Reported Earnings • May 11
First quarter 2026 earnings released: US$0.004 loss per share (vs US$0.015 loss in 1Q 2025) First quarter 2026 results: US$0.004 loss per share (improved from US$0.015 loss in 1Q 2025). Revenue: US$14.3m (up 23% from 1Q 2025). Net loss: US$378.1k (loss narrowed 68% from 1Q 2025). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in the US. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Apr 09
Castellum, Inc., Annual General Meeting, May 19, 2026 Castellum, Inc., Annual General Meeting, May 19, 2026. Location: inte ligent office, tysons, 1934 old ga lows road, room 362, va 22182., United States Major Estimate Revision • Mar 16
Consensus estimates of losses per share improve by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$61.0m to US$63.0m. EPS estimate increased from -US$0.03 per share to -US$0.02 per share. IT industry in the US expected to see average net income growth of 18% next year. Consensus price target of US$3.50 unchanged from last update. Share price fell 6.3% to US$0.83 over the past week. Reported Earnings • Mar 10
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: US$0.027 loss per share (improved from US$0.18 loss in FY 2024). Revenue: US$52.9m (up 18% from FY 2024). Net loss: US$2.51m (loss narrowed 75% from FY 2024). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 13
Co-Founder recently sold US$224k worth of stock On the 12th of December, Jay Wright sold around 188k shares on-market at roughly US$1.19 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$257k. Jay has been a net seller over the last 12 months, reducing personal holdings by US$3.0m. Recent Insider Transactions • Dec 03
Co-Founder recently sold US$56k worth of stock On the 1st of December, Jay Wright sold around 53k shares on-market at roughly US$1.05 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$498k. Jay has been a net seller over the last 12 months, reducing personal holdings by US$2.8m. Recent Insider Transactions • Nov 14
Co-Founder recently sold US$257k worth of stock On the 13th of November, Jay Wright sold around 220k shares on-market at roughly US$1.17 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$560k. Jay has been a net seller over the last 12 months, reducing personal holdings by US$2.7m. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings have declined by 1.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (US$2.0m sold). Recent Insider Transactions Derivative • Nov 11
Co-Founder notifies of intention to sell stock Jay Wright intends to sell 800k shares in the next 90 days after lodging an Intent To Sell Form on the 11th of November. If the sale is conducted around the recent share price of US$1.27, it would amount to US$1.0m. Since March 2025, Jay's direct individual holding has decreased from 9.52m shares to 7.74m. Company insiders have collectively sold US$3.7m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: US$0.004 (vs US$0.023 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.004 (up from US$0.023 loss in 3Q 2024). Revenue: US$14.6m (up 26% from 3Q 2024). Net income: US$388.6k (up US$1.70m from 3Q 2024). Profit margin: 2.7% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 12% growth forecast for the IT industry in the US. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 6.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$3.1m net loss next year). Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (US$2.0m sold). Recent Insider Transactions • Aug 21
Co-Founder recently sold US$375k worth of stock On the 19th of August, Jay Wright sold around 351k shares on-market at roughly US$1.07 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jay has been a net seller over the last 12 months, reducing personal holdings by US$1.3m. New Risk • Aug 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$96.4m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$3.3m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$96.4m market cap). Recent Insider Transactions Derivative • Aug 19
Co-Founder notifies of intention to sell stock Jay Wright intends to sell 500k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of August. If the sale is conducted around the recent share price of US$1.28, it would amount to US$640k. Since September 2024, Jay's direct individual holding has decreased from 10.13m shares to 9.02m. Company insiders have collectively sold US$1.7m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings have declined by 6.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Significant insider selling over the past 3 months (US$802k sold). Reported Earnings • Aug 11
Second quarter 2025 earnings released: US$0.004 loss per share (vs US$0.033 loss in 2Q 2024) Second quarter 2025 results: US$0.004 loss per share (improved from US$0.033 loss in 2Q 2024). Revenue: US$14.0m (up 22% from 2Q 2024). Net loss: US$348.9k (loss narrowed 81% from 2Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 12% growth forecast for the IT industry in the US. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. New Risk • Aug 10
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$5.7m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Significant insider selling over the past 3 months (US$802k sold). Duyuru • Jun 16
