Castellum, Inc. Announces Higher Sequential Revenue, Positive Adjusted EBITDA, and Smaller Net Loss for Q2 2024
Castellum, Inc. (NYSE-American: CTM), a cybersecurity and software services company, reported improved financial results for Q2 2024. Revenue increased to $11.5 million, up from $11.3 million in Q1 2024. Gross profit rose to $4.7 million from $4.5 million in Q1. The company's operating loss narrowed to $(1.6) million from $(2.7) million in Q1. Notably, Adjusted EBITDA turned positive at $0.3 million, compared to $(0.1) million in Q1 2024 and $0.1 million in Q2 2023. This improvement excludes non-cash charges such as $1.3 million in stock-option and warrants expense and $0.6 million in depreciation and amortization. Castellum's CEO, Glen Ives, highlighted the company's progress, citing sequentially higher revenue, a smaller loss, and positive cash flow from operations.
Castellum, Inc. (NYSE-American: CTM), un'azienda di servizi informatici e sicurezza informatica, ha riportato risultati finanziari migliori per il secondo trimestre del 2024. I ricavi sono aumentati a 11,5 milioni di dollari, rispetto agli 11,3 milioni di dollari del primo trimestre 2024. Il profitto lordo è salito a 4,7 milioni di dollari dagli 4,5 milioni di dollari del primo trimestre. La perdita operativa della società si è ristretta a $(1,6) milioni rispetto ai $(2,7) milioni del primo trimestre. Notevolmente, l'EBITDA rettificato è diventato positivo a 0,3 milioni di dollari, rispetto ai $(0,1) milioni del primo trimestre 2024 e ai 0,1 milioni di dollari del secondo trimestre 2023. Questo miglioramento esclude le spese non monetarie come 1,3 milioni di dollari in costi per opzioni su azioni e warrants e 0,6 milioni di dollari in deprezzamento e ammortamento. Il CEO di Castellum, Glen Ives, ha sottolineato i progressi dell'azienda, citando ricavi sequenziali più elevati, una perdita inferiore e un flusso di cassa positivo dalle operazioni.
Castellum, Inc. (NYSE-American: CTM), una empresa de ciberseguridad y servicios de software, informó resultados financieros mejorados para el segundo trimestre de 2024. Los ingresos aumentaron a 11,5 millones de dólares, frente a los 11,3 millones de dólares del primer trimestre de 2024. El beneficio bruto subió a 4,7 millones de dólares desde los 4,5 millones de dólares del primer trimestre. La pérdida operativa de la empresa se redujo a $(1,6) millones desde los $(2,7) millones del primer trimestre. Destacadamente, el EBITDA ajustado se volvió positivo en 0,3 millones de dólares, en comparación con $(0,1) millones del primer trimestre de 2024 y 0,1 millones de dólares del segundo trimestre de 2023. Esta mejora excluye cargos no monetarios como 1,3 millones de dólares en gastos de opciones sobre acciones y warrants y 0,6 millones de dólares en depreciación y amortización. El CEO de Castellum, Glen Ives, destacó el progreso de la empresa, citando ingresos secuencialmente más altos, una pérdida menor y un flujo de caja positivo de las operaciones.
Castellum, Inc. (NYSE-American: CTM), 사이버 보안 및 소프트웨어 서비스 회사는 2024년 2분기 개선된 재무 결과를 보고했습니다. 수익이 1,150만 달러로 증가했습니다, 2024년 1분기 1,130만 달러에서 증가한 수치입니다. 총 이익은 470만 달러로 상승했습니다, 1분기의 450만 달러에서 증가했습니다. 회사의 운영 손실은 1분기의 (270만) 달러에서 (160만) 달러로 축소되었습니다. 특히, 조정된 EBITDA가 30만 달러로 긍정적인 전환을 이루었습니다, 2024년 1분기의 (10만) 달러 및 2023년 2분기의 10만 달러와 비교됩니다. 이 개선 사항은 130만 달러의 주식 옵션 및 보증 비용, 60만 달러의 감가상각 및 상각과 같은 비현금 비용을 제외한 것입니다. Castellum의 CEO인 Glen Ives는 회사의 진행 상황을 강조하며, 순차적으로 증가한 수익, 축소된 손실, 운영에서의 긍정적인 현금 흐름을 언급했습니다.
