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…
Earnings analysis · 10-Q
CTM earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0
- Gross margin
- 35.4%
What stood out
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23% Revenue Increase Year-Over-Year
Revenue grew to $14,291,961 compared to $11,664,365 in Q1 2025.
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Improved Net Loss Performance
Net loss narrowed to $378,093 from a loss of $1,197,031 in the prior year.
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Gross Margin Remains Healthy
Gross profit was $5,062,220 leading to a gross margin of approximately 35.4%.
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Operating Expenses Decreased
Total operating expenses fell by 5% to $5,760,218, driven by lower noncash stock-based compensation.
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Successful Contract Awards
New contracts contributed to revenue growth; highlights include a $103.3 million contract for PMA-290 services.
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Significant Backlog of $273M
Total backlog as of March 31, 2026, is $273,259,965, indicating strong future revenue potential.
What to watch
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Dependence on Government Spending
Ongoing budget uncertainties in the US government could delay or reduce contract awards.
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Inflationary Pressures
Increased operational costs from inflation may impact gross margins.
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Contract Funding Risks
Potential delays in government funding appropriations may affect revenue recognition from backlog.
Management's outlook
Management anticipates that approximately 16.0% of the backlog will be recognized over the next 12 months.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.