Castellum, Inc. has completed a Composite Units Offering in the amount of $5 million. Castellum, Inc. has completed a Composite Units Offering in the amount of $5 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 4,166,667
Price\Range: $1.2
Discount Per Security: $0.084 Recent Insider Transactions • May 21
Co-Founder recently sold US$278k worth of stock On the 19th of May, Jay Wright sold around 259k shares on-market at roughly US$1.07 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$717k. Jay has been a net seller over the last 12 months, reducing personal holdings by US$878k. Reported Earnings • May 12
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: US$0.015 loss per share (improved from US$0.076 loss in 1Q 2024). Revenue: US$11.7m (up 2.9% from 1Q 2024). Net loss: US$1.20m (loss narrowed 71% from 1Q 2024). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 67%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the IT industry in the US. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. New Risk • May 11
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$7.6m net loss next year). Significant insider selling over the past 3 months (US$1.4m sold). Market cap is less than US$100m (US$83.5m market cap). Duyuru • Apr 14
Castellum, Inc., Annual General Meeting, May 28, 2025 Castellum, Inc., Annual General Meeting, May 28, 2025. Location: offices of pillsbury winthrop shawpittman llp, 7900 tysons one place, suite 500, tysons, va 22102, (800) 715-9871 or (646) 307-1963, the conference identification number is 9842123, United States Duyuru • Mar 20
Castellum, Inc. has completed a Composite Units Offering in the amount of $4.5 million. Castellum, Inc. has completed a Composite Units Offering in the amount of $4.5 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 4,500,000
Price\Range: $1
Discount Per Security: $0.07 New Risk • Mar 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (57% average weekly change). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks Significant insider selling over the past 3 months (US$1.4m sold). Market cap is less than US$100m (US$94.9m market cap). Reported Earnings • Mar 12
Full year 2024 earnings released: US$0.18 loss per share (vs US$0.38 loss in FY 2023) Full year 2024 results: US$0.18 loss per share (improved from US$0.38 loss in FY 2023). Revenue: US$44.8m (down 1.1% from FY 2023). Net loss: US$10.1m (loss narrowed 44% from FY 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 09
Co-Founder recently sold US$717k worth of stock On the 6th of March, Jay Wright sold around 500k shares on-market at roughly US$1.43 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jay has been a net seller over the last 12 months, reducing personal holdings by US$600k. Recent Insider Transactions Derivative • Mar 06
Co-Founder notifies of intention to sell stock Jay Wright intends to sell 500k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of March. If the sale is conducted around the recent share price of US$0.98, it would amount to US$491k. Since June 2024, Jay's direct individual holding has increased from 9.53m shares to 10.02m. Company insiders have collectively bought US$141k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Jan 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (56% average weekly change). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$71.5m market cap). Duyuru • Dec 27
Castellum, Inc. has filed a Follow-on Equity Offering. Castellum, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: Registered Direct Offering Duyuru • Dec 24
Castellum, Inc. has filed a Follow-on Equity Offering in the amount of $3.600006 million. Castellum, Inc. has filed a Follow-on Equity Offering in the amount of $3.600006 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 9,473,700
Price\Range: $0.38
Discount Per Security: $0.0266
Transaction Features: Registered Direct Offering Reported Earnings • Nov 15
Third quarter 2024 earnings released: US$0.023 loss per share (vs US$0.19 loss in 3Q 2023) Third quarter 2024 results: US$0.023 loss per share (improved from US$0.19 loss in 3Q 2023). Revenue: US$11.6m (down 1.1% from 3Q 2023). Net loss: US$1.31m (loss narrowed 86% from 3Q 2023). New Risk • Nov 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (US$8.84m market cap). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Duyuru • Oct 04
Castellum, Inc. to Report Q3, 2024 Results on Oct 25, 2024 Castellum, Inc. announced that they will report Q3, 2024 results at 8:00 AM, Central European Standard Time on Oct 25, 2024 Duyuru • Sep 03
Castellum, Inc. Promotes Drew Merriman to Chief Operating Officer Castellum, Inc. announced Andrew (“Drew”) Merriman’s promotion to Chief Operating Officer (“COO”), effective September 1, 2024. Mr. Merriman fills Castellum’s vacancy created by Glen Ives’ promotion to Chief Executive Officer (“CEO”) on July 1, 2024. Mr. Merriman co-founded Merrison Technologies, LLC (“MTech”) in 2013, where he served as CEO. Under Mr. Merriman’s leadership, MTech experienced explosive growth, joining the Inc. 5000 fastest-growing companies list in 2018 with 176% revenue growth over three years. Before founding MTech, Mr. Merriman worked for ten years at Northrup Grumman Corporation, advancing from Software Development Manager to Technical Director. Mr. Merriman has a bachelor’s degree in information technology management and is a Certified CMMC Professional (“CCP”) with the Cyber AB. Castellum acquired MTech in August 2021. Reported Earnings • Aug 11
