Revenue growth has accelerated to 22.5% as of 2026Q1, though gross margins have compressed from a 42.7% peak in 2024Q3 to 35.4% due to potential pricing pressures.
| 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 |
|---|
| Sales/Revenue | 55.49M | 52.87M | 44.76M | 45.24M | 42.19M | 25.07M | 13.34M | 1.14M | 0 | 0 | 2.4K | 0 | 0 | 0 |
| Revenue Growth % | 23.06% | 18.1% | -1.06% | 7.24% | 68.31% | 87.93% | 1074.18% | - | - | -100% | - | - | - | - |
| Cost of Goods Sold | 35.62M | 33.5M | 26.5M | 26.57M | 24.59M | 13.99M | 7.16M | 856.53K | 229.59K | 69.95K | 47.79K | 35.03K | 0 | 0 |
| COGS % of Revenue | - | 63.36% | 59.19% | 58.72% | 58.29% | 55.82% | 53.69% | 75.4% | - | - | 1991.25% | - | - | - |
| Gross Profit | 19.88M | 19.37M | 18.27M | 18.68M | 17.6M | 11.07M | 6.18M | 279.15K | -230K | -69.95K | -45.39K | -35.03K | 0 | 0 |
| Gross Margin % | 35.82% | 36.64% | 40.81% | 41.28% | 41.71% | 44.18% | 46.31% | 24.57% | - | - | -1891.25% | - | - | - |
| Gross Profit Growth % | - | 6.04% | -2.19% | 6.13% | 58.9% | 79.29% | 2112.83% | 221.37% | -228.81% | -54.11% | -29.57% | - | - | - |
| Operating Expenses | 21.9M | 22.18M | 25.51M | 35.34M | 27.56M | 18.8M | 7.65M | 1.12M | 236.86K | 989.67K | 629.68K | 49.95K | 386.35K | -776K |
| OpEx % of Revenue | - | 41.96% | 56.99% | 78.12% | 65.33% | 75% | 57.32% | 98.59% | - | - | 26236.58% | - | - | - |
| Selling, General & Admin | 12.88M | 10.7M | 14.33M | 17.7M | 13.59M | 14.54M | 5.69M | 1.12M | 236.86K | 989.67K | 629.68K | 48.39K | 386.35K | 0 |
| SG&A % of Revenue | - | 20.23% | 32.01% | 39.12% | 32.2% | 58% | 42.65% | 98.59% | - | - | 26236.58% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5K | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 11.49M | 11.18M | 17.65M | 13.97M | 4.26M | 1.96M | 0 | 0 | 0 | 0 | 60 | 0 | -776K |
| Operating Income | -2.03M | -2.81M | -7.24M | -16.67M | -9.96M | -7.73M | -1.47M | -841K | -466K | -1.06M | -675K | -84.98K | -386K | -725K |
| Operating Margin % | -3.65% | -5.32% | -16.18% | -36.84% | -23.62% | -30.82% | -11.01% | -74.03% | - | - | -28125% | - | - | - |
| Operating Income Growth % | - | 61.15% | 56.54% | -67.29% | -28.98% | -426.18% | -74.57% | -80.47% | 56.04% | -57.04% | -694.3% | 77.98% | 46.76% | - |
| EBITDA | -580.88K | -1.32M | -5.02M | -14.14M | -7.93M | -5.84M | 362.29K | -685.21K | -455.06K | -1.14M | -628.07K | -49.95K | -210.35K | -666.49K |
| EBITDA Margin % | -1.05% | -2.49% | -11.22% | -31.25% | -18.8% | -23.29% | 2.72% | -60.32% | - | - | -26169.46% | - | - | - |
| EBITDA Growth % | 85.69% | 73.81% | 64.47% | -78.28% | -35.84% | -1711.68% | 152.87% | -50.58% | 60.12% | -81.69% | -1157.42% | 76.25% | 68.44% | - |
| D&A (Non-Cash Add-back) | 1.45M | 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 |
| EBIT | -1.95M | -2.81M | -8.75M | -15.81M | -10.1M | -7.69M | -1.47M | -841K | -457K | -1.64M | -675K | -84.99K | -885K | -725K |
| Net Interest Income | 68.74K | -405.91K | -1.16M | -3.25M | -3.99M | -2.52M | -2.3M | -248.69K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 101.4K | 0 | 0 | 0 | 0 | 0 | 0 | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 32.66K | 405.91K | 1.16M | 3.25M | 3.99M | 2.52M | 2.3M | 248.69K | 4.62K | 35.96K | 37.61K | 37.67K | 0 | 0 |
| Other Income/Expense | 587.41K | 624.25K | -2.67M | -2.39M | -4.12M | -2.48M | -2.3M | -249K | 5.02K | -620K | -37.61K | -37.68K | -499K | 0 |
| Pretax Income | -1.44M | -2.19M | -9.91M | -19.06M | -14.09M | -10.2M | -3.76M | -1.09M | -461K | -1.68M | -713K | -122.66K | -885K | 0 |
| Pretax Margin % | -2.59% | -4.14% | -22.14% | -42.12% | -33.39% | -40.7% | -28.22% | -95.86% | - | - | -29708.33% | - | - | - |
| Income Tax | 140.38K | 207.98K | 68.03K | -1.26M | 819.6K | -2.66M | -1.06M | -270K | 0 | 0 | -3 | 0 | 0 | 775.89K |
| Effective Tax Rate % | -9.75% | -9.5% | -0.69% | 6.6% | -5.82% | 26.04% | 28.07% | 24.79% | 0% | 0% | 0% | 0% | 0% | - |
| Net Income | -1.58M | -2.4M | -9.98M | -17.8M | -14.91M | -7.55M | -2.71M | -820K | -461K | -1.68M | -713K | -122.66K | -2.18M | -776K |
| Net Margin % | -2.85% | -4.54% | -22.3% | -39.34% | -35.33% | -30.1% | -20.3% | -72.18% | - | - | -29708.33% | - | - | - |
| Net Income Growth % | 77.56% | 75.97% | 43.93% | -19.4% | -97.55% | -178.72% | -230.18% | -77.87% | 72.54% | -135.48% | -481.29% | 94.37% | -180.54% | - |