Castellum, Inc. (NYSE-American: CTM), une entreprise de cybersécurité et de services logiciels, a annoncé des résultats financiers améliorés pour le deuxième trimestre de 2024. Les revenus ont augmenté à 11,5 millions de dollars, contre 11,3 millions de dollars au premier trimestre 2024. Le bénéfice brut a augmenté à 4,7 millions de dollars par rapport aux 4,5 millions de dollars du premier trimestre. La perte d'exploitation de l'entreprise s'est réduite à $(1,6) millions contre $(2,7) millions au premier trimestre. Notamment, l'EBITDA ajusté est devenu positif à 0,3 million de dollars, contre $(0,1) million au premier trimestre 2024 et 0,1 million de dollars au deuxième trimestre 2023. Cette amélioration exclut les charges non monétaires telles que 1,3 million de dollars en frais d'options d'achat d'actions et de bons de souscription et 0,6 million de dollars en amortissement. Glen Ives, le PDG de Castellum, a souligné les progrès de l'entreprise, citant des revenus séquentiellement plus élevés, une perte moindre et un flux de trésorerie positif provenant des opérations.
Castellum, Inc. (NYSE-American: CTM), ein Unternehmen für Cybersicherheit und Softwaredienstleistungen, hat verbesserte Finanzergebnisse für das 2. Quartal 2024 gemeldet. Der Umsatz stieg auf 11,5 Millionen Dollar, von 11,3 Millionen Dollar im 1. Quartal 2024. Der Bruttogewinn erhöhte sich auf 4,7 Millionen Dollar, im Vergleich zu 4,5 Millionen Dollar im 1. Quartal. Der operative Verlust des Unternehmens verringerte sich auf $(1,6) Millionen von $(2,7) Millionen im 1. Quartal. Bemerkenswert ist, dass das bereinigte EBITDA auf 0,3 Millionen Dollar positiv wurde, im Vergleich zu $(0,1) Millionen im 1. Quartal 2024 und 0,1 Millionen Dollar im 2. Quartal 2023. Diese Verbesserung schließt nicht zahlungswirksame Aufwendungen wie 1,3 Millionen Dollar für Aktienoptionen und Warrants sowie 0,6 Millionen Dollar für Abschreibungen und Amortisationen aus. Glen Ives, der CEO von Castellum, hob die Fortschritte des Unternehmens hervor und verwies auf sequenziell höhere Umsätze, einen verringerten Verlust und einen positiven Cashflow aus den Aktivitäten.
- Revenue increased sequentially from $11.3 million to $11.5 million
- Gross profit improved from $4.5 million to $4.7 million quarter-over-quarter
- Operating loss narrowed from $(2.7) million to $(1.6) million
- Adjusted EBITDA turned positive at $0.3 million, up from $(0.1) million in Q1 2024
- Positive cash flow from operations achieved in Q2 2024
- Company still reported an operating loss of $(1.6) million
- CEO acknowledged more work needed to grow revenue
Insights
Castellum's Q2 2024 results show modest improvements but still indicate challenges. Revenue increased slightly to
The positive cash flow from operations is encouraging, but without specific figures, it's hard to gauge its significance. The company's focus on non-GAAP metrics like Adjusted EBITDA, which excludes
As a cybersecurity and electronic warfare company, Castellum operates in a high-growth, high-stakes sector. The modest revenue growth and improved financial metrics suggest the company is stabilizing its operations, which is important in the competitive federal contracting space. However, the lack of substantial top-line growth is concerning given the expanding cybersecurity market.
