Castellum

Castellum, Inc. (NYSE: CTM) operates as a technology services company with a sharp focus on the United States federal government sector. The firm’s business model is centered on a dual approach of executing strategic acquisitions and fostering organic growth to address pressing national security challenges. A new management team, led by co-founder Mark Fuller, was installed in June 2019 to spearhead this acquisition-led strategy, culminating in the company's first acquisition in November 2019. Fuller, a graduate of the U.S. Military Academy at West Point with extensive experience in both military service and various private sector industries, transitioned from CEO to an advisory role in July 2024. He was succeeded by Glen Ives, a U.S. Naval Academy graduate with a long history of military and industry leadership, who now leads the company's push towards increased organic growth and profitability.

The company's revenue is generated by providing a comprehensive suite of services and solutions primarily to U.S. government clients, including agencies within the Department of Defense. Core service offerings include cybersecurity, software development and engineering, systems engineering, information and electronic warfare, program support, and data analytics. Castellum has particular expertise in areas such as artificial intelligence/machine learning, model-based systems engineering, and cyber-supply chain risk management (C-SCRM). The business operates through government contract vehicles like the General Services Administration (GSA) Multiple Award Schedule and has secured significant, multi-year contracts, such as a $103.3 million contract for the Naval Air Systems Command (NAVAIR). This contract-based model provides a foundation for recurring revenue and long-term projects.

Castellum's growth has been notably accelerated by a series of acquisitions, including Corvus Consulting, MFSI Government Group, Merrison Technologies, Specialty Systems Inc., Lexington Solutions Group, and Global Technology and Management Resources (GTMR). These acquisitions have been instrumental in expanding the company's capabilities, client base, and technical expertise in the classified and unclassified defense sectors. After a period focused on acquisitions, the company has shifted to a new phase prioritizing organic growth, improving profitability, and reducing debt, while continuing to selectively evaluate accretive acquisitions. For the second quarter of 2025, the company reported record revenue of $14.0 million, reflecting a significant year-over-year increase and a narrowing operating loss.

Keywords: federal government contractor, cybersecurity services, information warfare, electronic warfare, strategic acquisitions, national security technology, Department of Defense contractor, government IT services, systems engineering, software engineering, data analytics, program management, Naval Air Systems Command, NAVAIR, GSA schedule, defense technology, intelligence analysis, cyber-supply chain risk management, C-SCRM, military technology solutions, public company, CTM