Castellum Inc Stock Price, News & Analysis

Castellum, Inc. (NYSE-American: CTM), a cybersecurity and software services company, reported improved financial results for Q2 2024. Revenue increased to $11.5 million, up from $11.3 million in Q1 2024. Gross profit rose to $4.7 million from $4.5 million in Q1. The company's operating loss narrowed to $(1.6) million from $(2.7) million in Q1. Notably, Adjusted EBITDA turned positive at $0.3 million, compared to $(0.1) million in Q1 2024 and $0.1 million in Q2 2023. This improvement excludes non-cash charges such as $1.3 million in stock-option and warrants expense and $0.6 million in depreciation and amortization. Castellum's CEO, Glen Ives, highlighted the company's progress, citing sequentially higher revenue, a smaller loss, and positive cash flow from operations.

Castellum, Inc. (NYSE-American: CTM), a cybersecurity, electronic warfare, and software engineering services company, has announced a strategic alliance with Krilla Kaleiwahea, (K2). This partnership combines Castellum's extensive experience in serving the U.S. Government with K2's leadership team and status as a Native Hawaiian government contractor.

The alliance enables the companies to pursue set-aside Department of Defense (DOD) contracts worth up to $100 million. Castellum's CEO, Glen Ives, expressed enthusiasm about the partnership, highlighting the potential to jointly target a wide range of government contracts across DOD and civilian federal agencies. K2's Co-Founder, Peter Krilla, emphasized Castellum's excellent past performance as a key factor in enhancing their bidding capabilities for substantial new opportunities.

Castellum, Inc. (NYSE-American: CTM), a cybersecurity and software services company, has released a letter to shareholders from its new CEO, Glen Ives. Ives, a former Navy veteran with extensive experience in government contracting, outlines his vision for the company's future. He aims to achieve 25% organic growth over the next two years and 40% over three years, targeting annualized revenue of $56 million by mid-2026 and $63 million by mid-2027.

Ives plans to focus on debt reduction, aiming to retire the $2.4 million Buckhout Charitable Remainder Trust note by August 2026 and reduce overall debt to below 15% of revenue. He also expresses interest in returning to selective acquisitions as the company's balance sheet strengthens. Despite recent stock price challenges, Ives is confident that executing this plan will benefit shareholders in the coming months.

Castellum (NYSE-American: CTM), a company specializing in cybersecurity, electronic warfare, and software services for the federal government, has retired its $4 million bank term loan with Live Oak Bank ahead of schedule. This loan originated in August 2021 for the acquisition of Specialty Systems. With this early payoff, Castellum reduces its total outstanding debt to $10.3 million. Starting in September 2024, the company will also begin monthly principal payments on the Buckhout Charitable Trust promissory note. CEO Glen Ives stated that this move will decrease future interest expenses and allocate more resources toward growth.

Castellum (NYSE-American: CTM) has made its 34th consecutive monthly payment on a term loan from Live Oak Banking Company, initiated to support an August 2021 acquisition. With only two payments remaining, Castellum's outstanding debt has been reduced to $10.6 million and is projected to fall below $10 million by year-end. Incoming CEO Glen Ives emphasized the importance of deleveraging to enhance resources for customer support, employee development, and organic growth, promising a greater return for shareholders. The company will maintain a revolver with Live Oak Bank post repayment of the term loan in early August.

Castellum, a cybersecurity, electronic warfare, and software services company, announced leadership changes effective July 1, 2024. Mark Fuller, co-founder and CEO, will step down to pursue other interests. Glen Ives, currently the COO, will succeed him as CEO. Under Fuller's leadership, Castellum grew into a $45 million company with strong cybersecurity and software capabilities. The Board thanks Fuller for his contributions and looks forward to Ives enhancing organic revenue growth, profitability, and strategic acquisitions. Both Fuller and Ives expressed confidence and optimism in the company's future trajectory.

Castellum, a cybersecurity and software services company, reported its Q1 2024 financial results. Revenue rose to $11.3 million from $11.1 million in Q4 2023. However, gross profit slightly declined to $4.5 million from $4.6 million. Operating loss increased to $2.7 million from $1.5 million in the previous quarter. The company's non-GAAP Recurring Cash Operating Profit (RCOP) was negative $0.1 million, improving from negative $0.4 million in Q4 2023. CEO Mark Fuller highlighted significant progress in reducing short-term debt through two financing transactions and focused on business development and profitability improvements for the rest of 2024 and into 2025.