Castellum 2025 revenue hits $52.9M, cuts losses
Castellum, Inc. reported strong unaudited 2025 results with clear operational progress.
Rhea-AI Filing Summary
Castellum, Inc. reported strong unaudited 2025 results with clear operational progress. Revenue for 2025 rose to $52.9 million, up $8.1 million or 15.2% from 2024, and management notes this growth is entirely organic following its last acquisition in 2023.
The company’s profitability metrics improved meaningfully. Operating loss narrowed to $2.8 million from $7.2 million, while net loss to common shareholders improved to $2.5 million from $10.1 million, reflecting better contract wins and cost discipline. Non-GAAP Adjusted EBITDA increased to $1.0 million from $0.8 million, after adding back depreciation, amortization, stock-based compensation, and prior-year non-recurring charges.
The balance sheet strengthened as total cash grew by $2.6 million to $14.9 million as of December 31, 2025, supported by financing activities and the strategic use of cash to reduce outstanding debt from $10.7 million a year earlier. Management highlights improved cash-to-debt metrics and a shift from other expense of $2.7 million in 2024 to other income of $0.6 million in 2025. Leadership describes ongoing contract wins, increased business development investment, and renewed M&A activity as they prepare for further organic and acquisition-driven growth.
Positive
- Strong organic growth: 2025 revenue rose to $52.9 million, an $8.1 million or 15.2% increase over $44.8 million in 2024, with management stating the growth is entirely organic.
- Improved profitability metrics: Operating loss narrowed to $2.8 million from $7.2 million, and net loss to common shareholders improved to $2.5 million from $10.1 million year over year.
- Non-GAAP Adjusted EBITDA expansion: Adjusted EBITDA increased to $1.0 million for 2025 from $0.8 million in 2024, after add-backs for depreciation, amortization, and stock-based compensation.
- Balance sheet strengthening: Total cash increased by $2.6 million to $14.9 million as of December 31, 2025, while outstanding debt fell significantly from $10.7 million as of December 31, 2024, and other results shifted from $2.7 million of expense to $0.6 million of income.
Negative
- Continuing net losses: Despite notable improvement, the company still reported a 2025 net loss to common shareholders of $2.5 million, indicating it has not yet reached consistent GAAP profitability.
Insights
Castellum delivers double-digit organic growth, sharp loss reduction, and a much stronger balance sheet in 2025.
Castellum grew 2025 revenue to $52.9 million, a 15.2% increase over $44.8 million in 2024, with management emphasizing this expansion is entirely organic after its last acquisition in 2023. Operating loss narrowed from $7.2 million to $2.8 million, and net loss to common shareholders improved from $10.1 million to $2.5 million, indicating better operating leverage from prime contract wins and efficiency efforts.
Non-GAAP Adjusted EBITDA rose to $1.0 million from $0.8 million, even as non-cash stock-based compensation and depreciation and amortization totaled several million dollars. Cash increased by $2.6 million to $14.9 million as of December 31, 2025, while debt declined sharply from $10.7 million a year earlier, and other results swung from $2.7 million of expense in 2024 to $0.6 million of income in 2025.
These changes materially de-risk the balance sheet and move the business closer to sustained profitability, although the company still reports a net loss and relies in part on financing activities. Subsequent disclosures, including the audited Form 10-K expected on or before March 9, 2026, may provide more detail on contract mix, margin durability, and the scale and timing of any renewed M&A program.
8-K Event Classification
3 items: 2.02, 2.03, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Castellum (CTM) perform financially in 2025?
Castellum reported 2025 revenue of $52.9 million, up $8.1 million or 15.2% from 2024. Operating loss improved to $2.8 million and net loss to common shareholders narrowed to $2.5 million, showing significantly better operating performance.
What was Castellum (CTM) Non-GAAP Adjusted EBITDA for 2025?
Castellum’s Non-GAAP Adjusted EBITDA was $1.0 million for 2025, compared with $0.8 million in 2024. This metric adds back depreciation, amortization, stock-based compensation, and certain non-recurring charges to highlight underlying operating performance.
How did Castellum’s cash and debt positions change in 2025?
Total cash increased by $2.6 million to $14.9 million as of December 31, 2025, supported by financing activities. The company strategically used available cash to reduce outstanding debt from $10.7 million a year earlier, materially strengthening its balance sheet profile.
Was Castellum’s 2025 revenue growth driven by acquisitions or organically?
Management states that Castellum’s 2025 operational growth over 2024 is entirely organic. The company’s most recent acquisition, GTMR, occurred in 2023, so the 2025 revenue increase reflects internal expansion and contract wins rather than new acquisitions.
What key factors drove Castellum’s improved 2025 results?
Management cites three prime contract wins, increased alignment and efficiency to support operational efficiencies, and recent equity raises that improved its cash-to-debt ratio. These factors contributed to higher revenue, reduced operating loss, and a swing from other expense to other income.
When will Castellum file its audited 2025 financial statements?
Castellum expects to file its fully audited financial results for the year ended December 31, 2025, on Form 10-K on or before March 9, 2026. The filing will be available through the SEC’s website at www.sec.gov.
What risks does Castellum highlight in its forward-looking statements?
