Castellum, Inc. Announces First Quarter Financial Results

VIENNA, Va., May 15, 2024 (GLOBE NEWSWIRE) --  Castellum, Inc. (the "Company") (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces highlights of its operating results for its first quarter ended March 31, 2024.

Castellum, Inc.’s revenue for the first quarter of 2024 was $11.3 million, up sequentially from $11.1 million during the fourth quarter of 2023. Gross profit was $4.5 million compared to $4.6 million during the fourth quarter of 2023. Operating (loss), inclusive of all non-cash and non-recurring charges, was $(2.7) million compared to $(1.5) million in the fourth quarter of 2023.

Management uses a Non-GAAP measure, Recurring Cash Operating Profit (Loss) (“RCOP”), as an important measure of the Company’s operating performance. This Non-GAAP measure was approximately $(0.1) million for the first quarter and excludes non-cash charges, such as stock-option and warrants expense of $1.7 million, and depreciation and amortization of $0.6 million, compared to $0.4 million for the fourth quarter of 2023 and $(0.5) million for the first quarter of 2023. Please see details in the chart below.

Castellum, Inc.’s full financial results for the three months ended March 31, 2024, will be published later today on Form 10-Q at www.sec.gov.

“We made some important financial progress in the first quarter of 2024, especially in strengthening our balance sheet,” said Mark Fuller, President and CEO of Castellum. “With two important financing transactions completed, we dramatically cut our short term debt, while investing in business development and slightly growing revenue. We continue to look forward to converting our large pipeline of opportunities into contract wins, improving our profitability and RCOP, and continuing to improve our balance sheet over the rest of 2024 and into 2025.”

About Castellum, Inc.  

Castellum, Inc. is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government - http://castellumus.com.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company's expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as "estimate,” "project,” "believe,” "anticipate,” "shooting to,” "intend,” "in a position,” "looking to,” "pursue,” "positioned,” "will,” "likely,” "would," or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company's expectations for revenue growth, RCOP growth, and new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company's control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company's ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company's revenue due to a delay in the U.S. Congress approving a federal budget; and the Company's ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission ("SEC") which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.