Castellum Inc. (CTM)
🔔 Watch stock
symbol.quality_heading
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.
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.
symbol.quality_note
On Reddit, the ticker CTM surfaces now and then — a defense contractor worth about $61 million, its stock trading for pocket change. We read what Castellum, Inc. itself reported to the U.S. securities regulator — in the annual report (10-K) for 2025 and the quarterly report (10-Q) through March 2026: a genuine revenue record of $52.9 million, a balance sheet nearly free of debt, a quarterly loss shrunk to $0.35 million — but also 73 percent of revenue from three customers, effectively a single payer called the U.S. government, and a share count that nearly doubled within two years. Not investment advice — just the per-share price tag and the share count, added up honestly.
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Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at CTM since then.
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Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 0.72 $ — 24% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralGeprüft 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
Analysts & Price Target
No price target is available for this stock.
- Consensus
- Sell
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.
Next Reporting Date
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| 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 |
- 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.
Assessment: Opportunities & Risks
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.
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).
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.
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.
$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.
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.
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.
- 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.
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.
| IPO Year | 2017 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.