CTM · Castellum, Inc.

Castellum's Q1 2026 results reflect strong execution on its long-term contract wins from 2025, driving a 23% revenue increase to $14.3 million. Gross profit rose 11% to $5.1 million, though gross margin contracted to 35.4% from 39.0% in the prior year, attributed to changes in contract mix. Operating expenses decreased to $5.8 million from $6.0 million, primarily due to lower stock-based compensation ($0.8 million vs. $1.2 million). The net loss improved significantly to $0.4 million from $1.2 million, with Adjusted EBITDA turning positive at $0.4 million. The company ended the quarter debt-free with $15.8 million in cash, having paid off all long-term obligations. Management highlighted a record backlog of $273.3 million, providing multi-year revenue visibility, and a qualified pipeline of $938 million. CEO Glen Ives noted the company has entered 'Phase 3' of its evolution, focusing on organic growth, leveraging its CMMC Level 2 C3PAO certification, and selectively pursuing M&A. The investor presentation (Exhibit 99.2) was furnished under Item 7.01 and is not deemed filed for SEC purposes.