Castellum, Inc.

Listed Company

CTMCIK 0001877939NYSEEmerging GrowthServices-Management Consulting ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$52.87M

Net Income

$-2.40M

Total Assets

$41.90M

Equity

$35.75M

Shares Out

94.61M

Op. Cash Flow

$-1.95M

Business

Castellum, Inc. provides technology and professional services focused on cybersecurity, IT, electronic and information warfare, and information operations for defense, federal civilian, and commercial customers. Its offerings include intelligence analysis, software development and engineering, program management, information assurance and cybersecurity, data analytics, model-based systems engineering, platform integration, C4ISR and electronic warfare/C-UAS solutions, enterprise IT, and IW/IO planning and training. The company organizes operations across Digital Solutions; C4ISR, Cyber & Space; Engineering Services; Enterprise IT; and Mission Support segments. It serves primarily U.S. government agencies (federal, state, and local), commercial clients in financial services and healthcare, and select international customers via on-premises enclaves, cloud-based delivery, prime contract awards, and subcontracting relationships.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	53	45	45	42	25
Cost of revenues	33	26	27	25	14
Gross profit	19	18	19	18	11
Indirect costs	9	9	9	12	3
Overhead	2	2	2	2	850,999
General and administrative	11	14	18	14	15
Goodwill impairment loss	0	0	7	0	0
(Gain) from change in fair value of contingent earnout	0	0	−92,000	555,000	0
Total operating expenses	22	26	35	28	19
Loss from operations before other income (expense)	−3	−7	−17	−10	−8
Loss on induced conversion	0	0	−300,000	0	0
Loss on extinguishment of debt	0	−822,847	0	0	—
Gain from sale of subsidiary	0	39,234	0	0	—
Gain (loss) from change in fair value of derivative liability	621,000	−725,600	1	−132,000	0
Other income, net	0	0	106,419	303	38,851
Interest income (expense), net	3,250	−1	−3	−4	−3
Total other income (expense)	624,250	−3	−2	−4	−2
Loss from operations before (expense) benefit for income taxes	−2	−10	−19	−14	−10
Income tax (expense) benefit	−207,980	−68,032	1	−819,596	3
Net loss	−2	−10	−18	−15	−8
Less: preferred stock dividends	107,442	119,277	118,152	100,516	12,290
Net loss to common shareholders	−3	−10	−18	−15	−8
Net loss per share, basic (in usd per share)	−0.03	−0.18	−0.38	−0.55	−0.41
Net loss per share, diluted (in usd per share)	−0.03	−0.18	−0.38	−0.55	−0.41
Shares used in calculation of net loss per share - basic (in shares)	93	55	47	27	18
Shares used in calculation of net loss per share - diluted (in shares)	93	55	47	27	18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-03-31
Cash	15	12	2	5	—
Restricted Cash	0	250,000	0	—	—
Accounts receivable	8	6	7	5	—
Contract assets	568,705	270,147	160,649	257,434	—
Due from buyer	58,207	36,214	0	—	—
Prepaid income taxes	153,153	154,793	216,909	351,116	—
Prepaid expenses and other current assets	800,671	667,592	404,228	222,995	—
Total current assets	25	19	9	11	—
Fixed assets, net	231,136	156,111	310,170	173,350	—
Due from buyer, net of current portion	77,259	191,470	0	—	—
Right of use asset operating leases	800,069	1	613,143	35,524	—
Investment in joint ventures/captive insurance entity	100,250	52,110	0	—	—
Intangible assets, net	5	7	9	7	—
Goodwill	11	11	11	16	—
Total noncurrent assets	17	19	21	22	—
Total assets	42	38	30	33	—
Accounts payable and accrued expenses	2	1	784,965	2	—
Accrued payroll and payroll related expenses	3	3	3	2	—
Current portion of lease liability operating leases	270,868	310,380	185,263	22,054	—
Obligation to issue common and preferred stock	0	402,708	255,940	0	—
Derivative liability	262,000	883,000	157,600	824,000	—
