Castellum, Inc.

### Capital Structure and Liquidity Castellum's liquidity position is characterized by a current ratio of 4.81, indicating strong short-term liquidity. The company maintains a debt-to-equity ratio of 0.0, suggesting no leverage in its capital structure. With a market price of $0.6566 and a market cap of $62.12 million, the stock trades at a price-to-book ratio of 3.05, implying a premium valuation relative to its book value.

### Profitability and Returns The company reported a net loss of $351,274 in Q1 2026, with an operating loss of $697,998, indicating a challenging profitability environment. Return on equity (ROE) and return on assets (ROA) were negative at -0.97% and -0.84%, respectively, suggesting underperformance relative to industry benchmarks.

### Segments and Geographic Exposure Castellum's revenue is concentrated among a few customers, with three customers accounting for a significant portion of sales revenue and accounts receivable. The company's operations are primarily domestic, with no disclosed international revenue segments.

### Growth Trajectory Despite a revenue of $14.29 million in Q1 2026, the company's growth trajectory is uncertain due to ongoing net losses and operational challenges. The company's ability to secure new contracts and manage its backlog will be critical for future growth.

### Risk Factors Key risk factors include potential future net income losses, the ability to raise additional capital, and the volatility of its common stock share price. The company has a medium dilution risk, with source documents mentioning dilution or offering risk.

### Recent Events Recent filings highlight risks related to government funding, competition in contract bidding, and the need to attract and retain qualified personnel with security clearances. The company has also disclosed potential systems failures and security breaches as operational risks.

There are no material changes, watcher signals, or cross-source sentiment shifts to report for Castellum AB (CTM) based on the provided data. The system indicates this is the first analysis for this ticker, meaning there is no prior basis for computing deltas or identifying recent changes in the company's profile. The available data provides a static snapshot of the company's structure and market presence. Castellum AB is currently tracked with three officers and seven top holders. It has coverage from six analysts but holds no index memberships. Recent activity metrics show minimal dispatch volume, with only one dispatch recorded on June 25, 2026, and zero dispatches on all other days in the observed period through mid-July 2026. No sentiment data is associated with these dispatches. Because there are no reported events, financial updates, or rating changes in the facts, no further significance can be attributed to the company's current status. The absence of material changes means the baseline profile remains unchanged from this initial analysis.

Analysts project 428.3% upside to a $3.50 target price, significantly above the current $0.66 market price.

The company maintains a low leverage band with a debt-to-equity ratio of 0.172 and a strong current ratio of 4.40.

Net income improved from a $17.8 million loss in FY2023 to a $2.4 million loss in FY2025.

Operating income narrowed from a $16.7 million loss in FY2023 to a $2.8 million loss in FY2025.

Liquidity risk is assessed as low, suggesting sufficient short-term assets to cover immediate liabilities.

Return on equity of -0.97% and return on assets of -0.84% indicate poor capital efficiency compared to peers.

Cash conversion ratio of -3.67 places the company in the bottom quartile of its real estate management cohort.

The company faces medium dilution risk, which could negatively impact existing shareholder value per share.

Revenue $14.3M; Operating income -$698.0k.

• ▍Revenue $14.3M
• ▍Operating income -$698.0k
• ▍Net margin -2.5%

Revenue $40.3M; Operating income -$1.4M.

• ▍Revenue $40.3M
• ▍Operating income -$1.4M
• ▍Net margin -2.7%

Revenue $25.7M; Operating income -$1.9M.

• ▍Revenue $25.7M
• ▍Operating income -$1.9M
• ▍Net margin -5.8%

Revenue $52.9M; Operating income -$2.8M.

• ▍Revenue $52.9M
• ▍Operating income -$2.8M
• ▍Net margin -4.5%

Revenue $44.8M; Operating income -$7.2M.

• ▍Revenue $44.8M
• ▍Operating income -$7.2M
• ▍Net margin -22.3%

Revenue $44.8M; Operating income -$7.2M.

• ▍Revenue $44.8M
• ▍Operating income -$7.2M
• ▍Net margin -22.3%

Revenue $45.2M; Operating income -$16.7M.

• ▍Revenue $45.2M
• ▍Operating income -$16.7M
• ▍Net margin -39.3%

Revenue $45.2M; Operating income -$16.7M.

• ▍Revenue $45.2M
• ▍Operating income -$16.7M
• ▍Net margin -39.3%