Castellum Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The turnaround has arrived in the audited numbers — record revenue, near break-even, a clean balance sheet — and the June 2026 announcements show a filled funnel. At the same time, only the coming quarters will decide whether break-even holds without another equity offering and whether the three-customer lump (73 percent) broadens through task orders from the $250 million multiple-award contract; whoever buys before that buys the dilution mechanics and the single-payer risk along with it. Observable markers: quarterly results (does break-even stay in reach?), new task orders, every new share issuance and its terms. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Castellum is no empty penny ticker: record revenue in 2025, a quarterly loss melted down to $0.35 million, a balance sheet nearly free of debt, and a niche with priority in the defense budget. But the road there was paid for with a near-doubling of the share count, three customers carry 73 percent of revenue, the only payer is the U.S. government — and its cost-cutting office is named in the risk list. The pocket-change price is neither an argument nor a counterargument: it measures the slices, not the cake. Not investment advice.
Business model & moat
A sought-after niche — cybersecurity, electronic warfare and IT modernization for the Pentagon — with a genuine personnel moat: 97 percent of the 244 employees hold security clearances (December 31, 2025). But the kit of seven acquisitions since 2019 had missteps (a $6.92 million goodwill impairment in 2023, MFSI sold in 2024), and the company remains a minnow among whales.
Trajectory of the numbers
2025 revenue up 18.1 percent to a record $52.87 million, Q1 2026 up 23 percent; the net loss shrank from $17.80 million (2023) to $2.40 million (2025) and $0.35 million in the first quarter of 2026 — the NAVAIR contract ($103.3 million, March 2024) carries, and the interest burden is repaid (annual and quarterly reports).
Customer concentration & single-payer risk
Three customers = 73 percent of revenue and 73 percent of receivables (2025; 2024: 47 percent), "substantially all" revenue from U.S. government entities; the quarterly report as of March 31, 2026 names the DOGE office and contract terminations for convenience as risks by name.
Dilution & financing
The share count nearly doubled from 47.7 to 94.6 million in two years (offerings 12/2024, 03/2025, 06/2025 plus warrants), with 3 billion shares authorized; the annual report itself warns of "substantial dilution" from future financings. Revenue per share fell despite the record year.
Balance sheet & liquidity
$15.77 million of cash against $5.68 million of total liabilities (March 31, 2026), no bank debt, the last related-party note repaid, $35.75 million of stockholders' equity (December 31, 2025) — unusually tidy for a nano-cap; bought, however, through the dilution.
Valuation & nano-cap reality
A price-to-sales ratio around 1.2 (market value about $61 million, July 15, 2026), roughly 0.9 times revenue net of cash — neither a bargain nor a fantasy price. A pocket-change share price, thin trading and wild swings remain structural; the $817 million pipeline and the $250 million multiple-award contract (June 2026) are opportunities, not revenue.
Worth Noting
CTM landed on the research list via our Reddit hype scanner (ApeWisdom data): 4 mentions in 24 hours, as of July 15, 2026. Forum mentions are sentiment signals, not quality signals. Our fundamental scanners (Russell 3000 universe) do not include the nano-cap by construction.
Identity note: Castellum, Inc. (NYSE American: CTM, Vienna, Virginia, CIK 0001877939) is a U.S. defense services provider — not the Swedish real estate company Castellum AB (Stockholm exchange).
The market value is dated July 15, 2026 (about $61 million); analyses are evergreen, daily prices are not a buy argument. The last share price cited in the annual report: $0.90 on March 6, 2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CTM since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.54 $ to 1.30 $ · Last price: 0.6146 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Information Technology Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Castellum Inc. CTM | 0.1 | – | -11.3 | 35.3 | -4.9 | 18.1 | -43.6 |
| International Business Machines IBM | 212.8 | 21.3 | 16.3 | 58.1 | 13.8 | 7.6 | -5.9 |
| Accenture plc ACN | 117.9 | 15.3 | 9.0 | 32.0 | 17.0 | 7.4 | -18.5 |
| Infosys Ltd INFY | 45.0 | 13.7 | 9.0 | 29.7 | 21.2 | 4.6 | -32.7 |
| Cognizant Technology Solutions Corporation CTSH | 29.3 | 13.1 | 7.3 | 33.4 | 15.6 | 7.0 | -9.6 |
| CDW Corp CDW | 19.1 | 17.3 | 12.4 | 21.4 | 6.6 | 6.8 | -9.0 |
| Broadridge Financial Solutions Inc BR | 19.0 | 17.6 | 12.1 | 31.8 | 18.4 | 5.9 | -31.4 |
| Fidelity National Information Services, Inc. FIS | 18.8 | 7.2 | 9.6 | 35.8 | 16.4 | 5.4 | -43.7 |
| Wipro Limited WIT | 16.6 | 12.9 | 7.4 | 29.0 | 15.7 | 4.0 | -37.3 |
| Median of companies shown | 19.1 | 14.5 | 9.0 | 32.0 | 15.7 | 6.8 | -31.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -1 | -1 | -0.13 | 0 | 0 | 1 |
| 2017 | – | -1 | -2 | -0.30 | -2 | -1 | 0 |
| 2018 | – | 0 | 0 | -0.08 | 0 | -1 | 0 |
| 2019 | 1 | -1 | -1 | -0.06 | 0 | 4 | 11 |
| 2020 | 13 | -1 | -3 | -0.18 | 1 | 3 | 11 |