Investors should watch for new contract wins or expansions of existing ones, which could drive future growth. The company's ability to innovate and adapt to rapidly evolving cyber threats will be critical for long-term success. The emphasis on their "world-class team" is positive, but tangible results in terms of technological advancements or market share gains would be more convincing.
VIENNA, Va., Aug. 09, 2024 (GLOBE NEWSWIRE) -- Castellum, Inc. ("Castellum" or the "Company") (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces highlights of its operating results for its second quarter ended June 30, 2024.
Revenue for the second quarter of 2024 was
Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure of the Company's operating performance. Adjusted EBITDA was
Castellum's full financial results for the three and six months ended June 30, 2024, are expected to be filed on or before August 14, 2024, on Form 10-Q, available at www.sec.gov.
"We made some important financial progress in the second quarter of 2024," said Glen Ives, President and Chief Executive Officer of the Company. "We showed sequentially higher revenue, a smaller loss, and positive cash flow from operations during the quarter. We have more work to do, especially with growing revenue; however, this was a solid quarter. Our steady progress reflects directly on our most important asset, our world-class team of the most talented and hardest working professionals continuing to provide the very best in key technology services and solutions to our government customers and our shared vital mission supporting our national security."
About Castellum, Inc. (NYSE-American: CTM):
Castellum, Inc. is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government - http://castellumus.com.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 2lE of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company's expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as "estimate," "project," "believe," "anticipate," "shooting to," "intend," "in a position," "looking to," "pursue," "positioned," "will," "likely," "would," or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company's expectations for revenue growth, Non-GAAP Adjusted EBITDA growth, and new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company's control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company's ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company's revenue due to a delay in the U.S. Congress approving a federal budget; and the Company's ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission ("SEC") which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.
Non-GAAP Financial Measures and Key Performance Metrics
This press release contains Non-GAAP Adjusted EBITDA, a Non-GAAP financial measure used by management to measure the Company's operating performance. A reconciliation of this measure to the most directly comparable GAAP financial measure is contained herein. To the extent required, statements disclosing this measure's definition, utility, and purpose are also set forth herein.
Definition:
Adjusted EBITDA is a Non-GAAP measure, calculated as the Company's earnings before (not including expenses related to) interest, taxes, depreciation, and amortization, also adjusted for other non-cash items such as stock-based compensation and other non-recurring, cash items, such as expenses for a one-time policy change.
Utility and Purpose:
The Company discloses Non-GAAP Adjusted EBITDA because this Non-GAAP measure is used by management to evaluate our business, measure its operating performance, and make strategic decisions. We believe NonGAAP Adjusted EBITDA is useful for investors and others in understanding and evaluating our operating results in the same manner as its management. However, Non-GAAP Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for GAAP operating loss or any other operating performance measure calculated in accordance with GAAP. Using this Non-GAAP measure to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report a Non-GAAP Adjusted EBITDA measure, this measure may be calculated differently from how we calculate this Non-GAAP financial measure, reducing its overall usefulness as a comparative measure. Because of these inherent limitations, you should consider Non-GAAP Adjusted EBITDA alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.
| Castellum, Inc. Reconciliation of unaudited Non-GAAP Adjusted EBITDA to Net Income/ (Loss) Three Months Ended June 30, 2024 | |||
| Revenues | $ | 11,522,388 | |
| Gross profit | 4,673,208 | ||
| Net Loss | (1,846,735 | ) | |
| Add back: | |||
| Interest expense | 211,997 | ||
| Taxes | 120,531 | ||
| Depreciation and amortization | 569,046 | ||
| Adjust for non-cash and one-time charges: | |||
| Change in derivative liability | (56,000 | ) | |
| Stock based compensation | 1,271,905 | ||
| Accounting and legal fees | 20,000 | ||
| Total non-cash charges | 2,137,479 | ||
| Non-GAAP Adjusted EBITDA | $ | 290,743 | |
Contact:
Glen Ives, President and Chief Executive Officer
Phone: (703) 752-6157
info@castellumus.com
http://castellumus.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b95b85ae-0f21-4491-8b73-4ffdad3a8ae0
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