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1. Company Snapshot

1.a. Company Description

Castellum, Inc.provides services in the areas of cybersecurity, information technology, electronic warfare, information warfare, and information operations.The company offers intelligence analysis, software development, software engineering, program management, strategic and mission planning, information assurance, cybersecurity and policy support, and data analytics services.


It serves customers in the Federal government, financial services, healthcare, and other data application sectors.The company was incorporated in 2010 and is based in Bethesda, Maryland.

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1.b. Last Insights on CTM

Castellum, Inc.'s recent performance was driven by several positive factors. The company's subsidiary, GTMR, achieved CMMI Level 3 appraisal, demonstrating its commitment to quality and process improvement. Additionally, GTMR added professional services to its existing GSA MAS contract, expanding its capabilities and increasing its potential for growth. The company also reported its first year-over-year organic revenue growth in Q1 2025, indicating a positive trend in its business. Furthermore, Castellum hired Tanya Bassett as Vice President of Business Development and Capture Management, reinforcing its strategic commitment to organic growth. Castellum also made progress in reducing its debt, retiring a promissory note early and extending the maturity date of another note payable. This demonstrates the company's ability to manage its finances effectively and reduce its financial obligations. The company's CEO, Glen Ives, has been invited to present at the "2025 Virtual Tech Conference: Discover the Innovations Reshaping Tomorrow," which will provide a platform for Castellum to showcase its expertise and innovation in the field of cybersecurity, electronic warfare, and software engineering.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Castellum AB (publ) (CWQXY) Discusses Back to Basics Strategy Focused on Profitability and Portfolio Rotation Transcript

Nov -28

Source: seekingalpha.com

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Castellum, Inc. Completes $2 Million Paydown, Retires Note Payable to Robert Eisiminger

Nov -13

Source: globenewswire.com

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Castellum, Inc. Reports Breakthrough Q3 2025 Results with First-Ever Positive Net Income

Nov -07

Source: globenewswire.com

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Castellum, Inc. Announces the Award of a $66.2 million Full and Open Contract to its SSI Subsidiary

Oct -31

Source: globenewswire.com

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Castellum AB (publ) (CWQXY) Q3 2025 Earnings Call Transcript

Oct -23

Source: seekingalpha.com

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Castellum, Inc. to Attend the 2025 Maxim Growth Summit

Oct -20

Source: globenewswire.com

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Castellum, Inc.'s Subsidiary Specialty Systems, Inc. Adds IT Services for GSA MAS Contract

Oct -14

Source: globenewswire.com

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Castellum: Record Revenue, Positive EBITDA, And A Cheap Valuation Make It A Buy

Sep -05

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.56%)

6. Segments

Time and Material

Expected Growth: 14.0%

Castellum, Inc.'s Time and Material segment growth of 14.0% is driven by increasing demand for customized solutions, expansion into new markets, and strategic partnerships. Additionally, investments in digital transformation and process efficiencies have improved productivity, leading to higher revenue and profitability.

Cost Plus Fixed Fee

Expected Growth: 15.0%

Castellum, Inc.'s 15.0% growth in Cost Plus Fixed Fee is driven by increasing demand for project management services, expansion into new markets, and strategic partnerships. Additionally, the company's ability to negotiate favorable contract terms, invest in technology, and improve operational efficiency have contributed to the growth.

Firm Fixed Price

Expected Growth: 17.0%

Castellum, Inc.'s 17.0% growth in Firm Fixed Price is driven by increasing demand for commercial properties, strategic acquisitions, and effective cost management. The company's focus on sustainable and energy-efficient buildings also attracts environmentally conscious clients, contributing to its growth. Additionally, Castellum's strong balance sheet and access to capital enable it to pursue growth opportunities and expand its portfolio.

7. Detailed Products

Office Properties

Castellum offers high-quality office spaces for rent, providing a comfortable and productive work environment for businesses of all sizes.

Industrial and Logistics Properties

Castellum provides industrial and logistics properties for rent, offering flexible and efficient solutions for businesses with storage and distribution needs.

Retail Properties

Castellum offers retail properties for rent, providing prime locations for businesses to connect with customers and showcase their products.

Hotel Properties

Castellum provides hotel properties for rent, offering a range of accommodation options for travelers and business guests.

Project Development

Castellum offers project development services, providing customized solutions for businesses looking to develop new properties or renovate existing ones.

8. Castellum, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Castellum, Inc. is medium due to the availability of alternative real estate investment options.

Bargaining Power Of Customers

The bargaining power of customers for Castellum, Inc. is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Castellum, Inc. is medium due to the company's dependence on a few large suppliers for materials and services.

Threat Of New Entrants

The threat of new entrants for Castellum, Inc. is high due to the relatively low barriers to entry in the real estate industry.

Intensity Of Rivalry

The intensity of rivalry for Castellum, Inc. is high due to the competitive nature of the real estate industry and the presence of several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.09%
Debt Cost 3.95%
Equity Weight 52.91%
Equity Cost 3.07%
WACC 3.48%
Leverage 88.99%

11. Quality Control: Castellum, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Cantaloupe

A-Score: 5.2/10

Value: 3.3

Growth: 8.7

Quality: 7.1

Yield: 0.0

Momentum: 7.0

Volatility: 5.0

1-Year Total Return ->

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Innodata

A-Score: 4.7/10

Value: 0.0

Growth: 9.3

Quality: 8.1

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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NCR Voyix

A-Score: 4.3/10

Value: 8.1

Growth: 3.0

Quality: 6.4

Yield: 0.0

Momentum: 4.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Castellum

A-Score: 3.9/10

Value: 7.6

Growth: 6.0

Quality: 4.1

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

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Telos

A-Score: 3.6/10

Value: 6.8

Growth: 0.8

Quality: 3.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Digimarc

A-Score: 2.8/10

Value: 6.8

Growth: 3.8

Quality: 4.5

Yield: 0.0

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.04$

Current Price

1.04$

Potential

-0.00%

Expected Cash-Flows