority of our strategy, and we've invested additional time and resources this year to expand our search and pursue the right opportunities. We're actively evaluating businesses that compliment what we do, add new capabilities and customer relationships, and can contribute meaningful revenue and earnings. We also recognize that finding the right, strategic business is only part of the equation. Cultural fit, financial discipline and a clear path to successful integration are all key considerations as we evaluate potential acquisitions. Our strong balance sheet allows us to pursue this strategy from a position of financial flexibility, but we intend to be selective in how we deploy our resources.”

“In summary, we believe disciplined acquisitions offer the strongest path to building scale and profitability. We remain focused on expanding our existing contracts while completing acquisitions that complement our capabilities and provide additional avenues for growth. Both are important to our strategy, but we see M&A as our principal opportunity to accelerate long-term growth and create shareholder value, especially in the coming 6 to 12 months.”

Conference Call
Castellum will hold a conference call on Friday, November 6, 2026, at 10:00 am Eastern Time to discuss its third quarter 2026 financial results.

By Phone: To access the call, please dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 8119596.

By Webcast: A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis at https://edge.media-server.com/mmc/p/crvfdomt.

The archived version of the webcast will be available on the Company’s website shortly after the call at https://investors.castellumus.com in the Investor Relations section under Events and Presentations.

About Castellum, Inc.
Castellum, Inc. (NYSE-American: CTM) is a defense tech services and solutions provider focused on leveraging the power of information technology to help solve our Nation’s most pressing national security challenges. CTM provides U.S. government and commercial clients with cybersecurity, software development, systems engineering, information / electronic warfare, program support, and data analytics services. It also offers subject matter expertise in artificial intelligence / machine learning, 5G technologies, model-based systems engineering, program management, information assurance, intelligence analysis, and CMMC compliance. In addition to constantly innovating and enhancing its organic capabilities, Castellum is executing strategic acquisitions of firms that share our passionate commitment to U.S. national security and have a history of bringing exceptional value to their clients. For more information visit: https://castellumus.com.

Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “in a position,” “looking to,” “pursue,” “positioned,” “will,” “likely,” “would,” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth, new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to continue to grow and execute on its total backlog and qualified pipeline and compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; and the Company’s ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

Contacts:
Castellum, Inc.
1934 Old Gallows Road, Suite 350
Vienna, VA 22182

Investor Relations:
The Equity Group
Lena Cati (212) 836-9611
lena.cati@theequitygroup.com

Val Ferraro (212) 836-9633
val.ferraro@theequitygroup.com

Castellum, Inc. and Subsidiaries Consolidated Balance Sheets
		September 30, 2026				December 31, 2025
		(unaudited)
Assets
Current Assets:
Cash		$	15,689,091			$	14,884,778
Accounts receivable, net			8,844,455				8,180,180
Contract asset			—				568,705
Due from buyer			31,193				58,207
Prepaid income taxes			301,370				153,153
Prepaid expenses and other current assets			916,491				800,671
Total current assets			25,782,600				24,645,694
Fixed assets, net			199,255				231,136
Non-Current Assets:
Due from buyer, net of current portion			—				77,259
Right of use asset - operating lease			856,255				800,069
Investment in joint ventures/captive insurance entity			100,250				100,250
Intangible assets, net			4,457,964				5,371,602
Goodwill			10,676,834				10,676,834
Total non-current assets			16,290,558				17,257,150
Total Assets		$	42,073,158			$	41,902,844
Liabilities and Stockholders' Equity
Liabilities
Current Liabilities
Accounts payable and accrued expenses		$	1,967,558			$	1,904,962
Accrued payroll and payroll related expenses			2,882,136				2,761,998
Current portion of lease liability – operating leases			360,963				270,868
Derivative liability			10,000				262,000
Notes payable, related party			—				400,000
Total current liabilities			5,220,657				5,599,828
Non-Current Liabilities
Lease liability – operating leases, net of current portion			516,967				550,219
Total non-current liabilities			516,967				550,219
Total Liabilities		$	5,737,624			$	6,150,047
Stockholders' Equity
Preferred stock, 50,000,000 shares authorized
Series A Preferred stock, par value $0.0001; 10,000,000 shares authorized; 5,875,000 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			588				588
Series C Preferred stock, par value $0.0001; 10,000,000 shares authorized; 570,000 and 570,000 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			57				57
Common stock, par value, $0.0001, 3,000,000,000 shares authorized, 94,931,286 and 94,612,750 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			9,493				9,461
Additional paid in capital			94,825,846				92,330,909
Accumulated deficit			(58,500,450	)			(56,588,218	)
Total stockholders' equity			36,335,534				35,752,797
Total Liabilities and Stockholders' Equity		$	42,073,158			$	41,902,844

