Castellum Inc (NYSE American: CTM) is a government services company that provides technology and management services to U.S. federal, state, and local government clients. Revenue is generated through three contract types: Cost Plus Fixed Fee (CPFF), Firm Fixed Price (FFP), and Time and Materials (T&M) arrangements. The company operates through subsidiaries with offices in Vienna, Virginia (principal executive offices), Augusta, Georgia, Toms River, New Jersey, and Hollywood, Maryland, as of December 31, 2025. Many contracts are multi-year with annual Congressional appropriations, creating unfunded backlog risk. CEO Glen R. Ives and CFO David T. Bell signed the FY2025 10-K filed March 9, 2026. The company does not own real property and carried notes payable, a revolving credit facility, and derivative liabilities on its balance sheet as of December 31, 2025. Net cash used in operating activities was $(1,948,377) for the year ended December 31, 2025, compared to $1,120,105 provided in the prior year.

Revenue model

Service contracts with U.S. government clients under three structures: CPFF (direct costs plus DCAA-approved burdens plus fee), FFP (recognized ratably over contract term), and T&M (hours worked at negotiated billing rates plus direct and indirect costs). Revenue is tied to Congressional appropriations on an annual basis for multi-year contracts.

Products and services

Technology and management services delivered under government contracts. Work involves managing and protecting classified information systems. Subsidiaries include Specialty Systems Inc. and Global Technology and Management Resources Inc. (GTMR), acquired via merger agreements in 2021 and 2023 respectively.

Customers and end markets

U.S. federal, state, and local government agencies. Contract work is subject to Congressional appropriations; a majority of contracts are only partially funded at any point during their performance period.

Value-chain role

Direct service provider to government clients. Cost of revenues includes labor, contracted labor, materials, rent, insurance, and software licenses incurred in contract performance.

Geographic exposure

United States. Office locations as of December 31, 2025: Vienna, Virginia (headquarters); Augusta, Georgia; Toms River, New Jersey; Hollywood, Maryland.

Source: SEC 10-K, filed 2026-03-09

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