CTM earnings analysis
What we found in CTM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Castellum, Inc. reported strong Q1 results with a revenue increase of 23% year-over-year, totaling $14,291,961, which surpassed consensus estimates. However, the company incurred a net loss of $378,093, an improvement of 68% from the previous year, while EPS remained at 0.0, missing expectations slightly. Management expressed optimism regarding market positioning due to recent contract awards, but noted challenges from government spending constraints.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 23% Revenue Increase Year-Over-Year
- Revenue grew to $14,291,961 compared to $11,664,365 in Q1 2025.
- Improved Net Loss Performance
- Net loss narrowed to $378,093 from a loss of $1,197,031 in the prior year.
- Gross Margin Remains Healthy
- Gross profit was $5,062,220 leading to a gross margin of approximately 35.4%.
- Operating Expenses Decreased
- Total operating expenses fell by 5% to $5,760,218, driven by lower noncash stock-based compensation.
- Successful Contract Awards
- New contracts contributed to revenue growth; highlights include a $103.3 million contract for PMA-290 services.
- Significant Backlog of $273M
- Total backlog as of March 31, 2026, is $273,259,965, indicating strong future revenue potential.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependence on Government Spending
- Ongoing budget uncertainties in the US government could delay or reduce contract awards.
- Inflationary Pressures
- Increased operational costs from inflation may impact gross margins.
- Contract Funding Risks
- Potential delays in government funding appropriations may affect revenue recognition from backlog.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0
- Gross margin
- 35.4%
What they said about what is next.
Management anticipates that approximately 16.0% of the backlog will be recognized over the next 12 months.
The filing reads better than the one before it.
What came before.
- 10-K · March 9, 2026
- Castellum positions itself as a growing defense-focused technology services company offering cybersecurity, C4ISR, engineering, IT services and mission support, and emphasizes both organic growth and M&A (seven…
- 10-Q · August 8, 2025
- Castellum reported record quarterly revenue of $14,024,090 in Q2 2025, up from $11,522,388 in Q2 2024, with operating loss narrowing to $(383,523) from $(1,570,205). Gross margin compressed to 36.1% from 40.6%…
- 10-K · March 11, 2025
- Castellum positions itself as a small but acquisitive government IT and defense contractor focused on cybersecurity, electronic/electromagnetic warfare, enterprise IT and mission support. Management highlights an…
- 10-Q · August 9, 2024
- Castellum reported Q2 revenue of $11,522,388 (down $953,414 vs Q2 2023's $12,475,802) and GAAP net loss per share improved to $(0.03) from $(0.04). Gross profit was $4,673,208 and the company generated positive…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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