Castellum notes risks including competition, integrating and growing acquired companies, identifying new acquisition targets, possible delays in U.S. federal budget approvals affecting revenue, and maintaining its NYSE American listing. These risks could cause actual results to differ from current expectations.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): March 4, 2026
(Exact name of Registrant as specified in its charter)
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Check the appropriate box below if the 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13(c)). | |||||
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☒
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Item 2.02 Results of Operations and Financial Condition.
On March 4, 2026, Castellum, Inc. (the “Company”) issued a press release announcing certain financial results for its year ended December 31, 2025. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Exhibit Title | ||||
| 99.1 | Press Release dated March 4, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| CASTELLUM, INC. | |||||||||||||||||
| Date: March 5, 2026 | By: | /s/ Glen R. Ives | |||||||||||||||
| Name: | Glen R. Ives | ||||||||||||||||
| Title: | Chief Executive Officer (Principal Executive Officer) | ||||||||||||||||
Exhibit 99.1
Castellum, Inc. Announces 2025 Unaudited Financial Results
VIENNA, Va., March 04, 2026 (GLOBE NEWSWIRE) -- Castellum, Inc. (“Castellum” “CTM”, “we” or the “Company”) (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain unaudited highlights of its operating results for its year ended December 31, 2025.
Revenue for 2025 increased to $52.9 million, representing an $8.1 million (15.2%) increase over $44.8 million in 2024. Operating loss improved to $2.8 million, a $4.4 million year-over-year improvement from an operating loss of $7.2 million in 2024.
Net loss to common shareholders for 2025 was $2.5 million, a $7.6 million improvement from a net loss of $10.1 million in 2024.
Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure of the Company's operating performance. Adjusted EBITDA was $1.0 million for the year ended December 31, 2025, compared to $0.8 million for 2024. Adjusted EBITDA excludes certain non-cash expenses, including stock-based compensation of $2.4 million and depreciation and amortization of $1.5 million in 2025, versus stock-based compensation of $5.4 million and depreciation and amortization of $2.2 million in 2024. See the reconciliation to non-GAAP Adjusted EBITDA chart below.
Overall, total cash increased by $2.6 million during 2025 to $14.9 million as of December 31, 2025, compared to $12.3 million as of December 31, 2024. The increase was supported by financing activities and reflects the Company’s strategic use of available cash to reduce outstanding debt. Debt as of December 31, 2025, was $0.4 million versus $10.7 million as of December 31, 2024.
Castellum's fully audited financial results for the year ended December 31, 2025, are expected to be filed on or before March 9, 2026, on Form 10-K, available at www.sec.gov.
“I am very excited by the progress we have made and the momentum that progress is generating. Castellum’s most recent acquisition of GTMR was in 2023, so our 2025 operational growth over 2024 is entirely organic. Our marked improvement over prior year was driven by winning three prime contracts, increasing alignment and efficiency to support operational efficiencies, and in
conjunction with our recent equity raises, improving our cash to debt ratio from 1x as of December 31, 2024, to 37x as of December 31, 2025, which contributed other income of $0.6 million in 2025 versus other expense of $2.7 million in 2024, an improvement of $3.3 million. This progress has allowed us to invest more heavily in our business development operations to drive even more organic growth with contract wins and relationships. Coupled with those afore-mentioned recent equity raises, this progress has also allowed us to reinvigorate our M&A activities,” states David Bell, Chief Financial Officer of Castellum.
“Our organic growth continues and is absolutely unrelenting. Major prime contract wins, more revenue, successful equity raises while reducing our debt to $0, are all readying us to make our next strategic moves. If we were a United States Navy ship of war, like the ones we directly support with our technology services, solutions, and capabilities, we would be fully supplied, fully munitioned, at the highest level of readiness, and moving at full throttle “all ahead flank speed”. I could not be prouder and more grateful for our remarkable Castellum team, constantly striving to deliver the very best value to both our mission customers and shareholders,” stated Glen Ives, Chief Executive Officer of Castellum.
About Castellum, Inc. (NYSE-American: CTM):
Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government - http://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 2lE 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 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; the impact on the Company's revenue due to a delay in the U.S. Congress approving a federal budget; 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.
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.
Castellum, Inc.
Reconciliation of unaudited Non-GAAP Adjusted EBITDA to Operating Income/(Loss)
The Years Ended December 31, 2025, and 2024
| 2025 | 2024 | |||||||
| Revenues | $ | 52,866,001 | $ | 44,764,852 | ||||
| Gross profit | 19,368,857 | 18,266,415 | ||||||
| Loss from operations before other income (expense) | (2,814,562) | (7,244,627) | ||||||
| Add back: | ||||||||
| Depreciation and amortization | 1,498,864 | 2,220,185 | ||||||
| Adjust for other non-cash and one-time charges: | ||||||||
| Stock based compensation | 2,347,480 | 5,426,985 | ||||||
| Non-recurring charges | — | 445,007 | ||||||
| Total non-cash charges | 2,347,480 | 5,871,992 | ||||||
| Non-GAAP Adjusted EBITDA | $ | 1,031,782 | $ | 847,550 | ||||
Contact:
Glen Ives
President and Chief Executive Officer
Phone: (703) 752-6157
info@castellumus.com
https://castellumus.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/78230230-5d6f-4fe3-90e4-9c1e7429b975