Castellum (CTM) investor relations material

Executive summary

• 9M 2026 revenue rose 6% YoY to $42.86M; record FY26 revenue remains expected, supported by existing contracts and potential awards.

• Q3 revenue increased 1% YoY to $14.70M, but higher operating and subcontractor costs contributed to an operating loss.

• Backlog was $254.5M and qualified opportunity pipeline reached $1.6625B; cash was $15.69M with no long-term debt.

Financial highlights

• Q3 revenue was $14.70M versus $14.62M YoY; gross profit was $5.30M versus $5.49M, and operating expenses rose 16% to $5.86M.

• Q3 operating loss was $563,811 versus operating income of $445,280; net loss was $453,904 versus net income of $415,401. Adjusted EBITDA was ~$0.6M versus $1.1M.

• 9M revenue was $42.86M versus $40.3M; gross profit was $15.08M versus $15.11M, operating loss was $2.36M versus $1.42M, and net loss was $1.83M.

• 9M Adjusted EBITDA was ~$1.0M versus $1.8M; operating cash flow was $1.07M generated versus $1.29M used in 9M 2025.

Outlook and guidance

• Record FY26 revenue expected; priorities include expanding current programs, winning contracts and improving execution.

• Management expects to recognize ~25% of remaining performance obligations within 12 months and ~51% cumulatively within 24 months; timing depends on funding and options.

• Management views M&A as a key route to accelerate growth and aims to show tangible progress over the next 6–12 months; deal timing is uncertain and no transaction is assured.

• Cash and operating cash flows are expected to cover anticipated needs for at least 12 months.