Second quarter 2024 earnings released: US$0.033 loss per share (vs US$0.044 loss in 2Q 2023) Second quarter 2024 results: US$0.033 loss per share (improved from US$0.044 loss in 2Q 2023). Revenue: US$11.5m (down 7.6% from 2Q 2023). Net loss: US$1.88m (loss narrowed 12% from 2Q 2023). Board Change • Jul 05
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Vice Chair, General Counsel, Secretary,Treasurer & Chief Strategy Officer Jay Wright is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Duyuru • Jun 10
Patricia Frost Resigns from the Board of Directors of Castellum, Inc., Effective June 10, 2024 Due to her full-time executive duties and monthly overseas travel commitments, Patricia Frost resigned from the Board of Directors of Castellum, Inc. effective June 10, 2024. Duyuru • May 29
Castellum, Inc. Announces Chief Executive Officer Changes, Effective July 1, 2024 Castellum, Inc. announced that Mark Fuller, co-founder of the company and Chief Executive Officer, will be stepping down as CEO effective July 1, 2024, to pursue other interests. Glen Ives, currently Chief Operating Officer of the company, will become the new CEO, effective July 1, 2024. Reported Earnings • May 17
First quarter 2024 earnings released: US$0.076 loss per share (vs US$0.10 loss in 1Q 2023) First quarter 2024 results: US$0.076 loss per share (improved from US$0.10 loss in 1Q 2023). Revenue: US$11.3m (up 14% from 1Q 2023). Net loss: US$4.14m (loss narrowed 4.9% from 1Q 2023). Duyuru • Apr 17
Castellum, Inc., Annual General Meeting, May 29, 2024 Castellum, Inc., Annual General Meeting, May 29, 2024, at 10:00 US Eastern Standard Time. Agenda: To elect the seven (7) director nominees to serve until the next Annual Meeting of Stockholders and until their successors are duly elected and qualify; to ratify the appointment of RSM US LLP as independent registered public accounting firm for the fiscal year ended December 31, 2024; to approve an amendment to the Castellum, Inc. 2021 Stock Incentive Plan to increase the aggregate number of shares reserved for issuance under the plan to 6,000,000; and to transact any other business as may properly come before the meeting or any adjournment or postponement thereof. Reported Earnings • Mar 22
Full year 2023 earnings released: US$0.38 loss per share (vs US$0.55 loss in FY 2022) Full year 2023 results: US$0.38 loss per share. Revenue: US$45.2m (up 7.2% from FY 2022). Net loss: US$17.9m (loss widened 19% from FY 2022). Duyuru • Jan 30
Castellum, Inc. announced that it expects to receive $2.7 million in funding Castellum, Inc. announced a private placement that it has agreed to issue and sell to the investor pre-funded warrants to purchase up to 8,437,501 shares of common stock at an offering price of $0.32 per warrant for the gross proceeds of approximately $2.7 million on January 29, 2024. The warrants will become exercisable upon effectiveness of shareholder approval, expire five years from such approval date, and have an exercise price of $0.35 per share.The warrants issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Duyuru • Jan 26
Castellum, Inc. has filed a Follow-on Equity Offering in the amount of $2.7 million. Castellum, Inc. has filed a Follow-on Equity Offering in the amount of $2.7 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 8,437,501
Price\Range: $0.32
Transaction Features: Registered Direct Offering New Risk • Nov 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.34m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.6m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Market cap is less than US$10m (US$9.34m market cap). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Reported Earnings • Nov 17
Third quarter 2023 earnings released: US$0.19 loss per share (vs US$0.12 loss in 3Q 2022) Third quarter 2023 results: US$0.19 loss per share (further deteriorated from US$0.12 loss in 3Q 2022). Revenue: US$11.7m (up 5.6% from 3Q 2022). Net loss: US$9.22m (loss widened 193% from 3Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the IT industry in the US. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. New Risk • Oct 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.98m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Market cap is less than US$10m (US$9.98m market cap). Reported Earnings • Aug 15
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: US$0.044 loss per share (improved from US$0.20 loss in 2Q 2022). Revenue: US$12.5m (up 13% from 2Q 2022). Net loss: US$2.13m (loss narrowed 55% from 2Q 2022). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the IT industry in the US. New Risk • Jun 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.6m free cash flow). Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$6.1m net loss next year). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (US$23.9m market cap). Duyuru • May 27
Castellum, Inc. Announces Resignation of Laurie M. Buckhout as Chief Revenue Officer Castellum, Inc. announced that Laurie M. Buckhout resigned her position as Chief Revenue Officer of company effective May 23, 2023. Reported Earnings • May 17
