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. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government. The CTM news feed on Stock Titan brings together company press releases and related coverage so readers can follow how Castellum’s contracts, technology initiatives, and corporate actions evolve over time.
Recent news emphasizes Castellum’s role in supporting U.S. national security and defense missions. Announcements highlight prime contract awards to its Specialty Systems, Inc. subsidiary for Software Support Activities and cyber engineering at the Naval Air Warfare Center Aircraft Division Lakehurst, as well as logistics, engineering, and cyber support services for naval aviation systems. Other releases describe participation in the Missile Defense Agency SHIELD Multiple Award IDIQ contracts, where Castellum and its joint ventures support multi-domain defense efforts that involve cyber, electronic and information warfare, and advanced engineering approaches.
Investors and observers can also see updates on Castellum’s financial performance, capital structure, and strategic initiatives. The company has reported quarterly financial results, debt reduction milestones, and proceeds from warrant exercises, alongside commentary on its approach to organic growth, product development, and mergers and acquisitions. Additional items include the addition of IT professional services capabilities on a GSA Multiple Award Schedule contract, attendance at investor conferences, and the launch of a product-focused subsidiary and reseller agreement for AI-based cybersecurity products.
By following CTM news, readers gain insight into Castellum’s contract pipeline, national security–related work, and technology focus areas. This page aggregates those developments in one place so users can review new announcements and revisit prior disclosures when researching the CTM stock and its federal government–oriented business.
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.
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.
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