| 2021 | 25 | -8 | -8 | -0.41 | -1 | 15 | 31 |
| 2022 | 42 | -10 | -15 | -0.54 | 1 | 18 | 33 |
| 2023 | 45 | -17 | -18 | -0.38 | -2 | 13 | 30 |
| 2024 | 45 | -7 | -10 | -0.18 | 1 | 20 | 38 |
| 2025 | 53 | -3 | -2 | -0.03 | -2 | 36 | 48 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.03 | 18.00 | 12 | -7.60 | -16.00 | 1 | 1 |
| 2024: Q3 | -0.02 | 54.20 | 12 | -1.10 | -11.00 | 1 | 1 |
| 2024: Q4 | -0.05 | -5.60 | 10 | -7.10 | -26.60 | 0 | 0 |
| 2025: Q1 | -0.02 | 73.50 | 12 | 2.90 | -10.00 | -3 | -3 |
| 2025: Q2 | 0.01 | 130.50 | 14 | 21.70 | -2.30 | 0 | 0 |
| 2025: Q3 | 0.01 | 143.70 | 15 | 25.90 | 2.80 | 1 | 1 |
| 2025: Q4 | 0.01 | 120.40 | 13 | 21.90 | -10.50 | -1 | -1 |
| 2026: Q1 | 0.00 | 100.00 | 14 | 22.50 | -2.50 | 1 | 1 |
| 2026: Q2 | -0.01 | -200.00 | 14 | -0.70 | -7.20 | 1 | 1 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.00 | 0.00 – 0.00 | 56 | -100.0% | 1 |
| 12/31/2027 | 0.01 | 0.01 – 0.01 | 60 | 0.0% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 11.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $2.4M |
|---|---|
| Market cap | $62.0M |
| Free cash flow in year ten | $6.9M |
| Terminal value as a share of market value | 58.9% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 15.07.2026 gegen den Geschäftsbericht (10-K) für 2025 (eingereicht 09.03.2026), den Geschäftsbericht (10-K) für 2024 (eingereicht 11.03.2025) und die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 31.03.2026): In den ausgewerteten SEC-Filings von Castellum findet sich kein wesentlicher KI-Bezug — die Volltextsuche nach „artificial intelligence“, „machine learning“, „generative“, „large language“, „LLM“ und „AI“ liefert in allen sechs Dokumenten null Treffer. Das Leistungsportfolio wird als Cybersecurity, Electronic Warfare, Information Warfare, Systemmodernisierung und Informationsoperationen für US-Verteidigungs- und Bundesbehörden beschrieben (Item 1 „Business“ des 10-K für 2025) — ohne KI-Produkte, ohne dokumentierten operativen KI-Einsatz und ohne KI-spezifisches Geschäftsrisiko; auch der Risikokatalog (Item 1A bzw. die Forward-Looking-Hinweise des 10-Q) nennt Budget-, Konzentrations- und Verwässerungsrisiken, aber keine KI. Nach dem Kriterienkatalog dokumentierter Negativ-Befund → „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-09 · 10-K 2026-03-09 · 10-K 2025-03-11
Rated on July 15, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 7.8%
- More than 10% revenue growth is expected for the coming year -67.2%
- Share count grows by less than 3% a year 51.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 14.1%
- Gross margin at 40% or higher and without meaningful erosion 36.6%
- Goodwill from acquisitions does not grow faster than revenue 22.4%
- Net debt below twice EBITDA 14 m net cash
- Operating cash flow covers the profits of the last three years 27 m
- Return on capital at 15% or higher, or up versus two years ago -6.7%
- Insiders hold at least 10% or are net buyers 12.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 6.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 6.5%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -12.2%
- ROCE > 15% -6.7%
- Expected return > 10% 2.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Merriman Andrew | Chief Operating Officer | Buy | 10,000 | 0.62 | 6,200 |
| Sep 9, 2026 | Merriman Andrew | Chief Operating Officer | Buy | 40,000 | 0.6193 | 24,772 |
The company
About the Company
Castellum, Inc., together with its subsidiaries, operates as a technology company in the United States and internationally. It offers intelligence analysis, software development and engineering, program management, strategic and mission planning, information assurance, cybersecurity and policy support, data analytics, and model-based systems engineering services. The company's products and services are used in information technology, electronic warfare, information warfare, and cybersecurity areas. It serves defense, intelligence, civilian agencies, and local and federal governments, as well as financial services, healthcare, and other users of large data applications. The company is based in Vienna, Virginia.
- Employees
- 244
- Headquarters
- Vienna, VA
- Address
- 1934 Old Gallows Road, 22182 Vienna, United States
- Phone
- 703 752 6157
- Website
- castellumus.com
- IPO Date
- 09/22/2017
- ISIN
- US14838T2042
- Stock Split
- 1:20 on 10/13/2022
- Stock Split
- 1:750 on 05/14/2015
Management
| Name | Title | Birth Year |
|---|---|---|
| Glen R. Ives | President, CEO & Director | 1957 |
| David T. Bell | CFO & Treasurer | 1971 |
| Andrew Merriman | Chief Operating Officer | 1981 |
| Ian Gerrard | Head of Corporate Finance & Accounting | – |
| Tammy L. Martin J.D. | General Counsel & Secretary | 1965 |
| Erin Emery | VP of Human Resources | – |
| Emil Kaunitz | President of SSI | 1944 |
| Bill Cabey | Senior Vice President of Operations | – |
| Amanda Douglas | Corporate Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/09/2026 Castellum, Inc. (CTM): Other Events; Financial Statements and Exhibits SEC ↗
- 08/31/2026 Castellum, Inc. (CTM): Other Events; Financial Statements and Exhibits SEC ↗
- 08/07/2026 Castellum, Inc. (CTM): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/31/2026 Castellum, Inc. (CTM): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.