Earnings Releases·Nov 6, 2026, 6:01 AM ET

Castellum — Q3 2026 Earnings Summary

Q3 2026 revenue rose to $14.7 million (up 0.7% YoY, up 5.8% QoQ), while nine-month revenue reached $42.9 million (up 6.4% YoY); however, Adjusted EBITDA declined to $0.6 million in Q3 (down from $1.1 million YoY) and $1.0 million for the first nine months (down from $1.8 million YoY), with a net loss of $(0.5) million in Q3.
Full-year 2026 revenue is expected to be a record, with management projecting the recognition of 25% of remaining performance obligations within 12 months and 51% within 24 months.
Strategic focus remains on M&A as the primary growth accelerator, with plans to execute acquisitions in the coming 6 to 12 months to complement capabilities and add customer relationships.
The company maintains a strong balance sheet with no long-term debt, a cash balance of $15.7 million, and combined cash and accounts receivable of $24.5 million, supporting a measured approach to growth despite higher stock-based compensation.
Scheduled backlog decreased to $254.5 million at September 30, 2026, while the qualified opportunity pipeline expanded significantly to approximately $1.662 billion.