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Castellum Inc. (CTM-10.25%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Castellum's focus on building a technology company in cybersecurity, IT, electronic warfare, and information operations, serving defense, federal, civilian, and commercial markets.
Revenue for the year was $44,764,852, a decrease from $45,243,812 in 2023, attributed to the sale of Mainnerve Federal Services, Inc.
Cost of revenues was $26,498,437, slightly down from $26,568,485 in the previous year, reflecting the divestiture of Mainnerve Federal Services, Inc.
Operating expenses decreased significantly to $25,511,042 from $35,344,152, due to strategic cost-saving initiatives and reduced noncash stock-based compensation.
The company reported a net loss of $9,980,307, an improvement from the $17,800,178 loss in the previous year, with a focus on reducing general and administrative costs.
Cash provided by operating activities was $1,120,105, compared to cash used of $2,264,447 in 2023, driven by improved accounts receivable collections.
Castellum completed the acquisition of Global Technology Management Resources, Inc. and divested Mainnerve Federal Services, Inc. during the year.
The company raised approximately $9 million through equity offerings and warrant exercises, enhancing its liquidity position.
Castellum's backlog was reported at $100,481,693, with expectations to recognize a substantial portion within the next 24 months.
The company does not anticipate paying cash dividends on common stock in the foreseeable future, focusing on reinvestment and growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Castellum Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.