First quarter 2023 earnings released: US$0.10 loss per share (vs US$0.066 loss in 1Q 2022) First quarter 2023 results: US$0.10 loss per share (further deteriorated from US$0.066 loss in 1Q 2022). Revenue: US$9.94m (flat on 1Q 2022). Net loss: US$4.35m (loss widened 212% from 1Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 11% growth forecast for the IT industry in the US. Duyuru • May 16
Castellum, Inc. Provides Revenue Guidance for the 12-Month Period April 1, 2023 to March 31, 2024 Castellum, Inc. provided revenue guidance for the 12-month period April 1, 2023 to March 31, 2024. For the period, the company expects to generate revenue of between $51 million and $56 million, up nicely from the $42 million company generated in 2022. Duyuru • May 12
Castellum, Inc. to Report Q1, 2023 Results on May 15, 2023 Castellum, Inc. announced that they will report Q1, 2023 results on May 15, 2023 Reported Earnings • Mar 19
Full year 2022 earnings released: US$0.55 loss per share (vs US$0.41 loss in FY 2021) Full year 2022 results: US$0.55 loss per share (further deteriorated from US$0.41 loss in FY 2021). Revenue: US$42.2m (up 68% from FY 2021). Net loss: US$15.0m (loss widened 99% from FY 2021). Duyuru • Feb 16
Castellum, Inc. announced that it has received $0.5 million in funding from Crom Cortana Fund LLC Castellum, Inc. announced a private placement of 471,698 common shares at a price of $1.06 per share for the gross proceeds of $0.5 million on February 15, 2023. The transaction involved participation from returning investor Crom Cortana Fund LLC. Duyuru • Jan 14
Castellum, Inc. Announces Alan R. Lynn to Join Advisory Board Castellum, Inc. announced Alan "Al" Lynn has joined the Company's Advisory Board. Castellum's Advisory Board seats experienced business leaders and senior cybersecurity /information technology (IT) executives with business, government, and technical expertise useful in fostering the growth of the Company. Al brings experience in technology innovation in a Fortune 50 company that opened new markets and expanded relationships withexisting customers. He will work closely with senior management as refine strategic plan related to cyber and technology."Al Lynn most recently worked at Cisco Systems where he was the Vice President of Engineering for Cisco's Emerging Technology and Incubations Group creating new inventions in software and hardware. Al retired as a US Army Lieutenant General with a distinguished military career with highlights that include serving as the Director of DISA, Commander JFHQ-DODIN for CYBERCOM, Commander of NETCOM, and Commander of SIGCoE and US Army Ft. Gordon along with experiences spanning the cyber and electronic warfare battlefields. Al received his BA from California University of Pennsylvania and his master's degree from the Industrial College of the Armed Forces. Board Change • Dec 31
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. President, CEO & Director Mark Fuller is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 16
Third quarter 2022 earnings released: US$0.12 loss per share (vs US$0.16 loss in 3Q 2021) Third quarter 2022 results: US$0.12 loss per share. Revenue: US$11.1m (up 32% from 3Q 2021). Net loss: US$3.11m (loss widened 5.5% from 3Q 2021). Board Change • Oct 13
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Member of Advisory Board Tom McMillen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Sep 03
Castellum Inc. has filed an IPO in the amount of $12.8 million. Castellum Inc. has filed an IPO in the amount of $12.8 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,200,000
Price\Range: $4 Duyuru • May 26
Castellum, Inc. Announces Appointment of Jim Moran to Advisory Board Castellum Inc. announced that former Virginia Congressman Jim Moran has joined the company’s advisory board. Duyuru • Apr 26
Castellum, Inc. Appoints David T. Bell as Chief Financial Officer Castellum Inc. announces the hiring of Mr. David T. Bell as its Chief Financial Officer. Mr. Bell will report to CEO Mark Fuller and lead the Company’s finance and accounting team responsible for handling public financial disclosure, audits, tax, and other finance functions. Mr. Bell comes to Castellum after a distinguished 28-year career in public accounting with both Deloitte and Arthur Andersen, including 14 years as an audit partner with Deloitte. While at Deloitte, he was the lead client service partner for defense and technology companies, served in Deloitte’s national office as its chief of staff and an accounting consultation partner, and had exposure to and provided advice on best practices across many different companies. Duyuru • Apr 19
Castellum Inc. (OTCPK:ONOV) completed the acquisition of Lexington Solutions Group LLC. Castellum Inc. (OTCPK:ONOV) agreed to acquire Lexington Solutions Group LLC on February 25, 2022. Castellum Inc. (OTCPK:ONOV) previously signed a Letter of Intent to acquire Lexington Solutions Group LLC in late December, 2021. Castellum Inc. (OTCPK:ONOV) has completed the due diligence regarding the transaction. Subject to customary consents, the parties hope to close the acquisition within the next six weeks.
