Highlights

  • Third quarter Revenue was USD 14.7 million against USD 14.6 million.
  • Adjusted EBITDA was approximately USD 0.6 million against USD 1.1 million.
  • Total scheduled Backlog was USD 254.5 million at September 30, 2026.
  • Qualified opportunity pipeline rose to about USD 1.66 billion.

Castellum, Inc. (NYSEAMERICAN:CTM) shares fell 20.78% to USD 0.3753 on November 6, 2026, trading near their 52-week low. The company reported third quarter revenue of USD 14.7 million against USD 14.6 million, and a net loss of USD 0.5 million against Net Income of USD 0.4 million.

Castellum has a market Capitalization of about USD 35.57 million at the current price. It is a defense tech services and solutions provider focused on the federal government, and it ended the quarter with no long term debt.

Third Quarter Results

Revenue compared with USD 13.9 million in the second quarter of 2026. Gross Profit was USD 5.3 million, or 36% of revenue, against USD 5.5 million, or 38%, a year earlier. Adjusted EBITDA was approximately USD 0.6 million against USD 1.1 million. The net loss was USD 0.5 million, or USD 0.01 per basic and diluted share, against a net loss of USD 1.1 million in the second quarter. Cash and Accounts Receivable totaled USD 24.5 million against USD 24.0 million at June 30, 2026.

Nine Month Results

Revenue was USD 42.9 million against USD 40.3 million, and gross profit was USD 15.1 million in both periods. Adjusted EBITDA was USD 1.0 million against USD 1.8 million. The net loss was USD 1.9 million, or USD 0.02 per share, against USD 1.2 million, or USD 0.01. The company generated USD 1.1 million of Operating Cash Flow for the nine months against USD 1.3 million used a year earlier.

Backlog and Pipeline

Total scheduled backlog of USD 254.5 million consisted of USD 18.2 million funded and USD 236.3 million unfunded, against USD 271.7 million at June 30, 2026. The company now includes priced contract Options in unfunded backlog and expects to recognize approximately 25% and 51% of remaining performance obligations within 12 and 24 months. In August 2026 it received a USD 32.8 million NAVAIR contract modification that raised the total value of the PMA-290 Special Missions contract to USD 136.2 million.

Management Commentary

Chief Executive Glen Ives said nine month revenue grew 6% on execution of major long term prime contracts secured in 2025, and that the company expects record revenue for full year 2026. Chief Financial Officer David Bell said a higher mix of subcontractor work, which carries lower margins than direct labor, limited gross profit growth, and that the company deliberately increased spending on Business development and Acquisition activity. Stock based compensation was USD 0.8 million in the quarter.