Castellum, Inc. (NYSE: CTM)

Castellum is a technology services, solutions, and products company focused on building a large successful enterprise in the areas of cybersecurity, information technology, electronic warfare, information warfare, system modernization, and information operations. It serves defense, federal, civilian, and commercial markets by providing intelligence analysis, software development, software engineering, program management, strategic and mission planning, information assurance, cybersecurity, policy support, data analytics, and model based systems engineering. These services apply to customers in the United States government, financial services, legal sectors, and other users of large data applications, and can be delivered to on premises environments or cloud based infrastructures. The company maintains a qualified opportunity pipeline valued at approximately eight hundred seventeen million dollars as of the end of 2025, reflecting potential future contracts from organic growth. Castellum routinely works with business brokers and contacts within its network to identify acquisition opportunities.

Castellum generates revenue primarily through contracts with the United States federal, state, and local governments for the delivery of its technology services and solutions. The company performs work under various contract types, including time and material, firm fixed price, and cost plus fixed fee arrangements, with a significant portion of revenue derived from time and material contracts. In recent years, the top three revenue producing contracts accounted for approximately fifty four percent of total sales, highlighting the importance of key customer relationships. Additionally, Castellum pursues organic growth and seeks acquisitions that are immediately accretive to revenue, earnings before interest depreciation and amortization, and net income per share. The company also benefits from a backlog of funded and unfunded orders that supports future revenue visibility.

The company operates through the following segments:

• Digital Solutions: This segment modernizes enterprise and agency unique applications, infrastructure, and business processes to enhance productivity, security, and user satisfaction, while transforming data into actionable intelligence through advanced analytics and visualization.

• C4ISR Cyber Space: This segment delivers multi domain C4 technology and networks, offering software defined full spectrum cyber, electronic warfare, and counter unmanned aircraft systems solutions that provide electromagnetic spectrum advantage and precision effects against national security threats, while supporting development of specialty ISR sensors for military and commercial UAVs and aircraft.

• Engineering Services: This segment provides platform integration, modernization, sustainment, system engineering, naval architecture, training and simulation, and logistics engineering to enhance situational awareness, mobility, interoperability, lethality, and survivability, while conducting software vulnerability analysis and hardening technology against malicious actors and developing interactive electronic technical manuals with colorized graphics and wiring diagrams.

• IT Services: This segment designs, implements, protects, and manages secure enterprise IT solutions for USG, state, and local agencies, optimizing efficiency and performance through Agile and DevSecOps methodologies and providing Risk Management Framework and Accreditation support to obtain and maintain Authority to Operate.

• Mission Support: This segment specializes in planning and intelligence support for information warfare and information operations, developing plans, exercises, doctrine, and training for military services and combatant commands, while providing linguists and cultural advisors to enhance communication effectiveness and mission success.

Castellum occupies a niche position within the competitive government technology services sector, where it faces larger firms such as Northrop Grumman Corporation, CACI International, Inc., Peraton, Inc., and Booz Allen Hamilton, Inc. The company differentiates itself through deep sector knowledge acquired over years of serving defense and intelligence clients, long standing government relationships that facilitate contract awards, a workforce with high rates of security clearances and advanced technical degrees, and a strategy that combines organic growth with selective acquisitions to expand capabilities and market share. Its ability to act as both a prime contractor and a subcontractor on various programs provides flexibility in pursuing opportunities.

Castellum’s customer base consists primarily of agencies and departments of the United States federal, state, and local governments, including specific contracts with the Naval Air Systems Command Naval Air Warfare Center Aircraft Division, the Special Missions Management of On Site Services supporting the Naval Air Systems Command Program Office 290, and the Naval Sea Systems Command. The company also serves the Department of Justice, other federal agencies, state and local entities, and commercial clients that require sophisticated cyber and information technology solutions. Its work spans defense intelligence civilian and commercial markets, reflecting a diversified base of mission critical customers.