VIENNA, Va., June 06, 2024 (GLOBE NEWSWIRE) -- Castellum, Inc. (the "Company" or "Castellum") (NYSE-American: CTM) ($CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces that it has made its 34th consecutive monthly term loan payment to Live Oak Banking Company ("Live Oak"). Castellum has two remaining payments on an original 36-month term loan, taken out to support an August 2021 acquisition. Castellum's total outstanding debt has been reduce ...

Core Points - Castellum, Inc. has successfully reduced its total outstanding debt to $10.6 million and aims to lower it below $10 million by year-end through scheduled principal payments [1][3] - The company has made its 34th consecutive monthly term loan payment to Live Oak Banking Company, with two payments remaining on the original 36-month term loan taken for an acquisition in August 2021 [3][4] - Glen Ives, the incoming CEO, emphasized that deleveraging the balance sheet will provide more resources for supporting mission customers, employee development, and organic growth, ultimately benefiting shareholders [4] Company Overview - Castellum, Inc. operates in the cybersecurity, electronic warfare, and software engineering services sectors, primarily focusing on the federal government [2][5]

Core Viewpoint - Castellum, Inc. announces leadership changes with Mark Fuller stepping down as CEO effective July 1, 2024, and Glen Ives being appointed as the new CEO [1][2] Group 1: Leadership Changes - Mark Fuller, co-founder and current CEO, will resign to pursue other interests [1] - Glen Ives, the current Chief Operating Officer, will take over as CEO on July 1, 2024 [1][2] - The Board expresses gratitude for Mark Fuller's contributions in building the company to a $45 million entity [2] Group 2: Future Outlook - Glen Ives aims to enhance organic revenue growth and profitability while considering selective acquisitions [2] - Mark Fuller expresses confidence in Glen Ives' leadership skills and ability to build on the company's foundation [2] - Glen Ives looks forward to expanding Castellum's presence in the government services market [2]

Core Viewpoint - Castellum, Inc. announces leadership changes with Mark Fuller stepping down as CEO effective July 1, 2024, and Glen Ives, the current COO, taking over the role [1][2]. Group 1: Leadership Changes - Mark Fuller, co-founder and CEO of Castellum, will resign to pursue other interests after five years of service [1][2]. - Glen Ives, currently the Chief Operating Officer, will assume the CEO position on July 1, 2024 [1][2]. Group 2: Company Performance and Future Outlook - Under Mark Fuller’s leadership, Castellum grew to a $45 million company with strong capabilities in cybersecurity, electronic warfare, and software services [2]. - The Board expresses confidence in Glen Ives to lead the company towards increased organic revenue growth and improved profitability while pursuing selective acquisitions [2].

Castellum (NYSEMKT:CTM) stock is down on Wednesday following the release of the cybersecurity and information technology company's Q1 2024 earnings report. That earnings report includes an operating loss of $2.7 million. That's wider than the $1.5 million operating loss from the same period of the year prior. This also comes alongside a gross profit of $4.5 million in Q1 2024. That's down from the company's gross profit of $4.6 million reported in the first quarter of 2023. One positive is Castellum's reven ...

Core Insights - Castellum, Inc. reported a revenue of $11.3 million for Q1 2024, showing a slight increase from $11.1 million in Q4 2023 [2] - The company's gross profit for the same period was $4.5 million, down from $4.6 million in the previous quarter [2] - Operating loss for Q1 2024 was $(2.7) million, compared to $(1.5) million in Q4 2023, indicating a deterioration in operating performance [2] Financial Performance - The Non-GAAP measure, Recurring Cash Operating Profit (Loss) (RCOP), was approximately $(0.1) million for Q1 2024, which excludes non-cash charges [3] - Non-cash charges included stock-option and warrants expense of $1.7 million and depreciation and amortization of $0.6 million [3][12] - Total non-cash charges for Q1 2024 amounted to $2.5 million, leading to a Non-GAAP RCOP of $(134,361) [12] Management Commentary - The President and CEO of Castellum highlighted important financial progress in Q1 2024, particularly in strengthening the balance sheet through financing transactions [5] - The company aims to convert its large pipeline of opportunities into contract wins and improve profitability and RCOP throughout 2024 and into 2025 [5]

VIENNA, Va,, April 18, 2024 (GLOBE NEWSWIRE) -- Castellum, Inc. (NYSE-American: CTM), a cybersecurity, electronic warfare, and software engineering services company focused on the federal government, announces a new strategic alliance between its subsidiary Specialty Systems, Inc. ("SSI") (www.specialtysystems.com) and Epic Systems, Inc. ("Epic") (www.epicinfotech.com). The strategic alliance is in the form of a "Mentor-Protégé" arrangement pursuant to applicable rules of the Federal Acquisition Regulation ...

BETHESDA, Md., Jan. 29, 2024 (GLOBE NEWSWIRE) -- Castellum, Inc. (the "Company") (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government today announced the closing of its previously announced registered direct offering, consisting of the sale of 8,437,501 shares of common stock (or pre-funded warrants in lieu thereof). In a concurrent private placement, the Company also agreed to issue and sell to the investor warrants to purchase up to 8,4 ...