Castellum (CTM) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 rose 15.2% year-over-year to $52.9 million, driven by organic growth and prime contract wins.

• Operating loss improved by $4.4 million to $2.8 million in 2025 compared to 2024.

• Net loss to common shareholders narrowed by $7.6 million to $2.5 million year-over-year.

• Adjusted EBITDA increased to $1.0 million in 2025 from $0.8 million in 2024.

Financial highlights

• Total cash increased by $2.6 million to $14.9 million as of December 31, 2025.

• Debt reduced significantly to $0.4 million from $10.7 million year-over-year.

• Other income of $0.6 million in 2025 versus other expense of $2.7 million in 2024, a $3.3 million improvement.

• Gross profit for 2025 was $19.4 million, up from $18.3 million in 2024.

Outlook and guidance

• Management highlights readiness for further organic growth and renewed M&A activity, supported by improved financial position and recent equity raises.