Castellum Inc. (OTCPK:ONOV) completed the acquisition of Lexington Solutions Group LLC on April 18, 2022. Duyuru • Apr 09
Castellum Inc. announced that it has received $1.5 million in funding from Crom Cortana Fund LLC Castellum Inc. announced a private placement for a gross proceeds of $1,500,000 from new investor Crom Cortana Fund LLC on April 7, 2022. Duyuru • Feb 27
Castellum Inc. (OTCPK:ONOV) agreed to acquire Lexington Solutions Group LLC. Castellum Inc. (OTCPK:ONOV) agreed to acquire Lexington Solutions Group LLC on February 25, 2022. Castellum Inc. (OTCPK:ONOV) previously signed a Letter of Intent to acquire Lexington Solutions Group LLC in late December, 2021. Castellum Inc. (OTCPK:ONOV) has completed the due diligence regarding the transaction. Subject to customary consents, the parties hope to close the acquisition within the next six weeks. Duyuru • Feb 04
Castellum, Inc. Announces Appointment of Tom Mcmillen to the Advisory Board Castellum Inc. announced that former Congressman, NBA player, Olympian, and Rhodes Scholar Tom McMillen joined the Company's Advisory Board. Castellum's Advisory Board seats experienced business leaders and senior cybersecurity/information technology (IT) executives with business, government, and technical expertise, helpful in fostering the Company's growth. McMillen currently serves as CEO and President of the LEAD1 Association, comprising 130 premier college athletic programs representing over $8 billion in revenue. He was formerly a member of the board of regents of the University of Maryland System. He was the Founding Chairman of the National Foundation on Physical Fitness, Sports, and Nutrition. Duyuru • Aug 17
Castellum Inc. (OTCPK:ONOV) acquired Specialty Systems, Inc. Castellum Inc. (OTCPK:ONOV) acquired Specialty Systems, Inc. on August 16, 2021. Bill Cabey, Chief Operating Officer and Emil Kaunitz, Chief Executive Officer along with 90 employees of Specialty Systems will join Castellum family. This acquisition is immediately accretive to both revenue and EBITDA per share.
Castellum Inc. (OTCPK:ONOV) completed the acquisition of Specialty Systems, Inc. on August 16, 2021. Duyuru • Aug 06
Castellum Inc. (OTCPK:ONOV) acquired Merrison Technologies LLC. Castellum Inc. (OTCPK:ONOV) acquired Merrison Technologies LLC on August 5, 2021. Merrison will bring an excellent team with Andrew Merriman, President, and his team of nearly 20 experienced people to Castellum. Merrison reported approximately $3 million in profitable revenue. The transaction will be immediately accretive to Castellum’s revenue and EBITDA per share.
Castellum Inc. (OTCPK:ONOV) completed the acquisition of Merrison Technologies LLC on August 5, 2021. Duyuru • Feb 09
Castellum, Inc. Appoints Glen Ives as Chief Growth Officer and Divisional CEO of the Newly Created Navy and Marine Corps Division Castellum Inc. announced that Glen Ives has joined the Company as Chief Growth Officer and Divisional CEO of the Company’s newly created Navy and Marine Corps Division. Glen formerly served as President and Chief Executive Officer of Sabre Systems Inc., where he brought together a world class team of technology leaders and professionals and transformed the company into a leading technology solutions and services enterprise, providing software and systems engineering solutions for mission critical requirements across the high value domains of Cyber, AI/ML, C5ISR, Data Science and Analytics, Cloud Technologies, and Digital Transformation. Duyuru • Jan 12
Castellum Inc. (OTCPK:ONOV) signed a definitive merger agreement to acquire MainNerve Federal Services, Inc. Castellum Inc. (OTCPK:ONOV) signed a definitive merger agreement to acquire MainNerve Federal Services, Inc. on January 1, 2021. MFSI reported $1.3 million of revenues. Several advisory board members of MFSI will be joining the Castellum advisory board in the coming weeks. The acquisition of MFSI is immediately accretive to Castellum’s revenue and EBITDA per share. 