Castellum, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Revenues		$	14,701,288			$	14,619,687			$	42,857,925			$	40,308,142
Cost of Revenues			9,401,065				9,129,119				27,776,062				25,202,512
Gross Profit			5,300,223				5,490,568				15,081,863				15,105,630
Operating Expenses
Indirect costs			2,515,529				2,195,712				7,375,784				6,797,986
Overhead			508,149				473,496				1,697,513				1,483,727
General and administrative			2,840,356				2,376,080				8,364,465				8,248,167
Total operating expenses			5,864,034				5,045,288				17,437,762				16,529,880
(Loss) Gain From Operations Before Other Income			(563,811	)			445,280				(2,355,899	)			(1,424,250	)
Other Income (Expense)
Gain from change in fair value of derivative liability			—				18,000				252,000				535,000
Interest income (expense), net			106,933				58,838				312,777				(82,283	)
Total other income (expense)			106,933				76,838				564,777				452,717
(Loss) Gain Before Income Taxes and Preferred Stock Dividends			(456,878	)			522,118				(1,791,122	)			(971,533	)
Income tax (expense) benefit			2,974				(106,717	)			(40,651	)			(105,220	)
Net (Loss) Gain			(453,904	)			415,401				(1,831,773	)			(1,076,753	)
Less: preferred stock dividends			26,819				26,819				80,458				80,623
Net (Loss) Gain to Common Shareholders		$	(480,723	)		$	388,582			$	(1,912,231	)		$	(1,157,376	)
Net (Loss) Gain Per Share - Basic And Diluted		$	(0.01	)		$	—			$	(0.02	)		$	(0.01	)
Weighted Average Shares Outstanding - Basic And Diluted			94,835,826				89,765,186				94,716,340				87,053,046

Non-GAAP Financial Measures and Key Performance Metrics

This press release contains Non-GAAP Adjusted EBITDA, which is a Non-GAAP financial measure that is used by management to measure the Company's operating performance. A reconciliation of this measure to the most directly comparable GAAP financial measure is contained herein. To the extent required, statements disclosing this measure's definition, utility, and purpose are also set forth herein.

Definition:

Adjusted EBITDA is a Non-GAAP measure, calculated as the Company’s earnings before (not including expenses related to) interest, taxes, depreciation, and amortization, also adjusted for other non-cash items such as stock-based compensation, and other non-recurring cash items, such as expenses for a one-time policy change.

Utility and Purpose:

The Company discloses Non-GAAP Adjusted EBITDA because this Non-GAAP measure is used by management to evaluate our business, measure its operating performance, and make strategic decisions. We believe Non-GAAP Adjusted EBITDA is useful for investors and others in understanding and evaluating our operating results in the same manner as its management. However, Non-GAAP Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for GAAP operating loss or any other operating performance measure calculated in accordance with GAAP. Using this Non-GAAP measure to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report a measure titled Non-GAAP Adjusted EBITDA, this measure may be calculated differently from how we calculate this Non-GAAP financial measure, which reduces its overall usefulness as a comparative measure. Because of these inherent limitations, you should consider Non-GAAP Adjusted EBITDA alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.

Reconciliation of Unaudited Non-GAAP Adjusted EBITDA to Operating Loss
		Three Months Ended September 30
			2026				2025
Revenues		$	14,701,288			$	14,619,687
Gross profit			5,300,223				5,490,568
Loss from operations before other income (expense)			(563,811	)			445,280
Add Back:
Depreciation and amortization			323,403				374,290
Adjust for non-cash and one-time charges
Stock based compensation and ESPP			828,588				284,116
Non-GAAP Adjusted EBITDA		$	588,180			$	1,103,686

		Nine Months Ended September 30
			2026				2025
Revenues		$	42,857,925			$	40,308,142
Gross profit			15,081,863				15,105,630
Loss from operations before other income (expense)			(2,355,899	)			(1,424,250	)
Add Back:
Depreciation and amortization			972,739				1,124,503
Adjust for non-cash and one-time charges
Stock based compensation and ESPP			2,352,908				2,103,344
Non-GAAP Adjusted EBITDA		$	969,748			$	1,803,597

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Castellum's CTM third-quarter 2026 earnings results?

Castellum reported $14.7 million in revenue and a $480,723 loss attributable to common shareholders, or $0.01 per basic and diluted share. A year earlier, revenue was $14.6 million and income attributable to common shareholders was $388,582. Adjusted EBITDA was approximately $0.6 million versus $1.1 million.

Why did Castellum's nine-month 2026 profitability weaken despite higher revenue?

Castellum attributed limited gross profit growth to a higher mix of lower-margin subcontractor work and the adjusted EBITDA decline to increased business development and acquisition-related spending. Nine-month revenue rose to $42.9 million from $40.3 million, while adjusted EBITDA fell to $1.0 million from $1.8 million.

How did Castellum change its backlog reporting in Q3 2026?

Castellum began including priced contract options within unfunded backlog; those options had previously been reported separately. The company described the change as providing a clearer view of contracted business and aligning its reporting with industry standards.