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Castellum, Inc. (OTC: ONOV) has signed a Letter of Intent (LOI) to acquire a government contractor on the East Coast, expected to generate approximately $2 million in annual revenue. This acquisition could increase Castellum's revenue run-rate to over $35 million, with the company aiming to finalize the deal by the end of October 2021, pending due diligence and a definitive agreement. Castellum is actively pursuing strategic acquisitions in areas including cyber security and electronic warfare.
Castellum, Inc. (OTC: ONOV) has acquired Specialty Systems, Inc. (SSI), a New Jersey-based government contractor specializing in software engineering and cyber security, enhancing Castellum's operational capabilities. The acquisition is expected to contribute to an annualized revenue run rate of $33 million, bolstering Castellum's competitiveness for larger government contracts. Castellum achieved record Q2 2021 revenue of $4.19 million and reported cash-on-hand exceeding $2 million. The company is optimistic about future growth and aims to up-list to NYSE American.
Castellum, Inc. (OTC: ONOV) has completed a merger with Merrison Technologies LLC, enhancing its revenue stream by adding approximately $3 million in profitable revenue. This strategic acquisition is expected to boost Castellum's annual run-rate revenue to about $19 million, significantly impacting its EBITDA per share positively. The merger also strengthens Castellum's relationships and technical expertise in the defense sector, particularly software engineering and IT solutions. Castellum is pursuing further acquisitions to enhance growth.
POTOMAC, Md., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces its subsidiary Corvus Consulting has secured a prime SeaPort-NxG contract (#N00178-18-R-7000) to offer Engineering and Program Management support to the U.S. Navy. This multiple-award contract can lead to approximately $5 billion in procurements over 10 years. CEO Jim Enicks highlights the contract as a significant growth step, while CEO Mark Fuller emphasizes the contract's timing alongside pending acquisitions, aiming for business expansion in defense sectors.
Castellum, Inc. (OTC: ONOV) has signed a Letter of Intent to acquire a government contractor on the U.S. East Coast, expected to generate approximately $3 million in annual revenue. The acquisition is under due diligence, with hopes to finalize by August 2021. CEO Mark Fuller indicated that the acquisition will enhance Castellum's MFSI subsidiary capabilities in business intelligence and data analytics. Additionally, a previously announced $14 million acquisition is on track for closure in July 2021, aiming for a combined revenue run-rate of $35 million.
Castellum, Inc. (OTC: ONOV) reported a record revenue of $4.02 million for Q1 2021, reflecting a 17.7% increase from Q1 2020's $3.42 million. The company achieved its fifth consecutive quarter of positive adjusted EBITDA at approximately $280,000. Cash on hand increased to $1.96 million from $1.19 million year-over-year. Current assets grew to $4.22 million, up from $3.44 million in the previous year. Castellum anticipates an upcoming LOI that could elevate its run rate above $30 million, aiming for further organic growth.
Castellum, Inc. (OTC:ONOV) has signed a letter of intent to acquire a government contractor on the U.S. East Coast, projected to generate approximately $14 million in revenue. The acquisition aims to close by the end of June 2021, pending due diligence. Upon completion, Castellum anticipates a revenue run-rate exceeding $30 million, facilitating its up-listing to the NYSE MKT. CEO Mark Fuller highlighted positive performance indicators from recent acquisitions, which have built strong business pipelines, indicating growth potential for 2021.
Castellum, Inc. (OTC: ONOV) has appointed Brigadier General Craig Nixon (Retired) to its Advisory Board. Nixon, a decorated Army veteran and successful entrepreneur, brings extensive experience in mergers and acquisitions, valuable for Castellum's growth strategy. His background includes leadership positions in significant security firms and consulting for Fortune 500 companies. Castellum has seen over 20% organic growth in 2020, with a qualified sales pipeline exceeding $300 million, and recently completed its second acquisition. The company's focus is on strategic acquisitions within cyber security and IT sectors.
Castellum, Inc. (ONOV: OTC) reported a 20% increase in revenue for 2020, totaling $13.3 million. The subsidiary Corvus has a robust pipeline valued at over $300 million, anticipating $15.3 million in revenue for 2021. The company appointed Glen Ives as CEO of its Navy and Marine Corps Division, aiming for strategic growth. Castellum restructured its promissory note, enhancing its financial position with net working capital increasing to $2.9 million as of year-end 2020. Future strategies include potential acquisitions and a goal to up-list on a suitable exchange.
On February 8, 2021, Castellum (OTC: ONOV) announced Glen Ives as the new Chief Growth Officer and Divisional CEO of its Navy and Marine Corps Division. CEO Mark Fuller highlighted Ives' extensive experience as pivotal for building this division into a $30 million entity over the next 3-5 years. Ives' prior role at Sabre Systems involved leading technology solutions across various domains. His leadership is expected to bolster Castellum's M&A strategy alongside organic growth efforts to enhance revenue and shareholder value.
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