The revenue miss vs the single-analyst consensus is the headline negative, but the 23% YoY growth, record backlog, and debt-free balance sheet provide a positive counterweight. Monitor the next quarter for revenue conversion from the $273M backlog and any updates on M&A activity, which management signaled as a priority.
Price Chart
Executive Summary
Castellum reported Q1 2026 revenue of $14.3M (+23% YoY) but missed the single-analyst consensus estimate of $16.9M by 15.4%. The net loss narrowed to $0.4M from $1.2M YoY, with GAAP EPS of $0.00 missing the $0.01 consensus. The company highlighted a record backlog of $273.3M and a debt-free balance sheet, but the revenue miss and continued GAAP losses temper the positive operational narrative.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $14.3M, up 23% YoY from $11.7M, but missed consensus of $16.9M.
- GAAP net loss of $0.4M ($0.00 per share) improved from a $1.2M loss ($0.01) in Q1 2025, but missed the $0.01 EPS consensus.
- Record total backlog of $273.3M as of March 31, 2026, up from $265M at December 31, 2025.
- Qualified pipeline grew to $938M from $817M at year-end 2025.
- Cash and cash equivalents were $15.8M, with no long-term debt remaining.
- Adjusted EBITDA was $0.4M, up from $0.08M in Q1 2025.
- Gross margin was 35.4%, down from 39.0% in Q1 2025, affected by contract mix.
- Weighted average shares outstanding increased to 94.6M from 81.0M a year ago, reflecting dilution from equity raises.
Financial Impact
Revenue miss of ~$2.6M (15.4%) vs consensus; EPS miss of $0.01 vs consensus.
Risk Factors
- Revenue miss vs consensus could pressure the stock in the near term.
- Gross margin compression from 39.0% to 35.4% due to contract mix changes.
- Continued GAAP net losses, though narrowing.
- Dilution from equity raises (share count up 17% YoY).
- Dependence on federal government contracts and budget approvals.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001877939-26-000036 |
| Document: ctm-20260508.htm | 0001877939-26-000036 |
| Document: 0001877939-26-000036-index-headers.html | 0001877939-26-000036 |
| Document: 0001877939-26-000036-index.html | 0001877939-26-000036 |
| Document: 0001877939-26-000036.txt | 0001877939-26-000036 |
| 8-K Data (Synthetic) | 0001877939-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 8-K | $0.5785 $0.5868 | ▲ +1.43% | ▲ +0.98% | $0.5208 (−9.97%) |
Jul 31, 2026 12w ago | 8-K | $0.7350 $0.6101 | ▼ −16.99% | ▼ −19.02% | $0.5208 (−29.14%) |
Jul 31, 2026 12w ago | Press Release | $0.7177 $0.6151 | ▼ −14.30% | ▼ −17.81% | $0.5208 (−27.43%) |
Jul 2, 2026 16w ago | 8-K | $0.6950 $0.6710 | ▼ −3.45% | ▼ −4.38% | $0.5208 (−25.06%) |
Jun 24, 2026 17w ago | 8-K | $0.7237 $0.7295 | ▲ +0.80% | ▼ −0.76% | $0.5208 (−28.04%) |
Jun 15, 2026 19w ago | Press Release | $0.7157 $0.7523 | ▲ +5.11% | ▲ +6.50% | $0.5208 (−27.23%) |
May 18, 2026 23w ago | 8-K | $0.6580 $0.8100 | ▲ +23.10% | ▲ +21.48% | $0.5208 (−20.85%) |
May 13, 2026 23w ago | 8-K | $0.6710 $0.6520 | ▼ −2.83% | ▼ −1.67% | $0.5208 (−22.38%) |
May 8, 2026 24w ago | Press Release | $0.7530 $0.6880 | ▼ −8.63% | ▼ −10.10% | $0.5208 (−30.84%) |
Apr 23, 2026 26w ago | 8-K | $0.6900 $0.6650 | ▼ −3.62% | ▼ −4.53% | $0.5208 (−24.52%) |
US Market Status
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