Castellum, Inc. · Management Consulting Services

CTM

Moderate riskNext report: Around Nov 6 (est.)

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The short version

A company still losing money with steady sales. Insiders and institutions are both adding.

Going well

Sales up 18% last year
No debt reported

Watch out for

Share count growing 50.1% a year (dilution)
Losing money

Money moves

4 insiders bought $3K of shares with their own money in the last 30 days
Institutions added 2.3% to their holdings in the quarter ending June 2026 (18 bought, 8 sold)

Facts from SEC filings, not a recommendation.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$13.9M-1.1% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $55.3M, up 16% from the 12 months before. Over 5 years, sales grew about 32% a year.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

1/7Weak

MissReturn on equity 15%+Earns a lot on the money owners have in the business.-8.6%
PassDebt under half of equityNot relying on borrowed money.No debt reported
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-4.5%
MissProfitable every yearSteady profits, not one good year.0 of 6 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$2.1M
MissShare count not growingNot diluting owners. Falling means buybacks.+238.4% in 3 years
MissGross margin 40%+Pricing power: sells for well above what it costs to make.36.6%

Revenue: $52.9M; +18.1% vs prior year
5-year growth: +31.7%/yr; revenue, per year
Total debt: None; 0.00x equity
Current ratio: 4.40x; short-term assets / bills due

From annual reports filed with the SEC. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 7

Revenue: $13.9M; -1.1% YoY
EPS: -$0.01; vs $0.00
Op. margin: -7.9%; -5.2 pts
Gross margin: 34.0%; -2.1 pts
Free cash flow: $1.0M
Share count: +8.7%; vs a year ago

Insider rating

Last 90 days

80Strong buying

4 insiders bought $3K
Cluster buy: 4 insiders within 1 day
Top executive buying (President)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 0.9
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+2.3%

Institutions added 2.3% to their holdings. 18 bought, 8 sold.

Shares held by institutions7.9M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+26.0%

Cash runwayAt last year's cash burn

104 months

Debt to equityLatest balance sheet: debt compared with what owners have

No debt reported

Shares outstandingLatest reported

95M

Why moderate risk

Losing money
Share count growing 26% a year (dilution)

Earnings reports

Last 12

Next reportAround Nov 6 (est.)Estimated from the same quarter last year

Results filedAug 7
Results filedMay 13
Results filedMar 5
Results filedNov 7, 2025
Results filedAug 8, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

No offerings, red flags or new big holders. Clean record.

Insider trades

Open-market buys and sells, last 90 days

Bought$3K4 insiders

Sold$00 insiders

Cluster buy4 buyers$3K in 30 days

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Tammy L MartinGeneral Counsel and Secretary	Buy	1K	$0.54	$747	16K	Oct 1Filing ↗
+9.3% of their holdings Filed same day
David T BellChief Financial Officer	Buy	1K	$0.54	$747	19K	Oct 1Filing ↗
+8.1% of their holdings Filed same day
Andrew MerrimanChief Operating Officer	Buy	1K	$0.54	$747	590K	Oct 1Filing ↗
+0.2% of their holdings Filed same day
Glen R IvesPresident	Buy	2K	$0.54	$910	203K	Oct 1Filing ↗
+0.8% of their holdings Also Director Filed same day