Revenue growth and record backlog signal strong execution on recent contract wins, but GAAP unprofitability and gross margin compression warrant caution. Monitor upcoming 10-Q for cash flow details and backlog conversion pace; the debt-free balance sheet reduces financial risk.
Price Chart
Executive Summary
Castellum reported Q1 2026 revenue of $14.3M (+23% YoY), beating the $13.1M consensus, and narrowed its net loss to $0.4M from $1.2M a year ago. Record backlog of $273M and a debt-free balance sheet provide multi-year revenue visibility, but the company remains unprofitable on a GAAP basis with a net loss per share of $0.00.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $14.3M, up 23% YoY from $11.7M, beating $13.1M consensus
- Net loss narrowed to $0.4M ($0.00 per share) from $1.2M ($0.01 loss per share) in Q1 2025
- Adjusted EBITDA improved to $0.4M from $0.08M in Q1 2025
- Record total backlog of $273.3M as of March 31, 2026, up from $265M at Dec 31, 2025
- Qualified pipeline grew to $938M from $817M at Dec 31, 2025
- Cash and cash equivalents $15.8M; no long-term debt after paying off remaining obligations
- Gross margin 35.4%, down from 39.0% in Q1 2025 due to contract mix shift
- EPS of $0.00 vs consensus estimate of $0.00 — in line
Financial Impact
Revenue beat consensus by ~$1.2M (9.2%); net loss improved by $0.8M YoY; backlog provides ~$44M revenue visibility over next 12 months
Risk Factors
- Gross margin declined to 35.4% from 39.0% due to contract mix — potential for further compression
- Still GAAP-unprofitable with accumulated deficit of $57M
- Backlog conversion is back-end loaded — only 16% expected recognized in next 12 months
- Small market cap ($62M) and low liquidity could amplify volatility on any news
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3290966 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 8-K | $0.5785 $0.5868 | ▲ +1.43% | ▲ +0.98% | $0.5140 (−11.15%) |
Jul 31, 2026 12w ago | 8-K | $0.7350 $0.6101 | ▼ −16.99% | ▼ −19.02% | $0.5140 (−30.07%) |
Jul 31, 2026 12w ago | Press Release | $0.7177 $0.6151 | ▼ −14.30% | ▼ −17.81% | $0.5140 (−28.38%) |
Jul 2, 2026 16w ago | 8-K | $0.6950 $0.6710 | ▼ −3.45% | ▼ −4.38% | $0.5140 (−26.04%) |
Jun 24, 2026 17w ago | 8-K | $0.7237 $0.7295 | ▲ +0.80% | ▼ −0.76% | $0.5140 (−28.98%) |
Jun 15, 2026 19w ago | Press Release | $0.7157 $0.7523 | ▲ +5.11% | ▲ +6.50% | $0.5140 (−28.18%) |
May 18, 2026 23w ago | 8-K | $0.6580 $0.8100 | ▲ +23.10% | ▲ +21.48% | $0.5140 (−21.88%) |
May 13, 2026 23w ago | 8-K | $0.6710 $0.6520 | ▼ −2.83% | ▼ −1.67% | $0.5140 (−23.40%) |
May 8, 2026 24w ago | Press Release | $0.7530 $0.6880 | ▼ −8.63% | ▼ −10.10% | $0.5140 (−31.74%) |
Apr 23, 2026 26w ago | 8-K | $0.6900 $0.6650 | ▼ −3.62% | ▼ −4.53% | $0.5140 (−25.51%) |
US Market Status
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