| Net Income (Continuing) | -1.58M | -2.4M | -9.98M | -17.8M | -14.91M | -7.55M | -2.71M | -820K | -461K | -1.68M | -713K | -122.66K | -885K | -776K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.02 | -0.03 | -0.18 | -0.38 | -0.55 | -0.41 | -0.18 | -0.08 | -0.08 | -0.30 | -0.13 | -0.03 | -435376.00 | -193973.00 |
| EPS Growth % | 85.6% | 85% | 52.63% | 30.91% | -34.15% | -127.78% | -124.44% | -3.35% | 74.13% | -130.77% | -340.68% | 100% | -124.45% | - |
| EPS (Basic) | - | -0.03 | -0.18 | -0.38 | -0.55 | -0.41 | -0.18 | -0.06 | -0.08 | -0.30 | -0.13 | -0.03 | -435376.00 | -193973.00 |
| Diluted Shares Outstanding | 94.61M | 94.7M | 55.29M | 47.18M | 27.47M | 18.26M | 15.17M | 14.74M | 5.95M | 5.61M | 5.61M | 4.16M | 5 | 4 |
| Basic Shares Outstanding | 94.61M | 94.7M | 55.29M | 47.18M | 27.47M | 18.23M | 15.17M | 14.74M | 5.95M | 5.61M | 5.61M | 4.16M | 5 | 4 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating scale and profitability
According to the provided quarterly data, Castellum has demonstrated a notable acceleration in top-line performance, with revenue growth reaching 22.5% in 2026Q1, marking a significant recovery from the negative growth rates observed throughout the 2024 fiscal year as the company expands its federal contract footprint.
The recent revenue trajectory suggests that the company's business development efforts are gaining traction within the competitive federal services landscape. Investors should monitor whether this growth is sustainable or if it remains heavily dependent on the successful integration of recent acquisitions.
As reported in the company's financial statements, gross margins have trended downward from a peak of 42.7% in 2024Q3 to 35.4% in 2026Q1, indicating potential pricing pressure or a shift in the mix of contract types within the firm's federal services portfolio.
This margin contraction warrants further investigation into whether the company is sacrificing profitability to win larger, more competitive prime contracts. The decline suggests that the firm's current service delivery model may be facing increased cost inputs that are not being fully offset by pricing power.
Based on the income statement history, Castellum has struggled to achieve positive operating leverage, as evidenced by the -5.32% operating margin reported in the most recent period, which suggests that SG&A expenses continue to scale in tandem with or faster than gross profit growth.
The inability to convert incremental revenue into operating income implies that the company has not yet reached the necessary scale to absorb its corporate overhead. Until the firm demonstrates a clear decoupling of revenue growth from SG&A expansion, profitability will likely remain under significant pressure.
Analysis of the income statement reveals that stock-based compensation, which reached $3.1M in 2025Q4, frequently obscures the underlying operational performance, as the company continues to report net losses despite significant top-line expansion across the observed ten-quarter period.
The reliance on equity-based incentives may be masking the true cash-burn rate of the business, particularly given the persistent negative net income. Investors should carefully evaluate the impact of these non-cash charges on the company's long-term capital structure and potential for future shareholder dilution.
While the 18.1% revenue growth is impressive, the persistent negative net margins suggest that the current business model may be unsustainable without a fundamental shift toward higher-margin proprietary offerings or a significant reduction in the cost of acquiring new federal task orders.
Short-term growth may be masking structural inefficiencies that could become more pronounced as the company transitions out of small-business set-aside status. The lack of consistent profitability suggests that the company's current trajectory may be vulnerable to any disruption in federal spending or contract re-competes.
Quick answers to the most common questions about buying CTM stock.
For fiscal year 2025, Castellum, Inc. (CTM) reported total revenue of $52.9M.
Castellum, Inc. (CTM) reported a net loss of $2.4M for the fiscal year ending 2025.
Castellum, Inc. (CTM) reported an operating income of $-2.8M, resulting in an operating profit margin of -5.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Castellum, Inc. (CTM) generated $19.4M in gross profit for the year, representing a gross profit margin of 36.6%. This demonstrates the company's core pricing power and production efficiency.