Cash flow remains volatile, characterized by a significant divergence between net income and operating cash flow, exemplified by a -3.67 OCF/NI ratio in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Sep'11 | Sep'10 |
|---|
| Cash from Operations | 1.84M | -1.95M | 1.12M | -2.26M | 990.16K | -1.35M | 1.01M | -217.56K | -300.57K | -1.58M | -271.92K | -75.91K | -760.45K | -474.6K |
| Operating CF Margin % | - | -3.69% | 2.5% | -5% | 2.35% | -5.39% | 7.54% | -19.15% | - | - | -11329.88% | - | - | - |
| Operating CF Growth % | 47.4% | -273.95% | 149.46% | -328.69% | 173.34% | -234.2% | 562.45% | 27.62% | 80.96% | -480.62% | -258.22% | 90.02% | -60.23% | - |
| Net Income | -1.58M | -2.4M | -9.98M | -17.8M | -14.91M | -7.55M | -2.71M | -819.8K | -461.43K | -1.68M | -712.68K | -122.66K | -2.18M | -775.89K |
| Depreciation & Amortization | 3.7M | 1.5M | 2.22M | 2.53M | 2.03M | 1.89M | 1.83M | 155.79K | 10.94K | -81.15K | 46.93K | 35.03K | 175.65K | 58.51K |
| Stock-Based Compensation | 4.04M | 2.48M | 5.43M | 7.5M | 8.8M | 6.92M | 937.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -1.48M | 610.03K | -2.9M | -1.23M | -269.66K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -543.83K | -345.09K | 2.08M | 8.15M | 3.27M | 1.72M | 1.7M | 345.12K | -160.99K | -162.85K | 653.45K | 25.73K | 518.61K | 0 |
| Working Capital Changes | -31.15K | -3.18M | 1.37M | -1.16M | 1.18M | -1.43M | 481.96K | 370.99K | 149.91K | 181.79K | -61.58K | 46.75K | 722.17K | 242.78K |
| Change in Receivables | 489.99K | -2.92M | 1.04M | -336.98K | 634.45K | -1.22M | 260.46K | 157.34K | 0 | 1.62K | -1.62K | 0 | 226.87K | 286.72K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -594.72K | 0 | 0 | 106.15K | 1.1K | -107.25K | 0 | 77.83K | -122.55K |
| Change in Payables | 135.72K | 128.34K | 0 | 0 | 0 | 594.72K | 0 | 217.15K | 76.72K | -2.17K | 4.69K | 9.3K | 434.41K | 94.25K |
| Cash from Investing | -139.89K | -159.77K | 221.36K | -440.99K | -339.28K | 808.83K | -5.45K | -4.28M | -9.64K | 700.62K | -2.11K | -665.59K | -497.5K | -105.78K |
| Capital Expenditures | -400.62K | -151.74K | -3.32K | -18.27K | -89.28K | -10.22K | -2.59K | -1.39K | -10.5K | 0 | -2.11K | -700.62K | -497.5K | -105.78K |
| CapEx % of Revenue | 0.72% | 0.29% | 0.01% | 0.04% | 0.21% | 0.04% | 0.02% | 0.12% | - | - | 88.04% | - | - | - |
| Acquisitions | 105.69K | 92.22K | 224.67K | -10.74K | -250K | 453.48K | 0 | -4.28M | 857 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 155.03K | 0 | 0 | -411.98K | 0 | 819.05K | -2.86K | 0 | 0 | 700.62K | 0 | 35.03K | 0 | 0 |
| Cash from Financing | 778.3K | 4.74M | 9.08M | -104.62K | 1.97M | 146.84K | 109K | 5.8M | 310.06K | 861.19K | 291.13K | 736.53K | 1.25M | 410.37K |
| Debt Issued (Net) | -8.44M | -10.34M | -2.06M | -117.47K | -94.14K | -493.88K | -11K | 5.65M | 24.77K | -28.04K | -15.7K | 601.94K | 553.55K | 410.37K |
| Equity Issued (Net) | 5.11M | 15.2M | 12.05M | 126K | 2.63M | 653K | 120K | 149K | 285.29K | 889.24K | 306.83K | 93.27K | 700K | 0 |
| Dividends Paid | -107.28K | -107.44K | -119.28K | -118.15K | -100.52K | -12.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.22M | -12.84K | -794.22K | 5K | -459K | 0 | 0 | 0 | 0 | 0 | 0 | 41.32K | 0 | 0 |
| Net Change in Cash | 2.5M | 2.63M | 10.42M | -2.81M | 2.62M | -394.47K | 1.11M | 1.3M | -153 | -16.98K | 17.1K | -4.97K | -4.39K | -170K |
| Free Cash Flow | 1.44M | -2.1M | 1.12M | -2.28M | 900.88K | -1.36M | 1M | -218.95K | -311.07K | -1.58M | -274.03K | -776.53K | -1.26M | -580.38K |
| FCF Margin % | 2.6% | -3.97% | 2.49% | -5.05% | 2.14% | -5.43% | 7.5% | -19.27% | - | - | -11417.92% | - | - | - |
