Castellum, Inc. Announces Strong Second Quarter Financial Results

BETHESDA, Md., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Castellum, Inc. (NYSE-American: CTM) (the “Company”), a cybersecurity and electronic warfare company focused on the federal government, announces highlights of its operating results for its second quarter ended June 30, 2023.

Second Quarter 2023 Financial Highlights:

• Revenues were $12.5 million compared to $9.9 million during the first quarter of 2023.
• Gross profit was $5.2 million compared to $4 million during the first quarter of 2023.
• Operating loss, inclusive of all non-cash charges ($2.0 million), was $1.9 million compared to $4.7 million during the first quarter of 2023.
• Cash provided by operating activities was $0.6 million compared to negative $2.4 million during the first quarter of 2023.
• Non-GAAP Recurring Cash Operating Profit was positive $86 thousand for the second quarter compared to negative $455 thousand during the first quarter of 2023.

Castellum, Inc.’s full financial results for the three and six months ended June 30, 2023, will be published later today on Form 10-Q at www.sec.gov.

“We are proud to announce another strong quarter for Castellum,” said Mark Fuller, President and CEO of Castellum. “Revenue was a record for the quarter, gross margins remain strong north of 40%, and recurring cash operating profit moved back to positive territory. Our cost-cutting started in Q2 and we should see more impact in Q3 and full impact in Q4. With our growing pipeline of business development opportunities, our prospects for organic growth are the best they have ever been. We also continue to selectively look at M&A opportunities.”

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in Item 1A. “Risk Factors” section of the Company’s Form 10-Q and other filings with the Securities and Exchange Commission which can be viewed at www.sec.gov. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.