Castellum Inc
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Castellum Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 10.7M is 29% of equity - acquisition-heavy strategy with impairment risk if contracts lost[Goodwill]
- Cash of 17.8M covers 5.9x total debt (3.3M) - fortress balance sheet despite losses[Cash and Equivalents]
- Burning 1.8M FCF TTM on 50.6M revenue (-3.6% FCF margin) - path to profitability unclear[Free Cash Flow TTM]
Watch Triggers
- Operating Margin TTM: Improves to >0% — Would signal operating leverage kicking in and validate bull thesis
- Cash and Equivalents: Falls below 10M — Would indicate accelerating burn and potential dilution risk
- Total Revenue TTM: Exceeds 65M (30% growth) — Scale needed to absorb 22M operating expense base
Bull Case
Net cash position of 14.5M (cash 17.8M minus debt 3.3M) with 0.09 debt/equity provides M&A optionality and survival runway of 8+ years at current burn rate
Gross margin 38% TTM above industry median 51% gap suggests pricing power exists - operating leverage could flip margins positive with modest revenue growth
Bear Case
P/B of 4.5x on negative earnings and -16% ROE TTM - market pricing growth that hasn't materialized; tangible book only 20.3M vs 91.6M market cap
Negative ROIC of -12% TTM destroying shareholder value; no clear path to profitability with operating margin -6% and net margin -7.5%
Bull vs Bear Balance
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Forward Thesis
Operating losses to narrow as revenue scales against fixed SG&A base
- Gross margin 38% vs negative operating margin suggests cost structure issue
- Asset turnover 1.35x indicates efficient revenue generation
- Minimal capex (142K TTM) limits cash drain
Valuation Context
Caveats
Public Strategies Rankings
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CTM Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$57.8M | — | ||
$43.28M | — | ||
0.00 | — | ||
$50.61M | +11.1% | — | |
$-0.06 | — | ||
-6.02% | +10.0% | — | |
-7.55% | +13.1% | — | |
$-1.82M | — | ||
-15.7% | +57.4% | — | |
Beta 5Y (Monthly) | unknown | — |
CTM Dividend History
CTM Stock Splits
CTM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/09/25 | 03/31/25 | 10-Q | |
03/11/25 | 12/31/24 | Unknown | |
11/13/24 | 09/30/24 | 10-Q | |
08/09/24 | 06/30/24 | 10-Q | |
05/15/24 | 03/31/24 | 10-Q | |
03/21/24 | 12/31/23 | 10-K | |
11/14/23 | 09/30/23 | 10-Q | |
08/14/23 | 06/30/23 | 10-Q | |
05/15/23 | 03/31/23 | 10-Q | |
03/17/23 | 12/31/22 | 10-K | |
11/14/22 | 09/30/22 | 10-Q | |
08/13/22 | 06/30/22 | Quarterly | -- |
05/15/23 | 03/31/22 | 10-Q | |
03/29/22 | 12/31/21 | Annual | -- |
11/14/22 | 09/30/21 | 10-Q | |
08/13/22 | 06/30/21 | Quarterly | -- |
02/21/12 | 12/31/11 | 10-Q | |
01/20/12 | 09/30/11 | 10-K | |
08/19/11 | 06/30/11 | 10-Q | |
02/21/12 | 12/31/10 | 10-Q | |
01/20/12 | 09/30/10 | 10-K | |
08/19/11 | 06/30/10 | 10-Q |