Castellum (CTM) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was $44.8 million, a slight decrease from $45.2 million in 2023.

• Operating loss improved to ($7.2 million) from ($16.7 million) in 2023, which included $6.9 million in goodwill impairment.

• Adjusted EBITDA rose to $0.8 million in 2024 from $0.2 million in 2023.

• Cash flow from operating activities was $1.1 million, up from ($2.3 million) in 2023.

• Cash balance increased to $12.3 million, while debt decreased to $10.7 million as of year-end 2024.

Financial highlights

• Gross profit for 2024 was $18.3 million, compared to $18.7 million in 2023.

• Stock-based compensation expense was $5.4 million in 2024.

• Depreciation and amortization totaled $2.2 million in 2024.

Outlook and guidance

• Management expects strong year-over-year growth in revenue and adjusted EBITDA for 2025, driven by new contract wins and continued execution.

• Recent IDIQ contract wins and improved cash position are expected to support growth in 2025.