Sprouts Farmers Market closes $600 million revolving credit facility
VIENNA, Va. - Castellum, Inc. (NYSE-American:CTM), a cybersecurity and software services company focused on federal government contracts, has reduced its long-term debt to less than $5 million and secured a $103.3 million contract with Naval Air Systems Command, according to a shareholder letter released Monday by CEO Glen Ives. The company, with a market capitalization of $103.5 million, has demonstrated remarkable stock performance with a 418% return over the past year, according to InvestingPro data.
The letter, marking Ives’ one-year anniversary as CEO, outlines the company’s transition from what he described as a four-year startup phase focused on acquisitions to a new phase prioritizing organic growth.
Over the past year, Castellum raised more than $16 million through public offerings and warrant exercises while winning its largest prime contract to date – a 5.5-year agreement to provide Special Missions support for the Naval Air Systems Command Program Office PMA 290.
The company has restructured its leadership team and established two mentor-protégé relationships with woman-owned and native Hawaiian organizations. Castellum also created a new subsidiary focused on advanced technology products to complement its services business.
"Today, we are an intensely competitive, leading-edge technology services and solutions team committed to national security and our warfighters," Ives stated in the shareholder letter.
The company’s core capabilities include software development, electronic warfare, cybersecurity, and data analytics, according to the release.
Ives noted that Castellum is now positioned where it intended to be when it first uplisted to the NYSE American in October 2022, having raised capital to support both organic growth and potential acquisitions.
The information in this article is based on a company press release statement. According to InvestingPro analysis, Castellum appears slightly undervalued at current levels. Discover more insights and 8 additional ProTips for CTM, along with comprehensive financial analysis, in the Pro Research Report available on InvestingPro.
In other recent news, Castellum, Inc. has announced the pricing of its public offering, which includes 4,166,667 units at $1.20 per unit, potentially raising approximately $5 million in gross proceeds. The offering, managed by Maxim Group LLC, is expected to close soon, and the proceeds will be directed towards working capital and general corporate purposes. Additionally, Castellum has formed a new subsidiary, Castellum Advanced Technology Products, Inc., focusing on developing technology and teaming with other firms to enhance solutions for its defense clients. This strategic move could potentially increase both revenue and operating margins for Castellum. In another development, Castellum has entered into a reseller agreement with AmpliTech Group, Inc. to offer AmpliTech’s products, including low noise amplifiers, to its clientele. The partnership is expected to help AmpliTech penetrate the government market further. Furthermore, Castellum reported the results of its recent stockholder meeting, which included the election of six directors and the approval of amendments to stock incentive and employee stock purchase plans. The company also ratified RSM US LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.