Castellum, Inc. Announces Record Financial Results

Rhea-AI Summary

Castellum, Inc. (OTC: ONOV) reported record financial results for Q1 2022, achieving revenue of $9.99 million and adjusted EBITDA over $500,000. Current assets stand strong at $8.29 million. CEO Mark Fuller highlighted the continued scaling of Castellum and anticipates strong performance following the recent acquisition of Lexington Solutions Group, projecting an annual revenue run-rate exceeding $43 million. The company is preparing for a planned uplisting this summer, emphasizing its robust position and outlook for future growth.

Positive

• Record Q1 2022 revenue of $9.99 million.
• Adjusted EBITDA over $500,000.
• Strong liquidity with current assets at $8.29 million.
• Anticipated strong financial performance from Lexington Solutions Group acquisition.
• Projected annual revenue run-rate exceeding $43 million.
• Plans for uplisting this summer.

Negative

• None.

POTOMAC, Md., May 16, 2022 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces that it has achieved record financial results for its first quarter ended March 31, 2022.

Revenue for Q1 2022 was a record $9.99 million. Adjusted EBITDA (excluding non-cash depreciation, amortization, and stock compensation), a non-GAAP measure, was over $500,000. Liquidity remained strong with current assets at $8.29 million.

“Castellum continues to scale, with solid financial results,” said Mark Fuller, President, and CEO of Castellum. “Revenue reached another record and with our recent acquisition of Lexington Solutions Group we anticipate strong financial performance through the balance of the year. We continue to integrate our acquisitions from last year and solidify our platform for further acquisitions in the coming months based upon a strong pipeline of companies looking to sell. Work is well underway on our planned uplisting this summer. All in all, we are in the strongest position our company has ever been and we look forward to even better days ahead.”

About Castellum, Inc.:

Castellum, Inc. (OTC: ONOV) is a technology service and solutions company executing strategic acquisitions in Cyber Security, Information Technology, Information Warfare, Electronic Warfare, Systems Engineering, Software Engineering, and Software Development. The Company recently announced that with the closing of its latest acquisition, it is now at more than a $43 million annual revenue run-rate - https://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 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or 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. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.

Contact:

Mark Fuller, President & CEO

info@castellumus.com

301-961-4895

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ec1bfcb-394d-4a57-b275-74baf6735783

FAQ

What were Castellum's financial results for Q1 2022?

Castellum reported record revenue of $9.99 million and adjusted EBITDA over $500,000 for Q1 2022.

What is Castellum's annual revenue run-rate after their recent acquisition?

After the acquisition of Lexington Solutions Group, Castellum's annual revenue run-rate exceeds $43 million.

When is Castellum planning to uplist its stock?

Castellum is preparing for a planned uplisting this summer.