This is a routine annual meeting reminder with no new material information. The Q1 2026 financials embedded in the presentation show continued revenue growth and improving profitability, but the company remains GAAP-unprofitable. Monitor the Q2 2026 10-Q for sustained backlog conversion and margin expansion. No immediate trading catalyst.
Price Chart
Executive Summary
Castellum, Inc. filed an 8-K with a press release reminding stockholders to vote at the 2026 Annual Meeting and a management presentation. The presentation highlights record Q1 2026 revenue of $14.3M (up 22.5% YoY), positive Adjusted EBITDA of $0.4M, a debt-free balance sheet with $15.8M cash, and a record contract backlog of $273.3M. However, the company remains unprofitable on a GAAP basis with a net loss of $351K, and the filing is a routine annual meeting reminder with no new material financial guidance or catalysts.
Key Facts
- Q1 2026 revenue of $14,291,961, up 22.5% from $11,664,365 in Q1 2025
- Q1 2026 net loss of $351,274, improved from $1,170,047 loss in Q1 2025
- Q1 2026 Adjusted EBITDA of $394,930, up from $75,030 in Q1 2025
- Cash balance of $15,772,974 as of March 31, 2026, with no debt
- Contract backlog of $273.3M as of March 31, 2026, up from $265M at Dec 31, 2025
- Opportunity pipeline of $938M as of March 31, 2026, up from $817M at Dec 31, 2025
- Three major prime contract wins in 2025 totaling nearly $220M in value
- Annual meeting scheduled for May 19, 2026; no new business or guidance provided
Financial Impact
Q1 2026 revenue $14.3M (+22.5% YoY), net loss $351K (improved from $1.17M loss YoY), Adjusted EBITDA $0.4M (vs $75K YoY)
Risk Factors
- Company remains GAAP-unprofitable with accumulated deficit of $57.0M
- Government contract concentration risk; potential impact from budget delays or DOGE service organization
- Small market cap ($64M) with limited liquidity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001877939-26-000040 |
| Exhibit: exhibit992ctm-2026annual.htm | 0001877939-26-000040 |
| Exhibit: exhibit991may182026.htm | 0001877939-26-000040 |
| Document: 0001877939-26-000040-index-headers.html | 0001877939-26-000040 |
| Document: 0001877939-26-000040-index.html | 0001877939-26-000040 |
| Document: 0001877939-26-000040.txt | 0001877939-26-000040 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 8-K | $0.5785 $0.5868 | ▲ +1.43% | ▲ +0.98% | $0.5203 (−10.06%) |
Jul 31, 2026 12w ago | 8-K | $0.7350 $0.6101 | ▼ −16.99% | ▼ −19.02% | $0.5203 (−29.21%) |
Jul 31, 2026 12w ago | Press Release | $0.7177 $0.6151 | ▼ −14.30% | ▼ −17.81% | $0.5203 (−27.50%) |
Jul 2, 2026 16w ago | 8-K | $0.6950 $0.6710 | ▼ −3.45% | ▼ −4.38% | $0.5203 (−25.14%) |
Jun 24, 2026 17w ago | 8-K | $0.7237 $0.7295 | ▲ +0.80% | ▼ −0.76% | $0.5203 (−28.11%) |
Jun 15, 2026 19w ago | Press Release | $0.7157 $0.7523 | ▲ +5.11% | ▲ +6.50% | $0.5203 (−27.30%) |
May 18, 2026 23w ago | 8-K | $0.6580 $0.8100 | ▲ +23.10% | ▲ +21.48% | $0.5203 (−20.93%) |
May 13, 2026 23w ago | 8-K | $0.6710 $0.6520 | ▼ −2.83% | ▼ −1.67% | $0.5203 (−22.46%) |
May 8, 2026 24w ago | Press Release | $0.7530 $0.6880 | ▼ −8.63% | ▼ −10.10% | $0.5203 (−30.90%) |
Apr 23, 2026 26w ago | 8-K | $0.6900 $0.6650 | ▼ −3.62% | ▼ −4.53% | $0.5203 (−24.59%) |
US Market Status
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