| FCF Growth % | 202.47% | -288.05% | 148.92% | -353.39% | 166.22% | -235.95% | 557.02% | 29.61% | 80.3% | -476.14% | 64.71% | 38.27% | -116.75% | - |
| FCF per Share | 0.02 | -0.02 | 0.02 | -0.05 | 0.03 | -0.07 | 0.07 | -0.01 | -0.05 | -0.28 | -0.05 | -0.19 | -251589.80 | -145093.75 |
| FCF Conversion (FCF/Net Income) | -0.91x | 0.81x | -0.11x | 0.13x | -0.07x | 0.18x | -0.37x | 0.27x | 0.65x | 0.94x | 0.38x | 0.62x | 0.35x | 0.61x |
| Interest Paid | 70.25K | 0 | 794.36K | 994.45K | 912.97K | 688.93K | 599.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 47.31K | 72.48K | 467.91K | 168.1K | 363.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating scale and profitability
As reported in quarterly filings, Castellum exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a -3.67 reading in 2026Q1, which suggests that accounting earnings are currently poor proxies for the company's actual cash-generative capacity.
The frequent divergence between net losses and positive operating cash flow indicates that non-cash charges, particularly stock-based compensation and depreciation, are heavily influencing the reported bottom line. Investors should monitor whether this cash-flow-positive trend can be sustained as the company attempts to scale its operations beyond current revenue levels.
Based on the provided financial data, free cash flow remains highly inconsistent, swinging from a $1.3M inflow in 2026Q1 to a $2.5M outflow in 2025Q1, which highlights the inherent difficulty in achieving stable cash generation within the firm's current federal contracting business model.
The lack of a clear, upward trajectory in FCF margins suggests that the company's growth is currently capital-intensive and sensitive to the timing of contract payments. This volatility warrants further investigation into the underlying contract terms and the potential for future cash flow stabilization as the business matures.
According to recent financial statements, working capital changes have been a primary driver of cash flow variability, with a significant $719.1K contribution in 2026Q1 contrasting with a $2.4M drain in 2025Q1, reflecting the lumpy nature of milestone-based billing in federal government services.
The reliance on working capital fluctuations to support operating cash flow suggests that the company's liquidity is highly dependent on the timing of federal receivables. Analysts should scrutinize unbilled receivables to determine if this volatility stems from administrative delays in milestone approvals or broader operational inefficiencies.
As indicated by the company's historical data, Castellum maintains a conservative capital allocation strategy, utilizing its $14.9M cash position to fund operations and minor acquisitions while keeping debt minimal, though the persistent negative net margins raise questions about the long-term sustainability of this approach.
The company's decision to prioritize growth-via-acquisition while maintaining a low-debt balance sheet suggests a focus on market share expansion over immediate shareholder returns. Investors should monitor whether this strategy will eventually pivot toward self-funding or if continued reliance on equity-linked growth will lead to further dilution.
Quick answers to the most common questions about buying CTM stock.
Castellum, Inc. (CTM) generated $-1.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Castellum, Inc. (CTM) reported negative free cash flow of $2.1M in 2025, indicating capital requirements exceeded cash from operations.
Castellum, Inc. (CTM) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Castellum, Inc. (CTM) returned $0.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.