Welcome to our dedicated page for Castellum news (Ticker: CTM), a resource for investors and traders seeking the latest updates and insights on Castellum stock.
Castellum, Inc. reports news on its federal-government technology services business, including cybersecurity, electronic warfare, software engineering, information technology, and mission-support work. Company updates commonly cover financial results, organic revenue growth, backlog, prime contract wins, recompete awards, and work performed through subsidiaries and joint ventures for defense customers.
Recurring developments also include CMMC Level 2 C3PAO certification, balance-sheet actions such as debt retirement, business development investments, M&A strategy, and product or capability expansion in areas such as extended reality, digital engineering, model-based systems engineering, artificial intelligence, and machine learning-enabled applications.
Castellum (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, has announced plans for a public offering of common stock. The company will offer all shares and intends to use the net proceeds for working capital and general corporate purposes. Maxim Group is acting as the sole placement agent on a reasonable best-efforts basis.
The offering is subject to market conditions, with no guarantee of completion or final terms. The offering is being made pursuant to a shelf registration statement on Form S-3 that became effective on December 12, 2023. A preliminary prospectus supplement and accompanying prospectus will be available on the SEC's website.
Castellum (NYSE-American: CTM) has announced a registered direct offering of 9,473,700 shares of common stock at $0.38 per share, expecting to raise approximately $3.6 million in gross proceeds before deducting placement agent fees and other offering expenses. The offering, managed by Maxim Group as the sole placement agent, is expected to close around December 24, 2024. The shares are being offered through a shelf registration statement on Form S-3 that was declared effective by the SEC on December 12, 2023.
Castellum (NYSE-American: CTM) announces a significant contract win through its subsidiary Specialty Systems, Inc., in collaboration with Corvus Consulting and Global Technology and Management Resources. The company secured all four unrestricted domains in the OASIS+ (One Acquisition Solution for Integrated Services Plus) contract, complementing three previously awarded small business domains.
The awarded domains include intelligence services, technical and engineering, research and development, and management & advisory. This government-wide contract has a ten-year performance period with no ceiling value, representing a major strategic opportunity for Castellum to expand its federal customer support.
Castellum (NYSE-American: CTM) reported sequential revenue growth in Q3 2024, reaching $11.6 million, up from $11.5 million in Q2 and $11.3 million in Q1. Gross profit increased to $5.0 million, compared to $4.7 million in Q2 and $4.5 million in Q1. The company's CEO highlighted that while current growth is modest due to existing contract performance, their strategy focuses on securing new contracts in 2025 to drive significant improvements in quarterly and long-term performance. Full financial results will be filed by November 14, 2024.
Castellum, Inc. (NYSE-American: CTM), a cybersecurity, electronic warfare, and software engineering services company, has announced a $4.1 million contract win in collaboration with its protégé, Epic Systems, Inc. The contract, awarded by the National Science Foundation (NSF), is for supporting NSF's Administrative Services Help Desk. Castellum's subsidiary, Corvus Consulting, , will have a 49% work share on the contract.
Glen Ives, President and CEO of Castellum, emphasized the importance of this milestone win and the company's commitment to the Small Business Administration's 'Mentor-Protégé' program. This program is part of Castellum's growth strategy, allowing them to support disadvantaged businesses and generate revenue from opportunities not otherwise available to the company.
Castellum, Inc. (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company, has promoted Andrew ("Drew") Merriman to Chief Operating Officer (COO), effective September 1, 2024. This move fills the vacancy created by Glen Ives' promotion to CEO on July 1, 2024. Merriman, who co-founded Merrison Technologies, (MTech) in 2013, brings extensive experience in technical leadership and customer relationship management. Under his leadership, MTech achieved 176% revenue growth over three years, joining the Inc. 5000 fastest-growing companies list in 2018. Castellum acquired MTech in August 2021. Merriman's appointment aligns with Castellum's focus on operational excellence and organic growth in serving federal government clients.
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.