Castellum, Inc.

Overview

Castellum is a technology services, solutions, and products company serving defense, federal, and civilian government markets. Core capabilities include cybersecurity, IT services, electronic warfare, information warfare, system modernization, and information operations. Services span intelligence analysis, software development and engineering, program management, strategic and mission planning, information assurance, cybersecurity policy support, data analytics, and model-based systems engineering (MBSE).

The company serves U.S. government agencies and commercial clients such as financial services and legal firms, supporting both on-premises and cloud environments. Castellum uses an executive and managerial network to pursue growth through acquisitions and organic initiatives. Opportunity pipeline value was approximately $817 million as of December 31, 2025.

Markets and core offerings

• Digital Solutions: Application and infrastructure modernization, business process improvement, advanced analytics, and visualization to improve performance and security.
• C4ISR, Cyber & Space: Multi-domain cyber and electromagnetic warfare capabilities; policies and solutions for 5G, millimeter-wave and laser-based communications, and ISR sensor deployment on military and commercial platforms.
• Engineering Services: Platform integration, modernization, sustainment, systems engineering, naval architecture, training and simulation, logistics engineering, and IETM development.
• IT Services: Secure enterprise IT design, implementation, protection, and management; Agile/DevSecOps; Risk Management Framework and ATO support.
• Mission Support: Planning and intelligence support for information warfare and information operations, including linguists and cultural advisors for targeted communications.
• Competitive landscape: Competes with multiple defense and IT firms; engagements frequently involve teaming and subcontracting, and some contract revenue is shared with peers.

Customers

Primary customers are U.S. federal government agencies, including cabinet-level departments and DoD components (U.S. Army, Navy, Marine Corps, Special Operations) and other federal civilian agencies. Castellum also serves state and local governments and commercial clients, emphasizing deep government relationships and capabilities that support national security missions and government modernization.

Financial highlights (selected)

• 2025: Total revenue approximately $53.1 million.
  • Time-and-materials (T&M) revenue: $16,987,361 (32% of total).
  • Top three 2025 contracts: $28,341,498 (54% of 2025 revenue).
• 2024: Total revenue approximately $44.5 million.
  • T&M revenue: $24,483,023 (55% of total).
• 2023: Total revenue approximately $44.97 million.
  • T&M revenue: $25,631,786 (57% of total).

The company derives a substantial portion of revenue from DoD-related contracts, including FFP, CPFF, T&M, IDIQ, and GWACs.

Backlog and revenue realization

• Funded backlog: Revenue value of orders under existing contracts with funding appropriated.
• Unfunded backlog: Orders where funding has not yet been appropriated.
• Priced options: Revenue value of future option periods under existing contracts that may be exercised.
  The company expects to recognize a substantial portion of funded backlog within the next 24 months. Changes in funding, contract modifications, or project schedules can delay or reduce revenue recognition.

Acquisition strategy

Castellum targets acquisitions that:

• Expand capabilities (for example, cybersecurity and electronic warfare).
• Broaden the client base.
• Increase scale and improve margins.
• Expand geographic footprint.
• Add new products or solutions.
• Add high-growth technology capabilities.
• Enable serving current customers through new prime contract vehicles.

Acquisitions are sought to be immediately accretive on revenue, EBITDA, and EPS.

Human capital

• Employees: 244 full- and part-time as of December 31, 2025.
  • 58% hold STEM degrees.
  • 20% hold advanced degrees.
  • 97% hold security clearances.
• Independent contractors: 9.
• Labor relations: No historical work stoppages; no current workforce union representation or collective bargaining.

Regulatory and business context

Castellum maintains compliance with U.S. government regulations, including the Federal Acquisition Regulation (FAR), False Claims Act, False Statements Act, Truthful Cost or Pricing Data, Procurement Integrity, export controls, and cyber and information security requirements (including CMMC). The business is sensitive to U.S. government budgetary and regulatory dynamics, including appropriations, continuing resolutions, debt ceiling considerations, and shifts in defense priorities.