Revolving credit facility	0	2	625,025	300,025	—
Total current liabilities	6	10	8	8	—
Lease liability operating leases, net of current portion	550,219	780,756	435,204	12,632	—
Due to seller, net of current portion	0	100,000	0	—	—
Note payable related party, net of current portion	0	150,000	400,000	400,000	—
Total noncurrent liabilities	550,219	8	9	8	—
Total liabilities	6	18	17	16	—
Common stock, par value $0.0001; 3,000,000,000 shares authorized, 94,612,750 and 77,076,129 shares issued and outstanding as of December 31, 2025 and 2024, respectively	9,461	7,707	4,767	4,170	—
Additional paid in capital	92	74	57	44	—
Accumulated deficit	−57	−54	−44	−26	—
Total stockholders equity	36	20	13	18	—
Total liabilities and stockholders' equity	42	38	30	33	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1	2	3	2	2
Amortization of discounts, premiums and deferred cost	0	1	2	3	2
Share-based compensation	2	5	7	9	7
Deferred tax provision	0	0	−1	610,033	−3
Gain on lease termination	0	−9,225	0	0	—
Lease cost	275,913	286,572	218,314	—	—
Change in fair value of contingent earnout	0	0	−92,000	555,000	0
Change in fair value of derivative liabilities	−621,000	725,600	−1	132,000	0
Gain from timing difference on issuance of shares	0	0	−107,491	0	0
Accounts receivable	−3	1	−1	634,448	−1
Proceeds From Factoring Accounts Receivable	0	0	850,141	0	0
Prepaid expenses and other current assets	−118,594	−147,602	75,614	−321,593	8,119
Contract asset and liabilities	−298,558	−109,498	96,785	333,621	−817,646
Lease liabilities	−270,049	−269,518	−185,261	0	0
Accounts payable and accrued expenses	128,338	861,366	−807,791	537,664	594,715
Net cash (used in) provided by operating activities	−2	1	−2	990,163	−1
Acquisition of business, cash paid to seller	0	0	−485,739	−250,000	0
Sale of subsidiary, cash received from buyer	92,218	279,207	0	0	—
Cash from factoring	0	0	−411,975	0	0
Investment in Joint Ventures	−100,250	0	0	—	—
Acquisition of business, cash received from seller	0	0	475,000	0	453,480
Investment in captive insurance entity	0	−54,534	0	0	—
Purchases of fixed assets	−151,741	−3,317	−18,271	−89,282	−10,218
Net cash (used in) provided by investing activities	−159,773	221,356	−440,985	−339,282	808,834
Proceeds from revolving credit line	0	1	325,000	300,000	0
Repayment of line of credit, net	−2	0	0	0	−12,249
Settlement of stock compensation in cash	−128,207	0	0	—	—
Payment of debt issuance costs	−12,844	−64,219	−15,000	0	0
Proceeds from issuance of preferred and common stock, and regular warrants, net of issuance costs	15	12	126,000	625,000	645,000
Proceeds from note payable	0	0	1	1	0
Proceeds from exercise of stock options	26,500	0	0	12,000	8,000
Preferred stock dividend	−107,442	−119,277	−118,152	−100,516	−12,290
Loss on induced conversion	0	0	300,000	0	0
Repayment of convertible note payable related party	0	−809,617	0	−500,000	−70,000
Repayment of amounts due to seller	−340,000	−730,000	−280,000	−471,003	0
Repayment of notes payable	−8	−3	−2	−1	−411,626
Net cash (used in) provided by financing activities	5	9	−104,623	2	146,835
Net increase (decrease) in cash	3	10	−3	3	−394,467
Cash paid for interest	425,787	794,361	994,449	912,965	688,930
Cash paid for income taxes	188,500	47,315	72,484	467,910	168,100
Extinguishment of debt discount - derivative liabilities	0	0	171,128	0	0
Extinguishment of debt discount related to debt issuance	0	0	8,034	0	0
Debt discount on note payable	0	0	28,000	500,000	0
Derivative liabilities incurred for note payable	0	0	421,000	692,000	0
Extinguishment of derivative liability	0	0	33,375	0	0
Derecognition of lease liability	0	396,388	0	0	—
Derecognition of ROU asset	0	387,164	0	0	—

Filings

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